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Investments in Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2019
Real Estate Investments, Net [Abstract] |
Schedule of acquisitions | Below is a summary of our acquisitions for the second quarter and six months ended June 30, 2018:
| Number of Properties |  |  | Square Feet (in millions) |  |  | Investment ($ in millions) |  |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield |
Three months ended June 30, 2018 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 24 states) | 180 |  |  | 1.0 |  |  | $ | 286.5 |  |  | 14.2 |  | 6.5 | %
Properties under Development - U.S. | 10 |  |  | 0.9 |  |  | 60.5 |  |  | 10.7 |  | 6.7 | %
Total (2) | 190 |  |  | 1.9 |  |  | $ | 347.0 |  |  | 13.6 |  | 6.5 | %
Six months ended June 30, 2018 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 32 states) | 348 |  |  | 1.8 |  |  | $ | 792.5 |  |  | 14.1 |  | 6.3 | %
Properties under Development - U.S. | 10 |  |  | 1.0 |  |  | 64.3 |  |  | 10.8 |  | 6.7 | %
Total (3) | 358 |  |  | 2.8 |  |  | $ | 856.8 |  |  | 13.8 |  | 6.3 | %
(1) | All of our 2018 investments were 100% leased upon acquisition.
(2) | The tenants occupying the new properties operated in 15 industries and the property types consisted of 85% retail and 15% industrial, based on rental revenue. Approximately 52% of the rental revenue generated from acquisitions during the second quarter of 2018 was from investment grade rated tenants and their subsidiaries.
(3) The tenants occupying the new properties operated in 17 industries, and the property types consisted of 93.7% retail and 6.3% industrial, based on rental revenue. Approximately 71% of the rental revenue generated from acquisitions during the first six months of 2018 was from investment grade rated tenants and their subsidiaries. Below is a summary of our acquisitions for the second quarter and six months ended June 30, 2019:
| Number of Properties |  |  | Square Feet (in millions) |  |  | Investment ($ in millions) |  |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield |
Three months ended June 30, 2019 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 28 states) | 78 |  |  | 2.3 |  |  | $ | 532.3 |  |  | 14.8 |  | 6.9 | %
Acquisitions - U.K. (2) | 12 |  |  | 1.1 |  |  | 549.2 |  |  | 14.8 |  | 5.3 | %
Total Acquisitions | 90 |  |  | 3.4 |  |  | 1,081.5 |  |  | 14.8 |  | 6.1 | %
Properties under Development - U.S. | 12 |  |  | 0.4 |  |  | 13.2 |  |  | 15.9 |  | 7.3 | %
Total (3) | 102 |  |  | 3.8 |  |  | $ | 1,094.7 |  |  | 14.8 |  | 6.1 | %
Six months ended June 30, 2019 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 34 states) | 175 |  |  | 4.2 |  |  | $ | 1,040.9 |  |  | 15.9 |  | 6.8 | %
Acquisitions - U.K. (2) | 12 |  |  | 1.1 |  |  | 549.2 |  |  | 14.8 |  | 5.3 | %
Total Acquisitions | 187 |  |  | 5.3 |  |  | 1,590.1 |  |  | 15.5 |  | 6.3 | %
Properties under Development - U.S. | 12 |  |  | 0.4 |  |  | 24.1 |  |  | 16.5 |  | 7.2 | %
Total (4) | 199 |  |  | 5.7 |  |  | $ | 1,614.2 |  |  | 15.6 |  | 6.3 | %
(1) | None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at June 30, 2019. All of our 2019 investments are 100% leased.
(2) | Represents investment of £433.9 million, multiplied by the applicable exchange rate on the closing date of the acquisition.
(3) | The tenants occupying the new properties operate in 15 industries, and are 99.4% retail and 0.6% industrial, based on rental revenue. Approximately 12% of the rental revenue generated from acquisitions during the second quarter of 2019 is from investment grade rated tenants and their subsidiaries.
(4) The tenants occupying the new properties operate in 17 industries, and are 99.1% retail and 0.9% industrial, based on rental revenue. Approximately 18% of the rental revenue generated from acquisitions during the first six months of 2019 is from investment grade rated tenants and their subsidiaries.
Schedule of future impact related to amortization of above-market, below-market and in-place lease intangibles | The following table presents the estimated impact during the next five years and thereafter related to the amortization of the above-market and below-market lease intangibles and the amortization of the in-place lease intangibles at June 30, 2019 (dollars in thousands):
| Net decrease to rental revenue |  | Increase to amortization expense |
2019 | $ | (10,994 | ) | $ | 51,751 |
2020 | (21,343 | ) | 99,284 |
2021 | (20,186 | ) | 91,089 |
2022 | (18,651 | ) | 79,286 |
2023 | (17,199 | ) | 68,992 |
Thereafter | (76,295 | ) | 422,601 |
Totals | $ | (164,668 | ) | $ | 813,003 |

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