v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Consolidated VIE Included in the Condensed Consolidated Balance Sheets
The following table presents a summary of selected financial data of the consolidated VIEs included in the Condensed Consolidated Balance Sheets:
(in thousands)June 30,
2025		December 31,
2024
Assets
Accounted for using the operating method:
Land$7,644 $7,644 
Land improvements2,707 2,578 
Buildings and improvements40,583 39,899 
Total accounted for using the operating method50,934 50,121 
Less accumulated depreciation(1,474)(821)
Accounted for using the operating method, net49,460 49,300 
Property under development19,785 — 
Investment in rental property, net69,245 49,300 
Intangible lease assets, net2,583 3,243 
Other assets9,066 3,248 
Total assets$80,894 $55,791 
Liabilities
Intangible lease liabilities, net$468 $512 
Other liabilities1,026 467 
Total liabilities$1,494 $979 
Schedule of Investments in Property Under Development The following tables summarize the Company’s investments in property under development:
(in thousands)June 30,
2025		December 31,
2024
Development, construction and improvement costs$115,535 $18,725 
Capitalized interest1,100 59 
Property under development$116,635 $18,784 
(in thousands)For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2025202420252024
Investment in properties under development, excluding capitalized costs$83,001 $30,591 $99,388 $67,450 
Capital expenditures funded after substantial completion1,193 — 11,576 — 
Schedule of Impairment Charge
The following table summarizes the Company’s impairment charges, resulting primarily from changes in the Company’s long-term hold strategy with respect to the individual properties:
(in thousands, except number of properties)For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2025202420252024
Number of properties821314
Impairment charge$11,939 $3,852 $28,068 $30,252 
Schedule of Restricted Cash Restricted cash consisted of the following:
(in thousands)June 30,
2025		December 31,
2024
Escrow funds and other$1,192 $1,148 
Schedule of Rents Received in Advance Rent received in advance consisted of the following:
(in thousands)June 30,
2025		December 31,
2024
Rent received in advance$16,342 $16,616 
Schedule of Balances of Financial Instruments Measured at Fair Value on Recurring Basis
The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9):
(in thousands)June 30, 2025
TotalLevel 1Level 2Level 3
Interest rate swap, assets$23,490 $— $23,490 $— 
Interest rate swap, liabilities(7,625)— (7,625)— 
December 31, 2024
(in thousands)TotalLevel 1Level 2Level 3
Interest rate swap, assets$46,220 $— $46,220 $— 
Schedule of Carrying Amount Reported on Condensed Consolidated Balance Sheets
The following table summarizes the carrying amount reported in the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps:
(in thousands)June 30,
2025		December 31,
2024
Carrying amount$2,123,612 $1,919,927 
Fair value2,051,457 1,794,821 
Schedule of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases
Right-of-use assets and lease liabilities associated with operating and finance leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:
(in thousands)Financial Statement PresentationJune 30,
2025		December 31,
2024
Right-of-use assets - operating leasesPrepaid expenses and other assets$9,913 $10,239 
Lease liabilities - operating leasesAccounts payable and other liabilities9,888 10,186 
Right-of-use assets - financing leasesPrepaid expenses and other assets2,244 — 
Lease liabilities - financing leasesAccounts payable and other liabilities2,702 —