v3.25.2
Acquisitions of Rental Property
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Acquisitions of Rental Property Acquisitions of Rental Property
The Company closed on the following acquisitions during the six months ended June 30, 2025:
(in thousands, except number of properties)Property TypeNumber of
Properties		Real Estate
Acquisition Price
Date
January 28, 2025Retail1$9,871 
February 13, 2025Retail1495 
(a)
March 11, 2025Industrial141,088 
March 28, 2025Retail48,045 
April 24, 2025Industrial18,500 
(a)
May 16, 2025Industrial154,722 
June 4, 2025Industrial13,400 
(b)
June 5, 2025Retail11,100 
(a)
June 12, 2025Industrial113,700 
(a)
June 13, 2025Industrial120,334 
(c)
13$161,255 
(d)
(a)Acquisition of land to be developed in connection with a build-to-suit development.
(b)Acquisition of land to be developed in connection with a build-to-suit development. Subsequent to quarter end, the Company contributed these assets in exchange for preferred equity in a newly formed VIE.
(c)Acquisition of land by a consolidated VIE in connection with a build-to-suit development (see Note 2).
(d)Acquisition price excludes capitalized acquisition and development costs of $7.1 million.
The Company closed on the following acquisitions during the six months ended June 30, 2024:
(in thousands, except number of properties)Property TypeNumber of
Properties		Real Estate
Acquisition Price
Date
April 4, 2024Retail8$84,500 
(e)
April 18, 2024Industrial & Retail565,000 
May 21, 2024Retail112,590 
May 30, 2024Industrial531,493 
June 6, 2024Industrial19,470 
June 24, 2024Retail214,000 
22$217,053 
(f)
(e)In April 2024, the Company acquired $52.0 million of real estate assets. In June 2024, the Company contributed these assets in exchange for preferred equity in a consolidated VIE (see Note 2).
(f)Acquisition price excludes capitalized acquisition costs of $1.7 million.
The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions:
(in thousands)For the Six Months Ended
June 30,
20252024
Land$8,040 $50,741 
Land improvements3,947 10,121 
Buildings and improvements93,303 142,866 
Property under development50,326 — 
Acquired in-place leases (g)
10,421 17,956 
Acquired above-market leases (h)
— 1,028 
Acquired below-market leases (i)
(144)(3,996)
Right-of-use asset2,262 — 
Lease liability(2,681)— 
Prepaid expenses & other assets2,834 — 
$168,308 $218,716 
(g)The weighted average amortization period for acquired in-place leases is 12 years and 11 years for acquisitions completed during the six months ended June 30, 2025 and 2024, respectively.
(h)There were no acquisitions of above-market leases during the six months ended June 30, 2025. The weighted average amortization period for acquired above-market leases is six years for acquisitions completed during the six months ended June 30, 2024.
(i)The weighted average amortization period for acquired below-market leases is 14 years and nine years for acquisitions completed during the six months ended June 30, 2025 and 2024, respectively.
The above acquisitions were funded using a combination of available cash on hand and unsecured revolving credit facility borrowings. All real estate acquisitions closed during the six months ended June 30, 2025 and 2024 qualified as asset acquisitions and as such, acquisition costs were capitalized.
Subsequent to June 30, 2025, the Company closed on the following acquisitions (see Note 17):
(in thousands, except number of properties)Property TypeNumber of
Properties		Real Estate
Acquisition Price
Date
July 1, 2025Retail1$13,069 
July 2, 2025Retail18,265 
2$21,334