Investments (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Investments in Real Estate, Net

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.}

Schedule of Details of Properties Acquired

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.

Schedule of Purchase Price Allocation of Properties

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.