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v3.22.1

Rental Property (Tables) | 3 Months Ended
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Mar. 31, 2022
Real Estate [Abstract] |
Schedule of Real Estate Properties | The following table summarizes the components of rental property as of March 31, 2022 and December 31, 2021.
Rental Property (in thousands) |  | March 31, 2022 |  | December 31, 2021
Land |  | $ | 626,385 |  |  | $ | 617,297 |
Buildings, net of accumulated depreciation of $433,560 and $406,670, respectively |  | 4,126,324 |  |  | 4,035,210 |
Tenant improvements, net of accumulated depreciation of $27,270 and $26,065, respectively |  | 43,788 |  |  | 43,999 |
Building and land improvements, net of accumulated depreciation of $189,540 and $179,132, respectively |  | 324,917 |  |  | 320,041 |
Construction in progress |  | 40,696 |  |  | 36,493 |
Deferred leasing intangibles, net of accumulated amortization of $288,640 and $282,038, respectively |  | 561,267 |  |  | 567,658 |
Total rental property, net |  | $ | 5,723,377 |  |  | $ | 5,620,698 |
Asset Acquisition | The following table summarizes the acquisitions of the Company during the three months ended March 31, 2022. The Company accounted for all of its acquisitions as asset acquisitions.
Market(1) |  | Date Acquired |  | Square Feet |  | Number of Buildings |  | Purchase Price (in thousands)
Kansas City, MO |  | January 6, 2022 |  | 702,000 |  |  | 1 |  |  | $ | 60,428 |
Chicago, IL |  | January 31, 2022 |  | 72,499 |  |  | 1 |  |  | 8,128 |
Columbus, OH |  | February 8, 2022 |  | 138,213 |  |  | 1 |  |  | 11,492 |
Cleveland, OH |  | February 8, 2022 |  | 136,800 |  |  | 1 |  |  | 13,001 |
Nashville, TN |  | March 10, 2022 |  | 109,807 |  |  | 1 |  |  | 12,810 |
Greenville/Spartanburg, SC |  | March 10, 2022 |  | 289,103 |  |  | 1 |  |  | 28,274 |
Memphis, TN |  | March 18, 2022 |  | 195,622 |  |  | 1 |  |  | 15,828 |
Greenville/Spartanburg, SC |  | March 18, 2022 |  | 155,717 |  |  | 1 |  |  | 16,390 |
Three months ended March 31, 2022 |  |  |  | 1,799,761 |  |  | 8 |  |  | $ | 166,351 |
(1) As defined by CoStar Realty Information Inc (“CoStar”). If the building is located outside of a CoStar defined market, the city and state is reflected.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition | The following table summarizes the allocation of the total purchase price paid (on the closing dates) for the assets and liabilities acquired by the Company during the three months ended March 31, 2022 in connection with the acquisitions identified in the table above.
|  | Three months ended March 31, 2022 |  |
Acquired Assets and Liabilities |  | Purchase Price (in thousands) |  | Weighted Average Amortization Period (years) of Intangibles at Acquisition |  |  |  |
Land |  | $ | 10,746 |  |  | N/A |  |  |  |
Buildings |  | 127,778 |  |  | N/A |  |  |  |
Tenant improvements |  | 692 |  |  | N/A |  |  |  |
Building and land improvements |  | 5,384 |  |  | N/A |  |  |  |
Other assets |  | 2,134 |  |  | N/A |  |  |  |
Deferred leasing intangibles - In-place leases |  | 11,512 |  |  | 5.3 |  |  |  |
Deferred leasing intangibles - Tenant relationships |  | 7,319 |  |  | 9.0 |  |  |  |
Deferred leasing intangibles - Above market leases |  | 959 |  |  | 6.9 |  |  |  |
Deferred leasing intangibles - Below market leases |  | (173) |  |  | 3.7 |  |  |  |
Total purchase price |  | $ | 166,351 |  |  |  |  |  |  |
Schedule of pro forma information for acquired properties | The following table summarizes the results of operations for the three months ended March 31, 2022 for the buildings acquired during the three months ended March 31, 2022, which are included in the Company’s Consolidated Statements of Operations from the date of acquisition.
Results of Operations (in thousands) |  | Three months ended March 31, 2022 |  |
Total revenue |  | $ | 1,251 |  |  |
Net loss |  | $ | 113 |  |  |
Schedule of Finite-Lived Intangible Assets and Below Market Leases | The following table summarizes the deferred leasing intangibles on the accompanying Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021.
|  | March 31, 2022 |  | December 31, 2021
Deferred Leasing Intangibles (in thousands) |  | Gross |  | Accumulated Amortization |  | Net |  | Gross |  | Accumulated Amortization |  | Net
Above market leases |  | $ | 89,747 |  |  | $ | (31,436) |  |  | $ | 58,311 |  |  | $ | 91,565 |  |  | $ | (32,110) |  |  | $ | 59,455 |
Other intangible lease assets |  | 760,160 |  |  | (257,204) |  |  | 502,956 |  |  | 758,131 |  |  | (249,928) |  |  | 508,203 |
Total deferred leasing intangible assets |  | $ | 849,907 |  |  | $ | (288,640) |  |  | $ | 561,267 |  |  | $ | 849,696 |  |  | $ | (282,038) |  |  | $ | 567,658 |
Below market leases |  | $ | 55,957 |  |  | $ | (22,245) |  |  | $ | 33,712 |  |  | $ | 56,857 |  |  | $ | (21,136) |  |  | $ | 35,721 |
Total deferred leasing intangible liabilities |  | $ | 55,957 |  |  | $ | (22,245) |  |  | $ | 33,712 |  |  | $ | 56,857 |  |  | $ | (21,136) |  |  | $ | 35,721 |
The following table summarizes the amortization expense and the net decrease to rental income for the amortization of deferred leasing intangibles during the three months ended March 31, 2022 and 2021.
|  | Three months ended March 31, |  |
Deferred Leasing Intangibles Amortization (in thousands) |  | 2022 |  | 2021 |  |  |  |
Net increase (decrease) to rental income related to above and below market lease amortization |  | $ | 79 |  |  | $ | (1,480) |  |  |  |  |
Amortization expense related to other intangible lease assets |  | $ | 24,077 |  |  | $ | 22,447 |  |  |  |  |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years (including the remainder of 2022) as of March 31, 2022.
Year |  | Amortization Expense Related to Other Intangible Lease Assets (in thousands) |  | Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2022 |  | $ | 67,986 |  |  | $ | 180 |
2023 |  | $ | 80,666 |  |  | $ | 727 |
2024 |  | $ | 69,720 |  |  | $ | 1,361 |
2025 |  | $ | 60,629 |  |  | $ | 1,185 |
2026 |  | $ | 52,145 |  |  | $ | 1,626 |
Below Market Lease, Future Amortization Income | The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years (including the remainder of 2022) as of March 31, 2022.
Year |  | Amortization Expense Related to Other Intangible Lease Assets (in thousands) |  | Net Decrease to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
Remainder of 2022 |  | $ | 67,986 |  |  | $ | 180 |
2023 |  | $ | 80,666 |  |  | $ | 727 |
2024 |  | $ | 69,720 |  |  | $ | 1,361 |
2025 |  | $ | 60,629 |  |  | $ | 1,185 |
2026 |  | $ | 52,145 |  |  | $ | 1,626 |

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