The following table summarizes the Company’s acquisitions for the six months ended June 30, 2025. The purchase prices including transaction costs were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price including transaction costs was allocated as follows (in thousands, except for the number of properties):


Three Months Ended		Number of Properties	Land		Building and Improvements		Tenant Improvements		In-place lease intangibles		Above- market leases		Below- market leases		Other (1)		Total (2)
2025
March 31, 2025	(3)	36	$	3,990	$	12,579	$	114	$	1,192	$	—	$	(1,415)	$	(119)	$	16,341
June 30, 2025	(4)	68	$	8,402	$	28,473	$	269	$	2,775	$	11	$	(3,131)	$	68	$	36,867

Total		104	12,392		41,052		383		3,967		11		(4,546)		(51)		53,208

(1)Includes intangible liabilities related to unfavorable operating leases with purchase options on three properties during the three months ended March 31, 2025 and two properties during the three months ended June 30, 2025 that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets. Also, includes a below market ground lease intangible asset on four properties during the three months ended June 30, 2025 that is included in “Prepaid expenses and other assets, net" on the Consolidated Balance Sheets.

(2)Includes closing costs of approximately $0.5 million for the three months ended March 31, 2025 and $1.0 million for the three months ended June 30, 2025.

(3)Includes the acquisition of 36 properties in various states in individual or portfolio transactions for a price of approximately $16.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers (valued at approximately $1.0 million using the share price of Class A common stock on the date of the issuance of such OP units) and cash consideration.

(4)Includes the acquisition of 68 properties in various states in individual or portfolio transactions for a price of approximately $36.9 million, including closing costs, which were funded with both the issuance of OP Units to the sellers (valued at approximately $5.0 million using the share price of Class A common stock on the date of each issuance of such OP units) and cash consideration.

During the six months ended June 30, 2025, the Company sold one real estate property for net proceeds of $0.8 million and recorded a loss of $0.05 million.

During the three and six months ended June 30, 2025 as a result of a tenant exercising a purchase option for one property, the Company reclassified the carrying value consisting of $0.1 million of land and $0.5 million of buildings and other real estate assets to "Assets held for sale, net" on the Company's Consolidated Balance Sheet and liabilities held for sale of $0.1 million is included as "Accounts payable, accrued expenses and other, net" on the Company's Consolidated Balance Sheet. Refer to Note 2, Impairment of Long-lived Assets for further discussion.

During the three and six months ended June 30, 2025, the Company recognized $0.1 million and $0.6 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs, offset by an estimated $0.6 million and $1.0 million, respectively, of related insurance claims, resulting in a net recovery of $0.5 million and

$0.4 million, respectively, included within “Casualty and impairment losses (gains), net” on the Consolidated Statement of Operations and Comprehensive Income. The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles.

To the extent insurance proceeds ultimately exceed the difference between replacement cost and net book value of the damaged assets and any related expenses incurred, the excess will be reflected as income in the period those amounts are determinable and approved by the insurance company.