Real Estate Investments

3 Months Ended

Mar. 31, 2024

Real Estate Investments

Real Estate Investments

Note 4 – Real Estate Investments

Real Estate Portfolio

As of March 31, 2024, the Company owned 2,161 properties, with a total gross leasable area (“GLA”) of approximately 44.9 million square feet. Net Real Estate Investments totaled $6.82 billion as of March 31, 2024. As of December 31, 2023, the Company owned 2,135 properties, with a total GLA of approximately 44.2 million square feet. Net Real Estate Investments totaled $6.74 billion as of December 31, 2023.

Acquisitions

During the three months ended March 31, 2024, the Company purchased 31 retail net lease assets for approximately $128.3 million, which includes acquisition and closing costs. These properties are located in 22 states and had a weighted average lease term of approximately 8.2 years.

The aggregate acquisitions for the three months ended March 31, 2024 were allocated $31.0 million to land, $83.2 million to buildings and improvements and $14.1 million to lease intangibles, net.

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 were leased for a weighted average lease term of approximately 13.1 years.

The 2024 and 2023 acquisitions were funded as cash purchases and there were no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during 2024 or 2023 caused any new or existing tenants to comprise 10% or more of the Company’s total annualized contractual base rent at March 31, 2024 and 2023.

Developments

During the three months ended March 31, 2024, the Company commenced four and completed two development or Developer Funding Platform (“DFP”) projects. At March 31, 2024, the Company had 18 development or DFP projects under construction.

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

Dispositions

During the three months ended March 31, 2024, the Company sold six assets for net proceeds of $21.1 million and recorded a net gain of $2.1 million. The Company did not dispose of any properties during the three months ended March 31, 2023.

Assets Held for Sale

The Company classified three properties as real estate held for sale as of March 31, 2024 and one property as real estate held for sale as of December 31, 2023, the assets for which are separately presented in the consolidated balance sheets as follows (presented in thousands):

	March 31, 2024		December 31, 2023
Land	$	2,137	$	671
Building		3,586		2,978
		5,723		3,649
Accumulated depreciation and amortization, net		(307)		(7)
Total Real Estate Held for Sale, net	$	5,416	$	3,642

Provisions for Impairment

As a result of the Company’s review of real estate investments, it recognized $4.5 million and no provisions for impairment for the three months ended March 31, 2024 and 2023, respectively. The estimated fair value of the impaired real estate assets at their time of impairment during 2024 was $13.7 million.