Investments

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

Investments

3. Investments

Investments in Real Estate

Investments in real estate, net consisted of the following ($ in thousands):

	December 31, 2021			December 31, 2020
Building and building improvements	$	14,450,074		$	3,860,297
Land and land improvements		2,733,505			689,107
Furniture, fixtures and equipment		264,557			76,808
Right of use asset - operating lease(1)		105,236			101,382
Total		17,553,372			4,727,594
Accumulated depreciation and amortization		(368,293	)		(130,540	)
Investments in real estate, net	$	17,185,079		$	4,597,054

⁽¹⁾ Refer to Note 13 for additional details on the Company’s leases.

During the year ended December 31, 2021, the Company acquired interests in 244 properties, which were comprised of 151 multifamily properties, 60 industrial properties, 25 self-storage properties, five office buildings and three other properties.  Additionally, the Company acquired 2,595 single-family rental units. During the year ended December 31, 2020, the Company acquired interests in 73 properties, which were comprised of 60 multifamily properties, 10 industrial properties, two office buildings, and one medical office building.

The following table provides details of the properties acquired during the year ended December 31, 2021 ($ in thousands):

Segments	Number of Transactions		Number of Properties		Sq. Ft. (in millions)/Units	Purchase Price (1)
Multifamily properties	15		151		37,779 units	$	9,342,279
Single-Family Rental properties	2		N/A (2)		2,595 units		1,128,276
Industrial properties	5		60		10.38 sq. ft.		1,560,968
Office properties	2		5		0.70 sq. ft.		370,846
Self-Storage properties	1		25		13,554 units		322,228
Other properties	3		3		0.75 sq. ft.		315,368
		28		244		$	13,039,965

⁽¹⁾ Purchase price is inclusive of acquisition-related costs.

⁽²⁾ Includes a 100% interest in 2,303 single-family rental units and a 95% interest in 292 consolidated single-family rental units.

The following table provides details of the properties acquired during the year ended December 31, 2020 ($ in thousands):

Segments	Number of Transactions		Number of Properties		Sq. Ft. (in millions)/Units	Purchase Price (1)
Multifamily properties	7		60		10,785 units	$	1,710,631
Industrial properties	2		10		1.73 sq. ft.		229,606
Office properties	2		2		1.27 sq. ft.		878,456
Medical Office properties	1		1		0.29 sq. ft.		162,212
		12		73		$	2,980,905

⁽¹⁾ Purchase price is inclusive of acquisition-related costs.

The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2021 ($ in thousands):

	Amount
Building and building improvements	$	10,463,106
Land and land improvements		2,039,052
Furniture, fixtures and equipment		186,882
In-place lease intangibles		256,466
Above-market lease intangibles		15,007
Below-market lease intangibles		(28,898	)
Above-market ground lease intangibles		(2,292	)
Other intangibles		12,376
Total purchase price (1)	$	12,941,699
Assumed mortgage notes		(156,515	)
Non-controlling interest		(28,158	)
Net purchase price	$	12,757,026

⁽¹⁾ Purchase price does not include acquisition-related costs of $98.3 million.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and above-market ground lease for the properties acquired during the year ended December 31, 2021 were four years, eight years, nine years and 32 years, respectively.

The following table summarizes the purchase price allocation for the properties acquired during the year ended December 31, 2020 ($ in thousands):

	Amount
Building and building improvements	$	2,391,061
Land and land improvements		342,256
Furniture, fixtures and equipment		28,030
Below-market ground lease (1)		95,201
In-place lease intangibles		114,399
Above-market lease intangibles		16,689
Below-market lease intangibles		(29,197	)
Total purchase price (2)	$	2,958,439
Non-controlling interest		(1,178	)
Net purchase price	$	2,957,261

⁽¹⁾ The below-market ground lease value was recorded as a component of the Right of use asset – operating leases on the Company’s Consolidated Balance Sheet.  

⁽²⁾ Purchase price does not include acquisition related costs of $22.5 million.

The weighted-average amortization periods for the acquired in-place lease intangibles, above-market lease intangibles, below-market lease intangibles and below-market ground lease for the properties acquired during the year ended December 31, 2020 were six years, seven years, eight years and 47 years, respectively.

Investments in unconsolidated real estate ventures

On March 13, 2019, the Company entered into a joint venture (the “Joint Venture”) to acquire a Fort Lauderdale hotel. The Company owns a 43% interest in the Joint Venture.  The Joint Venture is accounted for using the equity method of accounting and is included in Investments in unconsolidated real estate ventures in the Company’s Consolidated Balance Sheets. The Company’s investment in the Joint Venture totaled $10.4 million and $11.0 million as of December 31, 2021 and 2020, respectively.  The Company’s income from its investment in the Joint Venture is presented in (Loss) income from unconsolidated real estate ventures on the Company’s Consolidated Statements of Operations and totaled ($0.6) million and ($1.5) million for the years ended December 31, 2021 and 2020, respectively.