v3.21.2

Acquisitions of Rental Property | 9 Months Ended
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Sep. 30, 2021
Business Combinations [Abstract] |
Acquisitions of Rental Property | 5. Acquisitions of Rental Property The Company closed on the following acquisitions during the nine months ended September 30, 2021:
(in thousands, except number of properties) |  | Number of |  |  | Real Estate |  |
Date |  | Property Type |  | Properties |  |  | Acquisition Price |  |
February 5, 2021 |  | Healthcare |  |  | 1 |  |  | $ | 4,843 |  |
February 26, 2021 |  | Restaurant |  | (a) |  |  |  | 181 |  |
March 11, 2021 |  | Retail |  |  | 13 |  |  |  | 26,834 |  |
March 30, 2021 |  | Retail |  |  | 11 |  |  |  | 41,324 |  |
March 31, 2021 |  | Healthcare |  |  | 3 |  |  |  | 14,140 |  |
June 4, 2021 |  | Retail |  |  | 2 |  |  |  | 19,420 |  |
June 9, 2021 |  | Industrial |  |  | 1 |  |  |  | 8,500 |  |
June 9, 2021 |  | Industrial |  |  | 11 |  |  |  | 106,578 |  |
June 25, 2021 |  | Retail |  |  | 8 |  |  |  | 12,131 |  |
June 28, 2021 |  | Healthcare |  |  | 4 |  |  |  | 15,300 |  |
June 30, 2021 |  | Retail |  |  | 1 |  |  |  | 1,279 |  |
June 30, 2021 |  | Healthcare |  |  | 7 |  |  |  | 30,750 |  |
July 2, 2021 |  | Industrial |  | (b) |  |  |  | 4,500 |  |
July 21, 2021 |  | Retail |  |  | 1 |  |  |  | 5,565 |  |
July 29, 2021 |  | Retail |  |  | 3 |  |  |  | 4,586 |  |
July 29, 2021 |  | Industrial |  |  | 1 |  |  |  | 13,041 |  |
July 30, 2021 |  | Industrial |  |  | 2 |  |  |  | 11,011 |  |
August 23, 2021 |  | Healthcare |  |  | 1 |  |  |  | 60,000 |  |
September 8, 2021 |  | Retail |  |  | 2 |  |  |  | 8,901 |  |
September 17, 2021 |  | Retail |  |  | 1 |  |  |  | 1,722 |  |
September 24, 2021 |  | Retail |  |  | 1 |  |  |  | 2,456 |  |
September 24, 2021 |  | Industrial |  |  | 2 |  |  |  | 48,699 |  |
September 29, 2021 |  | Industrial |  |  | 1 |  |  |  | 10,600 |  |
September 30, 2021 |  | Industrial |  |  | 3 |  |  |  | 59,343 |  |
|  |  |  |  | 80 |  |  | $ | 511,704 |  | (c)
(a) Acquisition of additional land adjacent to an existing property. (b) Acquisition of land related to an existing property. (c) Acquisition price does not include capitalized acquisition costs of $4,432. The Company did no t complete any acquisitions of rental property during the nine months ended September 30, 2020. 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:
|  | For the Nine Months Ended |
(in thousands) |  | September 30, 2021 |
Land |  | $ | 72,829 |
Land improvements |  |  | 22,103 |
Buildings and improvements |  |  | 379,946 |
Acquired in-place leases(d) |  |  | 40,865 |
Acquired above-market lease (e) |  |  | 211 |
Right-of-use asset |  |  | 663 |
Lease liability |  |  | (481 | )
|  | $ | 516,136 |
(d) The weighted average amortization period for acquired in-place leases is 17 year s. (e) The weighted average amortization period for acquired above-market leases is 10 years. The above acquisitions were funded using a combination of available cash on hand, revolving credit facility borrowings, and proceeds from the 2031 Senior Unsecured Public Notes (see Note 9). All real estate acquisitions closed during the nine months ended September 30, 2021, qualified as asset acquisitions and, as such, acquisition costs have been capitalized. Subsequent to September 30, 2021, the Company closed on the following acquisitions (see Note 19):
(in thousands, except number of properties) |  | Number of |  |  | Real Estate |
Date |  | Property Type |  | Properties |  |  | Acquisition Price |
October 1, 2021 |  | Healthcare |  |  | 1 |  |  | $ | 3,306 |
October 22, 2021 |  | Industrial |  |  | 1 |  |  |  | 5,386 |
October 27, 2021 |  | Retail |  |  | 3 |  |  |  | 4,278 |
|  |  |  |  | 5 |  |  | $ | 12,970 |

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- Definition Rental property acquisitions. + References No definition available. + Details
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- References No definition available. + Details
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