Real Estate Investments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Real Estate [Abstract] |
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| Schedule of real estate acquisitions |
The following table summarizes the acquisitions completed by the Company during the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of properties acquired | | 82 | | 91 | | 167 | | 137 | | | | | | | | | | | Purchase price allocation, including acquisition and closing costs: | | | | | | | | | | Land | | $ | 155,049 | | | $ | 61,185 | | | $ | 274,288 | | | $ | 147,298 | | | Building and improvements | | 225,242 | | | 216,657 | | | 447,335 | | | 431,530 | | | Lease intangibles and other assets, net | | 72,973 | | | 51,333 | | | 135,976 | | | 108,543 | | | Total purchase price, including acquisition and closing costs | | $ | 453,264 | | | $ | 329,175 | | | $ | 857,599 | | | $ | 687,371 | |
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| Schedule of real estate property development |
The following table summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of projects commenced | | 5 | | 1 | | 7 | | 5 | | Number of ongoing projects | | 10 | | 14 | | 10 | | 14 | | Number of projects delivered | | 1 | | 4 | | 5 | | 10 |
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| Schedule of real estate dispositions |
The following table summarizes the Company’s disposition activity during the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of properties sold | | 14 | | 4 | | 21 | | 5 | | Net proceeds | | $ | 28,858 | | | $ | 5,775 | | | $ | 38,923 | | | $ | 8,158 | | | Gain on sale of assets, net | | $ | 2,014 | | | $ | 1,510 | | | $ | 3,711 | | | $ | 2,282 | |
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| Schedule of real estate assets held-for-sale |
Real estate held for sale, net in the condensed consolidated balance sheets is comprised of the following (in thousands): | | | | | | | | | | | June 30, 2026 | | Land | | $ | 2,653 | | | Building | | 6,294 | | | Accumulated depreciation | | (311) | | | | $ | 8,636 | | | Lease intangibles, net | | $ | 684 | | | Total real estate held for sale, net | | $ | 9,320 | |
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| Schedule of provisions for impairment on real estate properties |
As a result of the Company’s review of real estate investments, it recognized the following provision for impairment for the periods presented (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Number of properties impaired | | 5 | | 3 | | 10 | | 7 | | Provision for impairment | | $ | 5,900 | | | $ | 2,961 | | | $ | 7,300 | | | $ | 7,292 | | | Estimated fair value of impaired properties at time of impairment | | $ | 10,043 | | | $ | 3,172 | | | $ | 18,433 | | | $ | 7,658 | |
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