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Real Estate Investments | 9 Months Ended
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Sep. 30, 2025
Real Estate Investments |
Real Estate Investments | Note 4 – Real Estate Investments Real Estate Portfolio As of September 30, 2025, the Company owned 2,603 properties, with a total GLA of approximately 53.7 million square feet and net real estate investments of $8.30 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 | ​ | ​ | 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
​ 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 nine months ended September 30, 2025 was 13.5 years and 14.1 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 September 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 | ​ | 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
​ 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
​ 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
​ Subsequent to September 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 | ​ | ​ | 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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