Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation


	Number of Properties	Initial Cost				Cost of Improvements				Gross Carrying Amount				Accumulated Depreciation
Market		Land		Building		Land		Building		Land		Building				Encumbrances (a)	Year(s) of Acquisition
Asheville, NC (c)	1	$	2,750	$	25,225	$	—	$	1,402	$	2,750	$	26,627	$	(5,815)		2015
Atlanta, GA	13	102,866		903,813		—		84,000		102,864		987,813		(90,537)		(b)	2015 - 2021
Austin, TX	1	3,857		48,719		—		6,370		3,857		55,089		(3,893)			2021
Birmingham, AL	2	10,682		213,996		—		9,233		10,682		223,229		(13,897)		(b)	2021
Charleston, SC	2	9,260		69,104		—		3,502		9,260		72,606		(15,589)			2015
Charlotte, NC	3	17,352		170,531		—		1,675		17,352		172,206		(14,754)			2015 - 2022
Chattanooga, TN (c)	1	3,683		32,370		—		(5,874)		3,683		26,496		(1,935)		(b)	2021
Cincinnati, OH	2	6,939		111,937		—		4,588		6,940		116,525		(6,990)			2021
Columbus, OH	10	28,870		308,917		—		36,268		28,869		345,185		(43,394)		(b)	2014 - 2021
Dallas, TX	14	68,829		749,578		—		47,600		68,831		797,178		(65,789)		(b)	2015 - 2021
Denver, CO (c) (d)	9	48,898		556,237		—		9,366		48,898		565,603		(33,686)		(b)	2021 - 2023
Greenville, SC	1	7,330		111,833		—		5,383		7,330		117,216		(7,330)			2021
Houston, TX (c)	7	29,049		284,339		—		3,076		29,048		287,415		(17,722)		(b)	2021
Huntsville, AL	4	24,000		212,753		—		4,359		24,000		217,112		(14,487)			2015 - 2023
Indianapolis, IN	7	22,284		251,814		—		19,663		22,283		271,477		(28,197)		(b)	2012 - 2021
Lexington, KY	3	9,467		145,715		—		5,887		9,466		151,602		(9,316)			2021
Louisville, KY	4	21,228		102,521		—		23,284		21,229		125,805		(35,701)		(b)	2014
Memphis, TN	4	10,730		124,023		—		27,360		10,730		151,383		(39,830)			2014 - 2015
Myrtle Beach, SC - Wilmington, NC	3	4,580		55,797		—		7,808		4,580		63,605		(11,901)		(b)	2017
Nashville, TN	5	33,939		318,936		—		18,688		33,938		337,624		(21,450)		(b)	2021 - 2022
Oklahoma City, OK	8	17,099		280,770		—		30,485		17,100		311,255		(29,900)		(b)	2014 - 2021
Orlando, FL	1	5,500		41,752		—		3,078		5,500		44,831		(10,029)			2015
Raleigh - Durham, NC	6	34,409		199,323		—		21,239		34,409		220,562		(45,528)			2014 - 2019
San Antonio, TX	1	4,604		50,501		—		2,195		4,604		52,696		(3,380)			2021
Tampa-St. Petersburg, FL	5	45,554		218,130		1,083		45,080		46,637		263,210		(35,354)			2017 - 2022
	117	$	573,759	$	5,588,634	$	1,083	$	415,715	$	574,840	$	6,004,350	$	(606,404)

(a)Encumbrances exclude the principal balance of $586,286 and associated deferred financing costs related to the secured credit facilities.

(b)Represents properties with gross assets of $3,429,818 and mortgage note indebtedness of $1,094,933.

(c)Includes properties classified as held for sale as of December 31, 2023.

(d)Includes development placed in service of $77,520 at one development property.


Investments in Real Estate	December 31, 2023 (1)		December 31, 2022 (2)		December 31, 2021

Balance, beginning of period	$	6,652,083	$	6,534,563	$	1,916,770
Additions during period:
Acquisitions and consolidations	49,939		201,611		4,686,943
Improvements to land and building	217,235		85,227		43,035
Deductions during period:
Dispositions of real estate	(283,991)		(161,836)		(106,916)
Impairment of real estate assets held for sale	(32,956)		—		—
Asset write-offs	(23,120)		(7,482)		(5,269)
Balance, end of period:	$	6,579,190	$	6,652,083	$	6,534,563


Accumulated Depreciation	December 31, 2023 (1)		December 31, 2022 (2)		December 31, 2021

Balance, beginning of period	$	426,097	$	254,123	$	208,618
Depreciation expense	216,838		197,539		70,156
Dispositions of real estate	(13,411)		(18,083)		(19,382)
Asset write-off	(23,120)		(7,482)		(5,269)
Balance, end of period:	$	606,404	$	426,097	$	254,123

(1)Includes six properties classified as held for sale as of December 31, 2023.

(2)Includes one property classified as held for sale as of December 31, 2022.