v3.21.2

Acquisitions of Rental Property (Tables)

9 Months Ended

Sep. 30, 2021

Business Combinations [Abstract]

Acquisitions of Rental Property Closed

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.

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

Summary of Allocation of Purchase Price

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 years.

(e)The weighted average amortization period for acquired above-market leases is 10 years.

X

- References

No definition available.

+ Details

Name:	us-gaap_BusinessCombinationsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

+ Details

Name:	us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration