The following tables summarizes the Company’s acquisitions for the years ended December 31, 2024 and 2023. The purchase prices including transaction costs were allocated to the separately identifiable tangible and intangible assets and

liabilities based on their relative fair values at the date of acquisition. The total purchase price including transaction costs was allocated as follows (in thousands, except for the number of properties):


Three Months Ended	Number of Properties	Land		Building and Improvements		Tenant Improvements		In-place lease intangibles		Above- market leases		Below- market leases		Other(1)		Total(2)
2024
March 31, 2024(3)	29	$	6,442	$	12,362	$	98	$	1,372	$	34	$	(1,442)	$	—	$	18,866
June 30, 2024(4)	70	6,191		21,955		144		1,733		11		(1,237)		—		28,797
September 30, 2024(5)	35	2,313		11,263		122		1,111		—		(1,015)		(34)		13,760
December 31, 2024(6)	63	9,163		22,688		169		2,047		67		(2,527)		(235)		31,372
	197	$	24,109	$	68,268	$	533	$	6,263	$	112	$	(6,221)	$	(269)	$	92,795


Three Months Ended	Number of Properties	Land		Building and Improvements		Tenant Improvements		In-place lease intangibles		Above- market leases		Below- market leases		Other(7)		Total(8)
2023
March 31, 2023(9)	39	$	2,802	$	14,271	$	152	$	1,134	$	43	$	(826)	$	—	$	17,576
June 30, 2023(10)	39	3,241		12,054		117		1,066		24		(483)		—		16,019
September 30, 202311)	70	4,916		19,282		182		1,709		58		(983)		(342)		24,822
December 31, 2023(12)	75	5,095		16,345		152		1,638		5		(1,571)		(21)		21,643
Total	223	$	16,054	$	61,952	$	603	$	5,547	$	130	$	(3,863)	$	(363)	$	80,060

(1)Includes an intangible liability related to unfavorable operating leases with purchase options on one property and a below market ground lease intangible asset on one property during the three months ended September 30, 2024, and intangible liabilities related to unfavorable operating leases with purchase options on five properties during the three months ended December 31, 2024 that is included in “Accounts payable, accrued expenses and other, net" and "Prepaid expenses and other assets, net" on the Consolidated Balance Sheets, as applicable.

(2)Includes closing costs of approximately $0.3 million for the three months ended March 31, 2024, approximately $0.5 million for the three months ended June 30, 2024, approximately $0.4 million for the three months ended September 30, 2024 and approximately $0.7 million for the three months ended December 31, 2024.

(3)Includes the acquisition of 29 properties in various states for cash consideration in individual or portfolio transactions for a price of approximately $18.9 million, including closing costs which was funded with both the issuance of OP Units to sellers (valued at approximately $5.8 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration.

(4)Includes the acquisition of 70 properties in various states in individual or portfolio transactions for a price of approximately $28.8 million, including closing costs, which was funded with cash consideration. Also, includes 36 properties acquired from a related party. See Note 9. Related Party Transactions for further details.

(5)Includes the acquisition of 35 properties in various states in individual or portfolio transactions for a price of approximately $13.8 million, including closing costs, which was funded with both the issuance of OP Units to the sellers (valued at approximately $1.1 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration. Also, includes a debt discount on two properties that is included in "Secured Borrowings, net." See Note 5. Debt for further details.

(6)Includes the acquisition of 63 properties in various states in individual or portfolio transactions for a price of approximately $31.4 million, including closing costs, which was funded with both the issuance of OP Units to the sellers (valued at approximately $2.5 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration.

(7)Includes an intangible liability related to unfavorable operating leases with purchase options on two properties during the three months ended September 30, 2023 and an above market ground lease intangible liability on one property during the three months ended December 31, 2023 that is each included in “Accounts payable, accrued expenses and other, net” on the Consolidated Balance Sheets.

(8)Includes closing costs of approximately $0.3 million for the three months ended March 31, 2023, approximately $0.2 million for the three months ended June 30, 2023, approximately $0.7 million for the three months ended September 30, 2023 and approximately $0.6 million for the three months ended December 31, 2023.

(9)Includes the acquisition of 39 properties in various states for cash consideration in individual or portfolio transactions for approximately $17.6 million, including closing costs.

(10)Includes the acquisition of 39 properties in various states in individual or portfolio transactions for approximately $16.0 million, including closing costs, which was funded with both the issuance of OP Units to the sellers (valued at approximately $0.5 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration.

(11)Includes the acquisition of 70 properties in various states in individual or portfolio transactions for approximately $24.8 million, including closing costs, which was funded with both the issuance of OP Units to the sellers (valued at approximately $2.8 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration.

(12)Includes the acquisition of 75 properties in various states in individual or portfolio transactions for approximately $21.6 million, including closing costs, which was funded with both the issuance of OP Units to the sellers (valued at approximately $6.3 million using the share price of Class A common stock on the date of each issuance of such OP Units) and cash consideration. The aggregate purchase price for the quarter includes several land parcels that the Company acquired for approximately $0.4 million, which may in the future be added to existing or future leases with the USPS or used for other purposes that are consistent with the Company’s investment strategy.

During the year ended December 31, 2024, the Company sold two real estate properties for net proceeds of $6.0 million and recorded a net gain of $2.4 million.

During the year ended December 31, 2024, the Company recorded a casualty loss of $0.3 million reflecting the net book value of such asset damaged as a result of vandalism included within "Casualty and impairment losses, net" in the Consolidated Statement of Operations and Comprehensive Income. The Company expects insurance proceeds to cover substantially all of such loss subject to applicable deductibles.

The Company has comprehensive all risk property insurance coverage on its property subject to the casualty loss, including for business interruption, with a $1.5 million limit of liability, subject to conditions, exclusions, deductibles and sub-limits.

To the extent insurance proceeds ultimately exceed the difference between replacement cost and net book value of the damaged assets and any related expenses incurred, the excess will be reflected as income in the period those amounts are determinable and approved by the insurance company.