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Property Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2024
Business Combinations [Abstract] |
Purchase price allocation | During the nine months ended September 30, 2024, we acquired fee simple interests in 52 properties for an aggregate purchase price of $204.5 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 |  |  | 29 |  |  | $ | 136,070 |  |  | $ | 31,497 |  |  | $ | 89,775 |  |  | $ | 14,870 |  |  | $ | 434 |  |  | $ | (506 | )
Convenience stores |  |  | 3 |  |  |  | 18,853 |  |  |  | 6,271 |  |  |  | 10,964 |  |  |  | 1,618 |  |  |  | — |  |  |  | — |
Auto service centers |  |  | 17 |  |  |  | 41,370 |  |  |  | 11,534 |  |  |  | 19,104 |  |  |  | 4,842 |  |  |  | 5,890 |  |  |  | — |
Drive thru QSRs |  |  | 3 |  |  |  | 8,195 |  |  |  | 1,689 |  |  |  | 5,538 |  |  |  | 968 |  |  |  | — |  |  |  | — |
|  |  | 52 |  |  | $ | 204,488 |  |  | $ | 50,991 |  |  | $ | 125,381 |  |  | $ | 22,298 |  |  | $ | 6,324 |  |  | $ | (506 | )
During the nine months ended September 30, 2023, we acquired fee simple interests in 37 properties for an aggregate purchase price of $193.0 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 |  |  | 23 |  |  | $ | 123,416 |  |  | $ | 34,481 |  |  | $ | 75,759 |  |  | $ | 13,096 |  |  | $ | 637 |  |  | $ | (557 | )
Convenience stores (a) |  |  | 10 |  |  |  | 61,392 |  |  |  | 21,313 |  |  |  | 34,245 |  |  |  | 5,834 |  |  |  | — |  |  |  | — |
Drive thru QSRs |  |  | 3 |  |  |  | 6,094 |  |  |  | 2,625 |  |  |  | 2,737 |  |  |  | 583 |  |  |  | 149 |  |  |  | — |
Auto service centers |  |  | 1 |  |  |  | 2,086 |  |  |  | 894 |  |  |  | 990 |  |  |  | 202 |  |  |  | — |  |  |  | — |
|  |  | 37 |  |  | $ | 192,988 |  |  | $ | 59,313 |  |  | $ | 113,731 |  |  | $ | 19,715 |  |  | $ | 786 |  |  | $ | (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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