| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2023 resulting from these acquisitions is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Site |
|
Tenant |
|
Acquired Lease |
|
Gross Investment in |
|
|
Land |
|
Building |
|
Improvements |
|
Improvements |
|
Intangible Assets |
|
Real Estate |
Balances as of December 31, 2022 |
|
$ |
168,308 |
|
$ |
1,079,781 |
|
$ |
22,024 |
|
$ |
65,987 |
|
$ |
148,077 |
|
$ |
1,484,177 |
Facility Acquired – Date Acquired: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redding – 4/17/23 |
|
|
771 |
|
|
3,798 |
|
|
174 |
|
|
321 |
|
|
872 |
|
|
5,936 |
Capitalized costs(1) |
|
|
— |
|
|
3,146 |
|
|
1,009 |
|
|
2,356 |
|
|
172 |
|
|
6,683 |
Total Additions: |
|
|
771 |
|
|
6,944 |
|
|
1,183 |
|
|
2,677 |
|
|
1,044 |
|
|
12,619 |
Disposition of Jacksonville – 3/9/2023 |
|
|
(1,023) |
|
|
(2,827) |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,850) |
Disposition of Oklahoma City – 6/30/2023 |
|
|
(2,814) |
|
|
(43,553) |
|
|
(1,127) |
|
|
(1,505) |
|
|
(9,406) |
|
|
(58,405) |
Disposition of North Charleston – 8/1/2023 |
|
|
(927) |
|
|
(4,640) |
|
|
(106) |
|
|
(801) |
|
|
(1,098) |
|
|
(7,572) |
Total Dispositions: |
|
|
(4,764) |
|
|
(51,020) |
|
|
(1,233) |
|
|
(2,306) |
|
|
(10,504) |
|
|
(69,827) |
Balances as of December 31, 2023 |
|
$ |
164,315 |
|
$ |
1,035,705 |
|
$ |
21,974 |
|
$ |
66,358 |
|
$ |
138,617 |
|
$ |
1,426,969 |
| (1) |
Represents capital projects that were completed and placed in service during the year ended December 31, 2023 related to the Company’s existing facilities. |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2022 resulting from these acquisitions is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Site |
|
Tenant |
|
Acquired Lease |
|
Gross Investment in |
|
|
Land |
|
Building |
|
Improvements |
|
Improvements |
|
Intangible Assets |
|
Real Estate |
Balances as of December 31, 2021 |
|
$ |
152,060 |
|
$ |
985,091 |
|
$ |
19,021 |
|
$ |
58,900 |
|
$ |
127,931 |
|
$ |
1,343,003 |
Facility Acquired – Date Acquired: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gainesville – 2/4/22 |
|
|
555 |
|
|
3,899 |
|
|
76 |
|
|
199 |
|
|
575 |
|
|
5,304 |
Grand Rapids – 2/28/22 |
|
|
1,238 |
|
|
4,976 |
|
|
221 |
|
|
270 |
|
|
595 |
|
|
7,300 |
Sarasota – 3/29/22 |
|
|
747 |
|
|
3,703 |
|
|
84 |
|
|
331 |
|
|
1,263 |
|
|
6,128 |
Greenwood – 3/30/22 |
|
|
929 |
|
|
4,332 |
|
|
194 |
|
|
360 |
|
|
426 |
|
|
6,241 |
Fairbanks – 4/1/22 |
|
|
1,782 |
|
|
12,262 |
|
|
215 |
|
|
753 |
|
|
7,946 |
|
|
22,958 |
Rocky Point – 4/8/22 |
|
|
613 |
|
|
6,243 |
|
|
223 |
|
|
317 |
|
|
589 |
|
|
7,985 |
Fairfax – 5/11/22 |
|
|
4,012 |
|
|
13,238 |
|
|
399 |
|
|
310 |
|
|
3,304 |
|
|
21,263 |
Lee's Summit – 5/19/22 |
|
|
1,349 |
|
|
4,101 |
|
|
83 |
|
|
410 |
|
|
674 |
|
|
6,617 |
Lexington – 5/27/22 |
|
|
1,760 |
|
|
11,350 |
|
|
289 |
|
|
556 |
|
|
3,036 |
|
|
16,991 |
Toledo – 7/8/22 |
|
|
2,999 |
|
|
11,366 |
|
|
581 |
|
|
1,247 |
|
|
2,044 |
|
|
18,237 |
Lake Geneva – 7/26/22 |
|
|
444 |
|
|
4,612 |
|
|
141 |
|
|
230 |
|
|
725 |
|
|
6,152 |
Glenview – 9/1/22 |
|
|
1,448 |
|
|
6,258 |
|
|
241 |
|
|
279 |
|
|
912 |
|
|
9,138 |
Canandaigua – 9/16/22 |
|
|
578 |
|
|
11,118 |
|
|
370 |
|
|
489 |
|
|
1,493 |
|
|
14,048 |
Hermitage – 9/20/22 |
|
|
353 |
|
|
3,891 |
|
|
194 |
|
|
227 |
|
|
674 |
|
|
5,339 |
Capitalized costs(1) |
|
|
141 |
|
|
1,419 |
|
|
41 |
|
|
1,416 |
|
|
396 |
|
|
3,413 |
Total Additions: |
|
|
18,948 |
|
|
102,768 |
|
|
3,352 |
|
|
7,394 |
|
|
24,652 |
|
|
157,114 |
Disposition of Germantown – 7/1/22 |
|
|
(2,700) |
|
|
(8,078) |
|
|
(349) |
|
|
(307) |
|
|
(4,506) |
|
|
(15,940) |
Balances as of December 31, 2022 |
|
$ |
168,308 |
|
$ |
1,079,781 |
|
$ |
22,024 |
|
$ |
65,987 |
|
$ |
148,077 |
|
$ |
1,484,177 |
| (1) |
Represents capital projects that were completed and placed in service during the year ended December 31, 2022 related to the Company’s existing facilities. |
|
| Summary of Carrying amount of intangible assets and liabilities |
The following is a summary of the carrying amount of lease intangible assets and liabilities as of December 31, 2023 and 2022:
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 |
|
|
|
|
|
Accumulated |
|
|
|
|
|
Cost |
|
Amortization |
|
Net |
Assets |
|
|
|
|
|
|
|
|
|
In-place leases |
|
$ |
77,037 |
|
$ |
(44,249) |
|
$ |
32,788 |
Above market leases |
|
|
24,961 |
|
|
(10,318) |
|
|
14,643 |
Leasing costs |
|
|
36,619 |
|
|
(18,556) |
|
|
18,063 |
|
|
$ |
138,617 |
|
$ |
(73,123) |
|
$ |
65,494 |
Liability |
|
|
|
|
|
|
|
|
|
Below market leases |
|
$ |
13,595 |
|
$ |
(8,314) |
|
$ |
5,281 |
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2022 |
|
|
|
|
|
Accumulated |
|
|
|
|
|
Cost |
|
Amortization |
|
Net |
Assets |
|
|
|
|
|
|
|
|
|
In-place leases |
|
$ |
82,374 |
|
$ |
(34,898) |
|
$ |
47,476 |
Above market leases |
|
|
26,054 |
|
|
(7,321) |
|
|
18,733 |
Leasing costs |
|
|
39,649 |
|
|
(14,683) |
|
|
24,966 |
|
|
$ |
148,077 |
|
$ |
(56,902) |
|
$ |
91,175 |
Liability |
|
|
|
|
|
|
|
|
|
Below market leases |
|
$ |
13,595 |
|
$ |
(5,982) |
|
$ |
7,613 |
|