Investments in Unconsolidated Real Estate Affiliates

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments in Unconsolidated Real Estate Affiliates

Investments in Unconsolidated Real Estate Affiliates

The Company owns interests in unconsolidated real estate investments with third parties which are primarily accounted for under the FVO.

The following table details the Company’s investments in unconsolidated real estate affiliates:

			Ownership Percentage		Carrying Amount of Investment
Investment	Number of Investments	Number of Properties	March 31, 2026	December 31, 2025	March 31, 2026		December 31, 2025
Unconsolidated real estate affiliates accounted for under the equity method
Net lease	1	2	49.1%	49.1%	$	5,127	$	5,163
Total unconsolidated real estate affiliates accounted for under the equity method	1	2			$	5,127	$	5,163
Unconsolidated real estate affiliates accounted for under the FVO
STORE (1)	1	3,577	22.4%	22.4%	$	2,543,719	$	2,452,660
Net lease	2	24	50.9%	50.9%	232,178		208,949
Investments in real estate debt	4	—	51.0% - 85.0%	51.0% - 60.0%	323,013		188,973
Net lease data centers	8	16	3.0% - 84.7%	10.6% - 65.5%	1,139,238		951,121
Total unconsolidated real estate affiliates accounted for under the FVO	15	3,617			$	4,238,148	$	3,801,703
Total unconsolidated real estate affiliates	16	3,619			$	4,243,275	$	3,806,866

(1)    The Company has determined that STORE is a significant subsidiary under SEC Regulation S-X Rule 10-01(b) as of March 31, 2026.

The following table details the Company’s income (loss) from unconsolidated entities:

	Three Months Ended
Investment	March 31, 2026		March 31, 2025
Unconsolidated real estate affiliates accounted for under the equity method
Net lease	$	43	$	(70)
Total unconsolidated real estate affiliates accounted for under the equity method	$	43	$	(70)
Unconsolidated real estate affiliates accounted for under the FVO
STORE	$	136,606	$	89,371
Net lease	17,829		20,832
Investments in real estate debt	8,125		—
Net lease data centers	42,248		(746)
Total unconsolidated real estate affiliates accounted for under the FVO	$	204,808	$	109,457
Total unconsolidated real estate affiliates	$	204,851	$	109,387

The following table provides summarized income statement information of our significant unconsolidated real estate affiliates:

	Three Months Ended
	March 31, 2026		March 31, 2025
Total revenue	$	341,925	$	303,884
Net income	$	72,422	$	52,674