Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.2.2
Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2022
Accounting Policies [Abstract]  
Schedule of Assets Acquired and Liabilities Assumed
The following table is a summary of the fair value of assets acquired less liabilities assumed of the Company recognized in connection with the Merger:
July 20, 2022
Building $ 3,339,161 
Site improvements 177,159 
Land 1,921,093 
Tenant improvements 71,805 
Development in progress 150,977 
In-place lease intangibles 242,551 
Above market lease assets 7,888 
Below market lease liabilities (172,109)
Other assets1
144,523 
Acquired noncontrolling interest at fair value (13,481)
Acquired preferred shares at fair value (563,026)
Net assets acquired $ 5,306,541 
Funded by:
Total Blackstone contribution, net of parent partner loan distributed (1,561,595)
Debt issued (3,744,946)
Total consideration and merger contributions $ (5,306,541)
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¹ Includes $143,111 of working capital contributed by our Parent.
Property, Plant and Equipment The estimated useful lives by asset category are as follows:
Estimated useful life
Buildings
10-40 years
Building equipment and fixtures
5-10 years
Land and building improvements
10-15 years
Tenant improvements Shorter of the asset's useful life or the noncancelable term of lease
Schedule of Variable Interest Entities
The following table presents a summary of financial data of the consolidated VIE included in the Company’s Consolidated Balance Sheets:
Successor
Predecessor
September 30, 2022 December 31, 2021
Investment State Company % Interest Total Assets Total Liabilities Total Assets Total Liabilities
Brentford Joint Venture VA 98.2  % $ 151,433  $ 7,972  $ 76,206  $ 7,421