Investments in Real Estate (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Real Estate [Abstract] |
|
| Summary of Real Estate Activity |
Real estate activity for the three months ended March 31, 2025 is composed of the following:
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|
|
|
|
|
|
Three months ended March 31, 2025 |
|
Balance - beginning of year |
|
$ |
1,194,937,000 |
|
Acquisitions (a) |
|
|
6,969,000 |
|
Improvements |
|
|
61,000 |
|
Balance - end of period |
|
$ |
1,201,967,000 |
|
|
|
|
|
Accumulated depreciation |
|
|
|
Balance - beginning of year |
|
$ |
(89,628,000 |
) |
Depreciation expense |
|
|
(7,714,000 |
) |
Balance - end of period |
|
$ |
(97,342,000 |
) |
|
|
|
|
Net book value - end of period |
|
$ |
1,104,625,000 |
|
(a) Excludes amounts recorded as intangible lease assets and liabilities in connection with the allocation of the purchase price of acquired properties accounted for as asset acquisitions
|
| Summary of Allocation of Purchase Price |
An allocation of the purchase price, including acquisition costs, for these acquisitions are as follows:
|
|
|
|
|
Land |
|
$ |
763,000 |
|
Building |
|
|
5,338,000 |
|
Building and site improvements |
|
|
868,000 |
|
Lease in-place intangible assets |
|
|
696,000 |
|
Lease above-market intangible assets |
|
|
34,000 |
|
|
|
|
7,699,000 |
|
Liabilities assumed: |
|
|
|
Lease below-market intangible liabilities |
|
|
(317,000 |
) |
Purchase price (including acquisition costs) |
|
$ |
7,382,000 |
|
|
| Schedule of Rental Revenue |
Rental revenue is comprised of the following:
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|
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|
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Three months ended March 31, |
|
|
|
2025 |
|
|
2024 |
|
Base rents |
|
$ |
18,524,000 |
|
|
$ |
17,021,000 |
|
Tenant reimbursables |
|
|
2,600,000 |
|
|
|
2,606,000 |
|
Straight-line rent adjustments |
|
|
234,000 |
|
|
|
218,000 |
|
Above/below market lease amortization, net |
|
|
610,000 |
|
|
|
624,000 |
|
|
|
$ |
21,968,000 |
|
|
$ |
20,469,000 |
|
|
| Schedule of Percentage of Contractual Base Rents |
The following tenants contributed more than 10% of contractual base rents during the three months ended March 31, 2025:
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|
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|
|
|
|
|
|
Tenant |
|
% of total base rents |
|
|
Walgreens |
|
18.0% |
|
|
Dollar General |
|
16.0% |
|
|
|