Acquisitions and Dispositions

3 Months Ended

Mar. 31, 2026

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 three months ended March 31, 2026 and 2025. 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, 2026
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Industrial	$	151,223	8	721
Retail	2,629		1	2
Total	$	153,852	9	723

	Three Months Ended March 31, 2025
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Retail	$	105,081	16	160

The following table details the purchase price allocation for the properties acquired during the three months ended March 31, 2026 and 2025:

	Three Months Ended
	March 31, 2026		March 31, 2025
Buildings	$	86,598	$	20,236
Land and land improvements	35,250		7,339
Financing receivables	22,720		74,133
In-place lease intangibles	4,917		1,448
Above-market lease intangible liabilities	208		—
Below-market lease intangible liabilities	(54)		—
Other lease intangibles	4,213		1,925
Total Purchase Price	$	153,852	$	105,081

Additionally, during the three months ended March 31, 2026, the Company paid $61,900 in additional purchase price for existing investments and recorded an additional $7,623 in capital expenditures related to existing investments.

Dispositions

During the three months ended March 31, 2026, the Company disposed of three industrial build-to-suit properties for total proceeds of $4,010 and recognized a net gain on dispositions of real estate of $724.

During the three months ended March 31, 2025, the Company contributed 15 LV Petroleum properties and a mortgage loan with a net value of $279,679 to LVP Portfolio Master REIT LLC (“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.