Investments in Real Estate, net

12 Months Ended

Dec. 31, 2025

Investments in real estate, net consisted of the following:


	December 31,
	2025		2024
Buildings	$	3,361,710	$	2,441,729
Land and land improvements	816,973		603,069
Construction in process	86,419		110,728
Furniture, fixtures and equipment	1,374		—
Total	4,266,476		3,155,526
Accumulated depreciation	(257,852)		(159,217)
Investments in real estate, net	$	4,008,624	$	2,996,309

During the year ended December 31, 2025, assets of $46,830 relating to build-to-suit properties previously acquired in sale leaseback transactions were placed into service, including $36,567 previously classified as construction in progress and $10,263 previously classified as investments in real estate debt. As of December 31, 2025, the assets are presented as $10,395 of land, $27,064 of building, and $9,371 of land improvements.

During the year ended December 31, 2024, assets of $5,603 relating to one of our build-to-suit properties previously acquired in a sale leaseback transaction were placed into service, including $4,813 previously classified as construction in progress and $790 previously classified as investments in real estate debt. As of December 31, 2024, the assets are presented as $894 of land, $3,699 of building, and $1,010 of land improvements.

The total rentable square feet of GLA of the Company for properties classified as operating leases was 25,929 and 19,108 thousand square feet (unaudited) as of December 31, 2025 and 2024, respectively, of which 100% and 99% was leased, respectively.