Investments in Real Estate, net

9 Months Ended

Sep. 30, 2024

Investments in real estate, net consisted of the following:


	September 30, 2024		December 31, 2023
Buildings	$	2,444,901	$	2,290,367
Land and land improvements	548,804		499,936
Construction in process	77,320		—
Total	3,071,025		2,790,303
Accumulated depreciation	(138,118)		(74,471)
Investments in real estate, net	$	2,932,907	$	2,715,832

Assets of $5,603 relating to one EquipmentShare investment were placed into service during the nine months ended September 30, 2024, including $4,813 previously classified as construction in progress and $790 previously classified as investments in real estate debt. These assets are now presented as $894 of land, $3,699 of building, and $1,010 of land improvements. 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. Refer to Note 5 - Investments in Real Estate Debt for additional detail regarding land acquired for build-to-suit properties.

The total rentable square feet of gross leasable area (“GLA”) of the Company related to its investments in real estate, net was 18,244 and 15,296 thousand square feet as of September 30, 2024 and 2023, respectively, of which approximately 99% and 100% was leased, respectively.

Acquisitions

The following tables set forth the acquisition values, number of properties and total rentable square feet of GLA of the Company for the nine months ended September 30, 2024 and 2023. 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, 2024
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)(1)
Industrial	$	248,930	29	$	3,183
Retail	29,055		2	54
	$	277,985	31	$	3,237

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(1)The square footage for the retail properties and a portion of industrial properties relates to build-to-suit assets.


	Nine Months Ended September 30, 2023
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Industrial	$	333,583	6	$	3,711
Retail	124,586		10	475
	$	458,169	16	4,186

The following table details the purchase price allocation for the properties acquired during the nine months ended September 30, 2024 and 2023:


	Nine Months Ended
	September 30, 2024		September 30, 2023
Buildings	$	160,219	$	351,078
Land and land improvements	48,122		98,152
Construction in process	48,050		—
In-place lease intangibles	13,964		9,380
Other lease intangibles	15,121		987
Below-market lease intangibles	(7,491)		(1,428)
Total Purchase Price	$	277,985	$	458,169

Dispositions

During the nine months ended September 30, 2024, the Company disposed of one retail property, one industrial property, and one parcel of excess land at an industrial property for total net proceeds of $8,354 and recognized a net gain on dispositions of real estate of $1,197. There were no dispositions during the nine months ended September 30, 2023.