Investments in Real Estate, net

3 Months Ended

Mar. 31, 2026

Investments in real estate, net consisted of the following:


	March 31, 2026		December 31, 2025
Buildings	$	3,422,021	$	3,361,710
Land and land improvements	856,541		816,973
Construction in process	108,241		86,419
Furniture, fixtures and equipment	1,176		1,374
Total	4,387,979		4,266,476
Accumulated depreciation	(287,457)		(257,852)
Investments in real estate, net	$	4,100,522	$	4,008,624

Assets of $14,280 relating to build-to-suit properties previously acquired in sale-leaseback transactions were placed into service during the three months ended March 31, 2026, including $13,128 previously classified as construction in progress and $1,152 previously classified as investments in real estate debt. As of March 31, 2026, the assets are presented as $1,223 of land, $9,475 of building, and $3,582 of land improvements.

No construction in progress was placed into service during the three months ended March 31, 2025.

The total rentable square feet of GLA of the Company was 26,222 and 19,228 thousand square feet as of March 31, 2026 and 2025, respectively, of which approximately 100% and 99% was leased, respectively.