v3.20.2

Acquisitions of Rental Property | 6 Months Ended
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Jun. 30, 2020
Business Combinations [Abstract] |
Acquisitions of Rental Property | 5. Acquisitions of Rental Property 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.
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 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.
The above acquisitions were funded using a combination of available cash on hand, borrowings under the Company’s Revolving Credit Facility, and proceeds from equity issuances. All real estate acquisitions closed during the six months ended June 30, 2019, qualified as asset acquisitions and, as such, acquisition costs have been capitalized.

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