Real Estate Investments	3 Months Ended
Mar. 31, 2023
Real Estate Investments
Real Estate Investments	Note 4 – Real Estate Investments Real Estate Portfolio As of March 31, 2023, the Company owned 1,908 properties, with a total gross leasable area (“GLA”) of approximately 40.1 million square feet. Net Real Estate Investments totaled $6.0 billion as of March 31, 2023. As of December 31, 2022, the Company owned 1,839 properties, with a total GLA of approximately 38.1 million square feet. Net Real Estate Investments totaled $5.7 billion as of December 31, 2022. Acquisitions During the three months ended March 31, 2023, the Company purchased 66 retail net lease assets for approximately $303.9 million, which includes acquisition and closing costs. These properties are located in 24 states and had a weighted average lease term of approximately 13.1 years. The aggregate acquisitions for the three months ended March 31, 2023 were allocated $59.7 million to land, $217.4 million to buildings and improvements and $26.8 million to lease intangibles, net. During the three months ended March 31, 2022, the Company purchased 106 retail net lease assets for approximately $409.8 million, which includes acquisition and closing costs. These properties are located in 32 states and had a weighted average lease term of approximately 9.2 years. The aggregate acquisitions for the three months ended March 31, 2022 were allocated $99.8 million to land, $249.2 million to buildings and improvements, and $60.8 million to lease intangibles. The acquisitions were funded as all cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first three months of 2023 or 2022 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent. Developments During the three months ended March 31, 2023, the Company commenced five and completed three development or Partner Capital Solutions projects. At March 31, 2023, the Company had 26 development or Partner Capital Solutions projects under construction. During the three months ended March 31, 2022, the Company commenced 15 and completed one development or Partner Capital Solutions projects. As of March 31, 2022, the Company had 17 development or Partner Capital Solutions projects under construction. Dispositions The Company did not dispose of any properties during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company sold one property for net proceeds of $7.6 million and recorded a net gain of $2.3 million. Assets Held for Sale The Company did not classify any operating properties as real estate held for sale at March 31, 2023 or December 31, 2022. Provisions for Impairment As a result of the Company’s review of real estate investments, it recognized no provisions for impairment for the three months ended March 31, 2023 and a $1.0 million provision for impairment for the three months ended March 31, 2022. The estimated fair value of the impaired real estate assets at their time of impairment during 2022 was $1.8 million.

Real Estate Investments

3 Months Ended

Mar. 31, 2023

Note 4 – Real Estate Investments

Real Estate Portfolio

As of March 31, 2023, the Company owned 1,908 properties, with a total gross leasable area (“GLA”) of approximately 40.1 million square feet. Net Real Estate Investments totaled $6.0 billion as of March 31, 2023. As of December 31, 2022, the Company owned 1,839 properties, with a total GLA of approximately 38.1 million square feet. Net Real Estate Investments totaled $5.7 billion as of December 31, 2022.

Acquisitions

During the three months ended March 31, 2023, the Company purchased 66 retail net lease assets for approximately $303.9 million, which includes acquisition and closing costs. These properties are located in 24 states and had a weighted average lease term of approximately 13.1 years.

The aggregate acquisitions for the three months ended March 31, 2023 were allocated $59.7 million to land, $217.4 million to buildings and improvements and $26.8 million to lease intangibles, net.

During the three months ended March 31, 2022, the Company purchased 106 retail net lease assets for approximately $409.8 million, which includes acquisition and closing costs. These properties are located in 32 states and had a weighted average lease term of approximately 9.2 years. The aggregate acquisitions for the three months ended March 31, 2022 were allocated $99.8 million to land, $249.2 million to buildings and improvements, and $60.8 million to lease intangibles.

The acquisitions were funded as all cash purchases and there was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first three months of 2023 or 2022 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent.

Developments

During the three months ended March 31, 2023, the Company commenced five and completed three development or Partner Capital Solutions projects. At March 31, 2023, the Company had 26 development or Partner Capital Solutions projects under construction.

During the three months ended March 31, 2022, the Company commenced 15 and completed one development or Partner Capital Solutions projects. As of March 31, 2022, the Company had 17 development or Partner Capital Solutions projects under construction.

Dispositions

The Company did not dispose of any properties during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company sold one property for net proceeds of $7.6 million and recorded a net gain of $2.3 million.

Assets Held for Sale

The Company did not classify any operating properties as real estate held for sale at March 31, 2023 or December 31, 2022.

Provisions for Impairment

As a result of the Company’s review of real estate investments, it recognized no provisions for impairment for the three months ended March 31, 2023 and a $1.0 million provision for impairment for the three months ended March 31, 2022. The estimated fair value of the impaired real estate assets at their time of impairment during 2022 was $1.8 million.