| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of March 31, 2025 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, 2024 |
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$ |
174,300 |
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$ |
1,044,019 |
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$ |
23,973 |
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$ |
69,679 |
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$ |
138,945 |
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$ |
1,450,916 |
Facility Acquired – Date Acquired: |
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Carondelet - 2/7/25 |
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— |
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13,327 |
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— |
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1,274 |
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1,725 |
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16,326 |
Silverbell - 2/7/25 |
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— |
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8,482 |
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— |
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973 |
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1,368 |
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10,823 |
Slippery Rock - 2/7/25 |
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— |
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3,511 |
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455 |
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593 |
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572 |
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5,131 |
Capitalized costs(1) |
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— |
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1,789 |
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12 |
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2,626 |
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— |
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4,427 |
Total Additions: |
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— |
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27,109 |
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467 |
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5,466 |
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3,665 |
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36,707 |
Facility Sold – Date Sold: |
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Derby - 2/18/25 |
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(146) |
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(1,250) |
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(118) |
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(73) |
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(372) |
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(1,959) |
Coos Bay - 3/19/25 |
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(861) |
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(5,096) |
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(56) |
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(49) |
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(410) |
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(6,472) |
Total Dispositions: |
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(1,007) |
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(6,346) |
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(174) |
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(122) |
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(782) |
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(8,431) |
Balances as of March 31, 2025 |
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$ |
173,293 |
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$ |
1,064,782 |
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$ |
24,266 |
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$ |
75,023 |
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$ |
141,828 |
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$ |
1,479,192 |
(1) |
Represents capital projects that were completed and placed in service during the three months ended March 31, 2025 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, 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 |
Conway – 10/2/24 |
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2,430 |
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7,415 |
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188 |
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372 |
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897 |
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11,302 |
Little Rock – 10/2/24 |
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1,449 |
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6,579 |
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164 |
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284 |
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741 |
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9,217 |
Russellville – 10/2/24 |
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1,086 |
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4,022 |
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218 |
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205 |
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491 |
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6,022 |
Sarasota – 10/2/24 |
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643 |
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4,133 |
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— |
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548 |
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712 |
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6,036 |
Venice – 10/2/24 |
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1,102 |
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2,830 |
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123 |
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187 |
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426 |
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4,668 |
Ruskin – 10/2/24 |
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242 |
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1,443 |
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28 |
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45 |
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175 |
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1,933 |
6807 Bradenton – 10/2/24 |
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1,225 |
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626 |
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22 |
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68 |
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180 |
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2,121 |
2101 Bradenton – 10/2/24 |
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967 |
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1,372 |
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52 |
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64 |
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235 |
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2,690 |
2203 Bradenton – 10/2/24 |
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408 |
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913 |
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35 |
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37 |
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132 |
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1,525 |
6002 Bradenton – 10/2/24 |
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1,679 |
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2,985 |
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112 |
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190 |
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463 |
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5,429 |
Capitalized costs(1) |
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— |
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5,494 |
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1,481 |
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4,828 |
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— |
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11,803 |
Total Additions: |
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18,339 |
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57,452 |
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3,187 |
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7,782 |
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7,234 |
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93,994 |
Facility Sold – Date Sold: |
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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) |
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) |
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) |
Carson City – 12/6/2024 |
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(760) |
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(3,268) |
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— |
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— |
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— |
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(4,028) |
Ellijay – 12/17/2024 |
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(777) |
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(2,929) |
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(136) |
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(408) |
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(870) |
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(5,120) |
High Point – 12/20/2024(2) |
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(1,749) |
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(20,417) |
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(504) |
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(869) |
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(1,656) |
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(25,195) |
Fort Worth – 12/20/2024(2) |
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(1,487) |
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(3,333) |
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(251) |
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(445) |
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(787) |
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(6,303) |
Total Dispositions: |
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(8,086) |
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(47,838) |
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(1,152) |
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(4,445) |
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(6,826) |
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(68,347) |
Impairment of investment property(3) |
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(268) |
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(1,300) |
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(36) |
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(16) |
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(80) |
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(1,700) |
Balances as of December 31, 2024 |
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$ |
174,300 |
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$ |
1,044,019 |
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$ |
23,973 |
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$ |
69,679 |
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$ |
138,945 |
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$ |
1,450,916 |
| (1) |
Represents capital projects that were completed and placed in service during the year ended December 31, 2024 related to the Company’s existing facilities. |
| (2) |
These two facilities were sold to the Joint Venture in connection with its formation. |
| (3) |
In December 2024, the Company entered into an agreement to sell its facility located in Derby, Kansas. The Company recognized an impairment loss of $1.7 million during the year ended December 31, 2024 to reduce the carrying value of the asset to its fair value. The fair value was determined to be the contractual sales price less commissions and fees.
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| Summary of Carrying amount of intangible assets and liabilities |
The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented:
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As of March 31, 2025 |
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Accumulated |
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Cost |
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Amortization |
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Net |
Assets |
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In-place leases |
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$ |
79,472 |
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$ |
(52,393) |
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$ |
27,079 |
Above market leases |
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24,885 |
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(13,956) |
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10,929 |
Leasing costs |
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37,471 |
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(22,192) |
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|
15,279 |
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$ |
141,828 |
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$ |
(88,541) |
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$ |
53,287 |
Liability |
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Below market leases |
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$ |
14,325 |
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$ |
(10,423) |
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$ |
3,902 |
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As of December 31, 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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$ |
77,698 |
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$ |
(50,714) |
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$ |
26,984 |
Above market leases |
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24,599 |
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(13,201) |
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|
11,398 |
Leasing costs |
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36,648 |
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(21,326) |
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15,322 |
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$ |
138,945 |
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$ |
(85,241) |
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$ |
53,704 |
Liability |
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Below market leases |
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$ |
14,073 |
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$ |
(10,137) |
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$ |
3,936 |
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