v3.24.3

Summary of Significant Accounting Policies (Tables)

9 Months Ended

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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