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Real Estate Investments (Tables)
9 Months Ended
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