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Real Estate Acquisitions (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2020
USD ($)
properties
Mar. 31, 2020
USD ($)
properties
[3],[4],[5]
Jun. 30, 2020
USD ($)
properties
Total purchase price [1] $ 10,608,114 [2] $ 30,525,974 $ 41,134,088
Number of Properties | properties 19 [2] 83 102 [2]
Land [Member]      
Total purchase price $ 2,555,428 [2] $ 4,825,507 $ 7,380,935
Building and Improvements [Member]      
Total purchase price 7,344,021 [2] 24,572,597 31,916,618
Tenant Improvements [Member]      
Total purchase price 54,894 [2] 293,726 348,620
In-place lease intangibles [Member]      
Total purchase price 692,705 [2] 2,477,174 3,169,879
Above-market leases [Member]      
Total purchase price [2] 7,148 7,148
Below Market Leases [Member]      
Total purchase price (38,934) [2] (1,616,080) (1,655,014)
Other [Member]      
Total purchase price [6] $ (34,098) $ (34,098)
[1] 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.
[2] 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.
[3] Includes the acquisition of 20 postal properties in individual or smaller portfolio transactions for approximately $8.1 million, including closing costs.
[4] 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.
[5] 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.
[6] 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.