Investments

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

Investments

3. Investments

Investments in Real Estate

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

	March 31, 2022			December 31, 2021
Building and building improvements	$	14,793,851		$	14,450,074
Land and land improvements		2,574,002			2,733,505
Furniture, fixtures and equipment		268,144			264,557
Right of use asset - operating lease(1)		105,236			105,236
Total		17,741,233			17,553,372
Accumulated depreciation and amortization		(516,231	)		(368,293	)
Investments in real estate, net	$	17,225,002		$	17,185,079

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

During the three months ended March 31, 2022, the Company acquired interests in three properties, which were comprised of two industrial properties and one self-storage property. Additionally, the Company acquired 114 single-family rental homes. 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 homes during the year ended December 31, 2021.

The following table provides details of the properties acquired during the three months ended March 31, 2022 ($ in thousands):

Segments	Number of Transactions		Number of Properties		Sq. Ft. (in millions)/Units	Purchase Price (1)
Single-family rental	2		N/A (2)		114 units	$	42,888
Industrial	1		2		0.37 sq. ft.		107,393
Self-storage	1		1		0.09 sq. ft.		42,091
		4		3		$	192,372

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

⁽²⁾ Includes a 95% interest in 114 consolidated single-family rental homes.

The following table summarizes the purchase price allocation for the properties acquired during the three months ended March 31, 2022 ($ in thousands):

	Amount
Building and building improvements	$	127,427
Land and land improvements		57,858
Furniture, fixtures and equipment		347
In-place lease intangibles		3,912
Above-market lease intangibles		2,670
Below-market lease intangibles		(531	)
Total purchase price (1)	$	191,683
Non-controlling interest		(2,966	)
Net purchase price	$	188,717

⁽¹⁾ Purchase price excludes acquisition-related costs of $0.7 million.

The weighted-average amortization periods for the above-market lease intangibles, acquired in-place lease intangibles and below-market lease intangibles for the properties acquired during the three months ended March 31, 2022 were three years, five years and six 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 Investment in unconsolidated real estate venture in the Company’s Condensed Consolidated Balance Sheets. The Company’s investment in the Joint Venture totaled $11.4 million and $10.4 million as of March 31, 2022 and December 31, 2021, respectively.  The Company’s income (loss) from its investment in the Joint Venture is presented in Income (loss) from unconsolidated real estate ventures on the Company’s Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) and totaled $0.9 million and an insignificant amount for the three months ended March 31, 2022 and 2021, respectively.