Real Estate Acquisitions and Leases (Tables)

6 Months Ended

Jun. 30, 2025

Real Estate Acquisitions and Leases

Schedule of tangible assets acquired and intangible lease liabilities assumed

Component of Value	Assets		Liabilities
Land	$	10,127		-
Building		5,800		-
Site improvements		412		-
Tenant improvements		60		-
Tangible assets	$	16,399	$	-
Leasehold improvements (below market)		-		(459)
Leases in place		666		-
Intangible assets	$	666	$	(459)
Total fair value		17,065		(459)
Allocated purchase price	$	16,606

Schedule of maturity of operating lease liability

Maturity of Lease Liabilities	Operating		Finance
(in thousands)	Leases (a)		Leases (b)
Remainder of 2025	$	2,135	$	2,690
2026		4,040		5,487
2027		4,315		5,651
2028		4,264		5,821
2029		4,268		5,995
2030		4,254		6,175
Thereafter		40,248		84,341
Total lease payments	$	63,524	$	116,160
Less: imputed interest		26,238		46,101
Total lease liabilities	$	37,286	$	70,059

(a) Operating lease payments include $26.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.

Schedule of maturity of finance lease liability

Maturity of Lease Liabilities	Operating		Finance
(in thousands)	Leases (a)		Leases (b)
Remainder of 2025	$	2,135	$	2,690
2026		4,040		5,487
2027		4,315		5,651
2028		4,264		5,821
2029		4,268		5,995
2030		4,254		6,175
Thereafter		40,248		84,341
Total lease payments	$	63,524	$	116,160
Less: imputed interest		26,238		46,101
Total lease liabilities	$	37,286	$	70,059

(a) Operating lease payments include $26.0 million related to options to extend lease terms that are reasonably certain of being exercised.

(b) Finance lease payments include $75.8 million related to options to extend lease terms that are reasonably certain of being exercised.