v3.26.1
Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Real Estate Properties
The Company’s gross investment portfolio is summarized below (dollars in thousands):

Number of InvestmentsAmount of Investment
June 30, 2026December 31, 2025June 30, 2026December 31, 2025
Properties held for investment (1)
767656$3,003,448 $2,585,707 
Properties held for sale
252151,063 39,960 
Mortgage loans receivable6781151,437 142,555 
Properties under development (2)
5313,499 5,500 
Total gross investment
864761$3,219,447 $2,773,722 
(1) Includes one vacant property as of December 31, 2025.
(2) Rent has not commenced for properties under development.
The Company’s property dispositions during the three and six months ended June 30, 2026 and 2025 are summarized below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Number of properties sold16202136
Sales price, net of disposal costs$45,109 $55,613 $55,500 $94,176 
Gain on sales of real estate, net$1,662 $3,533 $1,781 $5,608 
The Company’s investment in property developments during the three and six months ended June 30, 2026 and 2025 is summarized below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Number of developments acquired2—3—
Purchase price of acquired developments$1,087 $— $3,416 $— 
 
Total investment in properties under development (1)
$7,596 $1,412 $12,976 $2,200 
 
Number of developments completed (2)
1112
Amounts placed into service (3)
$4,977 $2,740 $4,977 $6,545 
(1) During the three months ended June 30, 2026 and 2025, the Company capitalized $0.1 million and less than $0.1 million, respectively, of interest expense associated with properties under development. During the six months ended June 30, 2026 and 2025, the Company capitalized $0.2 million and $0.1 million, respectively, of interest expense associated with properties under development.
(2) For the one development completed during the six months ended June 30, 2026, rent commenced in the second quarter of 2026. For the two developments completed during the six months ended June 30, 2025, rent commenced in the second quarter of 2025.
(3) Amounts reclassified from property under development to land, buildings and improvements, and other assets (leasing commissions) in the accompanying condensed consolidated balance sheets.
Allocation of Purchase Price Paid for Completed Acquisitions An allocation of the purchase price and acquisition costs paid for the completed acquisitions during the period is as follows (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Number of properties acquired792313541
 
Purchase price allocation:
Land$86,256 $53,809 $179,323 $75,083 
Buildings120,182 33,744 221,297 79,320 
Site improvements14,321 3,246 24,108 7,081 
Tenant improvements1,747 324 3,399 849 
In-place lease intangible assets22,651 5,405 38,829 11,669 
Above-market lease intangible assets1,497 — 1,497 — 
Assets held for sale6,026 — 18,201 — 
Total (1)
$252,680 $96,528 $486,654 $174,002 
(1) During the three months ended June 30, 2026 and 2025, the Company capitalized $3.5 million and $1.0 million of acquisition costs, respectively. During the six months ended June 30, 2026 and 2025, the Company capitalized $6.6 million and $1.9 million of acquisition costs, respectively.
Schedule of Mortgage Loans Receivable
The Company’s mortgage loans receivable portfolio as of June 30, 2026 and December 31, 2025 is summarized below (dollars in thousands):

Loan Type
Monthly Payment (1)
Number of Secured Properties
Effective Interest Rate (2)
Stated Interest RateMaturity DateJune 30, 2026December 31, 2025
Mortgage (3) (4)
I/O16.00%6.00%8/31/2027$38,162 $38,162 
Mortgage (4) (11)
I/O—9.55%9.55%6/30/2026— 41,940 
Mortgage (4) (5) (11)
I/O—9.17%8.48%6/30/2026— 4,132 
Mortgage (3) (4) (5)
I/O216.70%10.09%7/31/20262,230 2,230 
MortgageP/O17.00%7.00%5/1/20281,100 825 
Mortgage (3) (4)
I/O512.65%10.25%9/30/20269,543 9,356 
Mortgage (3) (4)
I/O—12.21%10.25%7/24/2026— 5,883 
MortgageP+I17.25%7.25%9/19/20271,399 1,411 
MortgageI/O17.00%7.00%9/30/2029636 636 
MortgageI/O16.50%6.50%12/23/20293,284 3,284 
MortgageI/O16.50%6.50%12/23/20294,105 4,105 
Mortgage (3) (4)
I/O—9.75%9.75%3/12/2026— 1,829 
Mortgage (3) (6)
None (7)
1010.29%9.75%1/30/202719,237 21,644 
Mortgage (8)
I/O—7.25%7.25%5/18/2027— 6,050 
Mortgage (3) (4) (9)
I/O29.75%9.75%6/15/20272,725 1,068 
Mortgage (3) (4) (10)
I/O79.50%9.50%11/29/20278,280 — 
Mortgage
None (7)
78.21%8.21%7/24/202614,426 — 
Mortgage (3) (4) (11)
I/O289.50%9.50%7/10/202946,310 — 
Total151,437 142,555 
Unamortized loan origination costs and fees, net181 81 
Unamortized discount(181)(172)
Total mortgage loans receivable, net$151,437 $142,464 
(1) I/O: Interest Only; P/O: Principal Only; P+I: Principal and Interest.
(2) Includes amortization of discount, loan origination costs and fees, and extension fees, as applicable.
(3) The Company has the right, subject to certain terms and conditions, to acquire all or a portion of the underlying collateralized properties.
(4) Loans require monthly payments of interest only with principal payments occurring as borrower disposes of underlying properties, limited to the Company’s allocated investment by property. Any remaining principal balance will be repaid at or before the maturity date.
(5) The stated interest rate is variable up to 15.0% and is calculated based on contractual rent for existing collateralized properties subject to the loan agreement.
(6) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from August 19, 2026 to January 30, 2027.
(7) Payments of both interest and principal are due at maturity.
(8) Loan was disposed during the six months ended June 30, 2026.
(9) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from December 5, 2026 to June 15, 2027.
(10) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from August 13, 2027 to November 29, 2027.
(11) Effective June 30, 2026, the Company completed a restructuring of its mortgage loan receivable. Pursuant to the restructuring, the Company acquired 20 properties in exchange for partial satisfaction of the outstanding loan balance, cash consideration of $9.9 million, of which $8.7 million was used to extinguish existing mezzanine debt encumbering the acquired properties to obtain clear title, and OP Units (as defined in “Note 10 - Shareholders’ Equity”) valued at $0.9 million. Concurrently, the parties executed a new $46.3 million mortgage note, secured by the borrower's remaining properties, which included an additional advance of $18.4 million funded by the Company.