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Real Estate Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Real Estate [Abstract] |
Allocation of Purchase Price Paid for Completed Acquisitions | An allocation of the purchase price and acquisition costs paid for the completed acquisitions is as follows (in thousands):
| Three Months Ended March 31,
| 2024 |  | 2023
Land | $ | 16,608 |  |  | $ | 14,304 |
Buildings | 59,379 |  |  | 43,133 |
Site improvements | 6,428 |  |  | 3,479 |
Tenant improvements | 1,445 |  |  | 391 |
In-place lease intangible assets | 11,293 |  |  | 6,410 |
Purchase price (including acquisition costs) | $ | 95,153 |  |  | $ | 67,717 |
Schedule of Mortgage Loans Receivable | The Company’s mortgage loans receivable portfolio as of March 31, 2024 and December 31, 2023 is summarized below (in thousands):
Loan Type |  | Monthly Payment (1) |  | Number of Secured Properties |  | Effective Interest Rate (2) |  | Stated Interest Rate |  | Maturity Date |  | March 31, 2024 |  | December 31, 2023
Mortgage (3) (4) (5) |  | I/O |  | 1 |  | 6.74% |  | 7.00% |  | 4/8/2024 |  | $ | 43,612 |  |  | $ | 43,612 |
Mortgage (4) |  | I/O |  | 46 |  | 9.55% |  | 9.55% |  | 3/10/2026 |  | 41,940 |  |  | 41,940 |
Mortgage (4) (6) |  | I/O |  | 3 |  | 8.10% |  | 6.89% |  | 4/10/2026 |  | 4,132 |  |  | 4,132 |
Mortgage (3) (4) (6) |  | I/O |  | 9 |  | 7.59% |  | 7.59% |  | 6/10/2025 |  | 14,023 |  |  | 14,024 |
Mortgage |  | None (7) |  | 1 |  | 8.50% |  | 8.50% |  | 12/29/2024 |  | 660 |  |  | 660 |
Mortgage (3) |  | P+I |  | 1 |  | 7.50% |  | 7.50% |  | 1/8/2025 |  | 3,239 |  |  | 3,246 |
Mortgage (3) (4) (8) |  | I/O |  | 11 |  | 10.22% |  | 10.25% |  | 3/19/2025 |  | 14,209 |  |  | 5,007 |
Mortgage (3) (4) |  | I/O |  | 2 |  | 10.25% |  | 10.25% |  | 12/22/2024 |  | 2,915 |  |  | 1,909 |
Total |  |  |  |  |  |  |  |  |  |  |  | 124,730 |  |  | 114,530 |
Unamortized loan origination costs and fees, net |  |  |  |  |  |  |  | (10) |  |  | 58 |
Unamortized discount |  |  |  |  |  |  |  | (103) |  |  | (116) |
Total mortgage loans receivable, net |  |  |  |  |  |  |  | $ | 124,617 |  |  | $ | 114,472 |
(1) I/O: Interest Only; P+I: Principal and Interest. (2) Includes amortization of discount and loan origination costs, as applicable. (3) The Company has the right, subject to certain terms and conditions, to acquire all or a portion of the underlying collateralized properties. (4) Loans require monthly payments of interest only with principal payments occurring as borrower disposes of underlying properties, limited to the Company’s allocated investment by property. Any remaining principal balance will be repaid at or before the maturity date. (5) The $43.6 million mortgage note receivable was scheduled to mature on April 8, 2024, however, the Company executed an amendment in April 2024 that extended the maturity date to January 8, 2025. (6) The stated interest rate is variable up to 15.0% and is calculated based on contractual rent for existing collateralized properties subject to the loan agreement. (7) Payments of both interest and principal are due at maturity.

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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