Recent Acquisitions of Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

Schedule Of Recognized Identified Assets Acquired And Liabilities Assumed

The amounts recognized for major assets acquired as of the acquisition date were determined by allocating the purchase price, which includes transaction costs beginning January 1, 2018 as further described below, of each property acquired in 2019, 2018 and 2017 as follows (in thousands):



Property Name	Acquisition Date	Building and Improvements ⁽²⁾			Land ⁽²⁾		In-place Lease Intangibles ⁽²⁾			Out-of- Market Lease Intangibles, Net ⁽²⁾			Right of Use Asset, net			Discount (premium) on assumed mortgage loan ⁽²⁾		Total ⁽²⁾
2019 ⁽¹⁾
ABC Westland	5/3/2019	$	74,054	⁽³⁾	$	59,664	$	6,902		$	(1,124	)	$	—		$	—	$	139,496
Promenade Shops at Briargate	9/13/2019	$	55,425		$	19,199	$	20,017		$	(1,047	)	$	—		$	—	$	93,594
Gdańsk PL II	9/24/2019	$	18,707		$	6,174	$	5,013		$	449		$	—		$	—	$	30,343
Łódź Urban Logistics	9/26/2019	$	19,298		$	—	$	3,684		$	(134	)	$	2,777	⁽⁵⁾	$	—	$	25,625
Glasgow West End	9/27/2019	$	66,255		$	22,276	$	3,170		$	—		$	—		$	—	$	91,701
Charles Tyrwhitt DC	11/8/2019	$	11,207		$	7,013	$	3,587		$	(489	)	$	—		$	—	$	21,318
The Alloy	11/12/2019	$	81,956		$	14,194	$	3,291		$	—		$	—		$	—	$	99,441
DSG Bristol	11/18/2019	$	22,503		$	17,713	$	8,319		$	1,507		$	—		$	—	$	50,042
Royal Mail	12/12/2019	$	23,735		$	6,170	$	5,536		$	—		$	—		$	—	$	35,441

2018
Venue Museum District	9/21/2018	$	52,538		$	17,409	$	3,240		$	—		$	—		$	—	$	73,187
Fresh Park Venlo	10/5/2018	$	128,977		$	—	$	11,880		$	(2,583	)	$	—		$	—	$	138,274
Maintal Logistics	12/31/2018	$	30,175		$	15,031	$	2,287		$	(691	)	$	—		$	—	$	46,802

2017
Rookwood	1/6/2017	$	132,466		$	45,320	$	27,477		$	(12,275	)	$	—		$	740	$	193,728
Montrose Student Residences	3/24/2017	$	33,705		$	5,691	$	1,282	⁽⁴⁾	$	(56	)	$	—		$	—	$	40,622
Queen’s Court Student Residences	10/11/2017	$	50,894		$	14,086	$	1,819		$	(1,513	)	$	—		$	—	$	65,286


(1)	For more information on acquisitions completed during the year ended December 31, 2019, refer to Note 3 — Investment Property.


(2)	For acquisitions denominated in a foreign currency, amounts have been translated to U.S. dollars at a rate based on the exchange rate in effect on the acquisition date.


(3)	Amount includes approximately €14.1 million (approximately $15.8 million assuming a rate of $1.12 per EUR as of the acquisition date) of solar panels at date of acquisition, which are to be depreciated using the straight-line method assuming a useful life of 25 years.


(4)	Includes $0.6 million related to the retail areas of the Montrose Student Residences that have lease terms between two years and 19 years.

(5)

Amount is net of a $1.6 million right of use lease liability.

Schedule of Weighted-Average Amortization Periods for Intangible Assets and Liabilities Acquired

As of December 31, 2019, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):



	Lease Intangibles
	In-Place Leases ⁽¹⁾			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
	In-Place Leases ⁽¹⁾			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
Cost	$	136,215		$	8,957		$	(25,579	)
Less: accumulated amortization	(43,808		)	(2,827		)	5,946
Net	$	92,407		$	6,130		$	(19,633	)


(1)	The Company adopted ASC 842 beginning January 1, 2019 and reclassified certain assets from Intangible lease assets, net to Right-of-use asset, net in the Company’s Consolidated Balance Sheets. See Note 2—Summary of Significant Accounting Policies for more information on the adoption of ASC 842.

As of December 31, 2018, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):



	Lease Intangibles
	In-Place Leases			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
	In-Place Leases			Out-of-Market Lease Assets			Out-of-Market Lease Liabilities
Cost	$	118,585		$	5,558		$	(22,318	)
Less: accumulated amortization	(31,320		)	(2,126		)	4,284
Net	$	87,265		$	3,432		$	(18,034	)

The weighted average amortization period for the intangible assets and liabilities acquired in connection with the 2017 acquisitions, as of the date of the respective acquisition, was as follows (in years):



	In-Place Leases	Above-Market Lease Assets	Below-Market Lease Liabilities
2017 Acquisitions:
Rookwood	8.3	15.7	13.7
Montrose Student Residences	6.5	—	18.9
Queen’s Court Student Residences⁽¹⁾	0.9	—	—

(1)

Excludes the effect of any 999-year leases, which significantly increases the weighted average useful life for these intangibles.

Schedule Of Real Estate Properties Recent Acquisitions Profit Loss

The table below includes the amounts of revenue and net income (loss) of the acquisitions completed during the year ended December 31, 2017, which are included in the Company’s consolidated statements of operations and comprehensive income (loss) for the year ended December 31, 2017 (in thousands):



		For the Year Ended
2017 Acquisitions		12/31/2017
Rookwood	Revenue	$	19,507
	Net income (loss)	$	(7,041	)
Montrose Student Residences	Revenue	$	2,579
	Net income (loss)	$	(3,049	)
Queen’s Court Student Residences	Revenue	$	1,200
	Net income (loss)	$	(1,415	)

Business Acquisition Pro Forma Information

The information below is not necessarily indicative of what the actual results of operations would have been had the Company completed these acquisitions on January 1, 2016, nor does it purport to represent the Company’s future operations (in thousands):



	For the Years Ended
	December 31,
	Pro Forma 2017			Pro Forma 2016
Revenues	$	64,883		$	52,794
Net income (loss) attributable to common stockholders	$	(10,237	)	$	(16,833	)