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Organization and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]  
Schedule of Cash Flow, Supplemental Disclosures

The following table provides a summary of cash, cash equivalents, and restricted cash reported within the statement of cash flows as of December 31, 2019, 2018 and 2017.

 

 

 

December 31,

 

(in thousands of dollars)

 

2019

 

 

2018

 

 

2017

 

Cash and cash equivalents

 

$

12,211

 

 

$

18,084

 

 

$

15,348

 

Restricted cash included in other assets

 

 

7,417

 

 

 

14,361

 

 

 

18,605

 

Total cash, cash equivalents, and restricted cash shown in the statement of cash flows

 

$

19,628

 

 

$

32,445

 

 

$

33,953

 
Summary of Estimated Useful Lives of Assets The estimated useful lives are as follows:

 

Buildings

 

20-40 years

Land improvements

 

15 years

Furniture/fixtures

 

3-10 years

Tenant improvements

 

Lease term
Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill for the three years ended December 31, 2019 were as follows:

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

(in thousands of dollars)

 

Basis

 

 

Amortization

 

 

Total

 

Balance, January 1, 2017

 

$

6,322

 

 

$

(1,073

)

 

$

5,249

 

Goodwill divested

 

 

—

 

 

 

—

 

 

 

—

 

Balance, December 31, 2017

 

 

6,322

 

 

 

(1,073

)

 

 

5,249

 

Goodwill divested

 

 

—

 

 

 

—

 

 

 

—

 

Balance, December 31, 2018

 

 

6,322

 

 

 

(1,073

)

 

 

5,249

 

Goodwill divested

 

 

—

 

 

 

—

 

 

 

—

 

Balance, December 31, 2019

 

$

6,322

 

 

$

(1,073

)

 

$

5,249

 
Summary of Intangible Assets and Liabilities, Net of Accumulated Amortization

The following table presents our intangible assets and liabilities, net of accumulated amortization, as of December 31, 2019 and 2018:

 

 

 

December 31,

 

(in thousands of dollars)

 

2019

 

 

2018

 

Intangible Assets:

 

 

 

 

 

 

 

 

Value of lease intangibles, net

 

$

8,155

 

 

$

12,594

 

Above-market lease intangibles, net

 

 

—

 

 

 

25

 

Subtotal

 

 

8,155

 

 

 

12,619

 

Goodwill, net

 

 

5,249

 

 

 

5,249

 

Total intangible assets

 

$

13,404

 

 

$

17,868

 

Intangible Liabilities

 

 

 

 

 

 

 

 

Below-market lease intangibles, net

 

$

215

 

 

$

403

 

Above-market ground lease

 

$

—

 

 

$

5,484

 

Total intangible liabilities

 

$

215

 

 

$

5,887

 
Summary of Intangible Assets Amortized in Next Five Years In the normal course of business, our intangible assets will amortize in the next five years and thereafter as follows:

 

(in thousands of dollars)

 

Value of Lease

 

 

Customer

 

 

Below Market

 

For the Year Ending December 31,

 

Intangibles

 

 

Relationship Value

 

 

Leases, net

 

2020

 

$

1,518

 

 

$

77

 

 

$

(67

)

2021

 

 

1,429

 

 

 

—

 

 

 

(42

)

2022

 

 

1,299

 

 

 

—

 

 

 

(10

)

2023

 

 

1,296

 

 

 

—

 

 

 

(10

)

2024

 

 

1,251

 

 

 

—

 

 

 

(10

)

2025 and thereafter

 

 

1,285

 

 

 

—

 

 

 

(76

)

Total

 

$

8,078

 

 

$

77

 

 

$

(215

)

 
Schedule of Capitalized Salaries, Commissions and Benefits, Real Estate Taxes and Interest

The following table summarizes our capitalized salaries, commissions and benefits, real estate taxes and interest for the years ended December 31, 2019, 2018 and 2017:

 

 

 

For the Year Ended December 31,

 

(in thousands of dollars)

 

2019

 

 

2018

 

 

2017

 

Development/Redevelopment:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and benefits

 

$

1,332

 

 

$

1,380

 

 

$

1,296

 

Real estate taxes

 

$

1,057

 

 

$

1,198

 

 

$

1,035

 

Interest

 

$

7,725

 

 

$

6,395

 

 

$

7,620

 

Leasing:

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, commissions and benefits

 

$

568

 

 

$

7,022

 

 

$

6,066

 
Schedule of Distributions Paid to Shareholders

The per share distributions paid to common shareholders had the following components for the years ended December 31, 2019, 2018 and 2017:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Ordinary income

 

$

—

 

 

$

0.25

 

 

$

—

 

Non-dividend distribution

 

 

0.84

 

 

 

0.59

 

 

 

0.84

 

Per-share distributions

 

$

0.84

 

 

$

0.84

 

 

$

0.84

 
Series A And Series B Preferred Shares [Member]  
Summary Of Significant Accounting Policies [Line Items]  
Schedule of Distributions Paid to Shareholders

The per share distributions paid to Series A, Series B, Series C and Series D preferred shareholders had the following components for the years ended December 31, 2019, 2018 and 2017:

 

 

 

For the Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Series A Preferred Share Dividends (1)

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary income

 

 

 

 

 

 

 

 

 

$

—

 

Non-dividend distributions

 

 

 

 

 

 

 

 

 

 

1.70

 

 

 

 

 

 

 

 

 

 

 

$

1.70

 

Series B Preferred Share Dividends

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary income

 

$

—

 

 

$

1.84

 

 

$

—

 

Non-dividend distributions

 

 

1.84

 

 

 

—

 

 

 

1.84

 

 

 

$

—

 

 

$

1.84

 

 

$

1.84

 

Series C Preferred Share Dividends

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary income

 

$

—

 

 

$

1.80

 

 

$

—

 

Non-dividend distributions

 

 

1.80

 

 

 

—

 

 

 

1.59

 

 

 

$

—

 

 

$

1.80

 

 

$

1.59

 

Series D Preferred Share Dividends

 

 

 

 

 

 

 

 

 

 

 

 

Ordinary income

 

$

—

 

 

$

1.72

 

 

$

—

 

Non-dividend distributions

 

 

1.72

 

 

 

—

 

 

 

0.45

 

 

 

$

—

 

 

$

1.72

 

 

$

0.45

 

 

(1)

The Series A Preferred Shares were redeemed in 2017.