Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2024

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2024

Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025

(Dollars in thousands)

				Initial Cost				Costs Capitalized Subsequent to Acquisition(2)				Gross Amounts at which Carried at the Close of Period
Property Type and Investment	Number of Properties	Encumbrances		Land and Land Improvements		Buildings / Furniture, Fixtures & Equip		Land and Land Improvements		Buildings / Furniture, Fixtures & Equip		Land and Land Improvements		Buildings / Furniture, Fixtures & Equip		Total		Accumulated Depreciation (1)		Year Acquired
Industrial Properties
Albany, MO	1	$	—	$	1,596	$	11,841	$	—	$	—	$	1,596	$	11,841	$	13,438	$	—	2025
Altoona, IA	1	—		—		96		—		262		—		358		358		—		2024
Amana, IA	1	57,750		10,097		98,289		—		—		10,097		98,289		108,386		(15,636)		2022
Arkoma, OK	1	—		1,255		1,556		—		—		1,255		1,556		2,811		(277)		2022
Athens, GA	1	—		—		77		—		4,854		—		4,932		4,932		—		2024
Batavia, OH	1	—		5,803		34,353		—		—		5,803		34,353		40,156		(2,143)		2024
Belvidere, IL	1	—		15,405		54,125		—		—		15,405		54,125		69,530		(3,100)		2024
Bowling Green, KY	1	—		4,337		141,562		—		—		4,337		141,562		145,900		(17,411)		2022
Brookshire, TX	1	—		1,570		3,963		—		—		1,570		3,963		5,533		(579)		2022
Bryan, TX	1	—		2,059		2,070		—		—		2,059		2,070		4,129		(386)		2022
Calgary, AB, Canada	1	—		33,775		—		13,513		389,646		47,288		389,646		436,933		(22,648)		2022
Cape Girardeau, MI	1	—		602		1,631		—		—		602		1,631		2,233		(348)		2022
Cartersville, GA	1	—		—		115		—		90		—		205		205		—		2024
Casper, WY	1	—		—		65		1,224		3,612		1,224		3,677		4,901		(75)		2024
Cheyenne, WY	1	—		—		66		1,439		3,765		1,439		3,831		5,270		(54)		2024
Chicago, IL	1	—		3,480		—		—		32,185		3,480		32,185		35,665		—		2025
Colorado Springs, CO	1	—		—		4,177		—		4,277		—		8,454		8,454		—		2024
Columbus, OH	1	—		7,591		4,946		—		4,009		7,591		8,955		16,546		—		2025
Cookeville, TN	1	—		—		515		—		2,513		—		3,028		3,028		—		2024
Cornwall, ON, Canada	1	—		3,436		31,867		(43)		(397)		3,393		31,470		34,863		(4,846)		2022
Cottage Grove, WI	1	—		—		10		—		329		—		339		339		—		2024
Council Bluffs, IA	1	—		1,702		2,185		—		—		1,702		2,185		3,887		(288)		2022
Cranston, RI	1	—		3,547		11,214		—		—		3,547		11,214		14,761		—		2025
Dothan, AL	1	—		1,407		10,588		—		—		1,407		10,588		11,995		(750)		2024
Fayetteville, NC	1	—		18,176		—		17,270		142,980		35,446		142,980		178,426		(11,460)		2022
Fort Myers, FL	1	—		—		83		6,623		5,634		6,623		5,717		12,340		—		2024
Fresno, CA	1	—		2,835		11,552		—		—		2,835		11,552		14,387		(244)		2025
Gaston, SC	1	—		813		2,330		—		—		813		2,330		3,143		(407)		2022
Geismar, LA	1	—		—		610		3,204		3,585		3,204		4,194		7,398		(155)		2024
Gulfport, MS	1	—		—		1,095		—		4,353		—		5,448		5,448		—		2024
Harlingen, TX	1	—		1,407		2,149		—		—		1,407		2,149		3,556		(295)		2022
Horizon City, TX	1	—		1,942		8,989		—		—		1,942		8,989		10,931		(546)		2024
Houston, TX	1	—		1,441		4,266		—		—		1,441		4,266		5,706		(579)		2022
Huckelhoven, Germany	1	63,447		8,626		104,892		546		6,643		9,172		111,535		120,708		(10,798)		2023
Huntsville, TX	1	—		—		3,018		1,537		1,480		1,537		4,498		6,035		(94)		2024
Jonesboro, AR	1	—		—		81		—		3,184		—		3,265		3,265		—		2024
Kansas City, MO	1	—		1,528		8,603		—		—		1,528		8,603		10,131		—		2025

Knowsley, UK	1	48,712		25,791		65,700		1,524		4,910		27,315		70,610		97,925		(8,413)		2023
Lacombe, LA	1	—		—		9		1,546		2,432		1,546		2,441		3,987		(96)		2024
Lake City, FL	1	—		—		185		—		3,338		—		3,523		3,523		—		2024
Lebanon, IN	1	—		2,964		13,032		—		—		2,964		13,032		15,996		(958)		2024
Madison, AL	2	—		18,101		3,334		9,101		151,171		27,202		154,505		181,707		(10,119)		2022, 2024
Manchester, PA	1	—		28,195		303,808		—		—		28,195		303,808		332,003		—		2025
Mira Loma, CA	1	—		8,087		7,104		—		—		8,087		7,104		15,191		(525)		2024
Modesto, CA	1	—		2,508		8,086		—		—		2,508		8,086		10,594		(1,732)		2023
Montgomery, AL	1	—		—		622		—		2,783		—		3,405		3,405		—		2024
Mount Orab, OH	1	—		3,012		12,025		—		—		3,012		12,025		15,037		(744)		2024
Oregon, OH	1	—		1,116		1,614		—		—		1,116		1,614		2,729		(378)		2022
Orilla, ON, Canada	1	—		3,482		3,575		—		—		3,482		3,575		7,057		(756)		2022
Parsons, KS	1	—		863		8,788		—		—		863		8,788		9,651		(638)		2024
Pasco, WA	2	—		21,289		—		35,675		351,543		56,965		351,543		408,507		(28,342)		2022
Piedmont, SC	1	—		18,680		149,066		—		—		18,680		149,066		167,746		(399)		2025
Plymouth, MI	2	—		10,325		37,314		—		—		10,325		37,314		47,639		(4,223)		2022, 2023
Prairie View, TX	1	—		59,758		90,246		—		—		59,758		90,246		150,004		(896)		2025
Richmond Hill, GA	1	—		—		1,387		3,495		2,016		3,495		3,403		6,898		(101)		2024
Roland, OK	1	—		4,660		32,985		—		—		4,660		32,985		37,645		—		2025
Roseville, CA	1	—		15,357		55,260		—		—		15,357		55,260		70,617		(6,863)		2023
San Antonio, TX	1	—		—		112		—		2,842		—		2,953		2,953		—		2024
San Jose, CA	1	—		13,178		13,460		—		34		13,178		13,494		26,672		(879)		2024
Sanford, NC	1	—		8,459		13,811		—		—		8,459		13,811		22,270		(1,271)		2024
Seattle, WA	1	—		1,792		692		—		—		1,792		692		2,484		(93)		2022
Spartansburg, SC	1	—		—		52		—		2,203		—		2,255		2,255		—		2024
St. Mary's, OH	1	—		4,791		19,358		—		—		4,791		19,358		24,149		(3,536)		2023
Stuart, FL	2	—		7,600		26,345		—		—		7,600		26,345		33,945		(4,186)		2022
Tarboro, NC	1	—		5,232		14,914		—		—		5,232		14,914		20,146		(971)		2024
Trotwood, OH	1	—		894		—		1,010		4,428		1,903		4,428		6,332		(271)		2024
Wichita Falls, TX	1	—		1,142		1,877		—		—		1,142		1,877		3,019		(212)		2022
Total Industrial Properties:	71	$	169,909	$	401,705	$	1,447,741	$	97,666	$	1,140,702	$	499,370	$	2,588,442	$	3,087,813	$	(169,723)
Office Properties
Columbia, MO	1	$	—	$	1,493	$	13,600	$	—	$	—	$	1,493	$	13,600	$	15,093	$	(1,273)	2022
Houston, TX	1	—		4,432		142,208		—		—		4,432		142,208		146,640		(9,987)		2022
Readington, NJ	2	—		5,848		48,246		—		—		5,848		48,246		54,094		(6,966)		2022
Total Office Properties:	4	$	—	$	11,773	$	204,054	$	—	$	—	$	11,773	$	204,054	$	215,827	$	(18,226)
Retail Properties
Albemarle, NC	1	$	—	$	751	$	2,168	$	—	$	29	$	751	$	2,197	$	2,948	$	(315)	2022
Albuquerque, NM	2	—		2,585		7,220		—		—		2,585		7,220		9,805		(1,088)		2022
Alexandria, LA	1	—		635		4,257		—		—		635		4,257		4,892		(517)		2022
Allen, TX	1	—		1,633		1,931		—		—		1,633		1,931		3,564		(384)		2022
Alma, AR	1	—		325		2,946		—		—		325		2,946		3,271		(438)		2022

Alpena, AR	1	—	721	486	—	85	721	571	1,291	(181)	2022
Altus, OK	1	—	570	1,290	—	—	570	1,290	1,861	(43)	2025
Archdale, NC	1	—	812	2,369	—	31	812	2,400	3,212	(340)	2022
Arlington, TX	1	—	1,997	1,298	—	—	1,997	1,298	3,295	(453)	2022
Armstrong Creek, WI	1	—	341	1,018	—	—	341	1,018	1,359	(37)	2025
Arnold, Nottingham, UK	1	—	2,604	21,015	8	67	2,612	21,082	23,694	(53)	2025
Asheboro, NC	3	—	2,826	3,873	—	66	2,826	3,939	6,765	(801)	2022
Aurora, CO	1	—	2,421	3,737	—	—	2,421	3,737	6,158	(504)	2022
Barboursville, WV	1	—	1,354	3,220	—	—	1,354	3,220	4,573	(560)	2022
Barneveld, NY	1	—	631	1,452	—	—	631	1,452	2,084	(50)	2025
Bastrop, LA	1	—	951	2,410	—	59	951	2,469	3,420	(415)	2022
Beckley, WV	1	—	915	3,171	—	—	915	3,171	4,086	(558)	2022
Biggleswade, UK	1	—	7,826	15,987	66	135	7,892	16,122	24,014	(59)	2025
Birmingham, UK	1	—	10,679	22,039	90	187	10,769	22,225	32,994	(62)	2025
Biscoe, NC	1	—	1,101	697	—	18	1,101	715	1,816	(187)	2022
Bowling Green, KY	1	—	1,452	893	—	—	1,452	893	2,345	(359)	2022
Brentwood, CA	1	—	3,688	18,750	—	—	3,688	18,750	22,438	(1,785)	2023
Brookville, PA	1	—	918	4,307	—	—	918	4,307	5,224	(122)	2025
Bryan, TX	1	—	1,322	1,914	—	—	1,322	1,914	3,236	(375)	2022
Buda, TX	1	—	2,008	2,354	—	—	2,008	2,354	4,362	(371)	2022
Buford, GA	1	—	1,097	1,506	—	—	1,097	1,506	2,602	(357)	2022
Bull Shoals, AR	1	—	656	346	—	61	656	407	1,064	(148)	2022
Campbell, CA	1	—	3,785	4,356	—	—	3,785	4,356	8,141	(77)	2025
Candor, NC	2	—	1,572	1,536	—	30	1,572	1,566	3,138	(466)	2022
Canton, GA	1	—	903	1,906	—	—	903	1,906	2,809	(376)	2022
Charlestown, RI	1	—	518	2,575	—	—	518	2,575	3,092	(93)	2025
Chatsworth, GA	1	—	302	4,622	—	—	302	4,622	4,924	(508)	2022
Chesapeake, VA	1	—	1,039	2,057	—	—	1,039	2,057	3,096	(371)	2022
Chester, VA	1	—	1,373	3,465	—	—	1,373	3,465	4,839	(548)	2022
Clearwater, FL	1	—	1,731	4,402	—	—	1,731	4,402	6,133	(509)	2022
Clemmons, NC	1	—	1,238	1,285	—	—	1,238	1,285	2,523	(405)	2022
Cleveland Heights, OH	1	—	1,927	3,193	—	—	1,927	3,193	5,119	(525)	2022
Clovis, CA	1	—	3,392	7,571	—	—	3,392	7,571	10,963	(1,115)	2023
Columbia, TN	1	—	1,382	2,390	—	—	1,382	2,390	3,772	(393)	2022
Concord, NC	1	—	2,045	1,431	—	—	2,045	1,431	3,477	(361)	2022
Conroe, TX	1	—	1,843	1,774	—	—	1,843	1,774	3,617	(401)	2022
Convoy, OH	1	—	485	1,370	—	32	485	1,402	1,887	(196)	2022
Corpus Christi, TX	1	—	783	4,143	—	—	783	4,143	4,926	(489)	2022
Crestview, FL	1	—	1,797	4,337	—	—	1,797	4,337	6,134	(569)	2022
Crossville, TN	1	—	1,084	447	—	—	1,084	447	1,531	(368)	2022
Dallas, TX	3	—	8,270	20,598	—	546	8,270	21,144	29,415	(2,873)	2022
Delhi, LA	2	—	2,934	3,409	—	112	2,934	3,521	6,455	(982)	2022
Denton, TX	1	—	2,153	920	—	—	2,153	920	3,073	(376)	2022
Deshler, OH	1	—	610	1,210	—	75	610	1,285	1,895	(231)	2022

Elkmont, AL	1	—	492	1,343	—	—	492	1,343	1,835	(53)	2024
Ellerbe, NC	1	—	542	2,391	—	30	542	2,421	2,963	(321)	2022
Fairmont, WV	1	—	960	3,419	—	—	960	3,419	4,379	(460)	2022
Flagstaff, AZ	1	—	1,193	1,090	—	—	1,193	1,090	2,283	(385)	2022
Flippin, AR	1	—	936	273	—	96	936	369	1,304	(194)	2022
Florida City, FL	1	—	1,702	2,194	—	—	1,702	2,194	3,896	(398)	2022
Fort Payne, AL	1	—	330	4,573	—	—	330	4,573	4,903	(505)	2022
Fort Wayne, IN	2	—	1,441	4,156	—	86	1,441	4,242	5,683	(613)	2022
Fremont, CA	1	—	13,903	9,906	—	—	13,903	9,906	23,809	(1,265)	2023
Fresno, CA	1	—	2,218	3,350	—	—	2,218	3,350	5,568	(655)	2023
Gaffney, SC	1	—	613	3,253	—	—	613	3,253	3,865	(498)	2022
Galt, CA	1	—	2,617	6,138	—	—	2,617	6,138	8,756	(1,272)	2023
Gassville, AR	1	—	986	284	—	113	986	397	1,383	(198)	2022
Glenrothes, UK	1	—	5,780	21,493	49	182	5,829	21,675	27,504	(67)	2025
Granton, WI	1	—	370	892	—	—	370	892	1,262	(38)	2025
Green Bay, WI	1	—	890	3,816	—	—	890	3,816	4,706	(525)	2022
Greensboro, NC	1	—	1,191	1,090	—	—	1,191	1,090	2,281	(437)	2022
Greenville, AL	1	—	663	2,800	—	—	663	2,800	3,463	(485)	2022
Haleyville, AL	1	—	564	1,024	—	—	564	1,024	1,588	(51)	2024
Harker Heights, TX	1	—	606	2,005	—	—	606	2,005	2,611	(325)	2022
Harlan, IN	1	—	700	2,801	—	79	700	2,880	3,580	(357)	2022
Haw River, NC	1	—	1,234	322	—	16	1,234	338	1,572	(194)	2022
Hillside, IL	1	—	1,919	4,481	—	—	1,919	4,481	6,400	(603)	2022
Homer, LA	1	—	946	1,064	—	20	946	1,084	2,030	(355)	2022
Homosassa, FL	1	—	276	3,913	—	—	276	3,913	4,189	(454)	2022
Houston, TX	3	—	4,792	9,530	—	—	4,792	9,530	14,322	(1,399)	2022
Indianapolis, IN	1	—	1,082	1,366	—	—	1,082	1,366	2,449	(361)	2022
Irmo, SC	1	—	1,130	2,152	—	—	1,130	2,152	3,282	(371)	2022
Irving, TX	1	—	1,531	11,413	—	305	1,531	11,718	13,249	(1,434)	2022
Jacksonville, FL	1	—	984	2,102	—	—	984	2,102	3,086	(374)	2022
Jonesville, NC	1	—	704	2,413	—	—	704	2,413	3,117	(411)	2022
Junction City, LA	1	—	309	1,873	—	36	309	1,909	2,218	(255)	2022
Killeen, TX	1	—	2,187	2,829	—	—	2,187	2,829	5,017	(398)	2022
Kissimmee, FL	2	—	4,144	8,262	—	—	4,144	8,262	12,406	(1,097)	2022
Lakeland, FL	1	—	911	1,463	—	—	911	1,463	2,374	(382)	2022
Lakeland, TN	1	—	587	2,677	—	—	587	2,677	3,264	(416)	2022
Langley Mill, Nottingham, UK	1	—	7,864	15,943	67	135	7,931	16,078	24,008	(49)	2025
League City, TX	1	—	1,712	1,470	—	—	1,712	1,470	3,181	(460)	2022
Leesburg, AL	1	—	431	1,089	—	—	431	1,089	1,520	(58)	2024
Lemoore, CA	1	—	1,767	12,227	—	—	1,767	12,227	13,994	(1,176)	2023
Lenoir City, TN	1	—	831	1,658	—	—	831	1,658	2,490	(397)	2022
Lexington, NC	1	—	628	3,351	—	40	628	3,391	4,019	(425)	2022
Liberty, NC	1	—	770	2,463	—	32	770	2,495	3,265	(371)	2022
Lima, OH	1	—	823	2,363	—	45	823	2,408	3,230	(349)	2022

Lincolnwood, IL	1	—	2,020	4,413	—	—	2,020	4,413	6,433	(606)	2022
Locust, NC	1	—	2,134	338	—	25	2,134	363	2,497	(337)	2022
Lyndon Station, WI	1	—	507	1,060	—	—	507	1,060	1,567	(48)	2025
McAllen, TX	1	—	778	2,279	—	—	778	2,279	3,057	(348)	2022
McComb, OH	1	—	644	2,227	—	70	644	2,297	2,940	(283)	2022
McMurray, PA	1	—	734	5,562	—	—	734	5,562	6,296	(99)	2025
Mesquite, TX	1	—	3,207	8,040	—	133	3,207	8,173	11,380	(1,146)	2022
Midway, AR	1	—	838	365	—	71	838	436	1,274	(175)	2022
Milton Keynes, UK	1	—	19,986	34,925	169	296	20,155	35,221	55,375	(119)	2025
Mobile, AL	1	—	140	688	—	—	140	688	828	(21)	2025
Montgomery, AL	1	—	616	1,458	—	—	616	1,458	2,074	(351)	2022
Morrisville, NC	1	—	2,490	1,943	—	—	2,490	1,943	4,433	(411)	2022
Mount Arlington, NJ	1	—	1,296	2,268	—	—	1,296	2,268	3,564	(479)	2022
Mount Laurel, NJ	1	—	1,596	1,823	—	—	1,596	1,823	3,420	(623)	2022
Mountain Home, AR	3	—	2,233	1,495	—	186	2,233	1,681	3,914	(538)	2022
Murfreesboro, TN	1	—	2,127	1,689	—	—	2,127	1,689	3,816	(408)	2022
Nampa, ID	1	—	422	4,481	—	—	422	4,481	4,903	(559)	2022
Naples, FL	1	—	2,308	1,611	—	—	2,308	1,611	3,919	(439)	2022
Narragansett, RI	1	—	857	1,443	—	—	857	1,443	2,300	(72)	2025
Newnan, GA	1	—	1,610	1,200	—	—	1,610	1,200	2,810	(381)	2022
Newport, Isle of Wright, UK	1	—	5,127	20,883	43	177	5,170	21,060	26,230	(66)	2025
North Kingstown, RI	1	—	550	1,050	—	—	550	1,050	1,600	(67)	2025
Oakboro, NC	1	—	564	1,342	—	18	564	1,360	1,924	(221)	2022
Oklahoma City, OK	2	—	2,141	2,665	—	—	2,141	2,665	4,805	(41)	2025
Oxford, AL	1	—	1,716	1,814	—	—	1,716	1,814	3,529	(435)	2022
Palm Bay, FL	2	—	1,880	8,140	—	—	1,880	8,140	10,020	(947)	2022
Patterson, CA	1	—	2,408	7,031	—	—	2,408	7,031	9,439	(1,057)	2023
Paulding, OH	1	—	691	1,331	—	34	691	1,365	2,056	(228)	2022
Pigeon Forge, TN	1	—	4,744	1,339	—	—	4,744	1,339	6,083	(445)	2022
Plain, WI	1	—	452	1,037	—	—	452	1,037	1,489	(43)	2025
Pleasanton, TX	1	—	448	4,569	—	—	448	4,569	5,017	(553)	2022
Prentice, WI	1	—	382	901	—	—	382	901	1,283	(35)	2025
Prospect Heights, IL	1	—	1,119	5,278	—	—	1,119	5,278	6,397	(669)	2022
Ramseur, NC	1	—	1,112	1,128	—	23	1,112	1,151	2,263	(325)	2022
Randleman, NC	1	—	529	1,825	—	23	529	1,848	2,377	(257)	2022
Retford, UK	1	—	4,298	11,272	36	95	4,335	11,368	15,702	(36)	2025
Richmond, VA	1	—	1,112	2,083	—	—	1,112	2,083	3,194	(420)	2022
Robbins, NC	1	—	664	2,236	—	29	664	2,265	2,929	(287)	2022
Rockingham, NC	1	—	2,637	3,426	—	59	2,637	3,485	6,122	(659)	2022
Round Rock, TX	1	—	2,528	1,426	—	—	2,528	1,426	3,954	(390)	2022
Ruston, LA	1	—	1,107	773	—	31	1,107	804	1,911	(235)	2022
Sacramento, CA	1	—	3,194	4,084	—	—	3,194	4,084	7,278	(1,057)	2023
Salem, OR	1	—	976	3,733	—	—	976	3,733	4,708	(536)	2022
San Antonio, TX	2	—	4,258	4,651	—	—	4,258	4,651	8,909	(847)	2022

San Marcos, TX	1	—		821		3,489		—		—		821		3,489		4,310		(385)		2022
Sauquoit, NY	1	—		382		1,453		—		—		382		1,453		1,835		(37)		2025
Seagrove, NC	1	—		2,016		913		—		29		2,016		942		2,958		(402)		2022
Sheffield, UK	1	—		17,288		35,360		146		295		17,434		35,655		53,089		(108)		2025
Southaven, MS	1	—		1,317		3,115		—		—		1,317		3,115		4,432		(449)		2022
Springdale, AR	1	—		1,307		2,926		—		—		1,307		2,926		4,233		(481)		2022
Star, NC	1	—		498		1,379		—		19		498		1,398		1,896		(189)		2022
Sterling, CO	1	—		1,181		3,833		—		—		1,181		3,833		5,014		(543)		2022
Tehachapi, CA	1	—		1,942		8,258		—		—		1,942		8,258		10,200		(989)		2023
Texarkana, TX	1	—		1,088		3,220		—		—		1,088		3,220		4,308		(461)		2022
Thomasville, NC	2	—		1,127		4,622		—		58		1,127		4,680		5,807		(682)		2022
Titusville, FL	1	—		1,518		960		—		—		1,518		960		2,478		(418)		2022
Troy, NC	3	—		1,991		3,573		—		56		1,991		3,629		5,620		(673)		2022
Tucson, AZ	1	—		1,357		4,565		—		—		1,357		4,565		5,923		(625)		2022
Tulsa, OK	1	—		739		1,393		—		—		739		1,393		2,132		(45)		2025
Turlock, CA	1	—		2,748		3,848		—		—		2,748		3,848		6,596		(764)		2023
Waite Park, MN	1	—		988		4,029		—		—		988		4,029		5,017		(523)		2022
Warwick, RI	1	—		609		1,742		—		—		609		1,742		2,350		(79)		2025
Welcome, NC	1	—		828		1,275		—		20		828		1,295		2,123		(240)		2022
Wilmington, NC	1	—		1,514		1,232		—		—		1,514		1,232		2,746		(387)		2022
Winston-Salem, NC	1	—		572		1,217		—		18		572		1,235		1,807		(198)		2022
Wynne, AR	1	—		957		298		—		108		957		406		1,364		(244)		2022
Total Retail Properties:	178	$	—	$	304,208	$	652,386	$	675	$	4,620	$	304,884	$	657,006	$	961,890	$	(69,903)
Land
Waite Park, MN	1	$	—	$	946	$	—	$	—	$	—	$	946	$	—	$	946	$	—	2025
Portfolio Total	254	$	169,909	$	718,632	$	2,304,181	$	98,341	$	1,145,322	$	816,973	$	3,449,503	$	4,266,476	$	(257,852)

The aggregate cost basis of real estate owned as of December 31, 2025 for federal income tax purposes was approximately $2,855,640 (unaudited).

(1) Refer to Note 2 – Summary of Significant Accounting Policies for details of depreciable lives.

(2) Costs capitalized subsequent to acquisition include the impact of foreign exchange translation and construction in process.

	December 31, 2025
Real Estate:
Balance at beginning of period	$	3,155,526
Additions during period:
Land and land improvements	213,904
Buildings	919,981
Construction in process	(24,309)
Furniture, fixtures and equipment	1,374
Balance at the end of the year	$	4,266,476
Accumulated Depreciation:
Balance at the beginning of year	$	(159,217)
Accumulated depreciation	(98,635)
Balance at the end of the year	$	(257,852)