Note 3. Investments in Real Estate, Net

The Company owns and manages primarily single-tenant net-leased industrial real estate properties. As of June 30, 2026, the Company owned 174 properties across 35 U.S. states and 2 Canadian provinces. The portfolio was fully leased, with 37 tenants occupying the properties. Additionally, the portfolio is well-diversified across tenant industries, building sub-types, geographic regions, and lease terms.

Real estate investment is composed of the following:


	June 30, 2026			December 31, 2025
Buildings and improvements	$	1,404,120		$	1,271,687
Land and land improvements		238,353			194,280
Total		1,642,473			1,465,967
Accumulated depreciation		(189,409	)		(171,959	)
Investments in real estate, net	$	1,453,064		$	1,294,008

Acquisitions

The following table details the acquisition values, including closing costs, number of properties, and total square feet for acquisitions made by the Company during the six months ended June 30, 2026:


	Six Months Ended
	June 30, 2026
	Number of properties		Acquisition value		Square feet
Industrial properties		4	$	182,155		732,844

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2026:


	Six Months Ended
	June 30, 2026
Buildings and improvements	$	132,415
Land and land improvements		44,069
In-place lease intangibles		7,138
Below-market lease		(1,488	)
Other lease intangibles		21
Total Purchase Price	$	182,155

The Company had no acquisitions during the six months ended June 30, 2025.

Dispositions

The Company did not sell any properties during the three and six months ended June 30, 2026 and 2025.