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Acquisitions and Dispositions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Dispositions Acquisitions and Dispositions
Acquisitions
The following tables set forth the acquisition values, number of properties, and total rentable square feet of gross leasable area (“GLA”) of the Company for the years ended December 31, 2025 and 2024. 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, 2025
Property TypeAcquisition ValueNumber of Properties
Square Feet
(in thousands) (3)
Industrial (1) (2)
$859,294 104,718 
Retail408,337 311,208 
Land144,834 326,927 
Total$1,412,465 4432,853 
__________________
(1)     The Company issued $17,100 of OP Units as consideration for the acquisition of one of the industrial properties.
(2)    Includes assets held in consolidated joint ventures further described below.
(3)    A portion of the square footage for the industrial properties includes properties related to build-to-suit assets.

Year Ended December 31, 2024
Property TypeAcquisition ValueNumber of Properties
Square Feet
(in thousands)
Industrial$302,277 323,799 
Retail263,542 15290 
Total$565,819 474,089 

The following table details the purchase price allocation for the properties acquired during the years ended December 31, 2025 and 2024:
Year Ended December 31,
20252024
Buildings$853,191 $194,648 
Land and land improvements (1)
228,787 67,839 
Construction in process (1)
25,102 48,050 
Financing receivables218,021 228,292 
In-place lease intangibles46,502 14,172 
Other lease intangibles38,406 15,507 
Above-market lease intangible liabilities2,673 158 
Below-market lease intangible liabilities(217)(2,847)
Total$1,412,465 $565,819 
(1)    Includes assets held in a consolidated joint venture further described below.

During the year ended December 31, 2025, the Company contributed land of $3,480 in exchange for 99% ownership interest in Quantum JV, which was formed to facilitate the funding and development of a quantum computing facility in a build-to-suit arrangement. The Company consolidates the joint venture under the voting interest model. Refer to Note 15 - Commitments and Contingencies for additional information.
During the year ended December 31, 2025, the Company contributed $20,768 in exchange for 98% ownership interest in MACOOOH001 JV, which was formed to facilitate the funding and development of a cold storage in a build-to-suit arrangement. The Company consolidates the joint venture under the voting interest model. Refer to Note 15 - Commitments and Contingencies for additional information.
Dispositions
During the year ended December 31, 2025, the Company contributed 15 retail properties leased to LV Petroleum and a mortgage loan with a net value of $279,679 to LV Petroleum JV in exchange for a 50.9% ownership interest in LV Petroleum JV and cash proceeds of $137,322. In conjunction with the contribution, the Company recognized a loss on disposition of $2,180 due to the reversal of non-cash accretion of tenant loan receivables. The properties were previously accounted for as failed sale-leaseback transactions and primarily included within Investments in leases - Financing receivables. See Note 5 - Investments in unconsolidated Real Estate Affiliates for additional information.
During the year ended December 31, 2024, the Company disposed of one retail property, one industrial property, one land property, and one parcel of excess land at an industrial property for total net proceeds of $256,893 and recognized a net gain on dispositions of real estate of $43,620.