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Property Acquisitions (Tables)

6 Months Ended

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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- References

No definition available.

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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

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