Real Estate Transactions	9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions The Company’s acquisitions for the three and nine months ended September 30, 2026 and 2025 were allocated to separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. 2026 Activity - During the three and nine months ended September 30, 2026, the Company acquired 145 and 243 properties, respectively, in various states in individual or portfolio transactions for a combined purchase price of $82.0 million and $161.7 million, respectively, or a total cost of $84.4 million and $166.6 million, respectively, including capitalized acquisition costs, which were funded with both the issuance of OP Units to the sellers (valued at approximately $7.2 million and $8.0 million, respectively, using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration. During the three and nine months ended September 30, 2026, transactions include a debt discount on one property that is included in Secured and other borrowings, net. Please see Note 5. Of the total acquisition cost, $31.2 million and $54.2 million was allocated to land, respectively, $50.8 million and $107.9 million was allocated to buildings and improvements, respectively, $7.0 million and $12.8 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value, respectively, and $(4.5) million and $(8.1) million was allocated to intangible liabilities for the below market lease value, respectively, and $(0.2) million for operating leases with unfavorable purchase options on three properties during the three and nine months ended September 30, 2026 that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets. 2025 Activity - During the three and nine months ended September 30, 2025, the Company acquired 47 and 151 properties, respectively, in various states in individual or portfolio transactions for a combined purchase price of $42.3 million and $94.1 million, respectively, or a total cost of $43.4 million and $96.6 million, respectively, including capitalized acquisition costs which were funded with both the issuance of OP Units to the sellers (valued at approximately $0.7 million and $6.7 million, respectively, using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration. Of the total acquisition cost, $16.9 million and $29.3 million was allocated to land, respectively, $25.0 million and $66.5 million was allocated to buildings and improvements, respectively, $3.2 million and $7.2 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value, respectively, $(1.8) million and $(6.3) million was allocated to intangible liabilities for the below market lease value, respectively, and $(0.2) million for operating leases with unfavorable purchase options on five properties, during the nine months ended September 30, 2025, that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets. Also, includes $0.1 million allocated to below market ground lease intangible asset on four properties during the nine months ended September 30, 2025 that is included in “Prepaid expenses and other assets, net" on the Consolidated Balance Sheets. Sale of Real Estate During the nine months ended September 30, 2026, the Company sold one real estate property for net proceeds of $0.05 million and recorded a gain of $0.03 million. During the nine months ended September 30, 2025, the Company sold one real estate property for net proceeds of $0.8 million and recorded a loss of $0.05 million. Assets Held for Sale In connection with a tenant exercising a purchase option for one property during the nine months ended September 30, 2026 and a tenant exercising a purchase option for one property during the nine months ended September 30, 2025, the Company reclassified the carrying value consisting of $0.06 million of land and $0.4 million of buildings and other real estate assets and $0.1 million of land and $0.5 million of buildings and other real estate assets, respectively, to "Assets held for sale, net" on the Company's Consolidated Balance Sheets. Immaterial liabilities held for sale are included as "Accounts payable, accrued expenses and other, net" on the Company's Consolidated Balance Sheets. Refer to Note 2, Impairment of Long-lived Assets for further discussion. Casualty and Impairment (Gains) Losses, Net During the three and nine months ended September 30, 2026, the Company recognized $0.10 million and $0.3 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs and other costs, offset by an estimated $0.14 million and $0.6 million, respectively, of related insurance claims, resulting in a net recovery of $(0.04) million and $(0.3) million, respectively, included within “Casualty and impairment (gains) losses, net” on the Consolidated Statements of Operations and Comprehensive Income. The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles. During the three and nine months ended September 30, 2025, the Company recognized $0.1 million and $0.7 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs, offset by an estimated $0.04 million and $1.1 million, respectively, of related insurance claims, resulting in a net recovery of $0.1 million and $(0.3) million, respectively, included within "Casualty and impairment (gains) losses, net" on the Consolidated Statements of Operations and Comprehensive Income. The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles. To the extent insurance proceeds ultimately exceed the difference between replacement cost and net book value of the damaged assets and any related expenses incurred, the excess will be reflected as income in the period those amounts are determinable and approved by the insurance company. No determination has been made as to the total amount or timing of insurance payments that may be received as a result of the events.

2026 Activity - During the three and nine months ended September 30, 2026, the Company acquired 145 and 243 properties, respectively, in various states in individual or portfolio transactions for a combined purchase price of $82.0 million and $161.7 million, respectively, or a total cost of $84.4 million and $166.6 million, respectively, including capitalized acquisition costs, which were funded with both the issuance of OP Units to the sellers (valued at approximately $7.2 million and $8.0 million, respectively, using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration. During the three and nine months ended September 30, 2026, transactions include a debt discount on one property that is included in Secured and other borrowings, net. Please see Note 5. Of the total acquisition cost, $31.2 million and $54.2 million was allocated to land, respectively, $50.8 million and $107.9 million was allocated to buildings and

improvements, respectively, $7.0 million and $12.8 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value, respectively, and $(4.5) million and $(8.1) million was allocated to intangible liabilities for the below market lease value, respectively, and $(0.2) million for operating leases with unfavorable purchase options on three properties during the three and nine months ended September 30, 2026 that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets.

2025 Activity - During the three and nine months ended September 30, 2025, the Company acquired 47 and 151 properties, respectively, in various states in individual or portfolio transactions for a combined purchase price of $42.3 million and $94.1 million, respectively, or a total cost of $43.4 million and $96.6 million, respectively, including capitalized acquisition costs which were funded with both the issuance of OP Units to the sellers (valued at approximately $0.7 million and $6.7 million, respectively, using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration. Of the total acquisition cost, $16.9 million and $29.3 million was allocated to land, respectively, $25.0 million and $66.5 million was allocated to buildings and improvements, respectively, $3.2 million and $7.2 million was allocated to intangible assets pertaining to the in-place lease intangibles and above market lease value, respectively, $(1.8) million and $(6.3) million was allocated to intangible liabilities for the below market lease value, respectively, and $(0.2) million for operating leases with unfavorable purchase options on five properties, during the nine months ended September 30, 2025, that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets. Also, includes $0.1 million allocated to below market ground lease intangible asset on four properties during the nine months ended September 30, 2025 that is included in “Prepaid expenses and other assets, net" on the Consolidated Balance Sheets.

During the nine months ended September 30, 2026, the Company sold one real estate property for net proceeds of $0.05 million and recorded a gain of $0.03 million. During the nine months ended September 30, 2025, the Company sold one real estate property for net proceeds of $0.8 million and recorded a loss of $0.05 million.

In connection with a tenant exercising a purchase option for one property during the nine months ended September 30, 2026 and a tenant exercising a purchase option for one property during the nine months ended September 30, 2025, the Company reclassified the carrying value consisting of $0.06 million of land and $0.4 million of buildings and other real estate assets and $0.1 million of land and $0.5 million of buildings and other real estate assets, respectively, to "Assets held for sale, net" on the Company's Consolidated Balance Sheets. Immaterial liabilities held for sale are included as "Accounts payable, accrued expenses and other, net" on the Company's Consolidated Balance Sheets. Refer to Note 2, Impairment of Long-lived Assets for further discussion.

During the three and nine months ended September 30, 2026, the Company recognized $0.10 million and $0.3 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs and other costs, offset by an estimated $0.14 million and $0.6 million, respectively, of related insurance claims, resulting in a net recovery of $(0.04) million and $(0.3) million, respectively, included within “Casualty and impairment (gains) losses, net” on the Consolidated Statements of Operations and Comprehensive Income. The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles.

During the three and nine months ended September 30, 2025, the Company recognized $0.1 million and $0.7 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs, offset by an estimated $0.04 million and $1.1 million, respectively, of related insurance claims, resulting in a net recovery of $0.1 million and $(0.3) million, respectively, included within "Casualty and impairment (gains) losses, net" on the Consolidated Statements of Operations and Comprehensive Income. The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles.