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Real Estate Acquisitions
9 Months Ended
Sep. 30, 2019
Business Combinations [Abstract]  
Real Estate Acquisitions
Real Estate Acquisitions

During the third quarter of 2019, the Company acquired three real estate properties totaling approximately 130,000 square feet for an aggregate purchase price of approximately $52.6 million and cash consideration of approximately $52.2 million. Upon acquisition, the properties were 100% leased in the aggregate with lease expirations through 2034. Amounts reflected in revenues and net income for the nine months ended September 30, 2019 for these properties were approximately $1.0 million and $0.7 million, respectively. Transaction costs totaling approximately $0.4 million related to these asset acquisitions were capitalized in the period and included in real estate assets.

During the second quarter of 2019, the Company acquired three real estate properties totaling approximately 110,000 square feet for an aggregate purchase price of approximately $31.9 million and cash consideration of approximately $30.7 million. Upon acquisition, the properties were approximately 97.1% leased in the aggregate with lease expirations through 2034. Amounts reflected in revenues and net income for the nine months ended September 30, 2019 for these properties were approximately $1.4 million and $1.0 million, respectively. Due to the original structuring of one of the acquisitions in April 2019, the Company recorded interest income for the second quarter of 2019 totaling approximately $0.4 million that was included in other operating interest on the Condensed Consolidated Statements of Income, rather than rental income. Transaction costs totaling approximately $0.2 million related to these asset acquisitions were capitalized in the period and included in real estate assets.

During the first quarter of 2019, the Company acquired two real estate properties totaling approximately 83,000 square feet for an aggregate purchase price and cash consideration of approximately $32.7 million. Upon acquisition, the properties were 100% leased in the aggregate with lease expirations in 2029. Amounts reflected in revenues and net income for the nine months ended September 30, 2019 for these properties were approximately $2.0 million and $1.5 million, respectively. Transaction costs totaling approximately $0.1 million related to these asset acquisitions were capitalized in the period and included in real estate assets.

The following table summarizes the relative fair values of the assets acquired and liabilities assumed in the property acquisitions for the nine months ended September 30, 2019.
 
 
 
Relative Fair Value
Estimated Useful Life
 
 
 
(in thousands)
(In years)
Land and land improvements
$
12,497

4.7-18.4
Building and building improvements
103,253

20-40
Intangibles:
 
 
 
At-market lease intangibles
2,186

3.8-10.8
 
Below-market lease intangibles
(44
)
8.3
 
 
Total intangibles
2,142

 
Accounts receivable and other assets assumed
15

 
Accounts payable, accrued liabilities and other liabilities assumed
(2,198
)
 
Prorated rent, interest and operating expense reimbursement amounts collected
(85
)
 
 
Total cash consideration
$
115,624