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Real Estate Acquisitions And Dispositions | 3 Months Ended
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Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract] |
Real Estate Acquisitions and Dispositions | REAL ESTATE ACQUISITIONS AND DISPOSITIONS Acquisitions During the first quarter of 2024, the Company acquired four real estate properties in three transactions. Upon acquisition, the properties were 98.6% leased in the aggregate with lease expirations through 2039. Amounts reflected in revenues and net income for these properties for the three months ended March 31, 2024 were approximately $0.2 million and $0.1 million, respectively, and transaction costs totaling approximately $0.3 million were capitalized relating to these property acquisitions. The following table summarizes our property acquisitions for the three months ended March 31, 2024:
Location | Property Type (1) | Number of Properties | Date Acquired | Purchase Price | Cash Consideration | Real Estate | Other (2) | Square Footage
|  |  |  | (000's) | (000's) | (000's) | (000's) |
New Bedford, MA | LTACH | 1 | 1/31/24 | $ | 6,500 |  | $ | 6,540 |  | $ | 6,547 |  | $ | (7) |  | 70,657 |
Elkton, MD | MOB | 1 | 3/25/24 | 4,500 |  | 4,578 |  | 4,757 |  | (179) |  | 19,656 |
Bemidji, MN | MOB | 2 | 3/29/24 | 23,200 |  | 23,179 |  | 23,375 |  | (196) |  | 74,700 |
|  |  |  | $ | 34,200 |  | $ | 34,297 |  | $ | 34,679 |  | $ | (382) |  | 165,013 |
(1) LTACH - Long-term Acute Care Hospital; MOB - Medical Office Building
(2) Includes other assets acquired, liabilities assumed, and above and below-market intangibles recognized at acquisition
The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the three months ended March 31, 2024:
|  |  | Relative Fair Value | Estimated Useful Life
|  |  | (in thousands) | (in years)
Land and land improvements | $ | 4,597 |  | 5.1
Building and building improvements | 27,538 |  | 26.7
Intangibles: |  |
| At-market lease intangibles | 2,544 |  | 3.6
| Above-market lease intangibles | 121 |  | 5.0
| Below-market lease intangibles | (275) |  | 2.0
|  | Total intangibles | 2,390 |  |
Accounts payable, accrued liabilities and other liabilities assumed | (194) |  |
Accounts receivable and other assets acquired | 48 |  |
Prorated rent, interest and operating expense reimbursement amounts collected | (82) |  |
| Total cash consideration | $ | 34,297 |  |
Assets Held for Sale The Company had two properties classified as held for sale as of March 31, 2024. The table below reflects the assets and liabilities classified as held for sale as of March 31, 2024 and December 31, 2023.
(Dollars in thousands) | March 31, 2024 |  | December 31, 2023
Balance Sheet data: |  |  |
Land | $ | 1,576 |  |  | $ | 1,576 |
Building, improvements, and lease intangibles | 10,056 |  |  | 10,056 |
| 11,632 |  |  | 11,632 |
Accumulated depreciation | (4,166) |  |  | (4,166) |
Real estate assets held for sale, net | $ | 7,466 |  |  | $ | 7,466 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent + Details
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