Acquisitions

12 Months Ended

Dec. 31, 2022

NOTE 4 – ACQUISITIONS

2022 Acquisitions

On May 17, 2022, the Company acquired a portfolio of eight properties (the “IRPF Properties”) from certain subsidiaries of Inland Retail Property Fund, LP (the “Seller”). The acquisition of the IRPF Properties is referred to herein as the “Transaction.” The IRPF Properties are leased primarily to grocery, retail and restaurant tenants. More specifically, seven of the IRPF Properties are grocery-anchored. The IRPF Properties are located across seven states and aggregate approximately 686,851 square feet. The Seller is a fund managed by an affiliate of the Company’s sponsor and business manager. Because the Transaction was a related party transaction, it was approved by all of the Company’s independent directors.

The following table provides further details of the properties acquired during the year ended December 31, 2022:


Date Acquired	Property Name	Number of Transactions	Number of Properties	Square Footage		Purchase Price (a)
5/17/2022	IRPF Properties	1	8		686,851	$	278,153
					686,851	$	278,153

(a)

Contractual purchase price excluding closing credits.

The above acquisition was accounted for as an asset acquisition. For the year ended December 31, 2022, the Company incurred $710 of total acquisition costs. All of the acquisition costs are capitalized in the accompanying consolidated balance sheets. These costs include third party due diligence costs such as appraisals, environmental studies, and legal fees as well as time and travel expense reimbursements to the Sponsor and its affiliates.

For properties acquired during the year ended December 31, 2022, the Company recorded total income of $14,640 and property net income of $9,286.

The following table presents certain additional information regarding the Company’s acquisitions during the year ended December 31, 2022. The amounts recognized for major assets acquired and liabilities assumed as of the acquisition date are as follows:


	Year Ended December 31,
	2022
Land	$	62,510
Building and improvements		192,722
Acquired lease intangible assets		33,285
Acquired intangible liabilities		(9,654	)
Assumed liabilities, net		(983	)
Total	$	277,880