| Acquisitions of Rental Property |
5. Acquisitions of Rental Property The Company closed on the following acquisitions during the nine months ended September 30, 2022:
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(in thousands, except number of properties) |
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Number of |
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Real Estate |
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Date |
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Property Type |
|
Properties |
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|
Acquisition Price |
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January 7, 2022 |
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Retail |
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2 |
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|
$ |
2,573 |
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February 10, 2022 |
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Industrial |
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|
1 |
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|
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21,733 |
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February 15, 2022 |
|
Retail |
|
|
1 |
|
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1,341 |
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February 28, 2022 |
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Industrial |
|
|
1 |
|
|
|
5,678 |
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March 4, 2022 |
|
Retail |
|
|
6 |
|
|
|
79,061 |
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March 31, 2022 |
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Restaurant |
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|
16 |
|
|
|
99,587 |
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April 12, 2022 |
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Retail |
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1 |
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1,680 |
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April 12, 2022 |
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Industrial |
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1 |
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7,522 |
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April 13, 2022 |
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Industrial |
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1 |
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16,250 |
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April 19, 2022 |
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Retail |
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1 |
|
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1,780 |
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May 16, 2022 |
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Retail |
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1 |
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2,264 |
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June 7, 2022 |
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Retail |
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1 |
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11,510 |
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June 13, 2022 |
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Retail |
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1 |
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|
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1,638 |
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June 15, 2022 |
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Retail |
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1 |
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1,884 |
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June 21, 2022 |
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Industrial |
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5 |
|
|
|
78,500 |
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June 29, 2022 |
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Healthcare |
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1 |
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12,467 |
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June 30, 2022 |
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Industrial |
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1 |
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29,500 |
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July 1, 2022 |
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Retail |
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2 |
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3,052 |
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July 7, 2022 |
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Retail |
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1 |
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2,171 |
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July 8, 2022 |
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Industrial |
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11 |
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75,000 |
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August 25, 2022 |
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Healthcare |
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1 |
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9,219 |
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August 26, 2022 |
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Industrial |
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4 |
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44,000 |
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September 6, 2022 |
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Retail |
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1 |
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1,411 |
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September 28, 2022 |
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Industrial |
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4 |
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56,250 |
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September 29, 2022 |
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Restaurant |
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3 |
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12,823 |
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69 |
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$ |
578,894 |
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(a) |
(a)Acquisition price excludes capitalized acquisition costs of $5.2 million and a $17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18). The Company closed on the following acquisitions during the nine months ended September 30, 2021:
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(in thousands, except number of properties) |
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Number of |
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Real Estate |
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Date |
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Property Type |
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Properties |
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Acquisition Price |
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February 5, 2021 |
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Healthcare |
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1 |
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$ |
4,843 |
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February 26, 2021 |
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Restaurant |
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(b) |
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181 |
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March 11, 2021 |
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Retail |
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13 |
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26,834 |
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March 30, 2021 |
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Retail |
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11 |
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41,324 |
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March 31, 2021 |
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Healthcare |
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3 |
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14,140 |
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June 4, 2021 |
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Retail |
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2 |
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19,420 |
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June 9, 2021 |
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Industrial |
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1 |
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8,500 |
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June 9, 2021 |
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Industrial |
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11 |
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106,578 |
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June 25, 2021 |
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Retail |
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8 |
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12,131 |
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June 28, 2021 |
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Healthcare |
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4 |
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15,300 |
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June 30, 2021 |
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Retail |
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1 |
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1,279 |
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June 30, 2021 |
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Healthcare |
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7 |
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30,750 |
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July 2, 2021 |
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Industrial |
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(c) |
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4,500 |
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July 21, 2021 |
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Retail |
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1 |
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5,565 |
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July 29, 2021 |
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Retail |
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3 |
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4,586 |
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July 29, 2021 |
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Industrial |
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1 |
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13,041 |
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July 30, 2021 |
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Industrial |
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2 |
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11,011 |
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August 23, 2021 |
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Healthcare |
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1 |
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60,000 |
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September 8, 2021 |
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Retail |
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2 |
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8,901 |
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September 17, 2021 |
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Retail |
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1 |
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1,722 |
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September 24, 2021 |
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Retail |
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1 |
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2,456 |
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September 24, 2021 |
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Industrial |
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2 |
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48,699 |
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September 29, 2021 |
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Industrial |
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1 |
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10,600 |
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September 30, 2021 |
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Industrial |
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3 |
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59,343 |
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|
80 |
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$ |
511,704 |
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(d) |
(b)Acquisition of additional land adjacent to an existing property. (c)Acquisition of land related to an existing property. (d)Acquisition price excludes capitalized acquisition costs of $4.4 million. The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions:
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For the Nine Months Ended
September 30, |
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(in thousands) |
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2022 |
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2021 |
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Land |
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$ |
101,278 |
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$ |
72,829 |
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Land improvements |
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37,578 |
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22,103 |
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Buildings and improvements |
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406,994 |
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379,946 |
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Acquired in-place leases(e) |
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46,348 |
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40,865 |
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Acquired above-market lease (f) |
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— |
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211 |
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Acquired below-market lease (g) |
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(76 |
) |
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— |
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Right-of-use asset |
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— |
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|
663 |
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Lease liability |
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— |
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(481 |
) |
Non-real estate liabilities assumed |
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(8,051 |
) |
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— |
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$ |
584,071 |
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(h) |
$ |
516,136 |
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(e)The weighted average amortization period for acquired in-place leases is 20 years and 17 years for acquisitions completed during the nine months ended September 30, 2022 and 2021, respectively. (f)The weighted average amortization period for the acquired above-market leases is 10 years for acquisitions completed during the nine months ended September 30, 2021. There were no above-market leases acquired during the nine months ended September 30, 2022. (g)The weighted average amortization period for acquired below-market leases is 9 years for acquisitions completed during the nine months ended September 30, 2022. There were no below-market leases acquired during the nine months ended September 30, 2021. (h)Excludes $17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18). The above acquisitions were funded using a combination of available cash on hand, and proceeds from equity issuances and revolving credit facility borrowings. All real estate acquisitions closed during the nine months ended September 30, 2022 and 2021, qualified as asset acquisitions and, as such, acquisition costs have been capitalized. Subsequent to September 30, 2022, the Company closed on the following acquisitions (see Note 19):
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|
(in thousands, except number of properties) |
|
Number of |
|
|
Real Estate |
|
Date |
|
Property Type |
|
Properties |
|
|
Acquisition Price |
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October 12, 2022 |
|
Industrial |
|
|
7 |
|
|
$ |
235,000 |
|
October 12, 2022 |
|
Retail |
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1 |
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1,743 |
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October 17, 2022 |
|
Retail |
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2 |
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6,000 |
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October 19, 2022 |
|
Retail |
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1 |
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1,743 |
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November 2, 2022 |
|
Industrial |
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4 |
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38,650 |
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15 |
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$ |
283,136 |
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