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Real Estate Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties
The Company’s gross investment portfolio is summarized below (dollars in thousands):

Number of InvestmentsAmount of Investment
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Properties held for investment (1)
656589$2,585,707 $2,164,566 
Properties held for sale
212339,960 46,725 
Mortgage loans receivable8176142,555 139,483 
Properties under development (2)
345,500 6,118 
Total gross investment
761692$2,773,722 $2,356,892 
(1) Includes one vacant property for the years ended December 31, 2025 and 2024, and one completed development where rent had not commenced as of December 31, 2024.
(2) Rent has not commenced for properties under development.
The Company’s property dispositions are summarized below (dollars in thousands):

Year Ended December 31,
2025 (1)
20242023
Number of properties sold785619
Sales price, net of disposal costs$169,081 $110,945 $40,259 
Gain on sales of real estate, net$7,686 $1,876 $1,175 
(1) Includes the disposal of one property under development.
The Company’s investment in property developments is summarized below (dollars in thousands):

Year Ended December 31,
20252024
Number of developments acquired24
Purchase price of acquired developments$3,085 $2,010 
Total investment in properties under development (1)
$6,901 $29,788 
Number of developments completed (2)
218
Amounts placed into service (3)
$6,545 $52,887 
(1) During the years ended December 31, 2025 and 2024, the Company capitalized $0.2 million and $0.8 million, respectively, of interest expense associated with properties under development.
(2) For the two developments completed during the year ended December 31, 2025, rent commenced in the second quarter of 2025. For the 18 developments completed during the year ended December 31, 2024, rent commenced at various points throughout 2024, with one rent commencement in the first quarter of 2025.
(3) Amounts reclassified from property under development to land, buildings and improvements, and other assets (leasing commissions) in the accompanying consolidated balance sheets.
Allocation of Purchase Price Paid for Completed Acquisitions An allocation of the purchase price and acquisition costs paid for the completed acquisitions during the period is as follows (dollars in thousands):
Year Ended December 31,
20252024
Number of properties acquired140115
Purchase price allocation:
Land$245,948 $141,074 
Buildings281,376 266,644 
Site improvements26,272 31,825 
Tenant improvements3,396 3,934 
In-place lease intangible assets42,225 36,580 
Above-market lease intangible assets3,815 — 
Below-market lease intangible liabilities(71)— 
Total (1)
$602,961 $480,057 
(1) During the years ended December 31, 2025 and 2024, the Company capitalized $7.0 million and $4.6 million of acquisition costs, respectively.
Schedule of Accounts, Notes, Loans and Financing Receivable
The Company’s mortgage loans receivable portfolio is summarized below (dollars in thousands):

Loan Type
Monthly Payment (1)
Number of Secured Properties
Effective Interest Rate (2)
Stated Interest RateMaturity DateDecember 31, 2025December 31, 2024
Mortgage (3) (4)
I/O16.71%6.00%8/31/2027$38,162 $43,612 
Mortgage (4)
I/O469.55%9.55%3/10/202641,940 41,940 
Mortgage (4) (5)
I/O38.10%6.89%4/10/20264,132 4,132 
Mortgage (3) (4) (5)
I/O29.52%10.09%6/10/20262,230 8,408 
Mortgage
None (6)
17.00%7.00%1/31/2026825 825 
Mortgage (3) (4) (7)
I/O510.26%10.25%6/5/20269,356 11,658 
Mortgage (3) (4) (8)
I/O310.25%10.25%2/27/20265,883 8,853 
Mortgage (9)
P+I17.25%7.25%7/17/2027— 4,076 
Mortgage (9)
P+I17.25%7.25%7/17/2027— 5,221 
MortgageI/O114.68%13.09%1/17/2025— 1,299 
MortgageP+I17.25%7.25%9/19/20271,411 1,434 
MortgageI/O17.00%7.00%9/30/2029636 636 
MortgageI/O16.50%6.50%12/23/20293,284 3,284 
MortgageI/O16.50%6.50%12/23/20294,105 4,105 
Mortgage (3) (4)
I/O19.75%9.75%3/12/20261,829 — 
Mortgage (3) (10)
None (6)
139.75%9.75%1/30/202721,644 — 
MortgageI/O17.25%7.25%5/18/20276,050 — 
Mortgage (3)
I/O19.75%9.75%12/5/20261,068 — 
Total142,555 139,483 
Unamortized loan origination costs and fees, net81 74 
Unamortized discount(172)(148)
Total mortgage loans receivable, net$142,464 $139,409 
(1) I/O: Interest Only; P+I: Principal and Interest.
(2) Includes amortization of discount, loan origination costs and fees, as applicable.
(3) The Company has the right, subject to certain terms and conditions, to acquire all or a portion of the underlying collateralized properties.
(4) Loans require monthly payments of interest only with principal payments occurring as borrower disposes of underlying properties, limited to the Company’s allocated investment by property. Any remaining principal balance will be repaid at or before the maturity date.
(5) The stated interest rate is variable up to 15.0% and is calculated based on contractual rent for existing collateralized properties subject to the loan agreement.
(6) Payments of both interest and principal are due at maturity.
(7) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from January 30, 2026 to June 5, 2026.
(8) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from January 24, 2026 to February 27, 2026.
(9) Loans were disposed during the year ended December 31, 2025. The table also excludes one loan that was entered into and disposed during the year ended December 31, 2025.
(10) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from March 28, 2026 to January 30, 2027.