Investment and Disposition Activity (Tables)

6 Months Ended

Jun. 30, 2019

Business Combinations [Abstract]

Real estate held for sale

Investment activity for the three months ended June 30, 2019 is summarized below:

Property		Location	Acquisition Date	Purchase Price (in thousands)
Doctors United ASC	(1)	Pasadena, TX	April 4, 2019	$	14,812
NCI Buyout - MN Portfolio		Various	May 6, 2019	540
Atlanta Condominium Investments		Atlanta, GA	June 28, 2019	8,500
Loan Investments		Various	Various	7,028
Earn-out Investments	(2)	Various	Various	2,468
				$	33,348

(1) The Operating Partnership partially funded the acquisition by issuing an aggregate of 346,989 OP Units valued at approximately $6.5 million on the date of issuance.

(2) The Company completed the settlement of acquisitions related earn-out payments upon the execution of leases at two properties. One payment valued at $1.9 million at the time of issuance, was funded with the issuance of 8,529 Series A Preferred Units. Both earn-out payments are considered to be additional purchase price upon each respective property.

Schedule of preliminary purchase price allocations of assets acquired and liabilities assumed

The following table summarizes the acquisition date fair values of the assets acquired and the liabilities assumed, which the Company determined using Level 2 and Level 3 inputs (in thousands):

	1st Quarter			2nd Quarter			Total
Land	$	—		$	5,491		$	5,491
Building and improvements	7,587			16,466			24,053
In-place lease intangibles	434			4,651			5,085
Below market in-place lease intangibles	—			(96		)	(96		)
Mortgage escrow	(3,718		)	—			(3,718		)
Issuance of OP Units	—			(6,488		)	(6,488		)
Issuance of Series A Preferred Units	—			(1,862		)	(1,862		)
Net assets acquired	$	4,303		$	18,162		$	22,465

Schedule of revenues and net income related to disposed properties

The following table summarizes revenues and net income related to the disposed properties for the periods presented (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues	$	54	$	231	$	302	$	471
Income before net gain on sale of investment properties	$	55	$	40	$	100	$	80
Gain on sale of investment properties	3,033		—		3,033		—
Net income	$	3,088	$	40	$	3,133	$	80