XML 49 R12.htm IDEA: XBRL DOCUMENT

Real Estate Investments

9 Months Ended

Sep. 30, 2024

Real Estate Investments

Real Estate Investments

Note 4 – Real Estate Investments

Real Estate Portfolio

As of September 30, 2024, the Company owned 2,271 properties, with a total gross leasable area (“GLA”) of approximately 47.2 million square feet. Net Real Estate Investments totaled $7.13 billion as of September 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 September 30, 2024, the Company purchased 66 retail net lease assets for approximately $216.0 million, which includes acquisition and closing costs. These properties are located in 24 states and had a weighted average lease term of approximately 9.8 years.

During the nine months ended September 30, 2024, the Company purchased 144 retail net lease assets for approximately $531.4 million, which includes acquisition and closing costs. These properties are located in 37 states and had a weighted average lease term of approximately 9.2 years.

The aggregate acquisitions for the nine months ended September 30, 2024 were allocated $140.2 million to land, $337.6 million to buildings and improvements, $53.5 million to lease intangibles, net and $0.1 million to other assets, net.

During the three months ended September 30, 2023, the Company purchased 74 retail net lease assets for approximately $399.7 million, which includes acquisition and closing costs. These properties are located in 28 states and had a weighted average lease term of approximately 11.5 years.

During the nine months ended September 30, 2023, the Company purchased 232 retail net lease assets for approximately $1.01 billion, which includes acquisition and closing costs. These properties are located in 37 states and had a weighted average lease term of approximately 11.5 years.

The aggregate acquisitions for the nine months ended September 30, 2023 were allocated $273.9 million to land, $617.8 million to buildings and improvements and $118.7 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 September 30, 2024 and 2023.

Developments

During the three months ended September 30, 2024, the Company commenced eight and completed six development or Developer Funding Platform (“DFP”) projects. During the nine months ended September 30, 2024, the Company commenced 17 and completed 12 development or DFP projects. At September 30, 2024, the Company had 21 development or DFP projects under construction.

During the three months ended September 30, 2023, the Company commenced two and completed eight development or DFP projects. During the nine months ended September 30, 2023, the Company commenced nine and completed 17 development or DFP projects. At September 30, 2023, the Company had 16 development or DFP projects under construction.

Dispositions

During the three months ended September 30, 2024, the Company sold two assets for net proceeds of $6.9 million and recorded a net gain of $1.9 million. During the nine months ended September 30, 2024, the Company sold 18 assets for net proceeds of $63.6 million and recorded a net gain of $11.1 million.

During the three months ended September 30, 2023 the Company sold one asset for net proceeds of $0.2 million and recorded a net loss of less than $0.1 million. During the nine months ended September 30, 2023, the Company sold two properties for net proceeds of $3.3 million and recorded a net gain of $0.3 million.

Assets Held for Sale

The Company classified four properties as real estate held for sale as of September 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 condensed consolidated balance sheets as follows (presented in thousands):


		September 30, 2024			December 31, 2023
Land		$	3,486		$	671
Building			10,657			2,978
Lease intangibles - asset			1,931			—
			16,074			3,649
Accumulated depreciation and amortization, net			(2,463)			(7)
Total Real Estate Held for Sale, net		$	13,611		$	3,642

Provisions for Impairment

As a result of the Company’s review of real estate investments, it recognized $2.7 million and $3.2 million of provisions for impairment for the three months ended September 30, 2024 and 2023, respectively. During the nine months ended September 30, 2024 and 2023, the Company recognized a $7.2 million and $4.5 million provision for impairment, respectively. The estimated fair value of the impaired real estate assets at their time of impairment was $18.8 million in 2024 and $2.6 million in 2023.