XML 24 R12.htm IDEA: XBRL DOCUMENT v3.23.3
Investments in Real Estate, net
 9 Months Ended
Sep. 30, 2023
Real Estate [Abstract]  
Investments in Real Estate, net Investments in Real Estate, net
Investments in real estate, net consisted of the following:
September 30,
2023		December 31,
2022
Buildings$2,271,676 $884,728 
Land and land improvements497,353 322,791 
Construction in process— 1,057,158 
Total
2,769,029 2,264,677 
Accumulated depreciation
(53,268)(9,003)
Investments in real estate, net
$2,715,761 $2,255,674 
During the nine months ended September 30, 2023, $1,096,517 of construction in progress was placed into service, including $1,020,385 of buildings and $76,132 of land improvements. No construction in progress was placed into service during the period from Inception through September 30, 2022.
The total rentable square feet of gross leasable area (“GLA”) of the Company was 15,296 and 4,532 thousand square feet as of September 30, 2023 and September 30, 2022, respectively, of which approximately 100% was leased.
Acquisitions
The following table sets forth the acquisition values, number of properties and total rentable square feet of GLA of the Company for the nine months ended September 30, 2023 and the period from Inception through September 30, 2022. For acquisitions not denominated in USD, the amounts have been presented in USD at the prevailing foreign exchange rate on
the acquisition date:
Nine Months Ended September 30, 2023
Property TypeAcquisition ValueNumber of Properties
Square Feet
(in thousands)
Industrial$333,583 63,711 
Retail124,586 10475 
$458,169 164,186 
Period from Inception through September 30, 2022
Property TypeAcquisition ValueNumber of Properties
Square Feet
(in thousands)
Industrial$562,123 43,318 
Retail535,259 1381,214 
$1,097,382 1424,532 
The following tables detail the purchase price allocation for the properties acquired during the nine months ended September 30, 2023 and the period from Inception through September 30, 2022:
Amount
Nine Months Ended
September 30, 2023		From Inception
Through
September 30, 2022
Buildings$351,078 $480,538 
Land and land improvements98,152 202,199 
Construction in process— 317,066 
Restricted cash— 47,998 
In-place lease intangibles9,380 47,259 
Other lease intangibles987 4,369 
ROU Asset— 9,166 
Other assets— 15,362 
Other liabilities— (25,868)
Below-market lease intangible liabilities(1,428)(707)
Total Purchase Price
$458,169 $1,097,382 
Amount
ConsiderationNine Months Ended
September 30, 2023		From Inception
Through
September 30, 2022
OP units issued$— $57,256 
Cash$458,169 $1,040,126 
Tenant Bankruptcy
In March 2023, a tenant, Mountain Express, filed for Chapter 11 bankruptcy protection. The leases were terminated by the presiding bankruptcy court in August 2023. As of September 30, 2023, 52 of the 55 assets had been re-leased to new tenants and the leases had commenced. The bankruptcy did not have a material impact on the Company’s financial statements.