Investments in Real Estate (Tables)
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9 Months Ended |
Sep. 30, 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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September 30, 2022 |
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December 31, 2021 |
| Buildings and improvements |
$ |
3,589,032 |
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$ |
2,266,793 |
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| Land |
1,921,093 |
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763,961 |
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| Development in progress |
165,652 |
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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 |
5,675,777 |
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3,109,745 |
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| Accumulated depreciation |
(61,830) |
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(1,173,407) |
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| Investments in real estate, net |
$ |
5,613,947 |
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$ |
1,936,338 |
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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 September 30, 2022 |
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Period from July 1, 2022 through July 19, 2022 |
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Three Months Ended September 30, 2021 |
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Period from January 1, 2022 through July 19, 2022 |
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Nine Months Ended September 30, 2021 |
| Operating properties acquired |
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— |
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— |
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7 |
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— |
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7 |
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| Square feet |
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— |
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— |
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718,000 |
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— |
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718,000 |
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| Total purchase price |
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$ |
— |
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$ |
— |
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$ |
123,268 |
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$ |
— |
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$ |
123,268 |
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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 |
| Building |
$ |
— |
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$ |
— |
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$ |
90,897 |
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| Site improvements |
— |
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— |
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6,998 |
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| Land |
— |
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— |
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20,308 |
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| Tenant improvements |
— |
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— |
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2,998 |
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| In-place lease intangibles |
— |
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— |
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3,223 |
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| Below market lease liabilities |
— |
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— |
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(1,156) |
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| Other |
— |
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— |
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(1,097) |
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| Allocated purchase price |
$ |
— |
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$ |
— |
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$ |
122,171 |
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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 September 30, 2022 |
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Period from July 1, 2022 through July 19, 2022 |
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Three Months Ended September 30, 2021 |
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Period from January 1, 2022 through July 19, 2022 |
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Nine Months Ended September 30, 2021 |
| Number of buildings |
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168 |
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13 |
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8 |
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40 |
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11 |
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| Number of land parcels |
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— |
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— |
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— |
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1 |
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— |
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| Net proceeds |
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$ |
1,295,217 |
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$ |
46,721 |
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$ |
43,900 |
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$ |
236,362 |
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$ |
76,540 |
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| Gain on sale of real estate, net |
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$ |
— |
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$ |
38,221 |
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$ |
29,924 |
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$ |
157,022 |
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$ |
49,117 |
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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 September 30, 2022 |
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Period from July 1, 2022 through July 19, 2022 |
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Three Months Ended September 30, 2021 |
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Period from January 1, 2022 through July 19, 2022 |
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Nine Months Ended September 30, 2021 |
| Buildings placed into service |
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— |
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— |
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— |
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— |
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1 |
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| Square feet |
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— |
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— |
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— |
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— |
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83,000 |
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Total costs incurred1
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
8,062 |
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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 September 30, 2022 and December 31, 2021, respectively:
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Successor |
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Predecessor |
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September 30, 2022 |
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December 31, 2021 |
| Assets: |
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| Investments in real estate, net |
$ |
— |
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$ |
26,788 |
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| Lease-related intangible assets, net |
— |
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6,819 |
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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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