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Real Estate Investments | 12 Months Ended
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Dec. 31, 2023
Real Estate Investments |
Real Estate Investments | Note 4 – Real Estate Investments Real Estate Portfolio As of December 31, 2023, the Company owned 2,135 properties, with a total GLA of approximately 44.2 million square feet. Net Real Estate Investments totaled $6.74 billion as of December 31, 2023. As of December 31, 2022, the Company owned 1,839 properties, with a total GLA of approximately 38.1 million square feet. Net Real Estate Investments totaled $5.74 billion as of December 31, 2022. Acquisitions During 2023, the Company purchased 282 retail net lease assets for approximately $1.20 billion, which includes acquisition and closing costs. These properties are located in 40 states and had a weighted average remaining lease term of approximately 11.3 years. The aggregate 2023 acquisitions were allocated approximately $325.2 million to land, $726.1 million to buildings and improvements, and $147.4 million to lease intangibles. During 2022, the Company purchased 434 retail net lease assets for approximately $1.60 billion, which includes acquisition, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 43 states and had a weighted average lease term of approximately 10.2 years. The aggregate 2022 acquisitions were allocated approximately $387.7 million to land, $1.00 billion to buildings and improvements, $204.9 million to lease intangibles, net and $2.5 million to assumed mortgage debt discount. The 2023 and 2022 acquisitions were primarily funded as cash purchases and the assumption of a mortgage note payable with a principal balance of $42.3 million. There was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2023 or 2022 caused any new or existing tenant to comprise 10% or more of the Company’s total annualized contractual base rent at December 31, 2023 or 2022. Developments During the third quarter of 2023, the Company changed the name of its Partner Capital Solutions program to Developer Funding Platform (“DFP”). ​ During 2023, the Company commenced 13 and completed 21 development or DFP projects. At December 31, 2023, the Company had 16 development or DFP projects under construction. During 2022, the Company commenced 28 and completed seven development or DFP projects. At December 31, 2022, the Company had 24 development or DFP projects under construction. Dispositions During 2023, the Company sold real estate properties for net proceeds of $13.8 million and recorded a net gain of $1.8 million. During 2022, the Company sold real estate properties for net proceeds of $44.9 million and recorded a net gain of $5.3 million. During 2021, the Company sold real estate properties for net proceeds of $56.0 million and recorded a net gain of $14.9 million. During the year ended December 31, 2023, the Company completed construction and moved its headquarters to a new corporate office building. Prior to the move, the Company’s headquarters were located in two office buildings owned by the Company. The Company began marketing for sale the previous corporate office buildings in early 2023, disposing of one in October 2023 to a third party. The Company received two bona fide offers on the remaining corporate office building during the fourth quarter of 2023, the highest of which was received from an entity controlled by one of the Company’s Independent Directors. The transaction to sell the building for $3.7 million to the related party entity was approved by the Company’s Audit Committee prior to accepting the offer and entering into the purchase and sale agreement. As a result of the offers received related to the remaining corporate office building, the Company recognized impairment of $2.7 million to state the carrying value of the building at it’s fair value. The building was classified as held for sale as of December 31, 2023 and the all cash disposition closed on January 16, 2024. No amounts were due to or due from the Independent Director or the related party entity as of December 31, 2023 or subsequent to closing the disposition. Assets Held for Sale The Company classified one property as real estate held for sale at December 31, 2023, the assets for which are separately presented in the Consolidated Balance Sheets. No properties were classified as held for sale at December 31, 2022. Real estate held for sale consisted of the following as of December 31, 2023 and 2022 (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2023 |  | December 31, 2022
Land | ​ | $ | 671 | ​ | $ | —
Building | ​ |  | 2,978 | ​ |  | —
​ | ​ |  | 3,649 | ​ |  | —
Accumulated depreciation and amortization, net | ​ |  | (7) | ​ |  | —
Total Real Estate Held for Sale, net | ​ | $ | 3,642 | ​ | $ | —
​ Provisions for Impairment As a result of the Company’s review of real estate investments, it recognized provision for impairment of $7.2 million, $1.0 million and $1.9 million for the years ended December 31, 2023, 2022 and 2021, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2023, 2022 and 2021 was $6.3 million, $1.8 million and $1.0 million, respectively.

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