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Real Estate Investments

3 Months Ended

Mar. 31, 2025

Real Estate Investments

Real Estate Investments

Note 4 – Real Estate Investments

Real Estate Portfolio

As of March 31, 2025, the Company owned 2,422 properties, with a total GLA of approximately 50.3 million square feet and net real estate investments of $7.70 billion. The Company owned 2,370 properties, with a total GLA of approximately 48.8 million square feet and net real estate investments of $7.42 billion as of December 31, 2024.

Acquisitions

The following summarizes the assets acquired during the periods presented (dollars in thousands):

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31, 2025			March 31, 2024
Number of properties acquired	​	​	46	​	​	31
Location (by state)	​	​	23	​	​	22
Weighted-average lease term (years)	​	​	13.4	​	​	8.2
​	​	​	​	​	​	​
Purchase price allocation, including acquisition and closing costs:	​	​	​	​	​	​
Land	​	$	86,113	​	$	31,034
Building and improvements	​	​	214,873	​	​	83,211
Lease intangibles, net	​	​	57,210	​	​	14,098
Total purchase price	​	$	358,196	​	$	128,343

​

The 2025 and 2024 acquisitions were funded as cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2025 or 2024 caused any new or existing tenants to comprise 10% or more of the Company’s total annualized contractual base rent at March 31, 2025 and 2024.

Developments

During the three months ended March 31, 2025, the Company completed six development or Developer Funding Platform (“DFP”) projects. At March 31, 2025, the Company had 18 development or DFP projects under construction, including four projects commenced during the first quarter of 2025 and 14 projects commenced in prior quarters.

​

During the three months ended March 31, 2024, the Company completed two development or DFP projects. At March 31, 2024, the Company had 18 development or DFP projects under construction, including four projects commenced during the first quarter of 2024 and 14 projects commenced in prior quarters.

​

Dispositions

The following summarizes the assets sold, net proceeds and the corresponding gain on sale of assets, net recognized during the periods presented (dollars in thousands):

​	​	​	​	​	​	​
​	​	Three Months Ended
​	​	March 31, 2025			March 31, 2024
Number of properties sold	​	​	1	​	​	6
Net proceeds	​	$	2,383	​	$	21,116
Gain on sale of assets, net	​	$	772	​	$	2,096

​

Assets Held for Sale

The Company classified one property as real estate held for sale as of March 31, 2025 and did not classify any properties as real estate held for sale as of December 31, 2024. Real estate held for sale, net in the condensed consolidated balance sheets is comprised of the following (in thousands):

​	​	​	​	​
​		March 31, 2025
Land	​	$	1,200	​
Building	​		128	​
​	​		1,328	​
Accumulated depreciation and amortization	​		(50)	​
Total real estate held for sale, net	​	$	1,278	​

​

Provisions for Impairment

As a result of the Company’s review of real estate investments, it recognized provision for impairment of $4.3 million on four properties and $4.5 million on three properties for the three months ended March 31, 2025 and 2024, respectively. The estimated fair value of the impaired real estate assets at the time of impairment was $4.5 million in 2025 and $13.7 million in 2024.

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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.

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