Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2022

Acquisitions and dispositions for the periods presented were completed in accordance with our strategy to reposition our investment concentration among the markets in which we operate and to increase our overall investment concentration in Coastal Tier 1 markets (we define "Coastal Tier 1" markets as Southern California, Northern California, Seattle, Northern New Jersey and South Florida). Transaction costs related to asset acquisitions are capitalized.

Acquisitions

The following table summarizes our real estate acquisition activities for the three months ended March 31, 2022 and 2021 (dollars in thousands):


	2022		2021
Buildings:
Number of buildings	1		2
Cash paid at time of acquisition	$	32,974	$	34,738
Land and other real estate assets:
Acres of land	233		133
Cash paid at time of acquisition (1)	$	202,282	$	64,594

(1) Includes the cash acquisition cost of other real estate investments totaling $61.0 million for the three months ended March 31, 2022. There were no acquisitions of other real estate investments for the three months ended March 31, 2021. See Note 11 for information on other real estate investments.

The following table summarizes total real estate assets recognized (in thousands), comprised of cash paid at the time of acquisition, a purchase deposit and capitalized transaction costs, for the building acquired during the three months ended March 31, 2022:


Real estate assets	$	34,022
Lease related intangible assets	—
Total acquired assets	$	34,022

We did not assume any leases as part of this building acquisition.

The value that is allocated to the land underlying the acquired building relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions. Capitalized acquisition costs were insignificant and the fair value of net assets acquired from unrelated parties during the three months ended March 31, 2022, was substantially the same as the cost of acquisition.

Dispositions

Dispositions of buildings and undeveloped land generated net cash proceeds of $315.1 million and $85.5 million during the three months ended March 31, 2022 and 2021, respectively. The number of buildings sold is disclosed in Note 11.

In January 2022, we contributed the third tranche of three buildings to a 20%-owned unconsolidated joint venture. The joint venture financed the acquisition of these properties with a combination of third party first mortgage loans and equity contributions from our partner and we received $268.9 million of net cash proceeds. As part of the closing, we also received $33.6 million from our ownership share of proceeds from third party first mortgage loans, which was included in Capital Distributions from Unconsolidated Joint Ventures in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022.