| Investments in Real Estate, net |
3. Investments in Real Estate, net Investments in real estate, net consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Building and building improvements |
|
$ |
1,124,964 |
|
|
$ |
340,648 |
|
Land and land improvements |
|
|
467,149 |
|
|
|
50,165 |
|
Site improvements |
|
|
133,599 |
|
|
|
40,334 |
|
Total |
|
|
1,725,712 |
|
|
|
431,147 |
|
Accumulated depreciation |
|
|
(31,791 |
) |
|
|
(4,855 |
) |
Investments in real estate, net |
|
$ |
1,693,921 |
|
|
$ |
426,292 |
|
Acquisitions The following table details the acquisition values, including capitalized costs, property types and total rentable square feet for acquisitions made by the Company during the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Property Type |
|
Acquisition value |
|
|
Number of properties |
|
|
Square feet
(in thousands) |
|
|
Acquisition value |
|
|
Number of properties |
|
|
Square feet
(in thousands) |
|
Industrial |
|
$ |
1,335,077 |
|
|
|
19 |
|
|
|
8,153 |
|
|
$ |
476,003 |
|
|
|
14 |
|
|
|
5,239 |
|
Retail |
|
|
100,200 |
|
|
|
3 |
|
|
|
389 |
|
|
|
25,908 |
|
|
|
1 |
|
|
|
109 |
|
Healthcare |
|
|
56,239 |
|
|
|
1 |
|
|
|
55 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total: |
|
$ |
1,491,516 |
|
|
|
23 |
|
|
|
8,597 |
|
|
$ |
501,911 |
|
|
|
15 |
|
|
|
5,348 |
|
The following table summarizes the purchase price allocation for the properties acquired during the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Building and building improvements |
|
$ |
784,316 |
|
|
$ |
340,648 |
|
Land and land improvements |
|
|
416,984 |
|
|
|
50,165 |
|
Site improvements |
|
|
88,144 |
|
|
|
40,309 |
|
In-place leases |
|
|
154,837 |
|
|
|
75,677 |
|
Leasing commissions |
|
|
44,259 |
|
|
|
15,766 |
|
Above-market lease |
|
|
47,269 |
|
|
|
6,256 |
|
Below-market lease |
|
|
(44,293 |
) |
|
|
(26,910 |
) |
Total purchase price |
|
$ |
1,491,516 |
|
|
$ |
501,911 |
|
Assumed borrowings(1) |
|
|
(65,009 |
) |
|
|
(58,667 |
) |
Net purchase price |
|
$ |
1,426,507 |
|
|
$ |
443,244 |
|
(1)Refer to “Note 7. Secured Debt, net” for more information on mortgage loans assumed. Acquisition-related intangible assets and liabilities are recorded in intangible assets, net and intangible liabilities, net, respectively, on the consolidated balance sheets.
|