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Real Estate Investments (Tables)
 3 Months Ended
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,
20242023
Land$16,608 $14,304 
Buildings59,379 43,133 
Site improvements6,428 3,479 
Tenant improvements1,445 391 
In-place lease intangible assets11,293 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 RateMaturity DateMarch 31, 2024December 31, 2023
Mortgage (3) (4) (5)
I/O16.74%7.00%4/8/2024$43,612 $43,612 
Mortgage (4)
I/O469.55%9.55%3/10/202641,940 41,940 
Mortgage (4) (6)
I/O38.10%6.89%4/10/20264,132 4,132 
Mortgage (3) (4) (6)
I/O97.59%7.59%6/10/202514,023 14,024 
Mortgage
None (7)
18.50%8.50%12/29/2024660 660 
Mortgage (3)
P+I17.50%7.50%1/8/20253,239 3,246 
Mortgage (3) (4) (8)
I/O1110.22%10.25%3/19/202514,209 5,007 
Mortgage (3) (4)
I/O210.25%10.25%12/22/20242,915 1,909 
Total124,730 114,530 
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.