Acquisitions of Rental Property (Tables)

9 Months Ended

Sep. 30, 2024

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.

Acquisition price excludes capitalized acquisition costs of $3.2 million.

Summary of Allocation of Purchase Price

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.