v3.20.2
Acquisitions of Rental Property
6 Months Ended
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.