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Real Estate Transactions | 6 Months Ended
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Jun. 30, 2025
Real Estate [Abstract] |
Real Estate Transactions | Real Estate Transactions The following table summarizes the Company’s acquisitions for the six months ended June 30, 2025. The purchase prices including transaction costs were allocated to the separately identifiable tangible and intangible assets and liabilities based on their relative fair values at the date of acquisition. The total purchase price including transaction costs was allocated as follows (in thousands, except for the number of properties):
Three Months Ended |  | Number of Properties |  | Land |  | Building and Improvements |  | Tenant Improvements |  | In-place lease intangibles |  | Above- market leases |  | Below- market leases |  | Other (1) |  | Total (2)
2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 31, 2025 | (3) | 36 |  |  | $ | 3,990 |  |  | $ | 12,579 |  |  | $ | 114 |  |  | $ | 1,192 |  |  | $ | — |  |  | $ | (1,415) |  |  | $ | (119) |  |  | $ | 16,341 |
June 30, 2025 | (4) | 68 |  |  | $ | 8,402 |  |  | $ | 28,473 |  |  | $ | 269 |  |  | $ | 2,775 |  |  | $ | 11 |  |  | $ | (3,131) |  |  | $ | 68 |  |  | $ | 36,867 |
Total |  | 104 |  |  | 12,392 |  |  | 41,052 |  |  | 383 |  |  | 3,967 |  |  | 11 |  |  | (4,546) |  |  | (51) |  |  | 53,208 |
Explanatory Notes: (1)Includes intangible liabilities related to unfavorable operating leases with purchase options on three properties during the three months ended March 31, 2025 and two properties during the three months ended June 30, 2025 that is included in “Accounts payable, accrued expenses and other, net" on the Consolidated Balance Sheets. Also, includes a below market ground lease intangible asset on four properties during the three months ended June 30, 2025 that is included in “Prepaid expenses and other assets, net" on the Consolidated Balance Sheets. (2)Includes closing costs of approximately $0.5 million for the three months ended March 31, 2025 and $1.0 million for the three months ended June 30, 2025. (3)Includes the acquisition of 36 properties in various states in individual or portfolio transactions for a price of approximately $16.3 million, including closing costs, which was funded with both the issuance of OP Units to the sellers (valued at approximately $1.0 million using the share price of Class A common stock on the date of the issuance of such OP units) and cash consideration. (4)Includes the acquisition of 68 properties in various states in individual or portfolio transactions for a price of approximately $36.9 million, including closing costs, which were funded with both the issuance of OP Units to the sellers (valued at approximately $5.0 million using the share price of Class A common stock on the date of each issuance of such OP units) and cash consideration. Sale of Real Estate During the six months ended June 30, 2025, the Company sold one real estate property for net proceeds of $0.8 million and recorded a loss of $0.05 million. Assets Held for Sale During the three and six months ended June 30, 2025 as a result of a tenant exercising a purchase option for one property, the Company reclassified the carrying value consisting of $0.1 million of land and $0.5 million of buildings and other real estate assets to "Assets held for sale, net" on the Company's Consolidated Balance Sheet and liabilities held for sale of $0.1 million is included as "Accounts payable, accrued expenses and other, net" on the Company's Consolidated Balance Sheet. Refer to Note 2, Impairment of Long-lived Assets for further discussion. Casualty and Impairment Losses (Gains), Net During the three and six months ended June 30, 2025, the Company recognized $0.1 million and $0.6 million, respectively, in gross charges primarily related to the estimated net book value of several properties damaged and related repairs, offset by an estimated $0.6 million and $1.0 million, respectively, of related insurance claims, resulting in a net recovery of $0.5 million and $0.4 million, respectively, included within “Casualty and impairment losses (gains), net” on the Consolidated Statement of Operations and Comprehensive Income. The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles. To the extent insurance proceeds ultimately exceed the difference between replacement cost and net book value of the damaged assets and any related expenses incurred, the excess will be reflected as income in the period those amounts are determinable and approved by the insurance company. No determination has been made as to the total amount of timing of insurance payments that may be received as a result of the events.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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