Investments in Real Estate (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Real Estate [Abstract] |
|
| Summary of Real Estate Activity |
Real estate activity for the six months ended June 30, 2025 is composed of the following:
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Six months ended June 30, 2025 |
|
Balance - beginning of year |
|
$ |
1,194,937,000 |
|
Acquisitions (a) |
|
|
43,295,000 |
|
Dispositions |
|
|
(26,388,000 |
) |
Improvements |
|
|
376,000 |
|
Balance - end of period |
|
$ |
1,212,220,000 |
|
|
|
|
|
Accumulated depreciation |
|
|
|
Balance - beginning of year |
|
$ |
(89,628,000 |
) |
Dispositions |
|
|
2,762,000 |
|
Depreciation expense |
|
|
(15,549,000 |
) |
Balance - end of period |
|
$ |
(102,415,000 |
) |
|
|
|
|
Net book value - end of period |
|
$ |
1,109,805,000 |
|
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
|
| Schedule of Acquired Properties for Cash from Unaffiliated Entities |
The Company acquired the following properties for cash from unaffiliated entities during the six months ended June 30, 2025:
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Location |
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Acquisition date |
|
Purchase price |
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Branson, MO |
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3/18/2025 |
|
$ |
2,602,000 |
|
Bellefontaine, OH |
|
3/26/2025 |
|
$ |
4,781,000 |
|
Marion, OH |
|
4/15/2025 |
|
$ |
5,101,000 |
|
Noblesville, IN |
|
4/23/2025 |
|
$ |
8,549,000 |
|
Texarkana, AR |
|
6/24/2025 |
|
$ |
10,995,000 |
|
Garden City, KS |
|
6/25/2025 |
|
$ |
3,909,000 |
|
|
| Summary of Allocation of Purchase Price |
An allocation of the purchase price, including acquisition costs, for all acquisitions during the six months ended June 30, 2025 are as follows:
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|
|
|
|
Land |
|
$ |
6,067,000 |
|
Building |
|
|
33,127,000 |
|
Building and site improvements |
|
|
4,101,000 |
|
Lease in-place intangible assets |
|
|
4,340,000 |
|
Lease above-market intangible assets |
|
|
53,000 |
|
|
|
|
47,688,000 |
|
Liabilities assumed: |
|
|
|
Lease below-market intangible liabilities |
|
|
(2,298,000 |
) |
Purchase price (including acquisition costs) |
|
$ |
45,390,000 |
|
|
| Schedule of Rental Revenue |
Rental revenue is comprised of the following:
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Three months ended June 30, |
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|
Six months ended June 30, |
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|
|
2025 |
|
|
2024 |
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|
2025 |
|
|
2024 |
|
Base rents |
|
$ |
18,804,000 |
|
|
$ |
17,039,000 |
|
|
$ |
37,328,000 |
|
|
$ |
34,060,000 |
|
Tenant reimbursables |
|
|
2,245,000 |
|
|
|
2,124,000 |
|
|
|
4,845,000 |
|
|
|
4,730,000 |
|
Straight-line rent adjustments |
|
|
201,000 |
|
|
|
199,000 |
|
|
|
435,000 |
|
|
|
417,000 |
|
Above/below market lease amortization, net |
|
|
626,000 |
|
|
|
701,000 |
|
|
|
1,236,000 |
|
|
|
1,325,000 |
|
Total rental revenue |
|
$ |
21,876,000 |
|
|
$ |
20,063,000 |
|
|
$ |
43,844,000 |
|
|
$ |
40,532,000 |
|
|
| Schedule of Percentage of Contractual Base Rents |
The following tenants contributed more than 10% of contractual base rents during the six months ended June 30, 2025:
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|
Tenant |
|
% of total base rents |
|
|
Walgreens |
|
17.9% |
|
|
Dollar General |
|
15.7% |
|
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|