| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of March 31, 2023 is as follows: 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:
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Land |
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Building |
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Improvements |
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Improvements |
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Intangible Assets |
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Real Estate |
Balances as of December 31, 2021 |
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$ |
152,060 |
|
$ |
985,091 |
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$ |
19,021 |
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$ |
58,900 |
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$ |
127,931 |
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$ |
1,343,003 |
Facility Acquired – Date Acquired: |
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Gainesville – 2/4/22 |
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555 |
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3,899 |
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76 |
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|
199 |
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|
575 |
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|
5,304 |
Grand Rapids – 2/28/22 |
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1,238 |
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|
4,976 |
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|
221 |
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|
270 |
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|
595 |
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|
7,300 |
Sarasota – 3/29/22 |
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|
747 |
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3,703 |
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|
84 |
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|
331 |
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1,263 |
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|
6,128 |
Greenwood – 3/30/22 |
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|
929 |
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4,332 |
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|
194 |
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|
360 |
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|
426 |
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|
6,241 |
Fairbanks – 4/1/22 |
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1,782 |
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|
12,262 |
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|
215 |
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753 |
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|
7,946 |
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|
22,958 |
Rocky Point – 4/8/22 |
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|
613 |
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6,243 |
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223 |
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317 |
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|
589 |
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|
7,985 |
Fairfax – 5/11/22 |
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4,012 |
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13,238 |
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|
399 |
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|
310 |
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|
3,304 |
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21,263 |
Lee's Summit – 5/19/22 |
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1,349 |
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4,101 |
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|
83 |
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|
410 |
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|
674 |
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6,617 |
Lexington – 5/27/22 |
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1,760 |
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|
11,350 |
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|
289 |
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|
556 |
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|
3,036 |
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|
16,991 |
Toledo – 7/8/22 |
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2,999 |
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11,366 |
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|
581 |
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1,247 |
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|
2,044 |
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18,237 |
Lake Geneva – 7/26/22 |
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444 |
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4,612 |
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|
141 |
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|
230 |
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|
725 |
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6,152 |
Glenview – 9/1/22 |
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1,448 |
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6,258 |
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|
241 |
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|
279 |
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|
912 |
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9,138 |
Canandaigua – 9/16/22 |
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578 |
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11,118 |
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370 |
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|
489 |
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1,493 |
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14,048 |
Hermitage – 9/20/22 |
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353 |
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3,891 |
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|
194 |
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|
227 |
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|
674 |
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5,339 |
Capitalized costs(1) |
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|
141 |
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1,419 |
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41 |
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1,416 |
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|
396 |
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|
3,413 |
Total Additions: |
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18,948 |
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102,768 |
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3,352 |
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7,394 |
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24,652 |
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|
157,114 |
Disposition of Germantown – 7/1/22 |
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(2,700) |
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(8,078) |
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(349) |
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(307) |
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(4,506) |
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(15,940) |
Balances as of December 31, 2022 |
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$ |
168,308 |
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$ |
1,079,781 |
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$ |
22,024 |
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$ |
65,987 |
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$ |
148,077 |
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$ |
1,484,177 |
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| 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 the dates presented:
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As of March 31, 2023 |
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Accumulated |
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Cost |
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Amortization |
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Net |
Assets |
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In-place leases |
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$ |
82,374 |
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$ |
(37,946) |
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$ |
44,428 |
Above market leases |
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26,054 |
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(8,197) |
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17,857 |
Leasing costs |
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39,821 |
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(16,008) |
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23,813 |
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$ |
148,249 |
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$ |
(62,151) |
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$ |
86,098 |
Liability |
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Below market leases |
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$ |
13,595 |
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$ |
(6,567) |
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$ |
7,028 |
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As of December 31, 2022 |
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Accumulated |
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Cost |
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Amortization |
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Net |
Assets |
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In-place leases |
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$ |
82,374 |
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$ |
(34,898) |
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$ |
47,476 |
Above market leases |
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26,054 |
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(7,321) |
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|
18,733 |
Leasing costs |
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39,649 |
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(14,683) |
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|
24,966 |
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$ |
148,077 |
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$ |
(56,902) |
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$ |
91,175 |
Liability |
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Below market leases |
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$ |
13,595 |
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$ |
(5,982) |
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$ |
7,613 |
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| Schedule of net amortization acquired lease intangible assets and liabilities |
As of March 31, 2023, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below:
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Net Decrease |
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Net Increase |
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in Revenue |
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in Expenses |
2023 (nine months remaining) |
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$ |
(816) |
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$ |
12,669 |
2024 |
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(1,289) |
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14,882 |
2025 |
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(1,825) |
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|
11,205 |
2026 |
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(1,872) |
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|
9,189 |
2027 |
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(1,416) |
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|
6,463 |
Thereafter |
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(3,611) |
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|
13,833 |
Total |
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$ |
(10,829) |
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$ |
68,241 |
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