Real Estate Investments	6 Months Ended
Jun. 30, 2023
Real Estate Investments
Real Estate Investments	Note 4 – Real Estate Investments Real Estate Portfolio As of June 30, 2023, the Company owned 2,004 properties, with a total gross leasable area (“GLA”) of approximately 41.7 million square feet. Net Real Estate Investments totaled $6.3 billion as of June 30, 2023. As of December 31, 2022, the Company owned 1,839 properties, with a total GLA of approximately 38.1 million square feet. Net Real Estate Investments totaled $5.7 billion as of December 31, 2022. Acquisitions During the three months ended June 30, 2023, the Company purchased 92 retail net lease assets for approximately $307.0 million, which includes acquisition and closing costs. These properties are located in 31 states and had a weighted average lease term of approximately 9.9 years. During the six months ended June 30, 2023, the Company purchased 158 retail net lease assets for approximately $610.8 million, which includes acquisition and closing costs. These properties are located in 35 states and had a weighted average lease term of approximately 11.5 years. The aggregate acquisitions for the six months ended June 30, 2023 were allocated $144.2 million to land, $395.4 million to buildings and improvements and $71.3 million to lease intangibles, net. During the three months ended June 30, 2022, the Company purchased 99 retail net lease assets for approximately $423.7 million, which includes acquisition costs, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 33 states and are leased for a weighted average lease term of approximately 10.0 years. During the six months ended June 30, 2022, the Company purchased 205 retail net lease assets for approximately $833.5 million, which includes acquisition costs, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 40 states and are leased for a weighted average lease term of approximately 9.6 years. The aggregate acquisitions for the six months ended June 30, 2022 were allocated $205.7 million to land, $523.1 million to buildings and improvements, $102.2 million to lease intangibles, net and $2.5 million to assumed mortgage debt discount. The acquisitions were primarily funded as cash purchases. In connection with the acquisitions completed during the six months ended June 30, 2022, the Company assumed a mortgage note payable with a principal balance of $42.3 million. There was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first six months of 2023 or 2022 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent. Developments During the three months ended June 30, 2023, the Company commenced two and completed six development or Partner Capital Solutions projects. During the six months ended June 30, 2023, the Company commenced seven and completed nine development or Partner Capital Solutions projects. At June 30, 2023, the Company had 22 development or Partner Capital Solutions projects under construction. During the three months ended June 30, 2022, the Company commenced five development or Partner Capital Solutions projects. During the six months ended June 30, 2022, the Company commenced 20 development or Partner Capital Solutions projects. At June 30, 2022, the Company had 21 development or Partner Capital Solutions projects under construction. Dispositions The Company sold one property during the three and six months ended June 30, 2023 for net proceeds of $3.1 million and recorded a net gain of $0.3 million. During the three months ended June 30, 2022, the Company sold four properties for net proceeds of $16.3 million and recorded a net gain of less than $0.1 million. During the six months ended June 30, 2022, the Company sold five properties for net proceeds of $23.9 million and recorded a net gain of $2.3 million. Assets Held for Sale The Company did not classify any operating properties as real estate held for sale at June 30, 2023 or December 31, 2022. Provisions for Impairment As a result of the Company’s review of real estate investments, it recognized $1.3 million and no provisions for impairment for the three months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized a $1.3 million and $1.0 million provision for impairment, respectively. The estimated fair value of the impaired real estate assets at their time of impairment was $0.5 million in 2023 and $1.8 million in 2022.

Real Estate Investments

6 Months Ended

Jun. 30, 2023

Note 4 – Real Estate Investments

Real Estate Portfolio

As of June 30, 2023, the Company owned 2,004 properties, with a total gross leasable area (“GLA”) of approximately 41.7 million square feet. Net Real Estate Investments totaled $6.3 billion as of June 30, 2023. As of December 31, 2022, the Company owned 1,839 properties, with a total GLA of approximately 38.1 million square feet. Net Real Estate Investments totaled $5.7 billion as of December 31, 2022.

Acquisitions

During the three months ended June 30, 2023, the Company purchased 92 retail net lease assets for approximately $307.0 million, which includes acquisition and closing costs. These properties are located in 31 states and had a weighted average lease term of approximately 9.9 years.

During the six months ended June 30, 2023, the Company purchased 158 retail net lease assets for approximately $610.8 million, which includes acquisition and closing costs. These properties are located in 35 states and had a weighted average lease term of approximately 11.5 years.

The aggregate acquisitions for the six months ended June 30, 2023 were allocated $144.2 million to land, $395.4 million to buildings and improvements and $71.3 million to lease intangibles, net.

During the three months ended June 30, 2022, the Company purchased 99 retail net lease assets for approximately $423.7 million, which includes acquisition costs, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 33 states and are leased for a weighted average lease term of approximately 10.0 years.

During the six months ended June 30, 2022, the Company purchased 205 retail net lease assets for approximately $833.5 million, which includes acquisition costs, closing costs and the assumption of a $42.3 million mortgage note. These properties are located in 40 states and are leased for a weighted average lease term of approximately 9.6 years.

The aggregate acquisitions for the six months ended June 30, 2022 were allocated $205.7 million to land, $523.1 million to buildings and improvements, $102.2 million to lease intangibles, net and $2.5 million to assumed mortgage debt discount.

The acquisitions were primarily funded as cash purchases. In connection with the acquisitions completed during the six months ended June 30, 2022, the Company assumed a mortgage note payable with a principal balance of $42.3 million.

There was no material contingent consideration associated with these acquisitions. None of the Company’s acquisitions during the first six months of 2023 or 2022 caused any new or existing tenant to comprise 10% or more of its total assets or generate 10% or more of its total annualized contractual base rent.

Developments

During the three months ended June 30, 2023, the Company commenced two and completed six development or Partner Capital Solutions projects. During the six months ended June 30, 2023, the Company commenced seven and completed nine development or Partner Capital Solutions projects. At June 30, 2023, the Company had 22 development or Partner Capital Solutions projects under construction.

During the three months ended June 30, 2022, the Company commenced five development or Partner Capital Solutions projects. During the six months ended June 30, 2022, the Company commenced 20 development or Partner Capital Solutions projects. At June 30, 2022, the Company had 21 development or Partner Capital Solutions projects under construction.

Dispositions

The Company sold one property during the three and six months ended June 30, 2023 for net proceeds of $3.1 million and recorded a net gain of $0.3 million.

During the three months ended June 30, 2022, the Company sold four properties for net proceeds of $16.3 million and recorded a net gain of less than $0.1 million. During the six months ended June 30, 2022, the Company sold five properties for net proceeds of $23.9 million and recorded a net gain of $2.3 million.

Assets Held for Sale

The Company did not classify any operating properties as real estate held for sale at June 30, 2023 or December 31, 2022.

Provisions for Impairment

As a result of the Company’s review of real estate investments, it recognized $1.3 million and no provisions for impairment for the three months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized a $1.3 million and $1.0 million provision for impairment, respectively. The estimated fair value of the impaired real estate assets at their time of impairment was $0.5 million in 2023 and $1.8 million in 2022.