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Real Estate Investments | 6 Months Ended
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Jun. 30, 2024
Real Estate Investments |
Real Estate Investments | Note 4 – Real Estate Investments Real Estate Portfolio As of June 30, 2024, the Company owned 2,202 properties, with a total gross leasable area (“GLA”) of approximately 45.8 million square feet. Net Real Estate Investments totaled $6.95 billion as of June 30, 2024. 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. Acquisitions During the three months ended June 30, 2024, the Company purchased 47 retail net lease assets for approximately $187.6 million, which includes acquisition and closing costs. These properties are located in 21 states and had a weighted average lease term of approximately 9.3 years. During the six months ended June 30, 2024, the Company purchased 78 retail net lease assets for approximately $315.3 million, which includes acquisition and closing costs. These properties are located in 33 states and had a weighted average lease term of approximately 8.8 years. The aggregate acquisitions for the six months ended June 30, 2024 were allocated $70.6 million to land, $209.0 million to buildings and improvements, $35.6 million to lease intangibles, net and $0.1 million to other assets, net. During the three months ended June 30, 2023, the Company purchased 92 retail net lease assets for approximately $307.0 million, which includes acquisition and closing costs. These properties are located in 31 states and had a weighted average lease term of approximately 9.9 years. During the six months ended June 30, 2023, the Company purchased 158 retail net lease assets for approximately $610.8 million, which includes acquisition and closing costs. These properties are located in 35 states and had a weighted average lease term of approximately 11.5 years. The aggregate acquisitions for the six months ended June 30, 2023 were allocated $144.2 million to land, $395.4 million to buildings and improvements and $71.3 million to lease intangibles, net. The 2024 and 2023 acquisitions were funded as cash purchases and there were no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2024 or 2023 caused any new or existing tenants to comprise 10% or more of the Company’s total annualized contractual base rent at June 30, 2024 and 2023. Developments During the three months ended June 30, 2024, the Company commenced five and completed four development or Developer Funding Platform (“DFP”) projects. During the six months ended June 30, 2024, the Company commenced nine and completed six development or DFP projects. At June 30, 2024, the Company had 19 development or DFP projects under construction. ​ During the three months ended June 30, 2023, the Company commenced two and completed six development or DFP projects. During the six months ended June 30, 2023, the Company commenced seven and completed nine development or DFP projects. At June 30, 2023, the Company had 22 development or DFP projects under construction. ​ Dispositions During the three months ended June 30, 2024, the Company sold 10 assets for net proceeds of $35.5 million and recorded a net gain of $7.2 million. During the six months ended June 30, 2024, the Company sold 16 assets for net proceeds of $56.7 million and recorded a net gain of $9.3 million. The Company sold one asset during the three and six months ended June 30, 2023 for net proceeds of $3.1 million and recorded a net gain of $0.3 million. Assets Held for Sale The Company did not classify any properties as real estate held for sale as of June 30, 2024 and one property as real estate held for sale as of December 31, 2023, the assets for which are separately presented in the consolidated balance sheets as follows (presented in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | June 30, 2024 |  | December 31, 2023
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, no provisions for impairment were recognized for the three months ended June 30, 2024 and $1.3 million were recognized for the three months ended June 30, 2023. During the six months ended June 30, 2024 and 2023, the Company recognized a $4.5 million and $1.3 million provision for impairment, respectively. The estimated fair value of the impaired real estate assets at their time of impairment was $13.7 million in 2024 and $0.5 million in 2023.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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