v3.24.3

Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Schedule of Condensed Consolidated Balance Sheets | The following table presents a summary of selected financial data of the consolidated VIE included in the Condensed Consolidated Balance Sheets:
(in thousands) |  | September 30, 2024 |
Assets |  |  |
Accounted for using the operating method: |  |  |
Land |  | $ | 7,644 |
Land improvements |  |  | 2,508 |
Buildings and improvements |  |  | 38,820 |
Total accounted for using the operating method |  |  | 48,972 |
Less accumulated depreciation |  |  | (529 | )
Accounted for using the operating method, net |  |  | 48,443 |
Intangible lease assets, net |  |  | 3,584 |
Other assets |  |  | 1,739 |
Total assets |  | $ | 53,766 |
Liabilities |  |  |
Intangible lease liabilities, net |  | $ | 533 |
Other liabilities |  |  | 1,319 |
Total liabilities |  | $ | 1,852 |
Schedule of Investments in Property Under Development | The following tables summarize the Company’s investments in property under development:
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Development, construction and improvement costs |  | $ | — |  |  | $ | 93,501 |
Capitalized interest |  |  | — |  |  |  | 1,463 |
Property under development |  | $ | — |  |  | $ | 94,964 |
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Investment in properties under development, excluding capitalized costs |  | $ | 18,450 |  |  | $ | 11,870 |  |  | $ | 85,900 |  |  | $ | 49,052 |
Summary of Impairment Charge | The following table summarizes the Company’s impairment charges:
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
(in thousands, except number of properties) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Number of properties |  |  | 3 |  |  |  | — |  |  |  | 17 |  |  |  | 1 |
Impairment charge |  | $ | 1,059 |  |  | $ | — |  |  | $ | 31,311 |  |  | $ | 1,473 |
Summary of Company Properties | The following table summarizes the Company’s properties classified as held for sale:
(in thousands) |  | September 30, 2024 |
Assets |  |  |
Accounted for using the operating method: |  |  |
Land |  | $ | 7,496 |
Land improvements |  |  | 3,627 |
Buildings and improvements |  |  | 35,144 |
Total accounted for using the operating method |  |  | 46,267 |
Less accumulated depreciation |  |  | (9,312 | )
Accounted for using the operating method, net |  |  | 36,955 |
Intangible lease assets, net |  |  | 1,824 |
Investments in rental property and intangible lease assets held for sale, net |  | $ | 38,779 |
Summary of Restricted Cash | Restricted cash consisted of the following:
|  | September 30, |  |  | December 31, |
(in thousands) |  | 2024 |  |  | 2023 |
Escrow funds and other |  | $ | 2,219 |  |  | $ | 1,138 |
1031 exchange proceeds |  |  | — |  |  |  | — |
|  | $ | 2,219 |  |  | $ | 1,138 |
Summary of Rents Received in Advance | Rent received in advance consisted of the following:
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Rent received in advance |  | $ | 15,323 |  |  | $ | 14,776 |
Balances of Financial Instruments Measured at Fair Value on Recurring Basis | The balances of financial instruments measured at fair value on a recurring basis are as follows (see Note 9):
|  | September 30, 2024 |
(in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate swap, assets |  | $ | 27,812 |  |  | $ | — |  |  | $ | 27,812 |  |  | $ | — |
Interest rate swap, liabilities |  |  | (13,050 | ) |  |  | — |  |  |  | (13,050 | ) |  |  | — |
|  | December 31, 2023 |
(in thousands) |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Interest rate swap, assets |  | $ | 46,096 |  |  | $ | — |  |  | $ | 46,096 |  |  | $ | — |
Summary of Carrying Amount Reported on Condensed Consolidated Balance Sheets | The following table summarizes the carrying amount reported in the Condensed Consolidated Balance Sheets and the Company’s estimate of the fair value of the unsecured revolving credit facility, mortgages, unsecured term loans, and senior unsecured notes which reflects the fair value of interest rate swaps:
(in thousands) |  | September 30, 2024 |  |  | December 31, 2023 |
Carrying amount |  | $ | 1,952,974 |  |  | $ | 1,919,607 |
Fair value |  |  | 1,878,904 |  |  |  | 1,761,177 |
Summary of Right-of-Use Assets And Lease Liabilities Associated With Operating Leases Included In Condensed Consolidated Balance Sheets | Right-of-use assets and lease liabilities associated with operating leases were included in the accompanying Condensed Consolidated Balance Sheets as follows:
|  |  |  | September 30, |  |  | December 31, |
(in thousands) |  | Financial Statement Presentation |  | 2024 |  |  | 2023 |
Right-of-use assets |  | Prepaid expenses and other assets |  | $ | 7,243 |  |  | $ | 8,476 |
Lease liabilities |  | Accounts payable and other liabilities |  |  | 7,607 |  |  |  | 8,256 |

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