Property Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combinations [Abstract]

Property Acquisitions

NOTE 12. — PROPERTY ACQUISITIONS

2022

During the twelve months ended December 31, 2022, the Company acquired fee simple interests in 40 properties for an aggregate purchase price of $137,275,000 and allocated the purchase price as follows (in thousands):

					Purchase Price Allocation
Asset Type	Properties		Purchase Price		Land		Buildings & Improve- ments		In-Place Leases		Above Market Leases		Below Market Leases
Car wash properties		16	$	67,528	$	12,727	$	49,871	$	5,545	$	403	$	(1,018	)
Convenience stores		9		43,874		20,573		18,888		4,413		—		—
Auto service centers		14		22,912		2,621		17,516		2,823		—		(48	)
Drive thrus		1		2,961		702		2,182		77		—		—
		40	$	137,275	$	36,623	$	88,457	$	12,858	$	403	$	(1,066	)

2021

During the twelve months ended December 31, 2021, the Company acquired fee simple interests in 97 properties for an aggregate purchase price of $194,292,000 and allocated the purchase price as follows (in thousands):

					Purchase Price Allocation
Asset Type	Properties		Purchase Price		Land		Buildings & Improve- ments		In-Place Leases		Above Market Leases		Below Market Leases
Convenience stores		25	$	82,955	$	50,371	$	26,836	$	6,843	$	—	$	(1,095	)
Car wash properties		17		63,887		14,401		44,069		5,417		—		—
Auto service centers		54		45,586		7,569		32,668		4,179		2,830		(1,660	)
Drive thrus		1		1,864		192		1,568		104		—		—
		97	$	194,292	$	72,533	$	105,141	$	16,543	$	2,830	$	(2,755	)