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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 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 | ​ | ​ | Nine Months Ended
​ | ​ | September 30, 2025 |  | September 30, 2024 |  | ​ | September 30, 2025 |  | September 30, 2024
Number of properties acquired | ​ | ​ | 90 | ​ | ​ | 66 | ​ | ​ | ​ | 227 | ​ | ​ | 144
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Purchase price allocation, including acquisition and closing costs: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Land | ​ | $ | 116,967 | ​ | $ | 69,558 | ​ | ​ | $ | 264,265 | ​ | $ | 140,141
Building and improvements | ​ | ​ | 219,789 | ​ | ​ | 128,578 | ​ | ​ | ​ | 651,319 | ​ | ​ | 337,594
Lease intangibles, net | ​ | ​ | 65,879 | ​ | ​ | 17,901 | ​ | ​ | ​ | 174,422 | ​ | ​ | 53,626
Total purchase price, including acquisition and closing costs | ​ | $ | 402,635 | ​ | $ | 216,037 | ​ | ​ | $ | 1,090,006 | ​ | $ | 531,361
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 | ​ | Nine Months Ended
​ |  | September 30, 2025 |  | September 30, 2024 |  | September 30, 2025 |  | September 30, 2024
Projects completed | ​ | ​ | 8 | ​ | ​ | 6 | ​ | ​ | 18 | ​ | ​ | 12
Projects commenced | ​ | ​ | 5 | ​ | ​ | 8 | ​ | ​ | 10 | ​ | ​ | 17
Projects under construction at period-end | ​ | ​ | 12 | ​ | ​ | 21 | ​ | ​ | 12 | ​ | ​ | 21
Schedule of real estate dispositions | The following summarizes the Company’s disposition activity during the periods presented (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | ​ | Nine Months Ended
​ | ​ | September 30, 2025 |  | September 30, 2024 |  | ​ | September 30, 2025 |  | September 30, 2024
Number of properties sold | ​ | ​ | 8 | ​ | ​ | 2 | ​ | ​ | ​ | 13 | ​ | ​ | 18
Net proceeds | ​ | $ | 14,615 | ​ | $ | 6,894 | ​ | ​ | $ | 22,772 | ​ | $ | 63,573
Gain on sale of assets, net | ​ | $ | 924 | ​ | $ | 1,850 | ​ | ​ | $ | 3,207 | ​ | $ | 11,102
Schedule of real estate assets held-for-sale | The Company classified one property as real estate held for sale as of September 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):
​ | ​ | ​ | ​
​ |  | September 30, 2025
Land | ​ | $ | 194
Building | ​ |  | 514
Accumulated depreciation | ​ |  | (2)
​ | ​ | ​ | 706
Lease intangibles, net | ​ | ​ | —
Total real estate held for sale, net | ​ | $ | 706
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 | ​ | ​ | Nine Months Ended
​ | ​ | September 30, 2025 |  | September 30, 2024 |  | ​ | September 30, 2025 |  | September 30, 2024
Number of properties impaired | ​ | ​ | 3 | ​ | ​ | 2 | ​ | ​ | ​ | 10 | ​ | ​ | 5
Provision for impairment | ​ | $ | 2,980 | ​ | $ | 2,694 | ​ | ​ | $ | 10,272 | ​ | $ | 7,224
Estimated fair value of impaired properties at time of impairment | ​ | $ | 1,665 | ​ | $ | 5,150 | ​ | ​ | $ | 9,322 | ​ | $ | 18,800
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