The following table presents the allocation of the assets acquired and liabilities assumed during the six months ended June 30, 2023, and, in the case of assets located outside of the U.S., based on the applicable exchange rate at the time of purchase. The Company did not acquire any properties during the six months ended June 30, 2024. All of the acquisitions in the six months ended June 30, 2023 were considered asset acquisitions for accounting purposes.


	Six Months Ended June 30,
(Dollar amounts in thousands)	2023
Assets Acquired:
Real estate investments, at cost:
Land	$	4,757
Buildings, fixtures and improvements	30,087
Total tangible assets	34,844
Intangibles acquired:
In-place leases	4,128
Above-market lease assets	40,964

Total Intangible assets	45,092

Right-of -use asset	1,426














Cash paid for acquired real estate investments	$	81,362
Number of properties purchased	8


Property Type	Number of Properties	Square Feet (unaudited)







Properties Acquired in 2023:
Industrial & Distribution	—	—
Multi-Tenant Retail	—	—
Single-Tenant Retail	8	323,730
Office	—	—
	8	323,730

The Company allocates a portion of the fair value of real estate acquired to identified intangible assets and liabilities, consisting of the value of origination costs (tenant improvements, leasing commissions, and legal and marketing costs), the value of above-market and below-market leases, and the value of tenant relationships, if applicable, based in each case on their relative fair values. The Company periodically assesses whether there are any indicators that the value of the intangible assets may be impaired by performing a net present value analysis of future cash flows, discounted for the inherent risk associated with each investment. The Company did not record any impairment charges on its acquired intangible assets during the three and six months ended June 30, 2024 or 2023.

The Company recorded aggregate impairment charges of $27.4 million and $31.7 million during the three and six months ended June 30, 2024, respectively, and did not record any impairment charges during the three and six months ended June 30, 2023.

•During the three months ended June 30, 2024, the Company determined that six of its properties located in the U.S. (three of which were acquired in the REIT Merger) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties, and as a result, the Company recorded an

•During the three months ended March 31, 2024, the Company determined that six of its properties located in the U.S. (all of which were acquired in the REIT Merger) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties, and as a result, the Company recorded an impairment charge of approximately $4.3 million.

During the three and six months ended June 30, 2024, the Company sold 36 and 55 properties, respectively, 34 and 51 of which were acquired in the REIT Merger, respectively. As a result, the Company recorded net gains of $34.1 million and $40.0 million during the three and six months ended June 30, 2024, respectively. During the three and six months ended June 30, 2023, the Company did not sell any properties. The following table summarizes the aforementioned properties sold:

Portfolio

Country/States

Disposition Month(s)

Number of Properties

Square Feet (unaudited)

Properties Sold in 2024:

O’Charley’s

AL, IN, TN, MS, NC, GA, KY, OH, TN

February & March (5 properties); April & May (7 properties)

77,430

Truist Bank

FL, GA, TN, NC, SC, VA, OH, FL

February & March (11 properties); April & May (11 properties )

93,374

Fife Council

United Kingdom

February

37,331

TOMs King

February

4,107

FedEx

March

11,501

Amazon

May

79,105

American Car Center

GA & IL

May & June

21,077

AmeriCold

GA, IL, MN, SC

June

1,407,166

CVS

June

10,880

Decatur Commons

May

125,635

Diebold

June

158,330

Klaussner

May

397,533

Shippensburg Marketplace

April

59,866

Springfield Commons

June

164,843

2,648,178

When assets are identified by management as held for sale, the Company stops recognizing depreciation and amortization expense on the identified assets and estimates the sales price, net of costs to sell, of those assets. If the carrying amount of the assets classified as held for sale exceeds the estimated net sales price, the Company records an impairment charge equal to the amount by which the carrying amount of the assets exceeds the Company’s estimate of the net sales price of the assets.

As of June 30, 2024, the Company evaluated its assets for held for sale classification and determined that three properties, all of which were acquired in the Merger, qualified for held for sale treatment. Because these assets are considered held for sale, the operating results remain classified within continuing operations for all periods presented.

The following table details the major classes of the assets associated with the property that the Company determined to be classified as held for sale as of June 30, 2024 and December 31, 2023. For assets held for sale as of June 30, 2024, the accumulated depreciation was collapsed against the assets prior to recording impairments on those assets and prior to their reclass to assets held for sale.


(Dollar amounts in thousands)	June 30, 2024		December 31, 2023
Real estate investments held for sale, at cost:
Land	$	1,110	$	860
Buildings, fixtures and improvements	3,144		2,349

Total real estate assets held for sale, at cost	4,254		3,209
Less accumulated depreciation and amortization	—		(21)


Total real estate investments held for sale, net	$	4,254	$	3,188

There were no tenants whose annualized rental income on a straight-line basis represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of June 30, 2024 and December 31, 2023. The termination, delinquency or non-renewal of leases by any major tenant may have a material adverse effect on revenues.

The following table lists the countries where the Company has concentrations of properties where annualized rental income on a straight-line basis represented greater than 10.0% of consolidated annualized rental income on a straight-line basis as of June 30, 2024 and December 31, 2023. No U.S. state had a concentration over 10% as of June 30, 2024 and December 31, 2023.