v3.20.2

Acquisitions of Rental Property (Tables) | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Acquisitions of Rental Property Closed | The Company did not complete any acquisitions of rental property during the six months ended June 30, 2020. The Company closed on the following acquisitions of rental property during the six months ended June 30, 2019:
(in thousands, except number of properties) |  | Number of |  |  | Real Estate |  |
Date |  | Property Type |  | Properties |  |  | Acquisition 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 |  |
|  |  |  |  | 34 |  |  | $ | 200,539 |  | (b)
(a) | In conjunction with this acquisition, the Company assumed a mortgage with a principal balance of $49,782 with an interest rate of 4.92% and a maturity date of February 2028 (see Note 10).
(b) | Acquisition price does not include capitalized acquisition costs of $5,030.
Summary of Preliminary Allocation of Purchase Price | The following table summarizes the Company’s preliminary allocation of the purchase price associated with the Internalization:
(in thousands) |  |  |  |
Prepaid expenses and other assets |  | $ | 1,336 |
Right-of-use assets |  |  | 1,898 |
Goodwill |  |  | 339,769 |
Accounts payable and other liabilities |  |  | (986 | )
Operating lease liabilities |  |  | (1,898 | )
Debt |  |  | (90,484 | )
|  | $ | 249,635 |
The following table summarizes the purchase price allocation for completed real estate acquisitions:
(in thousands) |  | For the six months ended June 30, 2019 |
Land |  | $ | 13,339 |
Land improvements |  |  | 16,758 |
Buildings and improvements |  |  | 154,107 |
Acquired in-place leases(c) |  |  | 19,942 |
Acquired above-market leases(d) |  |  | 2,281 |
Acquired below-market leases(e) |  |  | (858 | )
Mortgage payable |  |  | (49,782 | )
|  | $ | 155,787 |
(c) | The weighted average amortization period for acquired in-place leases is 15 years for acquisitions completed during the six months ended June 30, 2019.
(d) | The weighted average amortization period for acquired above-market leases is 17 years for acquisitions completed during the six months ended June 30, 2019.
(e) | The weighted average amortization period for acquired below-market leases is 12 years for acquisitions completed during the six months ended June 30, 2019.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
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