Real Estate (Tables)

3 Months Ended

Mar. 31, 2018

Schedule of future minimum contractual rent payments

The future minimum contractual rent payments pursuant to the current lease terms are shown in the table below. The Company's current leases have expirations ranging from 2021 to 2044.



	As of March 31, 2018
Remaining 2018	$	57,316
2019	78,887
2020	80,492
2021	72,677
2022	73,538
Thereafter	528,803
Total	$	891,713

Schedule of allocated real estate asset value

The Company allocated a portion of the acquired real estate asset value to in-place lease valuation and tenant origination and absorption cost. The in-place lease was measured against comparable leasing information and the present value of the difference between the contractual, in-place rent and the fair market rent was calculated using, as the discount rate, the capitalization rate utilized to compute the value of the real estate at acquisition.



	March 31, 2018			December 31, 2017
In-place lease valuation (above market)	$	4,046		$	4,046
In-place lease valuation (above market), accumulated amortization	(844		)	(752		)
Intangible assets, net	$	3,202		$	3,294
In-place lease valuation (below market)	$	(62,070	)	$	(62,070	)
In-place lease valuation (below market) - accumulated amortization	12,024			10,775
In-place lease valuation (below market), net	$	(50,046	)	$	(51,295	)
Tenant origination and absorption cost	$	240,364		$	240,364
Tenant origination and absorption cost - accumulated amortization	(53,132		)	(47,165		)
Tenant origination and absorption cost, net	$	187,232		$	193,199

Schedule of estimated annual amortization (income) expense

The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, and tenant origination and absorption costs as of March 31, 2018 for the next five years:



Year	In-Place Lease Valuation			Tenant Origination and Absorption Costs
Remaining 2018	$	(3,537	)	$	18,232
2019	$	(4,695	)	$	24,198
2020	$	(4,695	)	$	24,198
2021	$	(3,799	)	$	19,715
2022	$	(3,799	)	$	19,597