| Acquisitions Closed |
The Company closed on the following acquisitions during the year ended December 31, 2019:
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
|
(in thousands, except number of properties) |
|
|
|
Number of |
|
|
Acquisition |
|
|
|
Date |
|
Property Type |
|
Properties |
|
|
Price |
|
|
|
January 31, 2019 |
|
Healthcare |
|
|
1 |
|
|
$ |
4,747 |
|
|
|
March 12, 2019 |
|
Industrial |
|
|
1 |
|
|
|
10,217 |
|
|
|
March 15, 2019 |
|
Retail |
|
|
10 |
|
|
|
13,185 |
|
|
|
March 19, 2019 |
|
Retail |
|
|
14 |
|
|
|
19,128 |
|
|
|
March 26, 2019 |
|
Industrial |
|
|
1 |
|
|
|
25,801 |
|
|
|
April 30, 2019 |
|
Industrial |
|
|
1 |
|
|
|
76,000 |
|
(a) |
|
May 21, 2019 |
|
Retail |
|
|
2 |
|
|
|
6,500 |
|
|
|
May 31, 2019 |
|
Retail |
|
|
1 |
|
|
|
3,192 |
|
|
|
June 7, 2019 |
|
Office |
|
|
1 |
|
|
|
30,589 |
|
|
|
June 26, 2019 |
|
Industrial |
|
|
2 |
|
|
|
11,180 |
|
|
|
July 15, 2019 |
|
Restaurant |
|
|
1 |
|
|
|
3,214 |
|
|
|
July 15, 2019 |
|
Industrial |
|
|
1 |
|
|
|
11,330 |
|
|
|
July 31, 2019 |
|
Healthcare |
|
|
5 |
|
|
|
27,277 |
|
|
|
August 27, 2019 |
|
Industrial |
|
|
1 |
|
|
|
4,404 |
|
|
|
August 29, 2019 |
|
Industrial/Office |
|
|
23 |
|
|
|
735,740 |
|
|
|
September 17, 2019 |
|
Industrial |
|
|
1 |
|
|
|
11,185 |
|
|
|
October 31, 2019 |
|
Retail/Healthcare |
|
|
3 |
|
|
|
12,922 |
|
|
|
November 7, 2019 |
|
Restaurant |
|
|
1 |
|
|
|
3,142 |
|
|
|
November 20, 2019 |
|
Retail |
|
|
1 |
|
|
|
7,385 |
|
|
|
November 22, 2019 |
|
Industrial |
|
|
1 |
|
|
|
6,500 |
|
|
|
November 27, 2019 |
|
Retail |
|
|
2 |
|
|
|
8,243 |
|
|
|
|
|
|
|
|
74 |
|
|
$ |
1,031,881 |
|
(b) |
|
(a) |
In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $49,782 with an interest rate at 4.92% and a maturity date of February 2028 (see Note 10). |
|
|
(b) |
Acquisition price does not include capitalized acquisition costs of $17,631. |
|
The Company closed on the following acquisitions during the year ended December 31, 2018:
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
|
(in thousands, except number of properties) |
|
|
|
Number of |
|
|
Acquisition |
|
|
|
Date |
|
Property Type |
|
Properties |
|
|
Price |
|
|
|
March 27, 2018 |
|
Industrial |
|
|
1 |
|
|
$ |
22,000 |
|
|
|
March 30, 2018 |
|
Industrial/Retail |
|
|
26 |
|
|
|
78,530 |
|
|
|
April 30, 2018 |
|
Other |
|
|
1 |
|
|
|
16,170 |
|
(c) |
|
June 6, 2018 |
|
Industrial |
|
|
1 |
|
|
|
8,500 |
|
|
|
June 14, 2018 |
|
Industrial |
|
|
1 |
|
|
|
39,700 |
|
|
|
June 14, 2018 |
|
Retail |
|
|
6 |
|
|
|
14,479 |
|
|
|
June 21, 2018 |
|
Retail |
|
|
1 |
|
|
|
20,231 |
|
|
|
June 21, 2018 |
|
Industrial |
|
|
1 |
|
|
|
38,340 |
|
(d) |
|
June 29, 2018 |
|
Industrial |
|
|
1 |
|
|
|
10,400 |
|
|
|
June 29, 2018 |
|
Retail |
|
|
2 |
|
|
|
6,433 |
|
(e) |
|
July 12, 2018 |
|
Industrial |
|
|
1 |
|
|
|
11,212 |
|
|
|
July 17, 2018 |
|
Retail |
|
|
5 |
|
|
|
14,845 |
|
|
|
July 17, 2018 |
|
Office |
|
|
1 |
|
|
|
34,670 |
|
|
|
August 6, 2018 |
|
Industrial |
|
|
2 |
|
|
|
4,802 |
|
|
|
August 10, 2018 |
|
Retail |
|
|
20 |
|
|
|
44,977 |
|
|
|
October 11, 2018 |
|
Healthcare |
|
|
4 |
|
|
|
17,448 |
|
|
|
October 26, 2019 |
|
Industrial |
|
|
1 |
|
|
|
8,816 |
|
|
|
October 31, 2018 |
|
Retail |
|
|
1 |
|
|
|
2,016 |
|
|
|
November 30, 2018 |
|
Retail |
|
|
3 |
|
|
|
5,357 |
|
|
|
December 4, 2018 |
|
Retail |
|
|
2 |
|
|
|
6,036 |
|
|
|
December 6, 2018 |
|
Healthcare |
|
|
6 |
|
|
|
46,100 |
|
|
|
December 12, 2018 |
|
Healthcare |
|
|
1 |
|
|
|
20,312 |
|
|
|
December 20, 2018 |
|
Industrial |
|
|
1 |
|
|
|
18,250 |
|
|
|
December 20, 2018 |
|
Healthcare |
|
|
18 |
|
|
|
93,129 |
|
|
|
December 28, 2018 |
|
Industrial |
|
|
1 |
|
|
|
10,035 |
|
|
|
December 28, 2018 |
|
Healthcare |
|
|
5 |
|
|
|
14,037 |
|
|
|
|
|
|
|
|
113 |
|
|
$ |
606,825 |
|
(f) |
|
(c) |
In conjunction with this acquisition, the Company settled a note receivable with the seller in the amount of $3,700, in exchange for a reduction in the cash paid for the transaction (see Note 8). |
|
(d) |
In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $20,845 with an interest rate at 4.36% and a maturity date of August 2025 (see Note 10). |
|
(e) |
In conjunction with this acquisition, the Company settled a note receivable with the seller in the amount of $2,827, in exchange for a reduction in the cash paid for the transaction (see Note 8). |
|
(f) |
Acquisition price does not include capitalized acquisition costs of $12,643. |
The Company closed on the following acquisitions during the year ended December 31, 2017:
|
|
|
|
|
|
|
|
|
Real Estate |
|
|
|
(in thousands, except number of properties) |
|
|
|
Number of |
|
|
Acquisition |
|
|
|
Date |
|
Property Type |
|
Properties |
|
|
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 |
|
(g) |
|
November 1, 2017 |
|
Other |
|
|
4 |
|
|
|
15,693 |
|
(h) (i) |
|
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 |
|
(j) |
|
(g) |
In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $5,205 with a variable interest rate at one-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). |
|
(h) |
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. |
|
(i) |
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). |
|
(j) |
Acquisition price does not include capitalized acquisition costs of $12,349. |
|
| Purchase Price Allocation for Acquisitions |
The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed acquisitions:
|
|
|
December 31, |
|
|
(in thousands) |
|
2019 |
|
|
2018 |
|
|
2017 |
|
|
Land |
|
$ |
161,182 |
|
|
$ |
72,559 |
|
|
$ |
67,945 |
|
|
Land improvements |
|
|
47,391 |
|
|
|
32,498 |
|
|
|
54,804 |
|
|
Buildings and improvements |
|
|
772,998 |
|
|
|
454,391 |
|
|
|
508,541 |
|
|
Equipment |
|
|
— |
|
|
|
2,892 |
|
|
|
7,671 |
|
|
Acquired in-place leases (k) |
|
|
80,952 |
|
|
|
62,631 |
|
|
|
77,073 |
|
|
Acquired above-market leases (l) |
|
|
2,800 |
|
|
|
5,538 |
|
|
|
14,905 |
|
|
Acquired below-market leases (m) |
|
|
(15,811 |
) |
|
|
(11,471 |
) |
|
|
(38,493 |
) |
|
Direct financing investments |
|
|
— |
|
|
|
430 |
|
|
|
3,546 |
|
|
Mortgages payable |
|
|
(49,782 |
) |
|
|
(20,845 |
) |
|
|
(11,926 |
) |
|
Non-real estate liabilities |
|
|
— |
|
|
|
(56 |
) |
|
|
(2,777 |
) |
|
|
|
$ |
999,730 |
|
|
$ |
598,567 |
|
|
$ |
681,289 |
|
|
(k) |
The weighted average amortization period for acquired in-place leases is 13 years, 13 years, and 15 years for acquisitions completed during the years ended December 31, 2019, 2018, and 2017, respectively. |
|
(l) |
The weighted average amortization period for acquired above-market leases is 18 years, 16 years, and 17 years for acquisitions completed during the years ended December 31, 2019, 2018, and 2017, respectively. |
|
(m) |
The weighted average amortization period for acquired below-market leases is 10 years, 13 years, and 19 years for acquisitions completed during the years ended December 31, 2019, 2018, and 2017, respectively. |
|