XML 37 R25.htm IDEA: XBRL DOCUMENT

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the filing of this Quarterly Report on Form 10-Q, and determined that there were not any material events that have occurred that would require adjustments to, or disclosures in, the consolidated financial statements except those stated below: CIM Portfolio Acquisition On July 7, 2022, the Company closed on the one remaining property of the CIM Portfolio Acquisition for an aggregate contract purchase price of $71.1 million. The acquisition was funded with the assumption of $39.0 million of fixed rate mortgage debt, the application of the remaining $16.2 million of the Company’s $40 million deposit, and the remainder with cash on hand (including $6.8 million of previous borrowings under the Credit Facility). The assumed mortgage bears stated interest of 4.05% and matures in May 2024. The contract purchase price does not include contingent consideration relating to leasing activity at the property subsequent to the closing date of the acquired properties. The Company paid $16.1 million of additional contingent consideration in July 2022 ($10.8 million of which was accrued as of June 30, 2022) relating to the final property and previously acquired properties. Dispositions Subsequent to June 30, 2022 Subsequent to June 30, 2022, the Company disposed of three properties for an aggregate contract sales price of $3.9 million. These properties were classified as assets held for sale on the Company’s consolidated balance sheets as of June 30, 2022.