Real Estate Acquisitions

6 Months Ended

Jun. 30, 2020

Real Estate [Abstract]

Real Estate Acquisitions

Note 4. Real Estate Acquisitions

The following tables summarizes the Company’s acquisitions for the six months ended June 30, 2020. 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 acquisition. The total purchase price including transaction costs was allocated as follows:

Three Months Ended	Number of Properties		Land		Building and Improvements		Tenant Improvements		In-place lease intangibles		Above- market leases		Below- market leases			Other (1)			Total (2)
March 31, 2020(3)(4)(5)		83	$	4,825,507	$	24,572,597	$	293,726	$	2,477,174	$	7,148	$	(1,616,080	)	$	(34,098	)	$	30,525,974
June 30, 2020(6)		19		2,555,428		7,344,021		54,894		692,705		-		(38,934	)		-			10,608,114
		102	$	7,380,935	$	31,916,618	$	348,620	$	3,169,879	$	7,148	$	(1,655,014	)	$	(34,098	)	$	41,134,088

Explanatory Notes:

(1) Includes an intangible liability related to unfavorable operating leases on three properties that is included in “Accounts Payable, accrued expenses and other” on the Company’s Consolidated Balance Sheets.

(2) Includes acquisition costs of $0.3 million for the three months ended March 31, 2020 and $0.2 million for the three months ended June 30, 2020.

(3) Includes the acquisition of a 21-building portfolio leased to the USPS. The contract purchase price for the portfolio was $13.8 million, exclusive of closing costs, and giving effect to 483,333 OP Units issued to the sellers at a value of $17.00 per unit. The closing price of the Company’s common stock on January 10, 2020 was $16.39; therefore, total consideration at closing, including closing costs, was approximately $13.6 million of which $7.9 million represented the non-cash consideration (the value of  the OP Units) issued to the sellers.

(4) Includes the acquisition of a 42-building portfolio leased to the USPS. The aggregate purchase price of such portfolio was approximately $8.8 million, including closing costs, which was funded with borrowings under our Credit Facility.

(5) Includes the acquisition of 20 postal properties in individual or smaller portfolio transactions for approximately $8.1 million, including closing costs.

(6) Includes the acquisition of a 13-building portfolio leased to the USPS in various states for approximately $7.2 million, including closing costs. In addition, the Company purchased six postal properties in individual or smaller portfolio transactions for approximately $3.4 million, including closing costs.