| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of March 31, 2022 resulting from these acquisitions is as follows:
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Site |
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Tenant |
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Acquired Lease |
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Gross Investment in |
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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 |
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$ |
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 |
Capitalized costs(1) |
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— |
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86 |
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— |
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94 |
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— |
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|
180 |
Total Additions: |
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3,469 |
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16,996 |
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575 |
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1,254 |
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2,859 |
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25,153 |
Balances as of March 31, 2022 |
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$ |
155,529 |
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$ |
1,002,087 |
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$ |
19,596 |
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$ |
60,154 |
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$ |
130,790 |
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$ |
1,368,156 |
(1) Represents capital projects that were completed and placed in service during the three months ended March 31, 2022 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, 2021 resulting from these acquisitions is as follows:
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Site |
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Tenant |
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Acquired Lease |
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Gross Investment in |
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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, 2020 |
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$ |
128,857 |
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$ |
851,427 |
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$ |
15,183 |
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$ |
49,204 |
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$ |
98,234 |
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$ |
1,142,905 |
Facility Acquired – Date Acquired: |
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El Paso – 1/12/21 |
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899 |
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7,549 |
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71 |
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160 |
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1,338 |
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10,017 |
Syracuse – 1/15/21 |
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616 |
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4,745 |
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128 |
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136 |
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772 |
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6,397 |
West El Paso – 1/15/21 |
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851 |
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7,160 |
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144 |
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567 |
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856 |
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9,578 |
Fort Worth – 3/9/21 |
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1,817 |
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13,020 |
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143 |
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395 |
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2,069 |
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17,444 |
Port St. Lucie – 4/6/21 |
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590 |
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3,583 |
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70 |
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185 |
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359 |
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4,787 |
Cape Coral and Fort Myers – 4/13/21 |
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5,623 |
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20,155 |
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480 |
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1,132 |
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4,311 |
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31,701 |
Dallas – 4/16/21 |
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3,101 |
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2,593 |
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63 |
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469 |
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493 |
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6,719 |
East Grand Forks – 4/19/21 |
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845 |
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6,248 |
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278 |
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815 |
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2,092 |
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10,278 |
Coos Bay – 4/21/21 |
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861 |
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5,095 |
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56 |
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50 |
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410 |
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6,472 |
Caledonia – 6/2/21 |
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582 |
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2,669 |
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66 |
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96 |
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497 |
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3,910 |
Tallahassee – 6/2/21 |
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782 |
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6,720 |
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137 |
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387 |
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1,218 |
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9,244 |
Forsyth – 7/28/21 |
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1,554 |
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9,627 |
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348 |
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456 |
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7,439 |
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19,424 |
North Charleston – 7/29/21 |
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927 |
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4,248 |
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106 |
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801 |
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1,098 |
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7,180 |
Munster – 9/15/21 |
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780 |
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4,451 |
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161 |
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391 |
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953 |
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6,736 |
Hialeah – 9/30/21 |
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— |
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9,633 |
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264 |
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716 |
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1,231 |
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11,844 |
Athens – 9/30/21 |
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564 |
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4,106 |
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58 |
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63 |
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548 |
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5,339 |
Lemoyne – 12/3/21 |
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299 |
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3,661 |
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113 |
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359 |
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904 |
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5,336 |
Athens 200 – 12/13/21 |
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327 |
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1,336 |
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42 |
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134 |
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204 |
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2,043 |
Mentor – 12/16/21 |
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2,249 |
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6,291 |
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354 |
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253 |
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1,322 |
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10,469 |
Oklahoma City – 12/20/21 |
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727 |
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5,839 |
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261 |
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495 |
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1,583 |
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8,905 |
Capitalized costs(1) |
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— |
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8,756 |
(2) |
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495 |
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1,636 |
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— |
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10,887 |
Total Additions: |
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23,994 |
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137,485 |
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3,838 |
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9,696 |
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29,697 |
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204,710 |
Disposition of Prescott – 10/13/21 |
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(791) |
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(3,821) |
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— |
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— |
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— |
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(4,612) |
Balances as of December 31, 2021 |
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$ |
152,060 |
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$ |
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 |
| (1) |
Represents capital projects that were completed and placed in service during the year ended December 31, 2021 related to the Company’s existing facilities. |
| (2) |
During the year ended December 31, 2021, the Company completed and funded a $6,814 expansion at its Oklahoma City facility that was acquired in April 2019 with Mercy Rehabilitation Hospital as the tenant.
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| Summary of Carrying amount of intangible assets and liabilities |
The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented:
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As of March 31, 2022 |
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Accumulated |
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Cost |
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Amortization |
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Net |
Assets |
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In-place leases |
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$ |
71,683 |
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$ |
(26,277) |
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$ |
45,406 |
Above market leases |
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23,577 |
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(7,132) |
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16,445 |
Leasing costs |
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35,530 |
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(11,317) |
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24,213 |
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$ |
130,790 |
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$ |
(44,726) |
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$ |
86,064 |
Liability |
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Below market leases |
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$ |
12,401 |
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$ |
(4,240) |
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$ |
8,161 |
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As of December 31, 2021 |
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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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$ |
70,527 |
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$ |
(23,638) |
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$ |
46,889 |
Above market leases |
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22,615 |
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(6,407) |
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|
16,208 |
Leasing costs |
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|
34,789 |
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(10,201) |
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|
24,588 |
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$ |
127,931 |
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$ |
(40,246) |
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$ |
87,685 |
Liability |
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Below market leases |
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$ |
11,842 |
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$ |
(3,714) |
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$ |
8,128 |
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