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Real Estate Investments

9 Months Ended

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