| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 2024 is as follows:
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Site |
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Tenant |
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Acquired Lease |
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Gross Investment in |
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Land |
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Building |
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Improvements |
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Improvements |
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Intangible Assets |
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Real Estate |
Balances as of December 31, 2023 |
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$ |
164,315 |
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$ |
1,035,705 |
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$ |
21,974 |
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$ |
66,358 |
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$ |
138,617 |
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$ |
1,426,969 |
Facility Acquired – Date Acquired: |
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Minot – 7/11/24 |
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935 |
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7,324 |
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144 |
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103 |
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676 |
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9,182 |
Clinton – 7/11/24 |
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938 |
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4,829 |
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188 |
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256 |
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657 |
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6,868 |
Westland– 7/11/24 |
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921 |
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3,630 |
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157 |
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99 |
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540 |
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5,347 |
Cerritos – 7/11/24 |
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3,424 |
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1,244 |
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107 |
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106 |
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392 |
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5,273 |
Spartanburg – 7/11/24 |
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890 |
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2,613 |
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168 |
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390 |
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517 |
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4,578 |
Capitalized costs(1) |
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— |
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3,552 |
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469 |
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2,344 |
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— |
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6,365 |
Total Additions: |
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7,108 |
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23,192 |
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1,233 |
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3,298 |
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2,782 |
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37,613 |
Disposition of Mishawaka - 6/27/24 |
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(1,924) |
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(10,084) |
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(75) |
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(1,798) |
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(2,223) |
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(16,104) |
Disposition of Panama City - 7/12/24 |
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(1,117) |
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(7,201) |
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(165) |
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(841) |
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(1,141) |
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(10,465) |
Disposition of Panama City Beach - 9/19/24 |
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(272) |
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(606) |
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(21) |
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(84) |
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(149) |
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(1,132) |
Total Dispositions: |
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(3,313) |
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(17,891) |
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(261) |
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(2,723) |
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(3,513) |
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(27,701) |
Balances as of September 30, 2024 |
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$ |
168,110 |
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$ |
1,041,006 |
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$ |
22,946 |
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$ |
66,933 |
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$ |
137,886 |
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$ |
1,436,881 |
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(1) |
Represents capital projects that were completed and placed in service during the nine months ended September 30, 2024 related to the Company’s existing facilities. |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2023 is as follows:
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Site |
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Tenant |
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Acquired Lease |
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Gross Investment in |
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Land |
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Building |
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Improvements |
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Improvements |
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Intangible Assets |
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Real Estate |
Balances as of December 31, 2022 |
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$ |
168,308 |
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$ |
1,079,781 |
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$ |
22,024 |
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$ |
65,987 |
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$ |
148,077 |
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$ |
1,484,177 |
Facility Acquired – Date Acquired: |
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Redding – 4/17/23 |
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771 |
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3,798 |
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174 |
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321 |
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872 |
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5,936 |
Capitalized costs(1) |
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— |
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3,146 |
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1,009 |
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2,356 |
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172 |
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6,683 |
Total Additions: |
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771 |
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6,944 |
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1,183 |
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2,677 |
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1,044 |
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12,619 |
Disposition of Jacksonville – 3/9/2023 |
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(1,023) |
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(2,827) |
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— |
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— |
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— |
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(3,850) |
Disposition of Oklahoma City – 6/30/2023 |
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(2,814) |
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(43,553) |
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(1,127) |
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(1,505) |
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(9,406) |
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(58,405) |
Disposition of North Charleston – 8/1/2023 |
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(927) |
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(4,640) |
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(106) |
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(801) |
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(1,098) |
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(7,572) |
Total Dispositions: |
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(4,764) |
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(51,020) |
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(1,233) |
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(2,306) |
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(10,504) |
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(69,827) |
Balances as of December 31, 2023 |
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$ |
164,315 |
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$ |
1,035,705 |
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$ |
21,974 |
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$ |
66,358 |
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$ |
138,617 |
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$ |
1,426,969 |
| (1) |
Represents capital projects that were completed and placed in service during the year ended December 31, 2023 related to the Company’s existing facilities. |
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| Summary of Carrying amount of intangible assets and liabilities |
The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented:
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As of September 30, 2024 |
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Accumulated |
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Cost |
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Amortization |
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Net |
Assets |
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In-place leases |
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$ |
77,121 |
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$ |
(50,465) |
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$ |
26,656 |
Above market leases |
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24,724 |
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(12,529) |
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12,195 |
Leasing costs |
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36,041 |
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(21,098) |
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14,943 |
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$ |
137,886 |
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$ |
(84,092) |
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$ |
53,794 |
Liability |
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Below market leases |
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$ |
13,595 |
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$ |
(9,957) |
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$ |
3,638 |
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As of December 31, 2023 |
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Accumulated |
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Cost |
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Amortization |
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Net |
Assets |
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In-place leases |
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$ |
77,037 |
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$ |
(44,249) |
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$ |
32,788 |
Above market leases |
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24,961 |
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(10,318) |
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14,643 |
Leasing costs |
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36,619 |
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(18,556) |
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18,063 |
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$ |
138,617 |
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$ |
(73,123) |
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$ |
65,494 |
Liability |
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Below market leases |
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$ |
13,595 |
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$ |
(8,314) |
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$ |
5,281 |
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