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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Schedule of acquisitions | Below is a summary of our acquisitions for the year ended December 31, 2020:
| Number of Properties |  | Leasable Square Feet |  | Investment ($ in thousands) |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield
Year Ended December 31, 2020 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 30 states) | 202 |  |  | 5,476,009 |  |  | $ | 1,302,220 |  |  | 14.9 |  | 5.8 | %
Acquisitions - U.K. (2) | 24 |  |  | 2,120,256 |  |  | 920,934 |  |  | 10.8 |  | 6.1 | %
Total Acquisitions | 226 |  |  | 7,596,265 |  |  | $ | 2,223,154 |  |  | 13.2 |  | 5.9 | %
Properties under Development - U.S. | 18 |  |  | 1,601,095 |  |  | 84,127 |  |  | 15.3 |  | 5.6 | %
Total (3) | 244 |  |  | 9,197,360 |  |  | $ | 2,307,281 |  |  | 13.2 |  | 5.9 | %
(1)None of our investments during 2020 caused any one client to be 10% or more of our total assets at December 31, 2020. All of our investments in acquired properties during 2020 are 100% leased at the acquisition date. (2)Represents investments of £707.8 million Sterling during the year ended December 31, 2020 converted at the applicable exchange rate on the date of acquisition. (3)Our clients occupying the new properties operate in 26 industries and are 86.6% retail and 13.4% industrial, based on rental revenue. Approximately 61% of the rental revenue generated from acquisitions during 2020 is from our investment grade rated clients, their subsidiaries or affiliated companies. Below is a summary of our acquisitions for the year ended December 31, 2019:
| Number of Properties |  | Leasable Square Feet |  | Investment ($ in thousands) |  | Weighted Average Lease Term (Years) |  | Initial Average Cash Lease Yield
Year Ended December 31, 2019 (1) |  |  |  |  |  |  |  |  |
Acquisitions - U.S. (in 45 states) | 753 |  |  | 11,630,423 |  |  | $ | 2,860,806 |  |  | 13.0 |  | 6.8 | %
Acquisitions - U.K. (2) | 18 |  |  | 1,583,676 |  |  | 797,846 |  |  | 15.6 |  | 5.2 | %
Total Acquisitions | 771 |  |  | 13,214,099 |  |  | 3,658,652 |  |  | 13.4 |  | 6.4 | %
Properties under Development - U.S. | 18 |  |  | 522,173 |  |  | 56,585 |  |  | 15.1 |  | 7.3 | %
Total (3) | 789 |  |  | 13,736,272 |  |  | 3,715,237 |  |  | 13.5 |  | 6.4 | %
(1)None of our investments during 2019 caused any one client to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties were 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. (2) Our clients occupying the new properties operated 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 was from our investment grade rated clients, their subsidiaries or affiliated companies.
Schedule allocation of acquisitions | The acquisitions during the year ended December 31, 2020, which had no associated contingent consideration, were allocated as follows (dollars in millions):
| Acquisitions - U.S. | Acquisitions - U.K.
Year Ended December 31, 2020 | (USD) | (£ Sterling)
Land (1) | $ | 337.5 |  | £ | 247.1 |
Buildings and improvements | 768.4 |  | 258.7 |
Lease intangible assets (2) | 203.1 |  | 139.8 |
Other assets (3) | 52.4 |  | 62.9 |
Lease intangible liabilities (2) | (12.9) |  | (0.7) |
Other liabilities (4) | (0.9) |  | — |
| $ | 1,347.6 |  | £ | 707.8 |
(1) U.K. land includes £88.6 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets and liabilities is 15.9 years. (3) U.S. other assets consists of $51.7 million of financing receivables with above-market terms and $689,000 of right of use assets under ground leases. U.K. other assets consists entirely of right of use assets under ground leases. (4) U.S. other liabilities consists entirely of lease liabilities under ground leases. The acquisitions during the year ended December 31, 2019, which had no associated contingent consideration, were allocated as follows (dollars in millions):
| Acquisitions - U.S. | Acquisitions - U.K.
Year Ended December 31, 2019 | (USD) | (£ Sterling)
Land (1) | $ | 780.0 |  | £ | 251.0 |
Buildings and improvements | 1,776.1 |  | 249.3 |
Lease intangible assets (2) | 290.1 |  | 129.9 |
Other assets (3) | 82.0 |  | — |
Lease intangible liabilities (4) | (41.9) |  | (4.4) |
Other liabilities (5) | (8.4) |  | — |
| $ | 2,877.9 |  | £ | 625.8 |
(1) U.K. land includes £24.9 million of right of use assets under long-term ground leases. (2) The weighted average amortization period for acquired lease intangible assets is 13.3 years. (3) U.S other assets consists entirely of financing receivables with above-market terms. (4) The weighted average amortization period for acquired lease intangible liabilities is 18.1 years. (5) U.S. other liabilities consists entirely of deferred rent on certain below-market leases.
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, 2020 (in thousands):
|  | Net decrease to rental revenue |  | Increase to amortization expense
2021 |  | $ | (31,717) |  |  | $ | 138,254 |
2022 |  | (30,283) |  |  | 126,762 |
2023 |  | (28,745) |  |  | 114,571 |
2024 |  | (27,164) |  |  | 105,775 |
2025 |  | (26,609) |  |  | 96,398 |
Thereafter |  | (148,610) |  |  | 514,569 |
Totals |  | $ | (293,128) |  |  | $ | 1,096,329 |

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