Investments in Real Estate, net (Tables)

12 Months Ended

Dec. 31, 2023

Investments in real estate, net consisted of the following:


	December 31, 2023		December 31, 2022
Buildings	$	2,290,367	$	884,728
Land and land improvements	499,936		322,791
Construction in process	—		1,057,158
Total	2,790,303		2,264,677
Accumulated depreciation	(74,471)		(9,003)
Investments in real estate, net	$	2,715,832	$	2,255,674

Real Estate Investments

For acquisitions not denominated in USD, the amounts have been presented in USD at the prevailing foreign exchange rate on the acquisition date:


	Year Ended December 31, 2023
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Industrial	$	333,582	6	3,711
Retail	124,586		10	475




	$	458,168	16	4,186

	Period from Inception through December 31, 2022
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Industrial (1)	$	1,596,618	23	7,317
Retail	535,259		138	1,215
Manufacturing	115,501		1	1,572
Office	238,797		4	1,006
Total	$	2,486,175	166	11,110

(1) Acquisitions for the period from Inception through December 31, 2022, as previously filed in the Form 10, included 1 Flex property. The Company has reclassified the property to Industrial.

The following tables detail the purchase price allocation for the properties acquired during the year ended December 31, 2023 and the period from Inception through December 31, 2022:


	Amount
	Year Ended December 31, 2023		From Inception Through December 31, 2022
Buildings	$	351,077	$	884,551
Land and land improvements	98,152		322,987
Construction in process	—		1,013,580
Restricted cash	—		152,849
In-place lease intangibles	9,380		93,204
Other lease intangibles	987		18,556
ROU Asset	—		9,164
Other assets	—		34,548
Other liabilities	—		(6,657)
Accounts payable and accrued expenses	—		(34,950)
Below-market lease intangible liabilities	(1,428)		(1,657)
Total Purchase Price	$	458,168	$	2,486,175
Assumed Debt (1)	—		520,970
Net Purchase Price	$	458,168	$	1,965,205

(1) Refer to Note 8 - Debt for further details on the Company's debt, which includes mortgages notes, term loan credit facilities, and revolving credit facilities.


	Amount
Consideration	Year Ended December 31, 2023		From Inception Through December 31, 2022
Common shares issued	$	—	$	27,772
OP units issued	$	—	$	351,034
Cash (1)	$	458,168	$	1,586,399

(1) Cash of $14,952 related to acquisitions for the year ended December 31, 2023 was funded as a deposit during the period from Inception through December 31, 2022. The amount was included in Other assets on the Company’s Consolidated Balance Sheet as of December 31, 2022, and in Cash flows from investing activities for the period from Inception through December 31, 2022.