Acquisitions and Dispositions

6 Months Ended

Jun. 30, 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’s acquisitions during the six months ended June 30, 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.

	Six Months Ended June 30, 2026
Property Type	Acquisition Value		Number of Properties	Square Feet (in thousands)
Industrial	$	151,223	8	721
Retail	38,502		6	204
Healthcare	13,311		1	41
Total	$	203,036	15	966

	Six Months Ended June 30, 2025
Property Type	Acquisition Value	Number of Properties	Square Feet (in thousands)
Retail	$114,438	19	196

The following table details the purchase price allocation for the properties acquired during the six months ended June 30, 2026 and 2025:

	Six Months Ended
	June 30, 2026 (1)		June 30, 2025
Buildings	$	122,949	$	27,939
Land and land improvements	44,041		8,594
Financing receivables	22,720		74,133
In-place lease intangibles	6,696		1,614
Above-market lease intangible assets	317		—
Below-market lease intangible liabilities	(121)		—
Other lease intangibles	6,434		2,158
Total Purchase Price	$	203,036	$	114,438

(1)    Includes assets held in a consolidated joint venture further described below.

During the six months ended June 30, 2026, the Company contributed $13,025 and obtained a 95% ownership interest in Monarch Medical Investors, LLC. The Company consolidates the joint venture under the voting interest model. Additionally, during the six months ended June 30, 2026, the Company paid $61,900 in additional purchase price for existing investments and recorded an additional $11,209 in capital expenditures related to existing investments.

Dispositions

During the six months ended June 30, 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 six months ended June 30, 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.