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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2019
Real Estate [Abstract] |
Schedule of acquisitions | Below is a summary of our acquisitions for the year ended December 31, 2019:
| Number of Properties |  |  | Square Feet (in millions) |  |  | Investment ($ in millions) |  |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield |
Year Ended December 31, 2019 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 45 states) | 753 |  |  | 11.6 |  |  | $ | 2,860.8 |  |  | 13.0 |  | 6.8 | %
Acquisitions - U.K. (2) | 18 |  |  | 1.6 |  |  | 797.8 |  |  | 15.6 |  | 5.2 | %
Total Acquisitions | 771 |  |  | 13.2 |  |  | 3,658.6 |  |  | 13.4 |  | 6.4 | %
Properties under Development - U.S. | 18 |  |  | 0.5 |  |  | 56.6 |  |  | 15.1 |  | 7.3 | %
Total (3) | 789 |  |  | 13.7 |  |  | $ | 3,715.2 |  |  | 13.5 |  | 6.4 | %
(1) | None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties are 100% leased at the acquisition date.
(2) | Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition.
(3) | The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies.
Below is a summary of our acquisitions for the year ended December 31, 2018:
| Number of Properties |  |  | Square Feet (in millions) |  |  | Investment ($ in millions) |  |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield |
Year Ended December 31, 2018 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 39 states) | 750 |  |  | 4.1 |  |  | $ | 1,717.2 |  |  | 14.9 |  | 6.3 | %
Properties under Development - U.S. | 14 |  |  | 1.1 |  |  | 80.3 |  |  | 12.3 |  | 6.9 | %
Total (2) | 764 |  |  | 5.2 |  |  | 1,797.5 |  |  | 14.8 |  | 6.4 | %
(1) | None of our investments during 2018 caused any one tenant to be 10% or more of our total assets at December 31, 2018. All of our 2018 investments in acquired properties are 100% leased at the acquisition date.
(2) The tenants occupying the new properties operated in 21 industries, and the property types consisted of 96.3% retail and 3.7% industrial, based on rental revenue. Approximately 59% of the rental revenue generated from acquisitions during 2018 was from investment grade rated tenants, their subsidiaries or affiliated companies.
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 December 31, 2019 (in thousands):
|  | Net decrease to rental revenue |  |  | Increase to amortization expense |
2020 |  | $ | (22,911 | ) |  | $ | 122,982 |
2021 |  | (21,756 | ) |  | 115,235 |
2022 |  | (20,201 | ) |  | 103,268 |
2023 |  | (18,685 | ) |  | 90,965 |
2024 |  | (17,145 | ) |  | 82,394 |
Thereafter |  | (75,105 | ) |  | 469,633 |
Totals |  | $ | (175,803 | ) |  | $ | 984,477 |

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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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