v3.24.3

Acquisitions of Rental Property | 9 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Acquisitions of Rental Property | 3. Acquisitions of Rental Property The Company closed on the following acquisitions during the nine months ended September 30, 2024:
(in thousands, except number of properties) |  | Number of |  |  | Real Estate |  |
Date |  | Property Type |  | Properties |  |  | Acquisition Price |  |
April 4, 2024 |  | Retail & Restaurant |  |  | 8 |  |  | $ | 84,500 |  | (a)
April 18, 2024 |  | Industrial & Retail |  |  | 5 |  |  |  | 65,000 |  |
May 21, 2024 |  | Retail |  |  | 1 |  |  |  | 12,590 |  |
May 30, 2024 |  | Industrial |  |  | 5 |  |  |  | 31,493 |  |
June 6, 2024 |  | Industrial |  |  | 1 |  |  |  | 9,470 |  |
June 24, 2024 |  | Retail |  |  | 2 |  |  |  | 14,000 |  |
September 3, 2024 |  | Retail |  |  | 1 |  |  |  | 10,180 |  |
September 5, 2024 |  | Industrial |  |  | 1 |  |  |  | 59,000 |  |
|  |  |  |  | 24 |  |  | $ | 286,233 |  | (b)
(a) In April 2024, the Company acquired $52.0 million of real estate assets. In June 2024, the Company contributed these assets in exchange for preferred equity in a consolidated VIE (see Note 2). (b) Acquisition price excludes capitalized acquisition costs of $2.5 million. The Company closed on the following acquisitions during the nine months ended September 30, 2023:
(in thousands, except number of properties) |  | Number of |  |  | Real Estate |  |
Date |  | Property Type |  | Properties |  |  | Acquisition Price |  |
March 14, 2023 |  | Retail |  |  | 1 |  |  | $ | 5,221 |  |
May 16, 2023 |  | Industrial |  |  | 2 |  |  |  | 10,432 |  |
May 22, 2023 |  | Industrial |  |  | 1 |  |  |  | 17,300 |  | (c)
May 25, 2023 |  | Industrial |  |  | 1 |  |  |  | 9,952 |  |
July 11, 2023 |  | Restaurant |  |  | 1 |  |  |  | 460 |  | (d)
|  |  |  |  | 6 |  |  | $ | 43,365 |  | (e)
(c) Acquisition of land developed in connection with a $204.8 million build-to-suit transaction substantially completed in September 2024. (d) Acquisition of land developed in connection with a $1.7 million build-to-suit transaction completed in October 2023. (e) Acquisit ion price excludes capitalized acquisition costs of $3.2 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:
|  | For the Nine Months Ended September 30, |  |
(in thousands) |  | 2024 |  |  | 2023 |  |
Land |  | $ | 56,397 |  |  | $ | 2,461 |  |
Land improvements |  |  | 13,972 |  |  |  | 2,694 |  |
Buildings and improvements |  |  | 198,524 |  |  |  | 18,820 |  |
Property under development |  |  | — |  |  |  | 20,315 |  |
Acquired in-place leases (f) |  |  | 23,336 |  |  |  | 2,400 |  |
Acquired above-market leases (g) |  |  | 1,028 |  |  |  | — |  |
Acquired below-market leases (h) |  |  | (4,503 | ) |  |  | (166 | ) |
|  | $ | 288,754 |  |  | $ | 46,524 |  |
(f) The weighted average amortization period for acquired in-place leases is 10 years and 15 years for acquisitions completed during the nine months ended September 30, 2024 and 2023, respectively. (g) The weighted average amortization period for acquired above-market leases is 6 years for acquisitions completed during the nine months ended September 30, 2024. There were no above-market leases acquired during the nine months ended September 30, 2023. (h) The weighted average amortization period for acquired below-market leases is 9 years and 20 years for acquisitions completed during the nine months ended September 30, 2024 and 2023, respectively. The above acquisitions were funded using a combination of available cash on hand and unsecured revolving credit facility borrowings. All real estate acquisitions closed during the nine months ended September 30, 2024 and 2023, qualified as asset acquisitions and as such, acquisition costs were capitalized.

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