Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

The Company has evaluated all events and transactions that occurred after December 31, 2022 through the filing of this Annual Report on Form 10-K and determined that there have been no events that have occurred that would require adjustment to disclosures in the consolidated financial statements except as disclosed below.

Equity Awards

In January 2023, the Company issued an aggregate of 30,135 shares of unvested RSUs to certain of the Company’s employees under the Equity Incentive Plan. These awards vest over a period of up to four years from the date of grant, subject to the individual recipient’s continued provision of service to the Company through the applicable vesting dates.

Subsequent Acquisition and Disposition Activity

Subsequent to December 31, 2022, the Company acquired 13 real estate properties with an aggregate investment (including acquisition costs) of $56.9 million and invested $5.5 million in new and ongoing construction in progress and reimbursements to tenants for development, construction and renovation costs. In addition, the Company invested $3.4 million in mortgage loans receivable subsequent to December 31, 2022.

Subsequent to December 31, 2022, the Company sold or transferred its investment in 8 real estate properties for an aggregate gross sales price of $19.7 million and incurred approximately $1.0 million of disposition costs related to these transactions.

2022 ATM Program Activity

In January 2023, the Company sold 857,643 shares of its common stock under the 2022 ATM Program for gross proceeds of $20.7 million. Of these shares, 731,185 were sold on a forward basis.

Forward ATM Settlement

In January 2023, the Company physically settled 1,688,638 shares of its common stock sold on a forward basis under the 2022 ATM Program for net proceeds of $39.2 million, including 957,453 shares sold on a forward basis during the year ended December 31, 2022 and 731,185 shares sold a forward basis in January 2023