The following table presents the allocation of the assets acquired and liabilities assumed during the year ended December 31, 2023, in the case of assets located outside of the United States, based on the applicable exchange rate at the time of purchase. With the exception of the Mergers, which was treated as a business combination (see Note 4 — The Mergers), all other acquisitions were considered asset acquisitions for accounting purposes. There were no acquisitions during the years ended December 31, 2025 or 2024.


	Year Ended December 31,
(Dollar amounts in thousands)	2023
	Business Combination		Asset Acquisitions		Total
Real estate investments, at cost:
Land	$	955,582	$	9,541	$	965,123
Buildings, fixtures and improvements	2,527,159		73,150		2,600,309
Total tangible assets	3,482,741		82,691		3,565,432
Acquired intangible lease assets:
In-place leases	581,430		9,231		590,661
Above-market lease assets	67,768		40,964		108,732
Below-market lease liabilities	—		—		—
Total intangible assets and liabilities	649,198		50,195		699,393
Cash	64,616		—		64,616
Right-of-use asset	26,417		1,426		27,843
Prepaid expenses and other assets	59,160		—		59,160
Goodwill	30,457		—		30,457
Total assets acquired	4,312,589		134,312		4,446,901
Liabilities Assumed:
Mortgage note payable	1,587,455		—		1,587,455
Senior notes, net	386,250		—		386,250
Acquired intangible lease liabilities	76,685		211		76,896
Accounts payable and accrued expenses	84,368		—		84,368
Operating lease liabilities	26,377		—		26,377
Prepaid rent	18,439		—		18,439
Total liabilities assumed	2,179,574		211		2,179,785
Equity issued in acquisitions	1,617,015		—		1,617,015
Cash paid for acquired real estate investments	$	516,000	$	134,101	$	650,101
Number of properties purchased	989		9		998

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.

During the years ended December 31, 2025, 2024 and 2023, the Company wrote off certain intangibles related to properties that were evaluated for impairments. For additional information on the write off of intangibles, see the “Intangible Lease Assets and Lease Liabilities” section below.

•During the three months ended December 31, 2025, the Company determined that six of its properties (two of which were located in the U.S., three located in the U.K. and one located in Europe) 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 $32.0 million.

•During the three months ended September 30, 2025, the Company determined that 10 of its properties (9 of which were located in the U.S. and one located in the U.K.) 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 $55.4 million.

•During the three months ended June 30, 2025, the Company determined that 21 of its properties (20 of which were located in the U.S. and one located in Europe) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $9.8 million.

•During the three months ended March 31, 2025, the Company determined that 69 of its properties (68 located in the U.S. and one located in the U.K.) had an estimated fair value that was lower than the carrying value of the properties, based on the estimated selling price of such properties less selling costs, and as a result, the Company recorded an impairment charge of approximately $60.3 million.

•During the three months ended December 31, 2024, the Company determined that 23 of its properties (21 in the U.S. and two in the U.K.), had an estimated fair value that was lower than the carrying value of the properties. The estimated fair values for 21 of the properties were based on the estimated selling price of such properties and the remainder were based on market comparable transactions. As a result, the Company recorded impairment charges

•During the three months ended September 30, 2024, the Company determined that 21 of its properties located in the U.S. (19 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 $38.6 million.

•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 impairment charge of approximately $27.4 million. The majority of the impairment charge was due to legacy GNL properties.

•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 months ended December 31, 2023, the Company determined that one of its properties located in Scotland (which was owned prior to the REIT Merger) had an estimated fair value that was lower than its carrying value based on the estimated selling price of the property, and as a result, the Company recorded an impairment charge of approximately $1.8 million. Also during three months ended December 31, 2023, the Company determined that two of its properties located in the U.S. (which were acquired in the REIT Merger) had an estimated fair value that was lower than its carrying value based on the estimated selling prices of the properties, and as a result, the Company recorded an impairment charge of approximately $1.2 million.

•During the three months ended September 30, 2023, the Company determined that the fair values of four of its properties (one in the U.K. and three in the U.S.) were lower than their carrying values. These four properties were all owned by the Company prior to the REIT Merger. The Company recorded aggregate impairment charges for these properties, including the impairments to intangible assets noted below, of $65.7 million in the three months ended September 30, 2023, which is recorded in impairment charges in the consolidated statement of operations for the year ended December 31, 2023. The impairment charge in the third quarter of 2023 for the property in the U.K. was based on a calculation of the estimated fair value of the property. The impairment charges for the properties in the U.S. were based on the estimated selling prices of the properties.

During the year ended December 31, 2025, the Company sold 200 properties (19 Industrial and Distribution properties, 170 Retail properties and 11 Office properties), not including the properties sold as part of the Multi-Tenant Retail Disposition (see Note 3 — Multi-Tenant Retail Disposition for additional information). As a result, the Company recorded a net gain of $94.7 million during the year ended December 31, 2025.

During the year ended December 31, 2024, the Company sold 178 properties (14 Industrial and Distribution properties, 146 Retail properties, 10 Office properties and 8 of the Company’s former Multi-Tenant properties), 164 of which were acquired in the REIT Merger. As a result, the Company recorded a net gain of approximately $57.1 million during the year ended December 31, 2024.

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 December 31, 2025 and 2024, the Company evaluated its assets for held for sale classification. As of December 31, 2025, the Company determined that six properties qualified for held for sale treatment. As of December 31, 2024, the Company determined that 13 properties, all of which were acquired in the REIT 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.


	December 31,
(In thousands)	2025			2024
Real estate investments held for sale, at cost:
Land	$	32,016		$	4,574
Buildings, fixtures and improvements	21,694			11,658
Acquired intangible lease assets	1,290			1,627
Real estate assets held for sale, at cost	55,000			17,859
Less: accumulated depreciation and amortization	(5,346)			(453)
Real estate assets held for sale, net	$	49,654		$	17,406

Below-market leases	$	72		$	—
Less: accumulated amortization	(12)			—
Real estate liabilities held for sale, net	$	60	0	$	—

The Company recorded $2.5 million of impairment charges on its acquired intangible assets during the year ended December 31, 2024. The Company recorded impairment charges of approximately $1.5 million on its in-place lease intangible assets and $1.0 million on its above-market lease intangible assets during the year ended December 31, 2024, and approximately $1.0 million on its in-place lease intangible assets and $0.8 million on its above-market lease intangible assets during the year ended December 31, 2023. These impairments were recorded in connection with the four properties that were impaired in the quarter ended September 30, 2023 (as described above).


	December 31, 2025						December 31, 2024
(In thousands)	Gross Carrying Amount		Accumulated Amortization		Net Carrying amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying amount
Intangible assets:
In-place leases	$	458,620	$	244,896	$	213,724	$	614,959	$	294,858	$	320,101
Above-market leases	64,786		20,936		43,850		80,638		23,066		57,572
Total acquired intangible lease assets	$	523,406	$	265,832	$	257,574	$	695,597	$	317,924	$	377,673
Intangible liabilities:
Below-market leases	$	36,593	$	19,092	$	17,501	$	46,949	$	22,596	$	24,353
Total acquired intangible lease liabilities	$	36,593	$	19,092	$	17,501	$	46,949	$	22,596	$	24,353

The following table provides the weighted-average amortization periods as of December 31, 2025 for intangible assets and liabilities and the projected amortization expense and adjustments to revenues and property operating expense for the next five calendar years:


(In thousands)	Weighted-Average Amortization Years	2026		2027		2028		2029		2030
In-place leases	6.6	$	42,671	$	34,484	$	28,693	$	22,020	$	15,308
Total to be included as an increase to depreciation and amortization		$	42,671	$	34,484	$	28,693	$	22,020	$	15,308

Above-market lease assets	7.8	$	5,920	$	5,759	$	5,647	$	5,454	$	4,760
Below-market lease liabilities	9.5	(2,372)		(2,126)		(2,001)		(1,619)		(995)
Total to be included as an increase (decrease) to revenue from tenants		$	3,548	$	3,633	$	3,646	$	3,835	$	3,765

There were no tenants whose annualized rental income on a straight-line basis as of December 31, 2025 represented 10.0% or greater of consolidated annualized rental income on a straight-line basis for all properties as of December 31, 2025. 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 and states where the Company has concentrations of properties where annualized rental income on a straight-line basis as of December 31, 2025, represented greater than 10% of consolidated annualized rental income on a straight-line basis as of December 31, 2025, 2024 and 2023. Michigan is included in the United States concentration amounts.