XML 80 R33.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2019
Real Estate [Abstract]  
Schedule of acquisitions
Below is a summary of our acquisitions for the year ended December 31, 2019:
 
Number of Properties

 
Square Feet
(in millions)

 
Investment
($ in millions)

 
Weighted Average Lease Term (Years)
 
Initial Average Cash Lease Yield

Year Ended December 31, 2019 (1)
 
 
 
 
 
 
 
 
 
Acquisitions - U.S. (in 45 states)
753

 
11.6

 
$
2,860.8

 
13.0
 
6.8
%
Acquisitions - U.K. (2)
18

 
1.6

 
797.8

 
15.6
 
5.2
%
Total Acquisitions
771

 
13.2

 
3,658.6

 
13.4
 
6.4
%
Properties under Development - U.S.
18

 
0.5

 
56.6

 
15.1
 
7.3
%
Total (3)
789

 
13.7

 
$
3,715.2

 
13.5
 
6.4
%
(1) 
None of our investments during 2019 caused any one tenant to be 10% or more of our total assets at December 31, 2019. All of our 2019 investments in acquired properties are 100% leased at the acquisition date.    
(2) 
Represents investments of £625.8 million Sterling during the year ended December 31, 2019 converted at the applicable exchange rate on the date of acquisition.
(3) 
The tenants occupying the new properties operate in 31 industries, and are 94.6% retail and 5.4% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during 2019 is from investment grade rated tenants, their subsidiaries or affiliated companies.

Below is a summary of our acquisitions for the year ended December 31, 2018:
 
Number of Properties

 
Square Feet
(in millions)

 
Investment
($ in millions)

 
Weighted Average Lease Term (Years)
 
Initial Average Cash Lease Yield

Year Ended December 31, 2018 (1)
 
 
 
 
 
 
 
 
 
Acquisitions - U.S. (in 39 states)
750

 
4.1

 
$
1,717.2

 
14.9
 
6.3
%
Properties under Development - U.S.
14

 
1.1

 
80.3

 
12.3
 
6.9
%
Total (2)
764

 
5.2

 
1,797.5

 
14.8
 
6.4
%
(1) 
None of our investments during 2018 caused any one tenant to be 10% or more of our total assets at December 31, 2018. All of our 2018 investments in acquired properties are 100% leased at the acquisition date.    
(2) The tenants occupying the new properties operated in 21 industries, and the property types consisted of 96.3% retail and 3.7% industrial, based on rental revenue. Approximately 59% of the rental revenue generated from acquisitions during 2018 was from investment grade rated tenants, their subsidiaries or affiliated companies.
Schedule of future impact related to amortization of above-market, below-market and in-place lease intangibles
The following table presents the estimated impact during the next five years and thereafter related to the amortization of the above-market and below-market lease intangibles and the amortization of the in-place lease intangibles at December 31, 2019 (in thousands):
 
 
Net
decrease to
rental revenue

 
Increase to
amortization
expense

2020
 
$
(22,911
)
 
$
122,982

2021
 
(21,756
)
 
115,235

2022
 
(20,201
)
 
103,268

2023
 
(18,685
)
 
90,965

2024
 
(17,145
)
 
82,394

Thereafter
 
(75,105
)
 
469,633

Totals
 
$
(175,803
)
 
$
984,477