Property Portfolio (Tables)

9 Months Ended

Sep. 30, 2025

Property Portfolio

Schedule of Properties Acquired

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2025 is as follows:

					Site		Tenant		Acquired Lease		Gross Investment in
	Land		Building		Improvements		Improvements		Intangible Assets		Real Estate
Balances as of December 31, 2024	$	174,300	$	1,044,019	$	23,973	$	69,679	$	138,945	$	1,450,916
Facility Acquired – Date Acquired:
Carondelet - 2/7/25		—		13,327		—		1,274		1,725		16,326
Silverbell - 2/7/25		—		8,482		—		973		1,368		10,823
Slippery Rock - 2/7/25		—		3,511		455		593		572		5,131
Clive - 4/1/25		—		11,400		507		1,595		2,218		15,720
Des Moines - 4/1/25		—		18,917		182		3,289		3,519		25,907
Capitalized costs(1)		—		4,224		464		3,412		—		8,100
Total Additions:		—		59,861		1,608		11,136		9,402		82,007
Facility Sold – Date Sold:
Derby - 2/18/25		(146)		(1,250)		(118)		(73)		(372)		(1,959)
Coos Bay - 3/19/25		(861)		(5,096)		(56)		(49)		(410)		(6,472)
Chipley - 4/30/25		(170)		(875)		(34)		(111)		(189)		(1,379)
2999 Germantown - 8/7/25		(253)		(1,593)		—		—		—		(1,846)
Aurora - 9/4/25		(339)		(2,345)		(308)		(603)		(2,680)		(6,275)
Total Dispositions:		(1,769)		(11,159)		(516)		(836)		(3,651)		(17,931)
Impairment of investment property(2)		(1,182)		(5,099)		—		—		—		(6,281)
Balances as of September 30, 2025	$	171,349	$	1,087,622	$	25,065	$	79,979	$	144,696	$	1,508,711

(1) Represents capital projects that were completed and placed in service during the nine months ended September 30, 2025 related to the Company’s existing facilities.

(2) In August 2025, the Company entered into an agreement to sell its facility located in Aurora, Illinois. The Company recognized an impairment loss of $6.3 million during the nine months ended September 30, 2025 to reduce the carrying value of the asset to its fair value. The fair value was determined to be the contractual sales price less commissions and fees. The sale of the facility was completed in September 2025.

A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2024 is as follows:

					Site		Tenant		Acquired Lease		Gross Investment in
	Land		Building		Improvements		Improvements		Intangible Assets		Real Estate
Balances as of December 31, 2023	$	164,315	$	1,035,705	$	21,974	$	66,358	$	138,617	$	1,426,969
Facility Acquired – Date Acquired:
Minot – 7/11/24		935		7,324		144		103		676		9,182
Clinton – 7/11/24		938		4,829		188		256		657		6,868
Westland – 7/11/24		921		3,630		157		99		540		5,347
Cerritos – 7/11/24		3,424		1,244		107		106		392		5,273
Spartanburg – 7/11/24		890		2,613		168		390		517		4,578
Conway – 10/2/24		2,430		7,415		188		372		897		11,302
Little Rock – 10/2/24		1,449		6,579		164		284		741		9,217
Russellville – 10/2/24		1,086		4,022		218		205		491		6,022
Sarasota – 10/2/24		643		4,133		—		548		712		6,036
Venice – 10/2/24		1,102		2,830		123		187		426		4,668
Ruskin – 10/2/24		242		1,443		28		45		175		1,933
6807 Bradenton – 10/2/24		1,225		626		22		68		180		2,121
2101 Bradenton – 10/2/24		967		1,372		52		64		235		2,690
2203 Bradenton – 10/2/24		408		913		35		37		132		1,525
6002 Bradenton – 10/2/24		1,679		2,985		112		190		463		5,429
Capitalized costs(1)		—		5,494		1,481		4,828		—		11,803
Total Additions:		18,339		57,452		3,187		7,782		7,234		93,994
Facility Sold – Date Sold:
Mishawaka – 6/27/24		(1,924)		(10,084)		(75)		(1,798)		(2,223)		(16,104)
Panama City – 7/12/24		(1,117)		(7,201)		(165)		(841)		(1,141)		(10,465)
Panama City Beach – 9/19/24		(272)		(606)		(21)		(84)		(149)		(1,132)
Carson City – 12/6/2024		(760)		(3,268)		—		—		—		(4,028)
Ellijay – 12/17/2024		(777)		(2,929)		(136)		(408)		(870)		(5,120)
High Point – 12/20/2024(2)		(1,749)		(20,417)		(504)		(869)		(1,656)		(25,195)
Fort Worth – 12/20/2024(2)		(1,487)		(3,333)		(251)		(445)		(787)		(6,303)
Total Dispositions:		(8,086)		(47,838)		(1,152)		(4,445)		(6,826)		(68,347)
Impairment of investment property(3)		(268)		(1,300)		(36)		(16)		(80)		(1,700)
Balances as of December 31, 2024	$	174,300	$	1,044,019	$	23,973	$	69,679	$	138,945	$	1,450,916

⁽¹⁾ Represents capital projects that were completed and placed in service during the year ended December 31, 2024 related to the Company’s existing facilities.

⁽²⁾ These two facilities were sold to the Joint Venture in connection with its formation.

⁽³⁾ In December 2024, the Company entered into an agreement to sell its facility located in Derby, Kansas. The Company recognized an impairment loss of $1.7 million during the year ended December 31, 2024 to reduce the carrying value of the asset to its fair value. The fair value was determined to be the contractual sales price less commissions and fees.

Summary of Carrying amount of intangible assets and liabilities

The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented:

	As of September 30, 2025
			Accumulated
	Cost		Amortization		Net
Assets
In-place leases	$	82,590	$	(55,958)	$	26,632
Above market leases		24,024		(14,544)		9,480
Leasing costs		38,082		(24,000)		14,082
	$	144,696	$	(94,502)	$	50,194
Liability
Below market leases	$	17,335	$	(11,819)	$	5,516

	As of December 31, 2024
			Accumulated
	Cost		Amortization		Net
Assets
In-place leases	$	77,698	$	(50,714)	$	26,984
Above market leases		24,599		(13,201)		11,398
Leasing costs		36,648		(21,326)		15,322
	$	138,945	$	(85,241)	$	53,704
Liability
Below market leases	$	14,073	$	(10,137)	$	3,936

Summary of the acquired lease intangible amortization

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Amortization expense related to in-place leases	$	2,423	$	2,431	$	7,232	$	7,707
Amortization expense related to leasing costs	$	1,113	$	1,114	$	3,350	$	3,467
Decrease in rental revenue related to above market leases	$	714	$	793	$	2,204	$	2,425
Increase in rental revenue related to below market leases	$	(601)	$	(511)	$	(1,699)	$	(1,643)

Schedule of net amortization acquired lease intangible assets and liabilities

As of September 30, 2025, scheduled future aggregate net amortization of the acquired lease intangible assets and liabilities for each year ended December 31 is listed below:

	Net Decrease		Net Increase
	in Revenue		in Expense
2025 (three months remaining)	$	(224)	$	4,129
2026		(321)		13,633
2027		(320)		9,361
2028		(890)		5,805
2029		(945)		3,677
Thereafter		(1,264)		4,109
Total	$	(3,964)	$	40,714