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Investments in Real Estate

6 Months Ended

Jun. 30, 2023

Investments in real estate, net consisted of the following:


	June 30, 2023		December 31, 2022
Buildings	$	1,567,297	$	884,728
Land and land improvements	417,800		322,791
Construction in process	585,605		1,057,158
Total	2,570,702		2,264,677
Accumulated depreciation and amortization	(33,840)		(9,003)
Investments in real estate, net	$	2,536,862	$	2,255,674

During the six months ended June 30, 2023, $519,295 of construction in progress was placed into service, including $468,952 of buildings and $50,343 of land improvements.

The total rentable square feet of gross leasable area (“GLA”) of the Company was 14,266 thousand square feet as of June 30, 2023, of which 100% was fully occupied.

Acquisitions

The following table sets forth the acquisition values, number of properties and total rentable square feet of GLA of the Company for the six months ended June 30, 2023. For acquisitions not denominated in USD, the amounts have been presented in USD at the prevailing foreign exchange rate on the acquisition date:


Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Industrial	$	248,979	4	3,156

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2023:


	Amount
Buildings	$	206,568
Land and land improvements	42,411









Total Purchase Price (1)	$	248,979

__________________

(1)The total purchase price was paid for in cash.

Tenant Bankruptcy

In March 2023, a tenant, Mountain Express, filed for Chapter 11 bankruptcy protection. The tenant has continued to be current on all rents, and the Company does not believe this will have a material impact on the condensed consolidated financial statements.