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Real Estate (Tables)
 3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]  
Schedule of Consideration Transferred
Upon the effective time of the CCIT II Merger on March 1, 2021, each of CCIT II's 67.1 million issued and outstanding shares of common stock were converted into the right to receive 1.392 newly issued shares of the Class E common stock of the Company (approximately 93.5 million shares). Total consideration transferred is calculated as such:
As of March 1, 2021
CCIT II's common stock shares prior to conversion67,139,129 
Exchange ratio1.392
Implied GCEAR common stock issued as consideration93,457,668 
GCEAR's Class E NAV per share in effect at March 1, 2021$8.97 
Total consideration$838,315 
Schedule of Asset Acquisition
The following table summarizes the final purchase price allocation based on a valuation report prepared by the Company's third-party valuation specialist that was subject to management's review and approval:
March 1, 2021
Assets:
Cash assumed$2,721 
Land141,892 
Building and improvements992,779 
Tenant origination and absorption cost152,793 
In-place lease valuation (above market)11,591 
Intangibles27,788 
Other assets3,522 
  Total assets$1,333,086 
Liabilities:
Debt$415,926 
In-place lease valuation (below market)10,026 
Lease liability4,616 
Accounts payable and other liabilities20,604 
  Total liabilities451,172 
Fair value of net assets acquired881,914 
   Less: GCEAR's CCIT II Merger expenses43,599 
Fair value of net assets acquired, less GCEAR's CCIT II Merger expenses$838,315 
Schedule of Costs Incurred The following is a breakdown of the Company's costs incurred during 2020 and three months ended March 31, 2021 related to the CCIT II Merger:
Amount
Termination fee of the CCIT II advisory agreement$28,439 
Advisory and valuation fees4,699 
Legal, accounting and tax fees5,115 
Other fees5,346 
Total CCIT II Merger-related fees$43,599 
Schedule of Property Acquisition
The following table summarizes the purchase price allocation of the properties acquired during the three months ended March 31, 2021:
AcquisitionLand BuildingImprovementsTenant origination and absorption costsOther IntangiblesIn-place lease valuation - above/(below) marketFinancing Leases
Total (1)
CCIT II Properties$141,892 (2)$958,166 $34,613 $152,793 $27,788 $1,565 $(3,681)$1,313,136 
(1)The allocations noted above are based on a determination of the relative fair value of the total consideration provided and represent the amount paid including capitalized acquisition costs.
(2)Approximately $5.6 million includes land allocation related to the Company's finance leases.
Schedule of In-Place Lease Valuation and Tenant Origination and Absorption Cost March 31, 2021 and December 31, 2020:
March 31, 2021December 31, 2020
In-place lease valuation (above market) $54,545 $43,576 
In-place lease valuation (above market) - accumulated amortization(36,963)(35,604)
In-place lease valuation (above market), net$17,582 $7,972 
Ground leasehold interest (below market)2,254 2,254 
Ground leasehold interest (below market) - accumulated amortization(198)(191)
Ground leasehold interest (below market), net2,056 2,063 
Intangibles - other32,028 4,240 
Intangibles - other - accumulated amortization(4,367)(4,240)
Intangible assets, net$47,299 $10,035 
In-place lease valuation (below market)$(77,862)$(68,334)
Land leasehold interest (above market)(3,072)(3,072)
Intangibles - other (above market)(387)— 
In-place lease valuation & land leasehold interest - accumulated amortization45,372 44,073 
Intangible liabilities, net$(35,949)$(27,333)
Tenant origination and absorption cost $888,291 $740,489 
Tenant origination and absorption cost - accumulated amortization(423,868)(412,462)
Tenant origination and absorption cost, net$464,423 $328,027 
Schedule of Estimated Annual Amortization (Income) Expense
The following table sets forth the estimated annual amortization (income) expense for in-place lease valuation, net, tenant origination and absorption costs, ground leasehold improvements, other intangibles, and other leasing costs as of March 31, 2021 for the next five years:
YearIn-place lease valuation, netTenant origination and absorption costsGround leasehold interestOther intangiblesOther leasing costs
2021$(1,464)$61,186 $(218)$1,125 $4,702 
2022$(2,339)$76,904 $(290)$1,495 $5,769 
2023$(2,845)$69,849 $(290)$1,495 $5,637 
2024$(1,803)$54,791 $(291)$1,499 $5,412 
2025$(1,331)$43,007 $(290)$1,495 $5,386 
2026$(1,156)$38,348 $(290)$1,495 $4,761 
Components of Assets and Liabilities Related to Real Estate Held for Sale
The following summary presents the major components of assets and liabilities related to the real estate held for sale as of March 31, 2021:
Balance as of
March 31, 2021
Land$1,710 
Building15,043 
Building improvements493 
Total real estate17,246 
 Less: Accumulated Depreciation(6,194)
Total real estate, net$11,052 
 Accrued Expenses and other liabilities$964 
Total liabilities$964 
Restrictions on Cash Additionally, an ongoing replacement reserve is funded by certain tenants pursuant to each tenant’s respective lease as follows:
Balance as of
March 31, 2021December 31, 2020
Cash reserves$15,545 $20,385 
Restricted lockbox 11,770 13,967 
Total$27,315 $34,352