Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Depreciation Expense and Impairment on Real Estate Investments

The Company recorded the following amounts of depreciation expense on its real estate investments during the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Depreciation on real estate investments	$	44,602	$	37,505	$	129,182	$	108,192

Schedule of Details of Impairment of Long-Lived Assets

The Company recorded the following provisions for impairment of long lived assets during the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Provision for impairment of real estate	$	15,032	$	1,439	$	33,227	$	7,934

Schedule of Adjustments to Rental Revenue and Contingent Rent

The Company recorded the following amounts as contingent rent, which are included as a component of rental revenue in the Company's consolidated statements of operations, during the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Contingent rent	$	238	$	229	$	608	$	671

The Company recorded the following adjustments to rental revenue for tenant credit during the periods presented:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Adjustment to rental revenue for tenant credit	$	(1,932)	$	(994)	$	(6,242)	$	(2,753)

The fixed and variable components of lease revenues for the three and nine months ended September 30, 2026 and 2025 were as follows:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2026		2025		2026		2025
Fixed lease revenues	$	158,361	$	137,002	$	462,794	$	387,320
Variable lease revenues (1)	1,333		1,427		3,008		4,352
Total lease revenues (2)	$	159,694	$	138,429	$	465,802	$	391,672

_____________________________________

(1)Includes contingent rent based on a percentage of the tenant’s gross sales and costs paid by the Company for which it is reimbursed by its tenants.

(2)Excludes the amortization and accretion of above- and below-market lease intangible assets and liabilities and lease incentives and the adjustment to rental revenue for tenant credit.

Schedule of Mortgage Loan-Related VIEs

The following table presents information about the Company’s mortgage loan-related VIEs as of the dates presented:


(Dollars in thousands)	September 30, 2026		December 31, 2025
Number of VIEs	69		57
Aggregate carrying value	$	442,938	$	374,671

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details