| Acquisitions Closed |
The Company closed on the following acquisitions during the year ended December 31, 2017:
|
(in thousands, except number of properties) |
|
|
|
|
|
|
|
|
|
|
|
|
Date |
|
Tenant Type |
|
Number of
Properties |
|
|
Real Estate
Acquisition
Price |
|
|
|
January 18, 2017 |
|
Retail |
|
|
1 |
|
|
$ |
2,520 |
|
|
|
March 1, 2017 |
|
Retail |
|
|
9 |
|
|
|
87,196 |
|
|
|
April 28, 2017 |
|
Retail |
|
|
25 |
|
|
|
48,898 |
|
|
|
June 2, 2017 |
|
Healthcare |
|
|
2 |
|
|
|
13,300 |
|
|
|
June 15, 2017 |
|
Retail |
|
|
2 |
|
|
|
2,700 |
|
|
|
June 30, 2017 |
|
Industrial |
|
|
2 |
|
|
|
12,250 |
|
|
|
June 30, 2017 |
|
Healthcare |
|
|
7 |
|
|
|
25,989 |
|
|
|
July 7, 2017 |
|
Office |
|
|
1 |
|
|
|
32,210 |
|
|
|
August 4, 2017 |
|
Healthcare |
|
|
3 |
|
|
|
11,732 |
|
|
|
August 31, 2017 |
|
Healthcare |
|
|
3 |
|
|
|
16,700 |
|
|
|
August 31, 2017 |
|
Industrial |
|
|
2 |
|
|
|
6,148 |
|
|
|
September 13, 2017 |
|
Retail |
|
|
5 |
|
|
|
4,994 |
|
|
|
September 29, 2017 |
|
Industrial, Retail |
|
|
7 |
|
|
|
30,012 |
|
|
|
September 29, 2017 |
|
Industrial |
|
|
1 |
|
|
|
57,372 |
|
|
|
October 13, 2017 |
|
Healthcare |
|
|
1 |
|
|
|
10,000 |
|
(a) |
|
November 1, 2017 |
|
Other |
|
|
4 |
|
|
|
15,693 |
|
(b) (c) |
|
December 7, 2017 |
|
Office |
|
|
2 |
|
|
|
19,295 |
|
|
|
December 7, 2017 |
|
Healthcare |
|
|
1 |
|
|
|
5,095 |
|
|
|
December 7, 2017 |
|
Healthcare |
|
|
1 |
|
|
|
2,678 |
|
|
|
December 8, 2017 |
|
Industrial, Office |
|
|
3 |
|
|
|
74,200 |
|
|
|
December 14, 2017 |
|
Office |
|
|
1 |
|
|
|
24,500 |
|
|
|
December 18, 2017 |
|
Other |
|
|
1 |
|
|
|
22,585 |
|
|
|
December 22, 2017 |
|
Industrial |
|
|
2 |
|
|
|
19,000 |
|
|
|
December 22, 2017 |
|
Industrial |
|
|
1 |
|
|
|
21,037 |
|
|
|
December 27, 2017 |
|
Retail |
|
|
1 |
|
|
|
1,446 |
|
|
|
December 28, 2017 |
|
Industrial |
|
|
1 |
|
|
|
28,450 |
|
|
|
December 29, 2017 |
|
Retail |
|
|
9 |
|
|
|
28,224 |
|
|
|
December 29, 2017 |
|
Retail |
|
|
20 |
|
|
|
39,552 |
|
|
|
December 29, 2017 |
|
Healthcare |
|
|
6 |
|
|
|
19,868 |
|
|
|
|
|
|
|
|
124 |
|
|
$ |
683,644 |
|
(d) |
|
(a) |
In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $5,205 with a variable interest rate at 1-month LIBOR plus 3.0% and a maturity date of August 2021 (see Note 10). The Company also assumed an interest rate swap with a fixed rate of 1.02% and a maturity date of August 2021 (see Note 11). |
|
(b) |
The acquisition was conducted with a related party and approved by the IDC. The fees required under the Asset Management Agreement (see Note 3) were waived by the Asset Manager. |
|
(c) |
In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $6,721 with an interest rate of 3.65% and a maturity date of October 2026 (see Note 10). |
|
(d) |
Acquisition price does not include acquisition costs of $12,349 capitalized in accordance with the adoption of ASU 2017-01 (see Note 2). |
The Company closed on the following acquisitions during the year ended December 31, 2016:
|
(in thousands, except number of properties) |
|
|
|
|
|
|
|
|
|
|
|
Date |
|
Tenant Type |
|
Number of
Properties |
|
|
Real Estate
Acquisition
Price |
|
|
January 25, 2016 |
|
Retail |
|
|
3 |
|
|
$ |
13,376 |
|
|
February 1, 2016 |
|
Retail |
|
|
1 |
|
|
|
27,000 |
|
|
March 24, 2016 |
|
Industrial |
|
|
1 |
|
|
|
15,650 |
|
|
April 7, 2016 |
|
Healthcare |
|
|
2 |
|
|
|
17,115 |
|
|
April 25, 2016 |
|
Office |
|
|
2 |
|
|
|
54,600 |
|
|
May 9, 2016 |
|
Retail |
|
|
5 |
|
|
|
42,390 |
|
|
May 12, 2016 |
|
Office |
|
|
1 |
|
|
|
4,500 |
|
|
May 20, 2016 |
|
Retail |
|
|
19 |
|
|
|
36,843 |
|
|
May 25, 2016 |
|
Healthcare |
|
(e) |
|
|
|
5,624 |
|
|
June 30, 2016 |
|
Retail |
|
|
7 |
|
|
|
28,477 |
|
|
July 15, 2016 |
|
Healthcare |
|
|
2 |
|
|
|
26,700 |
|
|
August 12, 2016 |
|
Other |
|
|
3 |
|
|
|
12,399 |
|
|
September 14, 2016 |
|
Office |
|
|
1 |
|
|
|
14,000 |
|
|
September 29, 2016 |
|
Retail |
|
|
24 |
|
|
|
82,338 |
|
|
October 3, 2016 |
|
Retail |
|
|
6 |
|
|
|
6,872 |
|
|
November 10, 2016 |
|
Office |
|
|
1 |
|
|
|
10,550 |
|
|
November 21, 2016 |
|
Retail |
|
|
2 |
|
|
|
7,597 |
|
|
November 29, 2016 |
|
Office |
|
|
4 |
|
|
|
15,177 |
|
|
December 19, 2016 |
|
Industrial |
|
|
1 |
|
|
|
23,050 |
|
|
December 23, 2016 |
|
Office |
|
|
1 |
|
|
|
43,517 |
|
|
December 30, 2016 |
|
Office |
|
|
1 |
|
|
|
15,550 |
|
|
December 30, 2016 |
|
Industrial |
|
|
1 |
|
|
|
15,487 |
|
|
|
|
|
|
|
88 |
|
|
$ |
518,812 |
|
|
(e) |
Acquisition of capital expansion on existing property. |
The Company closed on the following acquisitions during the year ended December 31, 2015:
|
(in thousands, except number of properties) |
|
|
|
|
|
|
|
|
|
|
|
Date |
|
Tenant Type |
|
Number of
Properties |
|
|
Real Estate
Acquisition
Price |
|
|
January 6, 2015 |
|
Healthcare |
|
|
1 |
|
|
$ |
4,400 |
|
|
January 9, 2015 |
|
Industrial |
|
|
1 |
|
|
|
4,300 |
|
|
February 12, 2015 |
|
Office |
|
|
2 |
|
|
|
8,796 |
|
|
March 9, 2015 |
|
Retail |
|
|
1 |
|
|
|
3,563 |
|
|
March 12, 2015 |
|
Retail |
|
|
5 |
|
|
|
14,542 |
|
|
March 24, 2015 |
|
Industrial |
|
|
1 |
|
|
|
11,354 |
|
|
March 26, 2015 |
|
Industrial |
|
|
1 |
|
|
|
21,750 |
|
|
March 31, 2015 |
|
Industrial |
|
|
2 |
|
|
|
9,751 |
|
|
April 2, 2015 |
|
Industrial |
|
|
1 |
|
|
|
10,764 |
|
|
April 2, 2015 |
|
Retail, Industrial |
|
|
3 |
|
|
|
6,090 |
|
|
May 15, 2015 |
|
Healthcare |
|
|
5 |
|
|
|
17,125 |
|
|
June 19, 2015 |
|
Retail |
|
|
10 |
|
|
|
19,663 |
|
|
June 19, 2015 |
|
Retail |
|
|
1 |
|
|
|
2,259 |
|
|
June 24, 2015 |
|
Office |
|
|
2 |
|
|
|
33,300 |
|
|
June 26, 2015 |
|
Retail |
|
|
1 |
|
|
|
1,558 |
|
|
June 26, 2015 |
|
Industrial |
|
|
5 |
|
|
|
41,169 |
|
|
June 29, 2015 |
|
Office |
|
|
1 |
|
|
|
15,600 |
|
|
July 17, 2015 |
|
Land |
|
(f) |
|
|
|
702 |
|
|
September 15, 2015 |
|
Industrial |
|
|
1 |
|
|
|
12,720 |
|
|
September 25, 2015 |
|
Retail |
|
|
3 |
|
|
|
11,195 |
|
|
September 28, 2015 |
|
Industrial |
|
|
2 |
|
|
|
10,193 |
|
|
September 30, 2015 |
|
Retail |
|
|
1 |
|
|
|
4,030 |
|
|
October 5, 2015 |
|
Retail |
|
|
36 |
|
|
|
83,032 |
|
|
October 23, 2015 |
|
Industrial |
|
|
2 |
|
|
|
51,600 |
|
|
November 23, 2015 |
|
Healthcare |
|
|
1 |
|
|
|
56,600 |
|
|
December 8, 2015 |
|
Retail |
|
|
8 |
|
|
|
18,191 |
|
|
December 15, 2015 |
|
Industrial |
|
|
1 |
|
|
|
1,500 |
|
|
December 17, 2015 |
|
Retail |
|
|
15 |
|
|
|
62,468 |
|
|
December 30, 2015 |
|
Retail |
|
|
3 |
|
|
|
11,913 |
|
|
|
|
|
|
|
116 |
|
|
$ |
550,128 |
|
|
(f) |
Acquisition of land adjacent to existing property. |
|
| Purchase Price Allocation for Acquisitions |
The following table summarizes the purchase price allocation for acquisitions completed during the years ended December 31, 2017, 2016, and 2015.
|
|
|
December 31, |
|
|
(in thousands) |
|
2017 |
|
|
2016 |
|
|
2015 |
|
|
Land |
|
$ |
67,945 |
|
|
$ |
70,938 |
|
|
$ |
48,060 |
|
|
Land improvements |
|
|
54,804 |
|
|
|
38,526 |
|
|
|
40,715 |
|
|
Buildings and other improvements |
|
|
508,541 |
|
|
|
358,058 |
|
|
|
391,528 |
|
|
Equipment |
|
|
7,671 |
|
|
|
— |
|
|
|
— |
|
|
Acquired in-place leases (g) |
|
|
77,073 |
|
|
|
52,867 |
|
|
|
58,874 |
|
|
Acquired above-market leases (h) |
|
|
14,905 |
|
|
|
19,420 |
|
|
|
15,108 |
|
|
Acquired below-market leases (i) |
|
|
(38,493 |
) |
|
|
(21,541 |
) |
|
|
(13,752 |
) |
|
Direct financing investments |
|
|
3,546 |
|
|
|
544 |
|
|
|
9,595 |
|
|
Mortgages payable, net |
|
|
(11,926 |
) |
|
|
— |
|
|
|
— |
|
|
Non-real estate liabilities |
|
|
(2,777 |
) |
|
|
(8,649 |
) |
|
|
(13,408 |
) |
|
|
|
$ |
681,289 |
|
|
$ |
510,163 |
|
|
$ |
536,720 |
|
|
(g) |
The weighted average amortization period for acquired in-place leases is 15 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively. |
|
(h) |
The weighted average amortization period for acquired above-market leases is 17 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively. |
|
(i) |
The weighted average amortization period for acquired below-market leases is 19 years, 17 years, and 18 years for acquisitions completed during the years ended December 31, 2017, 2016, and 2015, respectively. |
|