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Real Estate Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Real Estate [Abstract] |
Schedule of Real Estate Properties | The Company’s gross investment portfolio is summarized below (dollars in thousands):
| Number of Investments |  | Amount of Investment
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2025 |  | December 31, 2024
Properties held for investment (1) | 656 |  | 589 |  | $ | 2,585,707 |  |  | $ | 2,164,566 |
Properties held for sale | 21 |  | 23 |  | 39,960 |  |  | 46,725 |
Mortgage loans receivable | 81 |  | 76 |  | 142,555 |  |  | 139,483 |
Properties under development (2) | 3 |  | 4 |  | 5,500 |  |  | 6,118 |
Total gross investment | 761 |  | 692 |  | $ | 2,773,722 |  |  | $ | 2,356,892 |
(1) Includes one vacant property for the years ended December 31, 2025 and 2024, and one completed development where rent had not commenced as of December 31, 2024. (2) Rent has not commenced for properties under development. The Company’s property dispositions are summarized below (dollars in thousands):
| Year Ended December 31,
| 2025 (1) |  | 2024 |  | 2023
Number of properties sold | 78 |  | 56 |  | 19
Sales price, net of disposal costs | $ | 169,081 |  |  | $ | 110,945 |  |  | $ | 40,259 |
Gain on sales of real estate, net | $ | 7,686 |  |  | $ | 1,876 |  |  | $ | 1,175 |
(1) Includes the disposal of one property under development. The Company’s investment in property developments is summarized below (dollars in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Number of developments acquired | 2 |  | 4
Purchase price of acquired developments | $ | 3,085 |  |  | $ | 2,010 |
Total investment in properties under development (1) | $ | 6,901 |  |  | $ | 29,788 |
Number of developments completed (2) | 2 |  | 18
Amounts placed into service (3) | $ | 6,545 |  |  | $ | 52,887 |
(1) During the years ended December 31, 2025 and 2024, the Company capitalized $0.2 million and $0.8 million, respectively, of interest expense associated with properties under development. (2) For the two developments completed during the year ended December 31, 2025, rent commenced in the second quarter of 2025. For the 18 developments completed during the year ended December 31, 2024, rent commenced at various points throughout 2024, with one rent commencement in the first quarter of 2025. (3) Amounts reclassified from property under development to land, buildings and improvements, and other assets (leasing commissions) in the accompanying consolidated balance sheets.
Allocation of Purchase Price Paid for Completed Acquisitions | An allocation of the purchase price and acquisition costs paid for the completed acquisitions during the period is as follows (dollars in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Number of properties acquired | 140 |  | 115
Purchase price allocation: |  |  |
Land | $ | 245,948 |  |  | $ | 141,074 |
Buildings | 281,376 |  |  | 266,644 |
Site improvements | 26,272 |  |  | 31,825 |
Tenant improvements | 3,396 |  |  | 3,934 |
In-place lease intangible assets | 42,225 |  |  | 36,580 |
Above-market lease intangible assets | 3,815 |  |  | — |
Below-market lease intangible liabilities | (71) |  |  | — |
Total (1) | $ | 602,961 |  |  | $ | 480,057 |
(1) During the years ended December 31, 2025 and 2024, the Company capitalized $7.0 million and $4.6 million of acquisition costs, respectively.
Schedule of Accounts, Notes, Loans and Financing Receivable | The Company’s mortgage loans receivable portfolio is summarized below (dollars in thousands):
Loan Type |  | Monthly Payment (1) |  | Number of Secured Properties |  | Effective Interest Rate (2) |  | Stated Interest Rate |  | Maturity Date |  | December 31, 2025 |  | December 31, 2024
Mortgage (3) (4) |  | I/O |  | 1 |  | 6.71% |  | 6.00% |  | 8/31/2027 |  | $ | 38,162 |  |  | $ | 43,612 |
Mortgage (4) |  | I/O |  | 46 |  | 9.55% |  | 9.55% |  | 3/10/2026 |  | 41,940 |  |  | 41,940 |
Mortgage (4) (5) |  | I/O |  | 3 |  | 8.10% |  | 6.89% |  | 4/10/2026 |  | 4,132 |  |  | 4,132 |
Mortgage (3) (4) (5) |  | I/O |  | 2 |  | 9.52% |  | 10.09% |  | 6/10/2026 |  | 2,230 |  |  | 8,408 |
Mortgage |  | None (6) |  | 1 |  | 7.00% |  | 7.00% |  | 1/31/2026 |  | 825 |  |  | 825 |
Mortgage (3) (4) (7) |  | I/O |  | 5 |  | 10.26% |  | 10.25% |  | 6/5/2026 |  | 9,356 |  |  | 11,658 |
Mortgage (3) (4) (8) |  | I/O |  | 3 |  | 10.25% |  | 10.25% |  | 2/27/2026 |  | 5,883 |  |  | 8,853 |
Mortgage (9) |  | P+I |  | 1 |  | 7.25% |  | 7.25% |  | 7/17/2027 |  | — |  |  | 4,076 |
Mortgage (9) |  | P+I |  | 1 |  | 7.25% |  | 7.25% |  | 7/17/2027 |  | — |  |  | 5,221 |
Mortgage |  | I/O |  | 1 |  | 14.68% |  | 13.09% |  | 1/17/2025 |  | — |  |  | 1,299 |
Mortgage |  | P+I |  | 1 |  | 7.25% |  | 7.25% |  | 9/19/2027 |  | 1,411 |  |  | 1,434 |
Mortgage |  | I/O |  | 1 |  | 7.00% |  | 7.00% |  | 9/30/2029 |  | 636 |  |  | 636 |
Mortgage |  | I/O |  | 1 |  | 6.50% |  | 6.50% |  | 12/23/2029 |  | 3,284 |  |  | 3,284 |
Mortgage |  | I/O |  | 1 |  | 6.50% |  | 6.50% |  | 12/23/2029 |  | 4,105 |  |  | 4,105 |
Mortgage (3) (4) |  | I/O |  | 1 |  | 9.75% |  | 9.75% |  | 3/12/2026 |  | 1,829 |  |  | — |
Mortgage (3) (10) |  | None (6) |  | 13 |  | 9.75% |  | 9.75% |  | 1/30/2027 |  | 21,644 |  |  | — |
Mortgage |  | I/O |  | 1 |  | 7.25% |  | 7.25% |  | 5/18/2027 |  | 6,050 |  |  | — |
Mortgage (3) |  | I/O |  | 1 |  | 9.75% |  | 9.75% |  | 12/5/2026 |  | 1,068 |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  | 142,555 |  |  | 139,483 |
Unamortized loan origination costs and fees, net |  |  |  |  |  |  |  | 81 |  |  | 74 |
Unamortized discount |  |  |  |  |  |  |  |  |  | (172) |  |  | (148) |
Total mortgage loans receivable, net |  |  |  |  |  |  |  | $ | 142,464 |  |  | $ | 139,409 |
(1) I/O: Interest Only; P+I: Principal and Interest. (2) Includes amortization of discount, loan origination costs and fees, 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 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. (6) Payments of both interest and principal are due at maturity. (7) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from January 30, 2026 to June 5, 2026. (8) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from January 24, 2026 to February 27, 2026. (9) Loans were disposed during the year ended December 31, 2025. The table also excludes one loan that was entered into and disposed during the year ended December 31, 2025. (10) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from March 28, 2026 to January 30, 2027.

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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 -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
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