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Investments in Real Estate (Tables)
9 Months Ended
Sep. 30, 2020
Investments in Real Estate  
Schedule of real estate properties

The Company acquired the following properties during the nine months ended September 30, 2020 (dollars in thousands):

Rentable 

 Square

 Purchase

Transaction

Property

    

Market

    

Closing Date

    

Feet(1)

    

 Price

    

 Costs

    

Total

Green Leaf VA

Virginia

January 15, 2020

82,000

$

11,740

$

73

$

11,813

(2)

Cresco OH

Ohio

January 24, 2020

50,000

10,600

12

10,612

(3)

GTI OH

Ohio

January 31, 2020

21,000

2,900

27

2,927

(4)

LivWell CO - Retail Portfolio

Colorado

Various

8,000

3,300

27

3,327

(5)

GTI IL

Illinois

March 6, 2020

231,000

9,000

23

9,023

(6)

Parallel FL

Florida

March 11, 2020

373,000

35,300

26

35,326

(7)

Ascend MA

Massachusetts

April 2, 2020

199,000

26,750

20

26,770

(8)

Cresco MI

Michigan

April 22, 2020

115,000

5,000

16

5,016

(9)

Kings Garden CA

California

May 12, 2020

70,000

17,500

9

17,509

Holistic PA

Pennsylvania

June 10, 2020

108,000

8,870

12

8,882

(10)

Cresco MA

Massachusetts

June 30, 2020

118,000

7,750

14

7,764

(11)

Curaleaf NJ

New Jersey

July 13, 2020

111,000

5,500

59

5,559

(12)

Columbia Care NJ Cultivation

New Jersey

July 16, 2020

50,000

10,220

48

10,268

(13)

Columbia Care NJ Dispensary

New Jersey

July 16, 2020

4,000

2,165

7

2,172

Holistic MI

Michigan

September 1, 2020

63,000

6,200

11

6,211

(14)

Parallel FL Lakeland

Florida

September 18, 2020

220,000

19,550

7

19,557

(15)

Total

 

1,823,000

$

182,345

$

391

$

182,736

(16)

(1)Includes expected rentable square feet at completion of construction of certain properties.
(2)We agreed to provide reimbursement to the tenant for development at the property of up to approximately $8.0 million, all of which we incurred and funded as of September 30, 2020.
(3)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $1.9 million. In June, we amended the lease, which increased the tenant improvement allowance by $1.0 million to a total of approximately $2.9 million. Assuming full payment of the tenant improvement allowance, our total investment in the property will be approximately $13.5 million. As of September 30, 2020, we incurred approximately $148,000 of the redevelopment costs, of which none was funded.
(4)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $4.3 million. Subsequent to September 30, 2020, on October 1, 2020, we amended this lease to increase the tenant improvement allowance by $25.0 million to a total of $29.3 million. As of September 30, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $4.3 million.
(5)The portfolio consists of two retail properties, with one property closing on February 19, 2020 and one property closing on February 21, 2020. The tenant is expected to complete tenant improvements at one of the properties, for which we agreed to provide reimbursement of up to $850,000. As of September 30, 2020, we incurred and funded approximately $49,000 of the redevelopment costs.
(6)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $41.0 million. As of September 30, 2020, we incurred approximately $19.6 million of the redevelopment costs, of which we funded approximately $18.5 million.
(7)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $8.2 million. As of September 30, 2020, we incurred approximately $3.0 million of the redevelopment costs, of which we funded approximately $2.1 million.
(8)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $22.3 million. As of September 30, 2020, we incurred approximately $4.4 million of the redevelopment costs, of which we funded approximately $3.0 million.
(9)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $11.0 million. In June, we amended the lease, which increased the tenant improvement allowance by $16.0 million to a total of $27.0 million. As of September 30, 2020, we incurred approximately $596,000 of the redevelopment costs, of which no amount was funded.
(10)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $6.4 million. As of September 30, 2020, we incurred approximately $4.0 million of the redevelopment costs, of which we funded approximately $2.7 million.
(11)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $21.0 million. As of September 30, 2020, we incurred approximately $59,000 of the redevelopment costs, of which no amount was funded.
(12)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $29.5 million. As of September 30, 2020, we incurred approximately $8.7 million of the redevelopment costs, of which we funded approximately $5.4 million.
(13)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $1.6 million. As of September 30, 2020, we incurred approximately $648,000 of the redevelopment costs, of which no amount was funded.
(14)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to $18.8 million. As of September 30, 2020, we incurred approximately $628,000 of the redevelopment costs, of which no amount was funded.
(15)The tenant is expected to complete redevelopment of the property for which we agreed to provide reimbursement of up to approximately $36.9 million. As of September 30, 2020, we incurred approximately $57,000 of the redevelopment costs, of which no amount was funded.
(16)Approximately $19.4 million was allocated to land and approximately $163.3 million was allocated to buildings and improvements.
Schedule of future contractual minimum rent

Future contractual minimum rent (including base rent, supplemental base rent (for one of our properties in New York) and property management fees) under the operating leases as of September 30, 2020 for future periods is summarized as follows (in thousands):

Year

    

Contractual Minimum Rent

2020 (three months ending December 31)

$

35,417

2021

 

156,817

2022

 

159,888

2023

 

164,653

2024

 

169,567

Thereafter

 

2,497,606

Total

$

3,183,948