v3.21.2

Summary of Significant Accounting Policies (Tables)

9 Months Ended

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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