Real Estate Asset Acquisitions

9 Months Ended

Sep. 30, 2020

REAL ESTATE ASSET ACQUISITIONS

The Company did not execute any real estate asset acquisitions during the nine months ended September 30, 2020. During the year ended December 31, 2019, the Company acquired five commercial real estate assets for $218.4 million.

The allocation of purchase price to assets acquired and liabilities assumed is as follows (in millions):


Fair value of assets acquired and liabilities assumed
Assets acquired:
Land	$	106.9
Property and improvements	91.3
In-place leases	23.2
Favorable leases	4.3
Total assets acquired	$	225.7

Liabilities assumed:
Unfavorable leases	$	7.3

Total liabilities assumed	7.3
Net assets acquired	$	218.4

As of the acquisition date, the weighted-average amortization periods of the in-place and favorable leases were approximately 8.2 years and 4.7 years, respectively. The weighted-average amortization period of the unfavorable leases was approximately 18.6 years.