During the year ended December 31, 2025, $90.9 million of construction in progress was placed into service, including $84.3 million of buildings and $6.6 million of land improvements. During the year ended December 31, 2024, $84.6 million of construction in progress was placed into service, including $78.2 million of buildings and $6.4 million of land improvements.

During the year ended December 31, 2025, the Company acquired 25 industrial, 104 retail properties and four office properties for $1.6 billion. The total rentable square feet of gross leasable area (“GLA”) (unaudited) of the Company was 19.7 million and 8.3 million square feet as of December 31, 2025 and 2024, respectively, all of which is fully occupied.

The following table sets forth the purchase price, number of properties and total rentable square feet of GLA of the Company for the year ended December 31, 2025 ($ and square feet in thousands):


Property Type	Location	Purchase Price		Number of Properties			Square Feet
Industrial Properties:
Industrial	Various	$	79,777		3	(1)		1,153
Industrial	Various		27,742		3	(1)		275
Industrial	Michigan		55,924		1	(2)		1,120
Industrial	Florida		15,041		1			170
Industrial	Various		34,691		2	(1), (2)		458
Industrial	Various		326,064		4			1,378
Industrial	Various		145,945		2	(1), (2)		1,773
Industrial	Various		25,881		2	(1)		83
Industrial	Missouri		95,138		3	(1)		1,414
Industrial	Illinois		21,290		1			164
Industrial	North Carolina		164,669		3			407
Total Industrial Properties			992,162		25			8,395
Retail Properties:
Retail	Washington		26,982		5	(1)		40
Retail	Michigan		2,305		1	(1)		4
Retail	Connecticut		3,872		1			10
Retail	Texas		35,982		8	(1)		98
Retail	Missouri		60,022		26	(1)		146
Retail	Alabama		19,777		6	(1)		34
Retail	Ohio		13,942		4	(1)		27
Retail	Arizona		17,724		4	(1)		18
Retail	Various		72,941		30	(1)		108
Retail	Various		60,217		18	(1)		84
Retail	Kentucky		9,975		1			31


Total Retail Properties			323,739	104		600
Office Properties:
Office / Headquarters	Ohio		196,450	2	(2)	1,609
Office / Headquarters	Georgia		93,496	1		310
Office / Headquarters	Wisconsin		35,037	1		87
Total Office Properties			324,983	4		2,006
Total		$	1,640,884	133		11,001

(1) Properties subject to master lease agreement.

(2) Properties acquired from an affiliate of the Adviser.

The following table sets forth the purchase price, number of properties and total rentable square feet of GLA of the Company for the year ended December 31, 2024 ($ and square feet in thousands):


Property Type	Location	Purchase Price		Number of Properties			Square Feet
Industrial Properties:
Industrial	Pennsylvania	$	21,897		1			242
Industrial	Various		25,415		2	(1)		401
Industrial	Utah		45,619		3	(1)		254
Industrial	Various		133,859		27	(1)		1,094
Industrial	Various		173,477		22	(1)		1,331
Industrial	Various		9,855		2	(1)		137
Industrial	Georgia		29,575		3	(1)		343
Industrial	Various		206,923		3	(1)		786
Industrial	Various		80,179		2	(1)		567
Industrial	Various		132,354		16	(1)		847
Industrial	Various		101,796		2	(1)		224
Total Industrial Properties			960,949		83			6,226

Retail Properties:
Retail	Washington		15,283		6	(1)		25
Retail	Kentucky		12,241		7	(1)		25
Retail	New Hampshire		7,894		4	(1)		20
Retail	Illinois		6,922		3	(1)		21
Retail	Alabama		8,143		4	(1)		38
Retail	Louisiana		13,509		5	(1)		30
Retail	South Carolina		2,727		1			7
Retail	Florida		9,911		3	(1)		19
Retail	Michigan		4,959		2	(1)		7
Retail	New Jersey		12,937		3	(1)		25
Retail	Minnesota		6,731		1			18
Retail	Pennsylvania		5,703		2	(1)		7
Retail	Washington		16,034		2	(1)		35
Retail	West Virginia		18,092		4	(1)		29
Retail	Florida		15,472		2	(1)		23
Total Retail Properties			156,558		49			329
Total		$	1,117,507		132			6,555

(1) Properties subject to master lease agreement.

The Company capitalized $38.4 million and $11.7 million of acquisition costs during the years ended December 31, 2025 and 2024, respectively.

During the year ended December 31, 2025, the Company acquired additional land adjacent to an existing industrial property in Texas for $1.5 million. The property was acquired in connection with an upsize to an existing industrial property subject to a master lease agreement.

Additionally, during the year ended December 31, 2025, the Company acquired three land parcels and two properties under development for an aggregate purchase price of approximately $44.2 million and $74.4 million, respectively. The land parcels are intended for data-center development, and the two properties under development are intended for industrial/manufacturing facilities. All of these properties are currently under development pursuant to build-to-suit lease arrangements.

During the years ended December 31, 2025 and 2024, the Company made deposits of $48.1 million and $4.9 million, respectively, for future acquisitions, which are included in Other assets on the Consolidated Balance Sheets.