SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION

As of December 31, 2025

					Initial Cost to Company								Gross Amount Carried at December 31, 2025
($ in thousands)	Location	No. of Buildings	Debt (1)		Land		Buildings and Improvements (2)		Total Costs		Cost Capitalized or Adjustments Subsequent to Acquisition (4)		Land		Buildings and Improvements (2)		Total Costs (3, 4)		Accumulated Depreciation (4, 5, 6)		Acquisition Date
Residential properties:
The Daley	Rockville, MD	4	$	58,905	$	15,139	$	80,500	$	95,639	$	1,648	$	15,139	$	82,148	$	97,287	$	(16,671)	7/2/2019
Juno Winter Park	Winter Park, FL	1	46,306		9,129		75,420		84,549		1,346		9,129		76,766		85,895		(14,315)		7/9/2019
Perimeter	Sandy Springs, GA	1	67,682		17,407		99,763		117,170		1,143		17,407		100,906		118,313		(19,268)		12/19/2019
The Palms	Davie, FL	15	62,154		18,737		60,475		79,212		4,207		18,737		64,682		83,419		(12,048)		11/3/2020
oLiv Tucson	Tucson, AZ	1	85,000		—		125,003		125,003		1,017		—		126,020		126,020		(15,079)		10/20/2021
Arabelle Clearwater	Clearwater, FL	10	60,843		11,633		104,719		116,352		349		11,633		105,068		116,701		(13,197)		11/30/2021
Vue 1400	West Palm Beach, FL	1	51,551		12,835		69,800		82,635		299		12,835		70,099		82,934		(9,187)		12/21/2021 (7)
Arabelle Riverwalk	Tampa Bay, FL	1	117,063		20,005		214,045		234,050		912		20,005		214,957		234,962		(25,243)		12/28/2021
Skye 750	King of Prussia, PA	1	—		12,535		80,310		92,845		770		12,535		81,080		93,615		(9,993)		1/5/2022
Arabelle City Center	Pembroke, FL	11	—		15,776		141,006		156,782		3,116		15,776		144,122		159,898		(16,559)		4/12/2022
Dallas Cityline	Richardson, TX	1	—		6,281		104,812		111,093		1,320		6,281		106,132		112,413		(12,642)		4/13/2022
Dallas Wycliff	Dallas, TX	3	—		14,021		80,062		94,083		2,144		14,021		82,206		96,227		(10,034)		4/13/2022
Dallas Maple District	Dallas, TX	2	—		14,725		78,364		93,089		1,440		14,725		79,804		94,529		(9,487)		4/13/2022
San Vance	San Antonio, TX	14	—		8,860		68,726		77,586		801		8,860		69,527		78,387		(8,964)		4/13/2022
San Stone Oak	San Antonio, TX	15	27,697		4,569		68,036		72,605		982		4,569		69,018		73,587		(8,725)		4/13/2022
Arabelle Lincoln Station	Denver, CO	1	—		5,798		74,288		80,086		1,117		5,798		75,405		81,203		(5,687)		8/16/2023
BLVD Dallas	Dallas, TX	7	—		7,752		50,298		58,050		2,398		7,752		52,696		60,448		(4,203)		9/15/2023
Regency at Johns Creek Walk	Atlanta, GA	5	—		9,150		50,665		59,815		2,384		9,150		53,049		62,199		(4,089)		11/6/2023
CERU Boca Raton	Boca Raton, FL	1	—		12,766		126,952		139,718		542		12,766		127,494		140,260		(7,456)		5/15/2024
Mercury NoDa	Charlotte, NC	1	—		8,465		64,149		72,614		1,473		8,465		65,622		74,087		(2,936)		11/13/2024
The Artizia at Loso	Charlotte, NC	1	—		12,471		83,260		95,731		487		12,471		83,747		96,218		(3,647)		11/19/2024
Everlight	Redmond, WA	1	—		19,352		104,018		123,370		581		19,352		104,599		123,951		(4,405)		12/4/2024
Zaterra	Chandler, AZ	31	—		12,682		125,033		137,715		217		12,682		125,250		137,932		(3,620)		5/14/2025
Eden at Lakeview	Atlanta, GA	4	—		7,078		105,374		112,452		87		7,078		105,461		112,539		(2,526)		7/30/2025
Total residential properties		133	$	577,201	$	277,166	$	2,235,078	$	2,512,244	$	30,780	$	277,166	$	2,265,858	$	2,543,024	$	(239,981)
Industrial properties:
Vasco Road	Livermore, CA	1	$	17,435	$	4,880	$	12,019	$	16,899	$	91	$	4,880	$	12,110	$	16,990	$	(4,342)	7/21/2017
Northgate	North Las Vegas, NV	1	22,605		3,940		20,715		24,655		115		3,943		20,827		24,770		(6,702)		7/26/2017
Stafford Grove	Stafford, TX	3	28,525		8,540		28,879		37,419		3,925		8,586		32,758		41,344		(10,054)		4/9/2018
Kaiser Business Center	Folcroft, PA	2	17,739		6,140		12,730		18,870		2,190		6,140		14,920		21,060		(4,868)		12/10/2018
Tri-County DC	Schertz, TX	1	16,819		2,346		18,400		20,746		1,242		2,346		19,642		21,988		(5,199)		2/13/2019
Florence Logistics Center	Florence, KY	1	14,358		1,791		16,968		18,759		217		1,791		17,185		18,976		(4,742)		5/14/2019
World Connect Logistics Center	Indianapolis, IN	1	32,386		4,983		39,172		44,155		583		4,983		39,755		44,738		(10,356)		9/27/2019
Tri-County DC II A	Schertz, TX	1	9,004		1,280		8,562		9,842		544		1,280		9,106		10,386		(2,602)		10/1/2019
Aurora DC	Aurora, IL	1	7,562		1,681		6,887		8,568		1,059		1,681		7,946		9,627		(2,596)		12/13/2019
Railhead DC	Dallas/Fort Worth, TX	1	—		2,102		17,475		19,577		212		2,102		17,687		19,789		(4,617)		2/4/2020
Tri-County DC II B	Schertz, TX	1	2,393		455		2,429		2,884		166		455		2,595		3,050		(733)		2/14/2020
Sterling IC	Washington, DC	1	3,488		1,976		3,369		5,345		176		1,976		3,545		5,521		(908)		3/25/2020
Clayton Commerce Center	Atlanta, GA	1	48,013		7,403		51,886		59,289		7,196		7,403		59,082		66,485		(17,066)		6/26/2020
Bay Area Commerce Center	East Bay, CA	1	30,984		10,135		38,672		48,807		1,699		10,135		40,371		50,506		(7,976)		8/27/2020
Air Tech DC	Louisville, KY	2	3,019		615		18,471		19,086		684		616		19,154		19,770		(4,414)		10/16/2020
East Columbia IC	Portland, OR	2	11,620		3,352		11,726		15,078		644		3,352		12,370		15,722		(4,273)		12/2/2020
Plainfield LC	Indianapolis, IN	1	11,711		2,514		17,260		19,774		70		2,514		17,330		19,844		(3,239)		12/16/2020
395 LC	Reno, NV	1	54,407		6,752		61,784		68,536		1,096		6,752		62,880		69,632		(13,283)		12/21/2020
Radar Distribution Center	Northampton, PA	1	25,911		7,167		42,373		49,540		750		7,167		43,123		50,290		(6,701)		3/31/2021
Intermountain Space Center	Salt Lake City, UT	1	44,509		14,786		48,645		63,431		3,616		14,786		52,261		67,047		(15,714)		6/30/2021

				Initial Cost to Company				Gross Amount Carried at December 31, 2025
($ in thousands)	Location	No. of Buildings	Debt (1)	Land	Buildings and Improvements (2)	Total Costs	Cost Capitalized or Adjustments Subsequent to Acquisition (4)	Land	Buildings and Improvements (2)	Total Costs (3, 4)	Accumulated Depreciation (4, 5, 6)	Acquisition Date
Airway Industrial Park	San Diego, CA	1	22,439	5,740	18,616	24,356	2,096	5,740	20,712	26,452	(3,381)	7/9/2021
Greenwood Business Center	Greenwood, IN	1	—	858	16,251	17,109	69	858	16,320	17,178	(3,596)	8/2/2021
25 Linden Industrial Center	Jersey City, NJ	1	16,722	7,764	9,576	17,340	265	7,764	9,841	17,605	(3,399)	8/31/2021
Little Orchard Business Park	San Jose, CA	4	50,472	51,265	48,147	99,412	2,361	51,265	50,508	101,773	(16,203)	9/8/2021
Tustin Business Center	Tustin, CA	2	22,070	22,734	12,233	34,967	517	22,734	12,750	35,484	(3,567)	9/22/2021
Campus Drive IC	Burlington, NJ	1	4,086	2,364	4,288	6,652	45	2,364	4,333	6,697	(1,250)	10/7/2021
Long Island Logistics Center	Islandia, NY	1	13,155	4,927	16,198	21,125	406	4,927	16,604	21,531	(4,151)	12/9/2021
Phoenix IC	Phoenix, AZ	1	11,619	4,709	12,895	17,604	359	4,709	13,254	17,963	(3,864)	12/13/2021
Tempe IC	Tempe, AZ	1	18,259	3,628	24,857	28,485	395	3,628	25,252	28,880	(6,336)	12/13/2021
Las Vegas IC	Las Vegas, NV	2	6,148	2,623	6,186	8,809	212	2,623	6,398	9,021	(1,550)	12/13/2021
General Washington IC	Alexandria, VA	1	7,076	2,452	8,599	11,051	852	2,452	9,451	11,903	(2,110)	1/7/2022
Western Food Center	Denver, CO	2	21,332	10,399	28,989	39,388	306	10,399	29,295	39,694	(7,577)	1/14/2022
Orlando LC I & II	Orlando, FL	2	—	8,975	88,020	96,995	3,053	8,975	91,073	100,048	(13,835)	2/17/2022
Orlando LC III & IV	Orlando, FL	2	24,099	3,198	40,505	43,703	1,438	3,198	41,943	45,141	(6,406)	2/17/2022
Orlando LC V	Orlando, FL	1	—	1,939	33,219	35,158	801	1,939	34,020	35,959	(7,736)	2/17/2022
Orlando LC VI	Orlando, FL	1	—	3,405	26,043	29,448	188	3,405	26,231	29,636	(4,563)	2/17/2022
Orlando LC VII	Orlando, FL	1	—	3,156	20,404	23,560	936	3,156	21,340	24,496	(5,760)	2/17/2022
Gillingham IC	Sugarland, TX	1	11,988	2,283	18,268	20,551	68	2,283	18,336	20,619	(2,982)	6/10/2022
Glen Afton IC	Charlotte, NC	1	—	2,294	19,742	22,036	693	2,294	20,435	22,729	(3,762)	6/17/2022
East 56th Ave IC	Denver, CO	1	—	4,724	14,317	19,041	553	4,724	14,870	19,594	(3,705)	6/17/2022
Pine Vista IC	Houston, TX	1	—	2,952	15,838	18,790	845	2,952	16,683	19,635	(3,912)	6/17/2022
Tri-County Parkway IC	San Antonio, TX	1	—	1,579	11,205	12,784	2,356	1,579	13,561	15,140	(3,111)	6/17/2022
Miami NW 114th IC	Miami, FL	1	—	5,533	6,489	12,022	3,175	5,533	9,664	15,197	(1,895)	6/17/2022
North Harney IC	Tampa, FL	1	—	3,586	4,439	8,025	1,502	3,586	5,941	9,527	(1,426)	6/17/2022
Wes Warren Drive IC	New York, NY	1	—	1,537	5,978	7,515	914	1,537	6,892	8,429	(1,852)	6/17/2022
New Albany IC	Moorestown, NJ	1	—	5,630	11,914	17,544	611	5,630	12,525	18,155	(3,214)	6/17/2022
North 5th Street CC	Philadelphia, PA	1	11,759	4,359	18,945	23,304	6,046	4,359	24,991	29,350	(4,987)	6/24/2022
VM8 Logistics Center	Houston, TX	1	11,865	2,166	15,345	17,511	4,890	2,166	20,235	22,401	(1,227)	1/19/2023
Moreno Valley Distribution Center	Moreno Valley, CA	1	20,656	3,955	29,466	33,421	155	3,955	29,621	33,576	(3,839)	5/2/2023
SLC Logistics Center	Salt Lake City, UT	2	—	17,224	59,861	77,085	130	17,224	59,991	77,215	(7,013)	9/26/2023
Cindel Drive Business Park	Delran, NJ	2	—	6,282	19,352	25,634	370	6,282	19,722	26,004	(3,267)	12/19/2023
Metro North IC	Methuen, MA	1	—	6,908	49,604	56,512	620	6,908	50,224	57,132	(5,398)	5/8/2024
Sugar Land CC	Sugarland, TX	2	—	7,336	28,568	35,904	280	7,336	28,848	36,184	(2,897)	6/28/2024
Pima Street Logistics Center	Phoenix, AZ	1	—	3,793	15,165	18,958	158	3,793	15,323	19,116	(1,385)	10/1/2024
Southpark Logistics Center I	Grove City, OH	1	—	2,199	26,714	28,913	1	2,199	26,715	28,914	(1,346)	12/20/2024
Southpark Logistics Center II	Grove City, OH	1	—	2,589	26,495	29,084	1	2,589	26,496	29,085	(1,434)	12/20/2024
Southpark Logistics Center III	Grove City, OH	1	—	1,503	15,385	16,888	1	1,503	15,386	16,889	(710)	12/20/2024
Grove City Logistics Center	Grove City, OH	1	—	2,515	17,889	20,404	—	2,515	17,889	20,404	(1,190)	12/20/2024
Whitestown Distribution Center I	Whitestown, IN	1	—	1,451	11,137	12,588	—	1,451	11,137	12,588	(739)	12/20/2024
Whitestown Distribution Center II	Whitestown, IN	1	—	2,449	21,406	23,855	36	2,449	21,442	23,891	(1,249)	12/20/2024
Whitestown Distribution Center III	Whitestown, IN	1	—	815	8,491	9,306	—	815	8,491	9,306	(354)	12/20/2024
Greenfield Distribution Center	Greenfield, IN	1	—	828	7,073	7,901	9	828	7,082	7,910	(534)	12/20/2024
Fairfield Commerce Center	Fairfield, OH	1	—	967	14,107	15,074	65	967	14,172	15,139	(1,446)	12/20/2024
Richmond Airport Logistics I	Henrico, VA	1	—	1,876	26,418	28,294	—	1,876	26,418	28,294	(1,134)	12/20/2024
Richmond Airport Logistics II	Henrico, VA	1	—	1,648	27,222	28,870	—	1,648	27,222	28,870	(1,025)	12/20/2024
Richmond Airport Logistics III	Henrico, VA	1	—	1,451	15,496	16,947	—	1,451	15,496	16,947	(907)	12/20/2024

					Initial Cost to Company								Gross Amount Carried at December 31, 2025
($ in thousands)	Location	No. of Buildings	Debt (1)		Land		Buildings and Improvements (2)		Total Costs		Cost Capitalized or Adjustments Subsequent to Acquisition (4)		Land		Buildings and Improvements (2)		Total Costs (3, 4)		Accumulated Depreciation (4, 5, 6)		Acquisition Date
Richmond Airport Logistics Center IV	Richmond, VA	—	—		2,307		—		2,307		11,235		2,307		11,235		13,542		—		2/19/2025
Foster Commerce Center I	Portland, OR	1	—		2,972		15,504		18,476		1		2,972		15,505		18,477		(736)		4/30/2025
Foster Commerce Center II	Portland, OR	1	—		4,693		26,157		30,850		1		4,693		26,158		30,851		(1,230)		4/30/2025
Chantilly Industrial Center	Chantilly, VA	1	—		6,576		11,433		18,009		1		6,576		11,434		18,010		(458)		5/14/2025
Research Drive Logistics Center	Boston, MA	1	—		2,621		25,599		28,220		1		2,621		25,600		28,221		(690)		5/27/2025
Constitution Drive Logistics Center	Boston, MA	1	—		2,072		19,921		21,993		—		2,072		19,921		21,993		(662)		5/27/2025
Junction Drive Distribution Center	Annapolis Junction, MD	1	—		1,480		12,312		13,792		3		1,480		12,315		13,795		(469)		8/15/2025
Jessup Industrial Center	Jessup, MD	1	—		2,209		16,976		19,185		16		2,209		16,992		19,201		(591)		8/15/2025
Arlington Distribution Center	Arlington, TX	1	—		1,454		22,967		24,421		3		1,454		22,970		24,424		(569)		8/20/2025
Fort Worth Industrial Center	Fort Worth, TX	1	—		2,469		38,244		40,713		—		2,469		38,244		40,713		(743)		8/20/2025
Northlake Logistics Center	Denton, TX	1	—		6,471		39,903		46,374		—		6,471		39,903		46,374		(1,068)		8/20/2025
Fort Worth Distribution Center	Fort Worth, TX	1	—		4,688		65,889		70,577		—		4,688		65,889		70,577		(860)		8/20/2025
Elkton Commerce Center	Elkton, MD	1	—		11,231		68,971		80,202		43		11,231		69,014		80,245		(1,000)		9/8/2025
Orchard Gateway Logistics Center	Aurora, IL	1	—		9,602		72,146		81,748		3		9,602		72,149		81,751		(922)		9/12/2025
Woodinville Distribution Center Building A	Woodinville, WA	1	—		8,625		67,431		76,056		—		8,625		67,431		76,056		(609)		10/7/2025
Woodinville Distribution Center Building B	Woodinville, WA	1	—		7,585		30,337		37,922		230		7,585		30,567		38,152		(229)		10/7/2025
Laredo Logistics Center	Laredo, TX	1	—		7,775		57,654		65,429		—		7,775		57,654		65,429		(241)		11/25/2025
206 Grove Street	Franklin, MA	1	—		4,185		30,775		34,960		—		4,185		30,775		34,960		(6)		12/29/2025
Total industrial properties		99	$	676,233	$	424,421	$	2,077,996	$	2,502,417	$	75,590	$	424,471	$	2,153,536	$	2,578,007	$	(304,692)
Retail properties:
Beaver Creek	Apex, NC	1	$	—	$	12,426	$	31,375	$	43,801	$	1,490	$	9,955	$	35,336	$	45,291	$	(18,039)	5/11/2007
Sandwich	Sandwich, MA	1	—		7,380		25,778		33,158		1,416		7,380		27,194		34,574		(14,030)		8/1/2007
Wareham	Wareham, MA	1	—		10,694		26,241		36,935		3,104		9,049		30,990		40,039		(16,917)		8/1/2007
Hyannis	Hyannis, MA	1	—		10,405		917		11,322		—		10,405		917		11,322		(917)		8/1/2007
Meriden	Meriden, CT	1	—		6,560		22,014		28,574		(1)		6,560		22,013		28,573		(11,738)		8/1/2007
Whitman 475 Bedford Street	Whitman, MA	1	—		3,610		11,682		15,292		—		3,610		11,682		15,292		(6,537)		8/1/2007
New Bedford	New Bedford, MA	1	2,834		3,790		11,152		14,942		—		3,790		11,152		14,942		(7,524)		10/18/2007
270 Center	Washington, DC	1	—		11,759		24,061		35,820		5,620		11,759		29,681		41,440		(15,278)		4/6/2009
Springdale	Springfield, MA	1	—		11,866		723		12,589		9		11,866		732		12,598		(728)		2/18/2011
Saugus	Saugus, MA	1	—		3,783		9,713		13,496		1,839		3,783		11,552		15,335		(6,462)		3/17/2011
Salt Pond	Narragansett, RI	2	—		8,759		40,233		48,992		2,621		8,759		42,854		51,613		(16,121)		11/4/2014
South Cape	Mashpee, MA	6	—		9,936		27,552		37,488		6,298		10,307		33,479		43,786		(11,956)		3/18/2015
Shenandoah	Davie, FL	3	—		10,501		27,397		37,898		2,055		10,501		29,452		39,953		(9,765)		8/6/2015
Chester Springs	Chester, NJ	4	—		7,376		51,155		58,531		8,693		7,376		59,848		67,224		(21,675)		10/8/2015
Yale Village	Tulsa, OK	4	—		3,492		30,655		34,147		2,090		3,492		32,745		36,237		(11,372)		12/9/2015
Suniland Shopping Center	Pinecrest, FL	4	—		34,804		33,902		68,706		7,800		34,804		41,702		76,506		(13,350)		5/27/2016
Village at Lee Branch	Birmingham, AL	2	—		10,476		32,461		42,937		2,521		10,476		34,982		45,458		(9,504)		1/29/2020
Barrow Crossing	Bethlehem, GA	5	—		5,539		50,208		55,747		2,979		5,539		53,187		58,726		(13,709)		6/22/2021
Total retail properties		40	$	2,834	$	173,156	$	457,219	$	630,375	$	48,534	$	169,411	$	509,498	$	678,909	$	(205,622)
Office properties:
1300 Connecticut	Washington, DC	1	$	—	$	25,177	$	41,250	$	66,427	$	28,603	$	25,177	$	69,853	$	95,030	$	(38,079)	3/10/2009
CityView	Austin, TX	4	—		4,606		65,250		69,856		16,556		4,606		81,806		86,412		(32,534)		4/24/2015
Eden Prairie	Eden Prairie, MN	1	—		3,538		25,865		29,403		10,218		3,538		36,083		39,621		(16,710)		10/3/2008
3 Second Street	Jersey City, NJ	1	—		16,800		193,742		210,542		60,763		16,800		254,505		271,305		(142,090)		6/25/2010
350 Carter Road	Princeton, NJ	1	—		3,966		28,670		32,636		2,354		3,966		31,024		34,990		(4,323)		4/27/2022
107 Morgan Lane	Plainsboro, NJ	1	—		1,589		10,680		12,269		631		1,589		11,311		12,900		(2,683)		10/28/2022
Total office properties		9	$	—	$	55,676	$	365,457	$	421,133	$	119,125	$	55,676	$	484,582	$	540,258	$	(236,419)
Data Center properties:
Nova I	Leesburg, VA	1	$	—	$	42,865	$	246,680	$	289,545	$	—	$	42,865	$	246,680	$	289,545	$	(464)	12/15/2025
Nova II	Leesburg, VA	1	—		60,260		339,267		399,527		—		60,260		339,267		399,527		(645)		12/15/2025
Total data center properties		2	$	—	$	103,125	$	585,947	$	689,072	$	—	$	103,125	$	585,947	$	689,072	$	(1,109)

					Initial Cost to Company								Gross Amount Carried at December 31, 2025
($ in thousands)	Location	No. of Buildings	Debt (1)		Land		Buildings and Improvements (2)		Total Costs		Cost Capitalized or Adjustments Subsequent to Acquisition (4)		Land		Buildings and Improvements (2)		Total Costs (3, 4)		Accumulated Depreciation (4, 5, 6)		Acquisition Date
Other properties:
Aventura Storage	Aventura, FL	1	$	—	$	12,538	$	18,505	$	31,043	$	305	$	12,539	$	18,809	$	31,348	$	(1,903)	12/18/2023
Norwood Storage	Norwood, NJ	1	—		2,308		21,595		23,903		56		2,308		21,651		23,959		(1,812)		12/20/2023
Metro Storage Sharon Hill	Philadelphia, PA	1	—		2,664		14,097		16,761		225		2,664		14,322		16,986		(1,427)		7/31/2024
Metro Storage Newtown Square	Philadelphia, PA	1	—		2,741		21,983		24,724		188		2,741		22,171		24,912		(2,032)		7/31/2024
Metro Storage Trevose	Philadelphia, PA	1	—		3,263		17,888		21,151		157		3,263		18,045		21,308		(2,102)		7/31/2024
Metro Storage Sarasota	Sarasota, FL	1	—		3,149		12,382		15,531		219		3,149		12,601		15,750		(1,522)		7/31/2024
Metro Storage Fort Myers	Fort Myers, FL	1	—		3,868		8,898		12,766		158		3,868		9,056		12,924		(1,226)		7/31/2024
Metro Storage Pinellas Park	Tampa, FL	1	—		1,370		5,395		6,765		125		1,370		5,520		6,890		(754)		7/31/2024
Argyle Forest Self Storage	Jacksonville, FL	1	—		2,216		9,684		11,900		190		2,216		9,874		12,090		(677)		3/24/2025
Norfolk Self Storage	Norfolk, VA	1	—		2,162		14,523		16,685		13		2,162		14,536		16,698		(591)		3/28/2025
Total other properties		10	$	—	$	36,279	$	144,950	$	181,229	$	1,636	$	36,280	$	146,585	$	182,865	$	(14,046)
Grand total		293	$	1,256,268	$	1,069,823	$	5,866,647	$	6,936,470	$	275,665	$	1,066,129	$	6,146,006	$	7,212,135	$	(1,001,869)

_________________________________________________

(1)These properties are encumbered by mortgage notes. Amounts reflect principal amount outstanding as of December 31, 2025. See “Note 6 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for more detail regarding our borrowings.

(2)Includes gross intangible lease assets.

(3)As of December 31, 2025, the aggregate cost for U.S. federal income tax purposes of investments in property was approximately $2.46 billion (unaudited).

(4)Amount is presented net of impairments and other write-offs of tenant-related assets that were recorded at acquisition as part of our purchase price accounting. Such write-offs are the result of lease expirations and terminations.

(5)Includes intangible lease asset amortization.

(6)See “Note 2 to the Consolidated Financial Statements” in Item 8, “Financial Statements and Supplementary Data” for details of depreciable lives.

(7)Acquisition date for this property represents the date in which the joint venture partnership, for which we have an interest, acquired the property. The initial cost to Company amounts represent the carrying values of the property when we first consolidated the joint venture partnership in December 2024.

The following table summarizes investment in real estate properties and accumulated depreciation and amortization activity for the periods presented below:

	For the Year Ended December 31,
	2025		2024		2023
Investments in real estate properties:
Balance at the beginning of period	$	5,563,447	$	4,603,998	$	4,178,329
Acquisitions of properties	1,679,058		886,197		406,548
Improvements	50,838		52,328		45,694
Consolidation of joint venture partnership	—		82,635		—
Property dispositions	(81,208)		(61,711)		(26,573)
Balance at the end of period	$	7,212,135	$	5,563,447	$	4,603,998
Accumulated depreciation and amortization:
Balance at the beginning of period	$	832,044	$	714,684	$	572,751
Real estate depreciation and amortization expense	196,808		152,777		149,985
Above-market lease assets amortization expenses	1,548		1,014		818
Right of use asset amortization expense	7		7		7
Consolidation of joint venture partnership	—		7,129		—
Property dispositions	(28,538)		(43,567)		(8,877)
Balance at the end of period	$	1,001,869	$	832,044	$	714,684