Investments in Real Estate (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Real Estate [Abstract] |
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| Schedule of Real Estate Investments |
The following comprise the Company’s real estate investments:
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Successor |
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Predecessor |
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December 31, 2022 |
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December 31, 2021 |
| Buildings and improvements |
$ |
3,592,688 |
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$ |
2,341,257 |
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| Land |
1,921,093 |
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763,961 |
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| Development in progress |
181,230 |
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— |
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| Land held for development |
— |
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78,991 |
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| Investments in real estate |
5,695,011 |
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3,184,209 |
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| Accumulated depreciation |
(138,216) |
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(1,178,341) |
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| Investments in real estate, net |
$ |
5,556,795 |
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$ |
2,005,868 |
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| Schedule of Asset Acquisition |
The following table summarizes the Company’s acquisition activity:
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Successor |
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Predecessor |
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Period from July 20, 2022 through December 31, 2022 |
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Period from January 1, 2022 through July 19, 2022 |
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Year Ended December 31, 2021 |
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Year Ended December 31, 2020 |
| Operating properties acquired |
— |
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— |
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8 |
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2 |
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| Square feet |
— |
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— |
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859,000 |
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320,000 |
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| Total purchase price |
$ |
— |
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$ |
— |
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$ |
148,868 |
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$ |
60,095 |
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The purchase price of the above acquisition, including the associated transaction costs, was allocated to the assets acquired and liabilities assumed based on their relative fair values as of the acquisition date, and are summarized below:
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Successor |
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Predecessor |
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2022 Acquisitions |
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2022 Acquisitions |
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2021 Acquisitions |
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2020 Acquisitions |
| Building |
$ |
— |
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$ |
— |
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$ |
111,412 |
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$ |
24,868 |
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| Site improvements |
— |
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— |
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8,670 |
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1,075 |
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| Land |
— |
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— |
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22,591 |
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30,261 |
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| Tenant improvements |
— |
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— |
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3,629 |
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1,225 |
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| Other |
— |
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— |
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1,400 |
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2,590 |
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| Allocated purchase price |
$ |
— |
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$ |
— |
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$ |
147,702 |
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$ |
60,019 |
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| Schedule of Disposition of Real Estate |
The following table summarizes the Company’s dispositions:
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Successor |
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Predecessor |
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Period from July 20, 2022 through December 31, 2022 |
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Period from January 1, 2022 through July 19, 2022 |
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Year Ended December 31, 2021 |
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Year Ended December 31, 2020 |
| Number of buildings |
168 |
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40 |
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22 |
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3 |
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| Number of land parcels |
— |
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1 |
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— |
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— |
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Net proceeds1
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$ |
1,295,217 |
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$ |
236,362 |
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$ |
400,993 |
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$ |
40,711 |
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| Gain on sale of real estate, net |
$ |
— |
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$ |
157,022 |
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$ |
359,875 |
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$ |
27,273 |
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____________________________
¹
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| Schedule of Real Estate Placed Into Service |
The Company completed the construction and placed into service the following buildings:
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Successor |
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Predecessor |
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Period from July 20, 2022 through December 31, 2022 |
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Period from January 1, 2022 through July 19, 2022 |
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Year Ended December 31, 2021 |
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Year Ended December 31, 2020 |
| Buildings placed into service |
— |
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— |
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1 |
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— |
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| Square feet |
— |
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— |
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83,000 |
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— |
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Total costs incurred1
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$ |
— |
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$ |
— |
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$ |
8,062 |
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$ |
— |
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____________________________ ¹ Total costs incurred represent the Company’s cumulative spend on development activity relating to the properties placed into service in the above periods, including any allocation of purchase price resulting from acquisition of properties under development.
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| Real Estate Investment Financial Statements, Disclosure |
The following table is a summary of the assets and liabilities of the Company’s zero and 12 properties classified as held for sale as of December 31, 2022 and December 31, 2021, respectively:
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Successor |
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Predecessor |
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December 31, 2022 |
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December 31, 2021 |
| Assets: |
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| Investments in real estate, net |
$ |
— |
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$ |
33,607 |
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| Prepaid expenses and other assets |
— |
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2 |
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| Total assets held for sale |
$ |
— |
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$ |
33,609 |
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