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Real Estate Investments and Related Intangibles (Tables)
 9 Months Ended
Sep. 30, 2021
Real Estate [Abstract]  
Schedule of recognized identified assets acquired and liabilities assumed
The following table presents the allocation of the fair values of the assets acquired and liabilities assumed during the periods presented (in thousands):
Nine Months Ended September 30,
20212020
Real estate investments, at cost:
Land
$77,303 $19,953 
Buildings, fixtures and improvements
249,850 95,728 
Total tangible assets
327,153 115,681 
Acquired intangible assets:
In-place leases and other intangibles (1)
40,056 15,739 
Above-market leases (2)
54,698 15,701 
Assumed intangible liabilities:
Below-market leases (3)
(2,726)— 
Total purchase price of assets acquired
$419,181 $147,121 
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(1)The weighted average amortization period for acquired in-place leases and other intangibles is 15.6 years and 18.1 years for 2021 Acquisitions and 2020 Acquisitions, respectively.
(2)The weighted average amortization period for acquired above-market leases is 18.2 years and 20.1 years for 2021 Acquisitions and 2020 Acquisitions, respectively.
(3)The weighted average amortization period for assumed below-market leases is 19.9 years for 2021 Acquisitions.
Schedule of intangible assets
Intangible lease assets and liabilities of the Company consisted of the following as of September 30, 2021 and December 31, 2020 (amounts in thousands, except weighted-average useful life):
Weighted-Average Useful LifeSeptember 30, 2021December 31, 2020
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $845,355 and $810,597, respectively
17.4$697,879 $745,026 
Leasing commissions, net of accumulated amortization of $9,352 and $7,565, respectively
9.917,347 16,042 
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $137,033 and $125,455, respectively
23.2210,285 167,776 
Total intangible lease assets, net$925,511 $928,844 
Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $113,251 and $106,504, respectively
20.2$111,140 $120,938 
Schedule of intangible liabilities
Intangible lease assets and liabilities of the Company consisted of the following as of September 30, 2021 and December 31, 2020 (amounts in thousands, except weighted-average useful life):
Weighted-Average Useful LifeSeptember 30, 2021December 31, 2020
Intangible lease assets:
In-place leases and other intangibles, net of accumulated amortization of $845,355 and $810,597, respectively
17.4$697,879 $745,026 
Leasing commissions, net of accumulated amortization of $9,352 and $7,565, respectively
9.917,347 16,042 
Above-market lease assets and deferred lease incentives, net of accumulated amortization of $137,033 and $125,455, respectively
23.2210,285 167,776 
Total intangible lease assets, net$925,511 $928,844 
Intangible lease liabilities:
Below-market leases, net of accumulated amortization of $113,251 and $106,504, respectively
20.2$111,140 $120,938 
Schedule of amortization expense and adjustments to rental income
The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of September 30, 2021 (in thousands):
Remainder of 2021
20222023202420252026
In-place leases and other intangibles:
Total projected to be included in amortization expense
$26,485 $94,760 $85,369 $76,406 $64,463 $58,180 
Leasing commissions:
Total projected to be included in amortization expense
753 2,878 2,441 2,212 1,953 1,736 
Above-market lease assets and deferred lease incentives:
Total projected to be deducted from rental revenue
5,446 21,975 21,070 19,718 18,283 16,231 
Below-market lease liabilities:
Total projected to be included in rental revenue
3,481 12,924 12,248 10,494 9,290 8,766 
Schedule of equity method investments
The following is a summary of the Company’s investments in unconsolidated entities as of September 30, 2021 and December 31, 2020 and for the nine months ended September 30, 2021 and 2020 (dollar amounts in thousands):
Ownership % (1)
Number of PropertiesCarrying Amount of
Investment		Equity in Income
Nine Months Ended
InvestmentSeptember 30, 2021September 30, 2021December 31, 2020September 30, 2021September 30, 2020
Industrial Partnership20%7$42,949 $45,378 $753 $584 
Office Partnership (2)
20%514,588 13,435 621 380 
Faison JV Bethlehem GA (3)
—%—— — — 1,442 
Total unconsolidated joint ventures$57,537 $58,813 $1,374 $2,406 
Preferred equity (4)
22,826 22,826 — — 
Total investment in unconsolidated entities$80,363 $81,639 $1,374 $2,406 
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(1)The Company’s ownership interest reflects its legal ownership interest. Legal ownership may, at times, not equal the Company’s economic interest in the listed properties because of various provisions in certain joint venture agreements regarding capital contributions, distributions of cash flow based on capital account balances, allocations of profits and losses and payments of preferred returns. As a result, the Company’s actual economic interest (as distinct from its legal ownership interest) in certain of the properties could fluctuate from time to time and may not wholly align with its legal ownership interests.
(2)During the nine months ended September 30, 2021, the office partnership acquired one property from a third party for a purchase price of $26.4 million.
(3)During the nine months ended September 30, 2020, the Company had a 90% ownership interest in one property. On October 30, 2020, the Company closed on the purchase of the joint venture partner’s 10% ownership interest.
(4)Represents a preferred equity interest in the development of one distribution center in which the Company is entitled to receive a cumulative preferred return of 9% per year on its contributions of $22.8 million. The Company has no further obligation to make additional contributions.