Investments in Real Estate, net

3 Months Ended

Mar. 31, 2024

Investments in real estate, net consisted of the following:


	March 31, 2024		December 31, 2023
Buildings	$	2,278,803	$	2,290,367
Land and land improvements	498,451		499,936

Total	2,777,254		2,790,303
Accumulated depreciation	(95,148)		(74,471)
Investments in real estate, net	$	2,682,106	$	2,715,832

No construction in progress was placed into service during three months ended March 31, 2024. During the three months ended March 31, 2023, $147,794 of construction in progress was placed into service, including $138,693 of buildings and $9,101 of land improvements.

The total rentable square feet of gross leasable area (“GLA”) of the Company was 15,296 and 14,266 thousand square feet as of March 31, 2024 and March 31, 2023, respectively, of which approximately 100% was leased.

Acquisitions

The Company did not acquire any properties during the three months ended March 31, 2024. The following table sets forth the acquisition values, number of properties and total rentable square feet of GLA of the Company for the three months ended March 31, 2023. For acquisitions not denominated in USD, the amounts have been presented in USD at the prevailing foreign exchange rate on the acquisition date:












	Three Months Ended March 31, 2023
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Industrial	$	248,979	4	3,155

The following table details the purchase price allocation for the properties acquired during the three months ended March 31, 2023:


	Three Months Ended March 31, 2023
Buildings	$	206,568
Land and land improvements	42,411











Net Purchase Price	$	248,979

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 March 31, 2024, all 55 assets had been re-leased to new tenants and the leases had commenced.