| Schedule of Investments in Real Estate |
Investments in real estate, net consisted of the following ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Buildings and tenant improvements |
|
$ |
1,854,000 |
|
|
$ |
725,711 |
|
Land |
|
|
524,922 |
|
|
|
259,466 |
|
Land improvements |
|
|
174,914 |
|
|
|
97,389 |
|
Construction in progress |
|
|
122,725 |
|
|
|
71,714 |
|
Total |
|
|
2,676,561 |
|
|
|
1,154,280 |
|
Accumulated depreciation |
|
|
(58,124 |
) |
|
|
(10,532 |
) |
Investments in real estate, net |
|
$ |
2,618,437 |
|
|
$ |
1,143,748 |
|
|
| Schedule of Real Estate Acquisitions |
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.
|
| Schedule of Details of Purchase Price Allocation for Properties Acquired |
The following table details the purchase price allocation for the properties acquired during the years ended December 31, 2025 and 2024 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Buildings and building improvements |
|
$ |
1,026,786 |
|
|
$ |
590,193 |
|
Land |
|
|
265,513 |
|
|
|
248,640 |
|
Land improvements |
|
|
69,856 |
|
|
|
88,527 |
|
In-place lease intangibles |
|
|
280,217 |
|
|
|
190,147 |
|
Total Purchase Price |
|
$ |
1,642,372 |
|
|
$ |
1,117,507 |
|
|