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Real Estate Investments

12 Months Ended

Dec. 31, 2024

Real Estate Investments

Real Estate Investments

Note 4 – Real Estate Investments

Real Estate Portfolio

As of December 31, 2024, the Company owned 2,370 properties, with a total GLA of approximately 48.8 million square feet. Net Real Estate Investments totaled $7.42 billion as of December 31, 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 2024, the Company purchased 242 retail net lease assets for approximately $874.5 million, which includes acquisition and closing costs. These properties are located in 44 states and had a weighted average remaining lease term of approximately 10.4 years. The aggregate 2024 acquisitions were allocated approximately $232.3 million to land, $537.0 million to buildings and improvements, $104.8 million to lease intangibles and $0.4 million to other assets.

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 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.

The 2024 and 2023 acquisitions were funded as cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2024 or 2023 caused any new or existing tenant to comprise 10% or more of the Company’s total annualized contractual base rent at December 31, 2024 or 2023.

Developments

During 2024, the Company commenced 25 and completed 21 development or Developer Funding Platform (“DFP”) projects. At December 31, 2024, the Company had 20 development or DFP projects under construction.

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.

Dispositions

During 2024, the Company sold 26 assets and land parcels for net proceeds of $94.3 million and recorded a net gain of $11.5 million.

During 2023, the Company sold six assets for net proceeds of $13.8 million and recorded a net gain of $1.8 million.

During 2022, the Company sold seven assets for net proceeds of $44.9 million and recorded a net gain of $5.3 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 its 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 did not classify any properties as real estate held for sale as of December 31, 2024 and classified 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):


		December 31, 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, it recognized provision for impairment of $7.2 million, $7.2 million and $1.0 million for the years ended December 31, 2024, 2023 and 2022, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2024, 2023 and 2022 was $18.8 million, $6.3 million and $1.8 million, respectively.