INVESTMENTS IN REAL ESTATE PROPERTIES (Tables)

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Schedule of Consolidated Investments in Real Estate Properties

The following table summarizes our consolidated investments in real estate properties and excludes properties classified as held for sale. Refer to “Note 3” for detail relating to our real estate properties held for sale.

	As of,
(in thousands)	June 30, 2022		December 31, 2021
Land	$	699,259	$	583,728
Buildings and improvements		3,137,777		2,180,358
Intangible lease assets		317,840		284,128
Right of use asset		13,637		13,637
Investment in real estate properties		4,168,513		3,061,851
Accumulated depreciation and amortization		(508,936)		(472,025)
Net investment in real estate properties	$	3,659,577	$	2,589,826

Schedule of Asset Acquisitions

During the six months ended June 30, 2022, we acquired 100% of the following properties, all of which were determined to be asset acquisitions:

($ in thousands)	Property Type	Acquisition Date	Total Purchase Price (1)
2022 Acquisitions:
Skye 750	Residential	1/5/2022	$	92,845
Arabelle City Center	Residential	4/12/2022		156,781
Dallas Cityline	Residential	4/13/2022		111,093
Dallas Wycliff	Residential	4/13/2022		94,083
Dallas Maple District	Residential	4/13/2022		93,089
San Vance	Residential	4/13/2022		77,586
San Stone Oak	Residential	4/13/2022		72,605
General Washington IC	Industrial	1/7/2022		11,051
Western Foods Center	Industrial	1/14/2022		39,298
Orlando I & II LC	Industrial	2/17/2022		94,759
Orlando III & IV LC	Industrial	2/17/2022		42,347
Orlando V LC	Industrial	2/17/2022		34,828
Orlando VI LC	Industrial	2/17/2022		28,694
Orlando VII LC	Industrial	2/17/2022		23,532
1403 Gillingham Lane	Industrial	6/10/2022		20,550
Industrial Drive IC	Industrial	6/17/2022		4,018
Glen Afton IC	Industrial	6/17/2022		22,036
East 56th Ave IC	Industrial	6/17/2022		19,041
Brockton IC	Industrial	6/17/2022		6,522
Pine Vista IC	Industrial	6/17/2022		18,790
Tri-County Parkway IC	Industrial	6/17/2022		12,784
Miami NW 114th IC	Industrial	6/17/2022		12,022
North Harney IC	Industrial	6/17/2022		8,026
Wes Warren Drive IC	Industrial	6/17/2022		7,515
Enterprise Way IC	Industrial	6/17/2022		6,519
New Albany IC	Industrial	6/17/2022		17,544
Maplewood Drive IC	Industrial	6/17/2022		5,514
1801 N. 5th Street	Industrial	6/24/2022		23,305
350 Carter Road	Office	4/27/2022		31,256
Total 2022 acquisitions			$	1,188,033

(1) Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2022 acquisitions.

Allocation of Purchase Price Allocations

During the six months ended June 30, 2022, we allocated the purchase price of our acquisitions to land, building and intangible lease assets and liabilities as follows:

	For the Six Months Ended
($ in thousands)	June 30, 2022
Land	$	152,767
Building		999,305
Intangible lease assets		41,439
Above-market lease assets		696
Below-market lease liabilities		(6,174)
Total purchase price (1)	$	1,188,033

(1) There was no debt assumed in connection with the 2022 acquisitions.

Schedule of Intangible Lease Assets and Liabilities

Intangible lease assets and liabilities, excluding properties classified as held for sale, as of June 30, 2022 and December 31, 2021 include the following:

	As of June 30, 2022						As of December 31, 2021
			Accumulated						Accumulated
(in thousands)	Gross		Amortization		Net		Gross		Amortization		Net
Intangible lease assets	$	294,941	$	(198,710)	$	96,231	$	261,401	$	(186,820)	$	74,581
Above-market lease assets		22,899		(19,337)		3,562		22,727		(19,507)		3,220
Below-market lease liabilities		(78,286)		31,681		(46,605)		(80,206)		32,707		(47,499)

Summary of Rental Revenue and Depreciation and Amortization Expense

The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities, and real estate-related depreciation and amortization expense:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(in thousands)	2022		2021		2022		2021
Increase (decrease) to rental revenue:
Straight-line rent adjustments	$	1,240	$	693	$	1,966	$	1,869
Above-market lease amortization		(185)		(87)		(354)		(189)
Below-market lease amortization		1,210		746		2,406		1,497
Real estate-related depreciation and amortization:
Depreciation expense	$	25,349	$	14,054	$	45,547	$	27,408
Intangible lease asset amortization		11,554		3,120		18,807		6,499