Investments in Real Estate

12 Months Ended

Dec. 31, 2025

Note 3 – Investments in Real Estate

Acquisitions:

On February 6, 2025, the Company, through its Operating Partnership, acquired interests in three single-tenant net-leased retail properties through a contribution transaction. The acquired properties are located in Cleveland, Tennessee; Kernersville, North Carolina; and Sanford, Florida and are leased to Dollar General, Tractor Supply Company, and Zaxby’s, respectively. The total consideration for the transaction was approximately $11.2 million and consisted of a combination of Operating Partnership units issued to the contributors and the assumption of existing mortgage indebtedness secured by the properties.

The acquired properties are 100% leased under long-term net leases with contractual rent escalations and renewal options. The Company accounted for the transaction as an asset acquisition and allocated the purchase price to the acquired tangible and intangible assets and liabilities based on their relative fair values at the acquisition date.


	Zaxby's			Dollar General			Tractor Supply			Total
Land	$	1,484,739		$	233,589		$	1,820,313		$	3,538,641
Building and site improvements		2,501,065			1,598,838			2,562,420			6,662,323
Tenant improvements		105,680			69,517			135,064			310,261
Acquired lease intangible assets		372,043			174,660			531,883			1,078,586
Total real estate investments	$	4,463,527		$	2,076,604		$	5,049,680		$	11,589,811
Less: Acquired lease intangible liabilities		(175,974	)		(17,024	)		(350,271	)		(543,269	)
Total real estate investments, net	$	4,287,553		$	2,059,580		$	4,699,409		$	11,046,542

On August 29, 2024, the Company acquired a 30,465 square foot retail property in Ames, Iowa for $5.6 million occupied by Best Buy with a remaining lease of approximately 6 years at an annual base rent of $405,470. Future minimum rent reflected in the table below, accordingly.


	Best Buy
Land	$	2,032,016
Building and site improvements		2,811,317
Acquired tenant improvements		308,715
Acquired lease intangibles assets		574,710
Total real estate investments	$	5,726,758

Dispositions

During the year ended December 31, 2025, the Company disposed of five properties for aggregate gross proceeds of approximately $24.3 million. Net proceeds from these dispositions were used primarily to repay property-level mortgage indebtedness and for general corporate purposes. The Company recognized a gain on sale of real estate of approximately $1.94 million related to these transactions.

The following table summarizes the Company’s real estate dispositions during 2025:


Property / Tenant	Location	Disposition Date	Sales Price
Starbucks	Tampa, Florida	May 29, 2025	$	3,450,000
Former Pratt & Whitney Automation	Huntsville, Alabama	May 29, 2025	$	7,200,000
Former Irby Construction	Plant City, Florida	October 30, 2025	$	1,950,000
Best Buy	Grand Junction, Colorado	December 5, 2025	$	4,972,704
exp U.S. Services	Maitland, Florida	December 15, 2025	$	6,702,000