v3.22.2.2

Acquisitions of Rental Property (Tables)

9 Months Ended

Sep. 30, 2022

Business Combinations [Abstract]

Acquisitions of Rental Property Closed

The Company closed on the following acquisitions during the nine months ended September 30, 2022:

(in thousands, except number of properties)				Number of				Real Estate
Date		Property Type		Properties				Acquisition Price
January 7, 2022		Retail			2			$	2,573
February 10, 2022		Industrial			1				21,733
February 15, 2022		Retail			1				1,341
February 28, 2022		Industrial			1				5,678
March 4, 2022		Retail			6				79,061
March 31, 2022		Restaurant			16				99,587
April 12, 2022		Retail			1				1,680
April 12, 2022		Industrial			1				7,522
April 13, 2022		Industrial			1				16,250
April 19, 2022		Retail			1				1,780
May 16, 2022		Retail			1				2,264
June 7, 2022		Retail			1				11,510
June 13, 2022		Retail			1				1,638
June 15, 2022		Retail			1				1,884
June 21, 2022		Industrial			5				78,500
June 29, 2022		Healthcare			1				12,467
June 30, 2022		Industrial			1				29,500
July 1, 2022		Retail			2				3,052
July 7, 2022		Retail			1				2,171
July 8, 2022		Industrial			11				75,000
August 25, 2022		Healthcare			1				9,219
August 26, 2022		Industrial			4				44,000
September 6, 2022		Retail			1				1,411
September 28, 2022		Industrial			4				56,250
September 29, 2022		Restaurant			3				12,823
					69			$	578,894		(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:

(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		(b)					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		(c)					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		(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.

Subsequent to September 30, 2022, 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 12, 2022		Industrial			7			$	235,000
October 12, 2022		Retail			1				1,743
October 17, 2022		Retail			2				6,000
October 19, 2022		Retail			1				1,743
November 2, 2022		Industrial			4				38,650
					15			$	283,136

Summary of Allocation of Purchase Price

The following table summarizes the purchase price allocation for completed real estate acquisitions:

		For the Nine Months Ended September 30,
(in thousands)		2022				2021
Land		$	101,278			$	72,829
Land improvements			37,578				22,103
Buildings and improvements			406,994				379,946
Acquired in-place leases(e)			46,348				40,865
Acquired above-market lease (f)			—				211
Acquired below-market lease (g)			(76	)			—
Right-of-use asset			—				663
Lease liability			—				(481	)
Non-real estate liabilities assumed			(8,051	)			—
		$	584,071		(h)	$	516,136

(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.

Excludes $17.4 million building expansion agreed to as a forward commitment in connection with a prior acquisition (see Note 18).

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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.

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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.

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