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Real Estate Investments | 6 Months Ended
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Jun. 30, 2025
Real Estate Investments |
Real Estate Investments | Note 4 – Real Estate Investments Real Estate Portfolio As of June 30, 2025, the Company owned 2,513 properties, with a total GLA of approximately 52.0 million square feet and net real estate investments of $7.96 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 Company’s acquisitions completed during the periods presented (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Six Months Ended
​ | ​ | June 30, 2025 |  | June 30, 2024 |  | ​ | June 30, 2025 |  | June 30, 2024
Number of properties acquired | ​ | ​ | 91 | ​ | ​ | 47 | ​ | ​ | ​ | 137 | ​ | ​ | 78
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase price allocation, including acquisition and closing costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 61,185 | ​ | $ | 39,549 | ​ | ​ | $ | 147,298 | ​ | $ | 70,583
Building and improvements | ​ | ​ | 216,657 | ​ | ​ | 126,440 | ​ | ​ | ​ | 431,530 | ​ | ​ | 209,016
Lease intangibles, net | ​ | ​ | 51,333 | ​ | ​ | 21,627 | ​ | ​ | ​ | 108,543 | ​ | ​ | 35,725
Total purchase price, including acquisition and closing costs | ​ | $ | 329,175 | ​ | $ | 187,616 | ​ | ​ | $ | 687,371 | ​ | $ | 315,324
​ The 2025 and 2024 acquisitions were funded as cash purchases and there was no material contingent consideration associated with these acquisitions. The weighted average amortization period for the lease intangibles, net acquired during the three and six months ended June 30, 2025 was 13.6 years and 14.6 years, respectively. 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 June 30, 2025 and 2024. Developments The following summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Six Months Ended
​ | ​ | June 30, 2025 |  | June 30, 2024 |  | ​ | June 30, 2025 |  | June 30, 2024
Projects completed | ​ | ​ | 4 | ​ | ​ | 4 | ​ | ​ | ​ | 10 | ​ | ​ | 6
Projects commenced | ​ | ​ | 1 | ​ | ​ | 5 | ​ | ​ | ​ | 5 | ​ | ​ | 9
Projects under construction at period-end | ​ | ​ | 15 | ​ | ​ | 19 | ​ | ​ | ​ | 15 | ​ | ​ | 19
​ ​ Dispositions The following summarizes the Company’s disposition activity during the periods presented (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Six Months Ended
​ | ​ | June 30, 2025 |  | June 30, 2024 |  | ​ | June 30, 2025 |  | June 30, 2024
Number of properties sold | ​ | ​ | 4 | ​ | ​ | 10 | ​ | ​ | ​ | 5 | ​ | ​ | 16
Net proceeds | ​ | $ | 5,775 | ​ | $ | 35,528 | ​ | ​ | $ | 8,158 | ​ | $ | 56,679
Gain on sale of assets, net | ​ | $ | 1,510 | ​ | $ | 7,156 | ​ | ​ | $ | 2,282 | ​ | $ | 9,252
​ Assets Held for Sale The Company classified three properties as real estate held for sale as of June 30, 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):
​ | ​ | ​ | ​
​ |  | June 30, 2025
Land | ​ | $ | 723
Building | ​ |  | 2,812
Accumulated depreciation | ​ |  | (194)
​ | ​ | ​ | 3,341
Lease intangibles, net | ​ | ​ | 132
Total real estate held for sale, net | ​ | $ | 3,473
​ Subsequent to June 30, 2025, one additional property was classified as real estate held for sale. ​ Provisions for Impairment As a result of the Company’s review of real estate investments, it recognized the following provision for impairment for the periods presented (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Six Months Ended
​ | ​ | June 30, 2025 |  | June 30, 2024 |  | ​ | June 30, 2025 |  | June 30, 2024
Number of properties impaired | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | ​ | 7 | ​ | ​ | 3
Provision for impairment | ​ | $ | 2,961 | ​ | $ | — | ​ | ​ | $ | 7,292 | ​ | $ | 4,530
Estimated fair value of impaired properties at time of impairment | ​ | $ | 3,172 | ​ | $ | — | ​ | ​ | $ | 7,658 | ​ | $ | 13,700
​

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