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Real Estate Investments, Net | 3 Months Ended
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Mar. 31, 2023
Real Estate [Abstract] |
Real Estate Investments, Net | Real Estate Investments, Net Property Acquisitions The following table presents the allocation of the assets acquired and liabilities assumed during the three months ended March 31, 2023, and, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. All acquisitions were considered asset acquisitions for accounting purposes. The Company did not acquire any properties in the three months ended March 31, 2022.
|  | Three Months Ended March 31,
(Dollar amounts in thousands) |  | 2023 |  |
Real estate investments, at cost: |  |  |  |
Land |  | $ | 4,757 |  |  |
Buildings, fixtures and improvements |  | 30,087 |  |  |
Total tangible assets |  | 34,844 |  |  |
Intangibles acquired: |  |  |  |
In-place leases |  | 4,128 |  |  |
Above-market lease assets |  | 40,964 |  |  |
Total Intangible assets and liabilities |  | 45,092 |  |  |
ROU asset |  | 1,426 |  |  |
Mortgage note payable |  | — |  |  |
Cash paid for acquired real estate investments |  | 81,362 |  |  |
Number of properties purchased |  | $ | 8 |  |  |
The following table summarizes the acquisitions by property type during the three months ended March 31, 2023:
Property Type |  | Number of Properties |  | Square Feet (unaudited)
Properties Acquired in 2023: |  |  |  |
Office |  | — |  |  | — |
Industrial |  | — |  |  | — |
Distribution |  | — |  |  | — |
Retail |  | 8 |  |  | 323,730 |
|  | 8 |  |  | 323,730 |
Acquired Intangible Lease Assets The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. The Company did not record any impairment charges on its acquired intangible assets during the three months ended March 31, 2023 or 2022. Dispositions During the three months ended March 31, 2023 and 2022, the Company not sell any properties. Impairment Charges The Company did not record any impairment charges during the three months ended March 31, 2023. The impairment charge recorded during the three months ended March 31, 2022 of $0.2 million was based on the estimated selling price for the Bradford & Bingley property, less estimated transactions costs. Assets Held for Sale When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets. The Company did not have any assets classified as assets held for sale as of March 31, 2023 and December 31, 2022. Significant Tenants There were no tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of March 31, 2023 and December 31, 2022. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues. Geographic Concentration The following table lists the countries and states where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of March 31, 2023 and December 31, 2022.
Country / U.S. State |  | March 31, 2023 |  | December 31, 2022
United States |  | 60.1% |  | 63.9%
Michigan |  | 14.7% |  | 15.5%
United Kingdom |  | 21.9% |  | 17.4%

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI https://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI https://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI https://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI https://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI https://asc.fasb.org/topic&trid=2134617 + Details
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