Property Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combinations [Abstract]

Purchase price allocation

During the nine months ended September 30, 2023, we acquired fee simple interests in 37 properties for an aggregate purchase price of $192,988,000 as follows (in thousands):

					Purchase Price Allocation
Asset Type	Properties		Purchase Price		Land		Buildings & Improve- ments		In-Place Leases		Above Market Leases/Prepaid Rent Receivable		Below Market Leases/Prepaid Rent Liability
Car wash properties		23	$	123,416	$	34,481	$	75,759	$	13,096	$	637	$	(557	)
Convenience stores (a)		10		61,392		21,313		34,245		5,834		—		—
Drive thru QSRs		3		6,094		2,625		2,737		583		149		—
Auto service centers		1		2,086		894		990		202		—		—
		37	$	192,988	$	59,313	$	113,731	$	19,715	$	786	$	(557	)

(a)Purchase price and land allocation include $913,000 related to the acquisition of a land parcel adjacent to an existing site which was subsequently combined with the existing site into a single property upon redevelopment of the existing site.

During the nine months ended September 30, 2022, we acquired fee simple interests in 16 properties for an aggregate purchase price of $63,288,000 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		13	$	55,117	$	10,066	$	41,177	$	4,489	$	403	$	(1,018	)
Convenience stores		3	$	8,171	$	5,136	$	2,363	$	672		—		—
		16	$	63,288	$	15,202	$	43,540	$	5,161	$	403	$	(1,018	)