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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2019
Real Estate Investments, Net [Abstract] |
Schedule of acquisitions | Below is a summary of our acquisitions for the nine months ended September 30, 2019:
| Number of Properties |  |  | Square Feet (in millions) |  |  | Investment ($ in millions) |  |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield |
Nine months ended September 30, 2019 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 38 states) | 214 |  |  | 6.2 |  |  | $ | 1,412.9 |  |  | 15.7 |  | 6.5 | %
Acquisitions - U.K. (2) | 13 |  |  | 1.2 |  |  | 576.8 |  |  | 15.0 |  | 5.2 | %
Total Acquisitions | 227 |  |  | 7.4 |  |  | 1,989.7 |  |  | 15.5 |  | 6.1 | %
Properties under Development - U.S. | 14 |  |  | 0.4 |  |  | 36.0 |  |  | 16.0 |  | 7.4 | %
Total (3) | 241 |  |  | 7.8 |  |  | $ | 2,025.7 |  |  | 15.5 |  | 6.2 | %
(1) | None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at September 30, 2019. All of our 2019 investments in acquired properties are 100% leased at the acquisition date.
(2) | Represents investments of £456.1 million during the nine months ended September 30, 2019 multiplied by the applicable exchange rate on the date of acquisition.
(3) The tenants occupying the new properties operate in 19 industries, and are 89.6% retail and 10.4% industrial, based on rental revenue. Approximately 25% of the rental revenue generated from acquisitions during the first nine months of 2019 is from investment grade rated tenants and their subsidiaries. Below is a summary of our acquisitions for the nine months ended September 30, 2018:
| Number of Properties |  |  | Square Feet (in millions) |  |  | Investment ($ in millions) |  |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield |
Nine months ended September 30, 2018 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 37 states) | 580 |  |  | 3.2 |  |  | $ | 1,395.7 |  |  | 14.6 |  | 6.3 | %
Properties under Development - U.S. | 11 |  |  | 1.1 |  |  | 69.7 |  |  | 10.9 |  | 6.8 | %
Total (2) | 591 |  |  | 4.3 |  |  | $ | 1,465.4 |  |  | 14.4 |  | 6.3 | %
(1) | All of our 2018 investments were 100% leased upon acquisition.
(2) The tenants occupying the new properties operated in 20 industries, and the property types consisted of 96.1% retail and 3.9% industrial, based on rental revenue. Approximately 67% of the rental revenue generated from acquisitions during the first nine months of 2018 was 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 September 30, 2019 (dollars in thousands):
| Net decrease to rental revenue |  | Increase to amortization expense |
2019 | $ | (5,497 | ) | $ | 26,439 |
2020 | (21,304 | ) | 102,681 |
2021 | (20,145 | ) | 94,527 |
2022 | (18,603 | ) | 82,915 |
2023 | (17,175 | ) | 72,497 |
Thereafter | (78,139 | ) | 447,704 |
Totals | $ | (160,863 | ) | $ | 826,763 |

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- Definition Tabular disclosure of impact of amortizable intangibles assets, in total and by major class, including above-market, below-market and in-place lease intangibles. + References No definition available. + Details
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