Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Land	$	28,264	$	19,748	$	44,872	$	34,052
Buildings	55,508		56,869		114,887		100,002
Site improvements	7,001		5,490		13,429		8,969
Tenant improvements	359		1,168		1,804		1,559
In-place lease intangible assets	4,479		11,399		15,772		17,809
Above-market lease intangible assets	—		1,543		—		1,543






Purchase price (including acquisition costs)	$	95,611	$	96,217	$	190,764	$	163,934

Schedule of Mortgage Loans Receivable

The Company’s mortgage loans receivable portfolio as of June 30, 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	June 30, 2024		December 31, 2023
Mortgage (3) (4)	I/O	1	7.60%	7.50%	1/8/2025	$	43,612	$	43,612
Mortgage (4)	I/O	46	9.55%	9.55%	3/10/2026	41,940		41,940
Mortgage (4) (5)	I/O	3	8.11%	6.89%	4/10/2026	4,132		4,132
Mortgage (3) (4) (5)	I/O	9	7.59%	7.59%	6/10/2025	14,024		14,024
Mortgage	None (6)	1	7.73%	8.50%	12/29/2024	660		660
Mortgage (3)	P+I	1	9.32%	7.50%	1/8/2025	3,231		3,246
Mortgage (3) (4) (7)	I/O	12	8.80%	10.25%	6/18/2025	16,823		5,007
Mortgage (3) (4)	I/O	2	14.10%	10.25%	12/22/2024	4,149		1,909
Mortgage (3) (4)	I/O	1	10.25%	10.25%	4/26/2025	819		—
Mortgage (3) (4)	I/O	1	10.25%	10.25%	5/15/2025	784		—
Total						130,174		114,530
Unamortized loan origination costs and fees, net						20		58
Unamortized discount						(252)		(116)
Total mortgage loans receivable, net						$	129,941	$	114,472

(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 December 5, 2024 to June 18, 2025.