Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2018

Real Estate Investments, Net [Abstract]

Schedule of future minimum rental payments for operating leases

The following table presents future minimum base cash rental payments due to the Company subsequent to March 31, 2018. These amounts exclude contingent rent payments, as applicable, that may be collected based on provisions related to sales thresholds and increases in annual rent based on exceeding certain economic indexes, among other items.

(In thousands)	Future Minimum Base Cash Rent Payments
2018 (remainder)	$	36,080
2019	47,550
2020	43,443
2021	39,547
2022	36,003
Thereafter	121,273
	$	323,896

The following table reflects the minimum base cash rental payments due from the Company over the next five years and thereafter:

(In thousands)	Future Minimum Base Rent Payments
2018 (remainder)	$	3,560
2019	4,746
2020	4,746
2021	4,746
2022	4,746
Thereafter	216,738
Total	$	239,282

Schedule of intangible assets and goodwill

Acquired intangible assets and lease liabilities consist of the following as of March 31, 2018 and December 31, 2017:

	March 31, 2018						December 31, 2017
(In thousands)	Gross Carrying  Amount		Accumulated  Amortization		Net Carrying Amount		Gross Carrying  Amount		Accumulated  Amortization		Net Carrying Amount
Intangible assets:
In-place leases	$	60,659	$	23,637	$	37,022	$	62,142	$	22,147	$	39,995
Other intangibles	31,447		4,058		27,389		31,447		3,767		27,680
Below-market ground lease	2,482		88		2,394		2,482		76		2,406
Above-market leases	9,883		3,331		6,552		9,883		2,955		6,928
Acquired intangible assets	$	104,471	$	31,114	$	73,357	$	105,954	$	28,945	$	77,009
Intangible liabilities:
Below-market lease liabilities	$	33,621	$	9,866	$	23,755	$	34,068	$	9,315	$	24,753

Finite-lived intangible assets amortization expense

The following table discloses amounts recognized within the consolidated statements of operations and comprehensive loss related to amortization of in-place leases and other intangibles and amortization and accretion of above- and below-market lease assets and liabilities, net, for the periods presented:

	Three Months Ended March 31,
(In thousands)	2018			2017
Amortization of in-place leases and other intangibles (1)	$	3,264		$	3,080
Amortization and (accretion) of above- and below-market leases, net (2)	$	(622	)	$	(551	)
Amortization of below-market ground lease (3)	$	12		$	12

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⁽¹⁾  Reflected within depreciation and amortization expense.

⁽²⁾  Reflected within rental income.

⁽³⁾  Reflected within property operating expense.

Schedule of finite-lived intangible assets, future amortization expense

The following table provides the projected amortization expense and adjustments to revenues for the next five years as of March 31, 2018:

(In thousands)	2018 (April 1- December 31)			2019			2020			2021			2022
In-place leases	$	6,926		$	8,260		$	6,481		$	5,188		$	3,816
Other intangibles	1,051			1,165			1,165			937			708
Total to be included in depreciation and amortization	$	7,977		$	9,425		$	7,646		$	6,125		$	4,524
Above-market lease assets	$	1,040		$	1,266		$	1,144		$	1,064		$	847
Below-market lease liabilities	(2,528		)	(3,049		)	(2,635		)	(2,328		)	(1,789		)
Total to be included in rental income	$	(1,488	)	$	(1,783	)	$	(1,491	)	$	(1,264	)	$	(942	)