Acquisitions of Rental Property (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

Acquisitions of Rental Property Closed

The Company closed on the following acquisition during the three months ended March 31, 2023:

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
March 14, 2023	Retail		1	$	5,221	(a)

(a)Acquisition price excludes capitalized acquisition costs of $0.1 million.

The Company closed on the following acquisitions during the three months ended March 31, 2022:

(in thousands, except number of properties)		Number of		Real Estate
Date	Property Type	Properties		Acquisition Price
January 7, 2022	Retail		2	$	2,573
February 10, 2022	Industrial		1		21,733
February 15, 2022	Retail		1		1,341
February 28, 2022	Industrial		1		5,678
March 4, 2022	Retail		6		79,061
March 31, 2022	Restaurant		16		99,587
			27	$	209,973	(b)

(b)Acquisition price excludes capitalized acquisition costs of $2.0 million.

Summary of Allocation of Purchase Price

The following table summarizes the purchase price allocation for completed real estate acquisitions:

	For the Three Months Ended March 31,
(in thousands)	2023			2022
Land	$	781		$	54,784
Land improvements		360			5,410
Buildings and improvements		3,890			142,269
Acquired in-place leases(c)		501			16,037
Acquired below-market lease (d)		(166	)		(76	)
Non-real estate liabilities assumed		—			(6,440	)
	$	5,366		$	211,984

(c)The weighted average amortization period for acquired in-place leases is 20 years and 19 years for acquisitions completed during the three months ended March 31, 2023 and 2022, respectively.

(d)The weighted average amortization period for the acquired below-market leases is 20 years and nine years for acquisitions completed during the three months ended March 31, 2023 and 2022, respectively.