Property Acquisitions	3 Months Ended
Mar. 31, 2022
Business Combinations [Abstract]
Property Acquisitions	NOTE 11. — PROPERTY ACQUISITIONS During the three months ended March 31, 2022, we acquired fee simple interests in two convenience stores located in the New Haven (CT) metropolitan area for an aggregate purchase price of $7,037,000. We accounted for the acquisitions as asset acquisitions. We estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant.” Based on these estimates, we allocated $4,464,000 of the purchase price to land, $2,023,000 to buildings and improvements and $550,000 to in-place leases. During the three months ended March 31, 2021, we acquired fee simple interests in six properties for an aggregate purchase price of $21,852,000. In March 2021, we acquired fee simple interests in four car wash properties for an aggregate purchase price of $13,947,000 and entered into a unitary lease at the closing of the transactions. We funded the transactions with available cash. The unitary lease provides for an initial term of 15 years, with five five-year renewal options. The unitary lease requires our tenant to pay a fixed annual rent plus all amounts pertaining to the properties, including environmental expenses, real estate taxes, assessments, license and permit fees, charges for public utilities and all other governmental charges. Rent is scheduled to increase annually during the initial and renewal terms of the lease. The properties are located within the Cincinnati (OH) and Lexington (KY) metropolitan areas. We accounted for the acquisitions as asset acquisitions. We estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant.” Based on these estimates, we allocated $2,782,000 of the purchase price to land, $9,997,000 to buildings and improvements, $1,168,000 to in-place leases. In addition, during the three months ended March 31, 2021, we acquired fee simple interests in two car wash properties for an aggregate purchase price of $7,905,000. We accounted for the acquisitions as asset acquisitions. We estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant.” Based on these estimates, we allocated $1,865,000 of the purchase price to land, $5,396,000 to buildings and improvements and $644,000 to in-place leases.

Property Acquisitions

3 Months Ended

Mar. 31, 2022

NOTE 11. — PROPERTY ACQUISITIONS

During the three months ended March 31, 2022, we acquired fee simple interests in two convenience stores located in the New Haven (CT) metropolitan area for an aggregate purchase price of $7,037,000. We accounted for the acquisitions as asset acquisitions. We estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant.” Based on these estimates, we allocated $4,464,000 of the purchase price to land, $2,023,000 to buildings and improvements and $550,000 to in-place leases.

During the three months ended March 31, 2021, we acquired fee simple interests in six properties for an aggregate purchase price of $21,852,000.

In March 2021, we acquired fee simple interests in four car wash properties for an aggregate purchase price of $13,947,000 and entered into a unitary lease at the closing of the transactions. We funded the transactions with available cash. The unitary lease provides for an initial term of 15 years, with five five-year renewal options. The unitary lease requires our tenant to pay a fixed annual rent plus all amounts pertaining to the properties, including environmental expenses, real estate taxes, assessments, license and permit fees, charges for public utilities and all other governmental charges. Rent is scheduled to increase annually during the initial and renewal terms of the lease. The properties are located within the Cincinnati (OH) and Lexington (KY) metropolitan areas. We accounted for the acquisitions as asset acquisitions. We estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant.” Based on these estimates, we allocated $2,782,000 of the purchase price to land, $9,997,000 to buildings and improvements, $1,168,000 to in-place leases.

In addition, during the three months ended March 31, 2021, we acquired fee simple interests in two car wash properties for an aggregate purchase price of $7,905,000. We accounted for the acquisitions as asset acquisitions. We estimated the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant.” Based on these estimates, we allocated $1,865,000 of the purchase price to land, $5,396,000 to buildings and improvements and $644,000 to in-place leases.