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Investments in Real Estate (Tables)
 3 Months Ended
Mar. 31, 2020
Real Estate Investments, Net [Abstract]  
Schedule of acquisitions
Below is a summary of our acquisitions for the three months ended March 31, 2020:
 
Number of Properties

 
Square Feet
(in millions)

 
Investment
($ in millions)

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

Three Months Ended March 31, 2020 (1)
 
 
 
 
 
 
 
 
 
Acquisitions - U.S. (in 22 states)
54

 
1.4

 
$
318.3

 
14.8
 
6.5
%
Acquisitions - U.K. (2)
4

 
0.4

 
165.6

 
12.5
 
5.1
%
Total Acquisitions
58

 
1.8

 
483.9

 
14.2
 
6.0
%
Properties under Development - U.S.
7

 
0.2

 
2.1

 
10.6
 
7.5
%
Total (3)
65

 
2.0

 
$
486.0

 
14.1
 
6.0
%
(1) 
None of our investments during the first three months of 2020 caused any one tenant to be 10% or more of our total assets at March 31, 2020. All of our investments in acquired properties during the first three months of 2020 are 100% leased at the acquisition date.    
(2) 
Represents investments of £133.3 million Sterling during the three months ended March 31, 2020 converted at the applicable exchange rate on the date of acquisition.
(3) 
The tenants occupying the new properties operate in 17 industries, and are 95.4% retail and 4.6% industrial, based on rental revenue. Approximately 36% of the rental revenue generated from acquisitions during the first three months of 2020 is from investment grade rated tenants, their subsidiaries or affiliated companies.
Below is a summary of our acquisitions for the three months ended March 31, 2019:
 
Number of Properties

 
Square Feet
(in millions)

 
Investment
($ in millions)

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

Three months ended March 31, 2019 (1)
 
 
 
 
 
 
 
 
 
Acquisitions - U.S. (in 25 states)
97

 
1.9

 
$
508.6

 
17.0
 
6.7
%
Properties under Development - U.S.
8

 
0.4

 
10.9

 
17.3
 
7.2
%
Total (2)
105

 
2.3

 
$
519.5

 
17.0
 
6.7
%
(1) 
None of our investments during the first three months of 2019 caused any one tenant to be 10% or more of our total assets at March 31, 2019. All of our investments in acquired properties during the first three months of 2019 were 100% leased upon acquisition.
(2) 
The tenants occupying the new properties operated in 14 industries, and the property types consisted of 98.7% retail and 1.3% industrial, based on rental revenue. Approximately 31% of the rental revenue generated from acquisitions during the first three months of 2019 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 March 31, 2020 (dollars in thousands):
 
Net
decrease to
rental revenue

Increase to
amortization
expense

2020
$
(17,775
)
$
96,203

2021
(22,683
)
120,617

2022
(21,135
)
108,643

2023
(19,618
)
96,339

2024
(18,031
)
87,650

Thereafter
(80,168
)
499,209

Totals
$
(179,410
)
$
1,008,661