INVESTMENT IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2019

As of December 31, 2019 and 2018, the Company’s investment in real estate properties consisted of 45 and 13 industrial buildings, respectively.



	As of December 31,
(in thousands)	2019			2018
Land	$	261,620		$	91,087
Building and improvements	564,669			188,872
Intangible lease assets	77,294			24,492
Construction in progress	1,126			476
Investment in real estate properties	904,709			304,927
Less accumulated depreciation and amortization	(25,988		)	(3,556		)
Net investment in real estate properties	$	878,721		$	301,371

Intangible Lease Assets And Liabilities

Intangible lease assets and liabilities as of December 31, 2019 and 2018 included the following:



	As of December 31, 2019									As of December 31, 2018
(in thousands)	Gross			Accumulated Amortization			Net			Gross			Accumulated Amortization			Net
Intangible lease assets (1)	$	75,787		$	(11,734	)	$	64,053		$	24,245		$	(1,450	)	$	22,795
Above-market lease assets (1)	1,507			(211		)	1,296			247			(15		)	232
Below-market lease liabilities (2)	(13,199		)	2,494			(10,705		)	(4,042		)	582			(3,460		)


(1)	Included in net investment in real estate properties on the consolidated balance sheets.


(2)	Included in other liabilities on the consolidated balance sheets.

Estimated Net Amortization of Intangible Lease Assets and Liabilities

The following table details the estimated net amortization of such intangible lease assets and liabilities, as of December 31, 2019, for the next five years and thereafter:



	Estimated Net Amortization
(in thousands)	Intangible Lease Assets		Above-Market Lease Assets		Below-Market Lease Liabilities
Year 1	$	16,482	$	341	$	2,819
Year 2	14,086		314		2,351
Year 3	10,467		261		1,696
Year 4	7,440		192		979
Year 5	4,678		50		671
Thereafter	10,900		138		2,189
Total	$	64,053	$	1,296	$	10,705

Future Minimum Rents

Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to the Company from its customers under the terms of non-cancelable operating leases in effect as of December 31, 2019 and 2018, excluding rental revenues from the potential renewal or replacement of existing leases, were as follows for the next five years and thereafter:



	As of December 31,
(in thousands)	2019		2018
Year 1	$	45,233	$	14,354
Year 2	44,013		14,877
Year 3	38,125		14,567
Year 4	30,902		12,756
Year 5	22,158		10,834
Thereafter	56,822		21,378
Total	$	237,253	$	88,766

Rental Revenue And Depreciation And Amortization Expense

The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above-and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense:



	For the Year Ended December 31,
(in thousands)	2019			2018			2017
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$	2,703		$	1,106		$	—
Above-market lease amortization	(196		)	(15		)	—
Below-market lease amortization	1,913			582			—
Real Estate-Related Depreciation and Amortization:
Depreciation expense	$	11,952		$	2,091		$	—
Intangible lease asset amortization	10,284			1,450			—