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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2025
Real Estate Investments |
Schedule of real estate 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
Schedule of real estate property development | 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
Schedule of real estate 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
Schedule of real estate 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
Schedule of provisions for impairment on real estate properties | 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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