Real Estate Acquisitions

12 Months Ended

Dec. 31, 2019

Real Estate [Abstract]

Real Estate Acquisitions

Note 4. Real Estate Acquisitions

The following tables summarizes the Company's acquisitions for the years ended December 31, 2019 and 2018. The purchase prices including transaction costs were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of allocation. The total purchase price including transaction costs was allocated as follows:

Quarter Ended		Number of Properties		Land		Building and Improvements		Tenant Improvements		In-place lease intangibles		Above- market leases		Below- market leases			Total (1)
2019
March 31, 2019(2)			1	$	179,202	$	456,550	$	18,166	$	69,504	$	-	$	(78,302	)	$	645,120
June 30, 2019 (3)			81		6,789,589		18,774,918		259,640		2,227,870		6,338		(754,300	)		27,304,055
September 30, 2019			18		2,619,719		8,306,781		190,343		982,974		-		(1,024,644	)		11,075,173
December 31, 2019(4)			177		8,320,008		35,658,446		447,929		3,383,050		14,680		(1,447,020	)		46,377,093
	Total		277	$	17,908,518	$	63,196,695	$	916,078	$	6,663,398	$	21,018	$	(3,304,266	)	$	85,401,441

Year Ended		Number of Properties		Land		Building and Improvements		Tenant Improvements		In-place lease intangibles		Above- market leases		Below- market leases			Total (1)
2018
	December 31, 2018(5)		10	$	1,615,182	$	1,201,090	$	69,497	$	340,366	$	19,603	$	(460,158	)	$	2,785,580

Explanatory Notes:

(1) Includes acquisition costs of $10,120 for the three months ended March 31, 2019, $0.4 million for the three months ended June 30, 2019, $0.1 million for the three months ended September 30, 2019 and $0.8 million for the three months ended December 31, 2019. For the year ended December 31, 2018, includes acquisition costs of $0.02 million.

(2) The property was acquired by the Predecessor.

(3) The Company acquired the Acquisition Properties in connection with the IPO.

(4) Includes the acquisition of a 113-building portfolio leased to the USPS. The contract purchase price for the portfolio was $31.4 million, excluding closing costs, and included 824,350 OP Units to be issued to the sellers at a value of $17.00 per unit. The closing price of the Company's common stock on November 22, 2019 was $16.05; therefore, total consideration at closing, excluding closing costs was approximately $30.6 million of which $13.2 million represented the non-cash consideration (the value of  the OP Units) issued to the sellers.

(5) The properties were acquired by the Predecessor during the year ended December 31, 2018.