v3.21.2

Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2021
Accounting Policies [Abstract] |
Summary of Impairment Charges | The following table summarizes the Company's impairment charges, resulting primarily from changes in the Company's long-term hold strategy with respect to the individual properties:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands, except number of properties) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Number of properties |  |  | 4 |  |  |  | 3 |  |  |  | 5 |  |  |  | 6 |
Impairment charge |  | $ | 25,989 |  |  | $ | 14,732 |  |  | $ | 28,001 |  |  | $ | 17,399 |
Summary of Lease Revenue And Depreciation And Amortization | The following summarizes the impact of the above transactions, together with the corresponding financial statement line item:
(in thousands) |  |  |
Lease revenues, net |  |  |
Lease termination fee |  | $ | 35,000 |
Write-off of accrued rental income |  |  | (1,496 | )
Accelerated amortization of above-market and below-market lease intangibles |  |  | 289 |
|  |  | 33,793 |
Depreciation and amortization |  |  |
Accelerated amortization of in-place lease intangible |  |  | (4,046 | )
Provision for impairment of investment in rental properties |  |  |
Loss on sale |  |  | (25,746 | )
Total impact to net income |  | $ | 4,001 |
Summary of Restricted Cash | Restricted cash consisted of the following:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2021 |  |  | 2020 |
Escrow funds and other |  | $ | 3,895 |  |  | $ | 7,852 |
Undistributed 1031 proceeds |  |  | — |  |  |  | 2,390 |
|  | $ | 3,895 |  |  | $ | 10,242 |
Summary of Rents Received in Advance | Rent received in advance represents tenant payments received prior to the contractual due date, and is included in Accounts payable and other liabilities on the Condensed Consolidated Balance Sheets. Rent received in advance consisted of the following:
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Rent received in advance |  | $ | 14,516 |  |  | $ | 13,651 |
Summary of Changes in the Provision for Uncollectible Rent | The following table summarizes the changes in the provision for uncollectible rent:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Beginning balance |  | $ | 400 |  |  | $ | 2,222 |  |  | $ | 201 |  |  | $ | — |
Provision for uncollectible rent, net |  |  | (150 | ) |  |  | (262 | ) |  |  | 49 |  |  |  | 1,961 |
Write-offs |  |  | — |  |  |  | (1,750 | ) |  |  | — |  |  |  | (1,751 | )
Ending balance |  | $ | 250 |  |  | $ | 210 |  |  | $ | 250 |  |  | $ | 210 |
Summary of Significant Unobservable Inputs Used to Estimate Fair Value of Earnout Liability | The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of September 30, 2020:
Significant Unobservable Inputs |  | Weighted Average Assumption Used |  | Range
Peer stock price volatility |  | 40.0% |  | 26.11% - 56.85%
The table below provides a summary of the significant unobservable inputs used to estimate the fair value of the earnout liability as of February 7, 2020, which was the date of the Internalization:
Significant Unobservable Inputs |  | Weighted Average Assumption Used |  | Range
Expected IPO date |  | April 15, 2020 |  | March 2020 through May 2020
Peer stock price volatility |  | 20.0% |  | 16.22% to 23.09%
Company's net asset value per diluted share |  | $21.30 |  | (a)
(a) The Company’s net asset value per diluted share was primarily based on the fair value of its real estate investment portfolio, together with the fair value of its other assets and liabilities. The fair value of the Company's real estate investment portfolio as of the measurement date was determined using market capitalization rates that ranged between 6.05% and 7.09%.
Summary of Reconciliation of Change in Earnout Liability | The following table presents a reconciliation of the change in the earnout liability:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Beginning balance |  | $ | 10,063 |  |  | $ | 37,975 |  |  | $ | 7,509 |  |  | $ | — |
Allocation of Internalization purchase price at February 7, 2020 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40,119 |
Change in fair value subsequent to Internalization |  |  | 1,059 |  | (b) |  | (6,362 | ) |  |  | 5,539 |  |  |  | (8,506 | )
Reclassification as a component of additional paid-in capital and non-controlling interests |  |  | — |  |  |  | (18,436 | ) |  |  | — |  |  |  | (18,436 | )
Payout of tranches earned |  |  | (11,122 | ) |  |  | — |  |  |  | (13,048 | ) |  |  | — |
Ending balance |  | $ | — |  |  | $ | 13,177 |  |  | $ | — |  |  | $ | 13,177 |
(b) The $1,059 change in fair value during the three months ended September 30, 2021, represented the difference between the actual cash payments subsequent to June 30, 2021, and the earnout liability's fair value at June 30, 2021.
Balances of Financial Instruments Measured at Fair Value on Recurring Basis | The balances of financial instruments measured at fair value on a recurring basis are as follows:
|  | September 30, 2021 |
(in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate swap, liabilities |  |  | (36,196 | ) |  |  | — |  |  |  | (36,196 | ) |  |  | — |
|  | December 31, 2020 |
(in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate swap, liabilities |  | $ | (72,103 | ) |  | $ | — |  |  | $ | (72,103 | ) |  | $ | — |
Earnout liability |  |  | (7,509 | ) |  |  | — |  |  |  | — |  |  |  | (7,509 | )
Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets | The following table summarizes the carrying amount reported on the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the Unsecured revolving credit facility, Mortgages, net, Unsecured term loans, net and Senior unsecured notes, net, which reflects the fair value of interest rate swaps:
(in thousands) |  | September 30, 2021 |  |  | December 31, 2020 |
Carrying amount |  | $ | 1,597,868 |  |  | $ | 1,547,667 |
Fair value |  |  | 1,710,238 |  |  |  | 1,679,188 |
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets | Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:
|  |  |  | September 30, |  |  | December 31, |
(in thousands) |  | Financial Statement Presentation |  | 2021 |  |  | 2020 |
Right-of-use assets |  | Prepaid expenses and other assets |  | $ | 3,250 |  |  | $ | 3,075 |
Lease liabilities |  | Accounts payable and other liabilities |  |  | 2,714 |  |  |  | 2,659 |

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