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Property Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2024
Business Combinations [Abstract] |
Purchase price allocation | During the six months ended June 30, 2024, we acquired fee simple interests in 40 properties for an aggregate purchase price of $150.9 million (including amounts funded in prior periods) as follows (in thousands):
|  |  |  |  |  |  |  | Purchase Price Allocation |
Asset Type |  | Properties |  |  | Purchase Price |  |  | Land |  |  | Buildings & Improve- ments |  |  | In-Place Leases |  |  | Intangible/Market Lease Assets |  |  | Intangible/Market Lease Liabilities |
Express tunnel car washes |  |  | 19 |  |  | $ | 91,199 |  |  | $ | 18,994 |  |  | $ | 62,591 |  |  | $ | 9,686 |  |  | $ | 434 |  |  | $ | (506 | )
Convenience stores |  |  | 2 |  |  |  | 11,882 |  |  |  | 4,180 |  |  |  | 6,582 |  |  |  | 1,120 |  |  |  | — |  |  |  | — |
Auto service centers |  |  | 16 |  |  |  | 39,661 |  |  |  | 10,842 |  |  |  | 18,284 |  |  |  | 4,644 |  |  |  | 5,891 |  |  |  | — |
Drive thru QSRs |  |  | 3 |  |  |  | 8,195 |  |  |  | 1,689 |  |  |  | 5,538 |  |  |  | 968 |  |  |  | — |  |  |  | — |
|  |  | 40 |  |  | $ | 150,937 |  |  | $ | 35,705 |  |  | $ | 92,995 |  |  | $ | 16,418 |  |  | $ | 6,325 |  |  | $ | (506 | )
During the six months ended June 30, 2023, we acquired fee simple interests in 16 properties for an aggregate purchase price of $73.3 million (including amounts funded in prior periods) as follows (in thousands):
|  |  |  |  |  |  |  | Purchase Price Allocation |
Asset Type |  | Properties |  |  | Purchase Price |  |  | Land |  |  | Buildings & Improve- ments |  |  | In-Place Leases |  |  | Intangible Market Lease Assets |  |  | Intangible Market Lease Liabilities |
Express tunnel car washes |  |  | 14 |  |  | $ | 64,248 |  |  | $ | 18,598 |  |  | $ | 39,623 |  |  | $ | 6,584 |  |  | $ | — |  |  | $ | (557 | )
Convenience stores (a) |  |  | 1 |  |  |  | 6,336 |  |  |  | 2,405 |  |  |  | 3,319 |  |  |  | 612 |  |  |  | — |  |  |  | — |
Drive thru QSRs |  |  | 1 |  |  |  | 2,676 |  |  |  | 675 |  |  |  | 1,713 |  |  |  | 288 |  |  |  | — |  |  |  | — |
|  |  | 16 |  |  | $ | 73,260 |  |  | $ | 21,678 |  |  | $ | 44,655 |  |  | $ | 7,484 |  |  | $ | — |  |  | $ | (557 | )
(a) Purchase price and land allocation include $0.9 million related to the acquisition of a land parcel adjacent to an existing site which was subsequently combined with the existing site into a single property upon redevelopment of the existing site.

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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