Real Estate Investments (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Real Estate [Abstract] |
|
| Schedule of real estate acquisitions |
The following table summarizes the acquisitions completed by the Company during the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of properties acquired | | 68 | | 90 | | 235 | | 227 | | | | | | | | | | | Purchase price allocation, including acquisition and closing costs: | | | | | | | | | | Land | | $ | 71,366 | | | $ | 116,967 | | | $ | 345,654 | | | $ | 264,265 | | | Building and improvements | | 199,679 | | | 219,789 | | | 647,014 | | | 651,319 | | | Lease intangibles and other assets, net | | 38,095 | | | 65,879 | | | 174,071 | | | 174,422 | | | Total purchase price, including acquisition and closing costs | | $ | 309,140 | | | $ | 402,635 | | | $ | 1,166,739 | | | $ | 1,090,006 | |
|
| Schedule of real estate property development |
The following table summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of projects commenced | | 6 | | 5 | | 13 | | 10 | | Number of ongoing projects | | 8 | | 8 | | 8 | | 8 | | Number of projects delivered | | 7 | | 8 | | 12 | | 18 |
|
| Schedule of real estate dispositions |
The following table summarizes the Company’s disposition activity during the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of properties sold | | 11 | | 8 | | 32 | | 13 | | Net proceeds | | $ | 25,810 | | | $ | 14,615 | | | $ | 64,733 | | | $ | 22,772 | | | Gain on sale of assets, net | | $ | 5,416 | | | $ | 924 | | | $ | 9,127 | | | $ | 3,207 | |
|
| Schedule of real estate assets held-for-sale |
Real estate held for sale, net in the condensed consolidated balance sheets is comprised of the following (in thousands): | | | | | | | | | | | September 30, 2026 | | Land | | $ | 1,037 | | | Building and Improvements | | 1,418 | | | Accumulated depreciation | | (151) | | | | $ | 2,304 | | | Lease intangibles, net | | $ | — | | | Total real estate held for sale, net | | $ | 2,304 | |
|
| Schedule of provisions for impairment on real estate properties |
As a result of the Company’s review of real estate investments, it recognized the following provision for impairment for the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of properties impaired | | — | | 3 | | 10 | | 10 | | Provision for impairment | | $ | — | | | $ | 2,980 | | | $ | 7,300 | | | $ | 10,272 | | | Estimated fair value of impaired properties at time of impairment | | $ | — | | | $ | 1,665 | | | $ | 18,433 | | | $ | 9,322 | |
|