Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2020

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned industrial properties we acquired during the three months ended March 31, 2020:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price⁽¹⁾ (in thousands)
701-751 Kingshill Place	Los Angeles - South Bay	3/5/2020	169,069	6	$	32,968
2601-2641 Manhattan Beach Boulevard	Los Angeles - South Bay	3/5/2020	126,726	6	38,230
2410-2420 Santa Fe Avenue	Los Angeles - South Bay	3/5/2020	112,000	1	34,700
11600 Los Nietos Road	Los Angeles - Mid-Counties	3/5/2020	103,982	1	16,608
5160 Richton Street	San Bernardino - Inland Empire West	3/5/2020	94,976	1	15,605
2205 126th Street	Los Angeles - South Bay	3/5/2020	63,532	1	17,100
11832-11954 La Cienega Boulevard	Los Angeles - South Bay	3/5/2020	63,462	4	19,150
7612-7642 Woodwind Drive	Orange County - West	3/5/2020	62,377	3	13,719
960-970 Knox Street	Los Angeles - South Bay	3/5/2020	39,400	1	9,600
25781 Atlantic Ocean Drive	Orange County - South	3/5/2020	27,960	1	5,475
Total 2020 Wholly-Owned Property Acquisitions			863,484	25	$	203,155


(1)	Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs.

Summary of Fair Value of Amounts Recognized

The following table summarizes the fair value of amounts allocated to each major class of asset and liability for the acquisitions noted in the table above, as of the date of each acquisition (in thousands):



	2020 Acquisitions
Assets:
Land	$	141,363
Buildings and improvements	61,853
Tenant improvements	1,529
Acquired lease intangible assets⁽¹⁾	9,196
Other acquired assets⁽²⁾	281
Total assets acquired	214,222

Liabilities:
Acquired lease intangible liabilities⁽³⁾	7,303
Notes payable⁽⁴⁾	45,833
Other assumed liabilities⁽²⁾	861
Total liabilities assumed	53,997
Net assets acquired	$	160,225


(1)	Acquired lease intangible assets is comprised of $9.1 million of in-place lease intangibles with a weighted average amortization period of 4.6 years and $0.1 million of above-market lease intangibles with a weighted average amortization period of 4.7 years.


(2)	Includes other working capital assets acquired and liabilities assumed at the time of acquisition.


(3)	Represents below-market lease intangibles with a weighted average amortization period of 5.9 years.

(4)

In connection with acquisition of the Properties, we assumed nine mortgage loans from the sellers. At the date of acquisition, the loans had an aggregate fair value of $45.8 million and an aggregate principal balance of $44.7 million.