Real Estate Investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Real Estate Investments |
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| Schedule of real estate acquisitions |
The following summarizes the Company’s acquisitions completed during the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | | June 30, 2025 | | June 30, 2024 | Number of properties acquired | | | 91 | | | 47 | | | | 137 | | | 78 | | | | | | | | | | | | | | | Purchase price allocation, including acquisition and closing costs: | | | | | | | | | | | | | | Land | | $ | 61,185 | | $ | 39,549 | | | $ | 147,298 | | $ | 70,583 | Building and improvements | | | 216,657 | | | 126,440 | | | | 431,530 | | | 209,016 | Lease intangibles, net | | | 51,333 | | | 21,627 | | | | 108,543 | | | 35,725 | Total purchase price, including acquisition and closing costs | | $ | 329,175 | | $ | 187,616 | | | $ | 687,371 | | $ | 315,324 |
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| Schedule of real estate property development |
The following summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented: | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | | June 30, 2025 | | June 30, 2024 | Projects completed | | | 4 | | | 4 | | | | 10 | | | 6 | Projects commenced | | | 1 | | | 5 | | | | 5 | | | 9 | Projects under construction at period-end | | | 15 | | | 19 | | | | 15 | | | 19 |
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| Schedule of real estate dispositions |
The following summarizes the Company’s disposition activity during the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | | June 30, 2025 | | June 30, 2024 | Number of properties sold | | | 4 | | | 10 | | | | 5 | | | 16 | Net proceeds | | $ | 5,775 | | $ | 35,528 | | | $ | 8,158 | | $ | 56,679 | Gain on sale of assets, net | | $ | 1,510 | | $ | 7,156 | | | $ | 2,282 | | $ | 9,252 |
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| Schedule of real estate assets held-for-sale |
The Company classified three properties as real estate held for sale as of June 30, 2025 and did not classify any properties as real estate held for sale as of December 31, 2024. Real estate held for sale, net in the condensed consolidated balance sheets is comprised of the following (in thousands): | | | | | | June 30, 2025 | Land | | $ | 723 | Building | | | 2,812 | Accumulated depreciation | | | (194) | | | | 3,341 | Lease intangibles, net | | | 132 | Total real estate held for sale, net | | $ | 3,473 |
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| Schedule of provisions for impairment on real estate properties |
As a result of the Company’s review of real estate investments, it recognized the following provision for impairment for the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | Three Months Ended | | | Six Months Ended | | | June 30, 2025 | | June 30, 2024 | | | June 30, 2025 | | June 30, 2024 | Number of properties impaired | | | 3 | | | — | | | | 7 | | | 3 | Provision for impairment | | $ | 2,961 | | $ | — | | | $ | 7,292 | | $ | 4,530 | Estimated fair value of impaired properties at time of impairment | | $ | 3,172 | | $ | — | | | $ | 7,658 | | $ | 13,700 |
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