Note 12. Subsequent Events

Management has evaluated subsequent events through the date the unaudited interim condensed consolidated financial statements were available to be issued. Management has determined that there are no material events that would require adjustment to, or additional disclosure in, the Company’s unaudited interim condensed consolidated financial statements, other than those disclosed throughout this report and below.

Common Share Activity

The Company issued 14,765 Class A Common Shares, 55,239 Class I Common Shares (excluding the 6,848 OP Units that were exchanged for same number of Class I Common Shares discussed below), and 86,875 Class ER Common Shares totaling $4.4 million in proceeds from April 1, 2025 through the date of issuance of this report.

The Company repurchased 200,897 Class A Common Shares totaling $5.5 million and 129,143 Class I Common Shares totaling $3.5 million from April 1, 2025 through the date of this report. Additionally, 6,848 OP Units were exchanged for the same number of Class I Common Shares from April 1, 2025 through the issuance of this report.

The Company reaffirmed the offering price of its Class I, Class A, and Class S Common Shares effective April 23, 2025, as set forth in the table below. The offering price for the Class ER Common Shares is $28.97 and is not updated to equal net asset value (“NAV”) per Common Share as of March 31, 2025.

Real Estate Activity

On April 4, 2025, the Company, through the Operating Partnership, acquired four properties for a total purchase price of $7.3 million from a DST that had qualified for tax-deferred exchange treatment under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”) prior to the merger and was previously managed by the Sponsor on behalf of its investors. There were no acquisition fees related to this portfolio acquisition. In connection with this acquisition, the Operating Partnership issued 267,886 OP Units totaling $7.3 million.

On April 14, 2025, the Company contributed six properties into a wholly-owned DST and simultaneously sold 100% of its ownership interest in the DST to ExchangeRight for a total sales price of $11.9 million. In connection with the disposition, the Operating Partnership entered into a guaranty agreement with this wholly-owned DST of which ExchangeRight serves as the master lessee via a master lease agreement. In this guaranty agreement, the Operating Partnership is the guarantor on the master lease agreement entered into between this DST and ExchangeRight as the master lessee. The guaranty is for the full term of the master lease, which is 20 years. Under this guaranty, the Operating Partnership guaranties the payment of all obligations and liabilities of the master lessee as outlined in the master lease agreement. The contractual payments under these lease agreements totaled $27.4 million. The Company has not been obligated to make any payments under these guaranties as of the date of this report.

On April 29, 2025, the Operating Partnership entered into a guaranty agreement with a DST of which ExchangeRight serves as the master lessee via a master lease agreement. Under this guaranty agreement, the Operating Partnership is the guarantor on the master lease agreement entered into between this DST and ExchangeRight as the master lessee. The guaranty is for the full term of the master lease, which is for 20 years, respectively. Under this guaranty agreement, the Operating Partnership guaranties the payment of all obligations and liabilities of the master lessee as outlined in the master lease agreement. The contractual payments under this lease agreement totaled $80.4 million. The Company has not been obligated to make any payments under this guaranty as of the date of this report.