| Schedule of Properties Acquired |
A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of September 30, 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 |
Clive - 4/1/25 |
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— |
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11,400 |
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507 |
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1,595 |
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2,218 |
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15,720 |
Des Moines - 4/1/25 |
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— |
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18,917 |
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182 |
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3,289 |
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3,519 |
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25,907 |
Capitalized costs(1) |
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— |
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4,224 |
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464 |
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3,412 |
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— |
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8,100 |
Total Additions: |
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— |
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59,861 |
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1,608 |
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11,136 |
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9,402 |
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82,007 |
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) |
Chipley - 4/30/25 |
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(170) |
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(875) |
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(34) |
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(111) |
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(189) |
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(1,379) |
2999 Germantown - 8/7/25 |
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(253) |
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(1,593) |
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— |
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— |
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— |
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(1,846) |
Aurora - 9/4/25 |
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(339) |
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(2,345) |
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(308) |
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(603) |
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(2,680) |
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(6,275) |
Total Dispositions: |
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(1,769) |
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(11,159) |
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(516) |
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(836) |
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(3,651) |
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(17,931) |
Impairment of investment property(2) |
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(1,182) |
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(5,099) |
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— |
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— |
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— |
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(6,281) |
Balances as of September 30, 2025 |
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$ |
171,349 |
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$ |
1,087,622 |
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$ |
25,065 |
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$ |
79,979 |
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$ |
144,696 |
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$ |
1,508,711 |
| (1) |
Represents capital projects that were completed and placed in service during the nine months ended September 30, 2025 related to the Company’s existing facilities. |
| (2) |
In August 2025, the Company entered into an agreement to sell its facility located in Aurora, Illinois. The Company recognized an impairment loss of $6.3 million during the nine months ended September 30, 2025 to reduce the carrying value of the asset to its fair value. The fair value was determined to be the contractual sales price less commissions and fees. The sale of the facility was completed in September 2025.
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A rollforward of the gross investment in land, building, improvements, and acquired lease intangible assets as of December 31, 2024 is as follows:
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Site |
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Tenant |
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Acquired Lease |
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Gross Investment in |
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Land |
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Building |
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Improvements |
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Improvements |
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Intangible Assets |
|
Real Estate |
Balances as of December 31, 2023 |
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$ |
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 $1.7 million during the year ended December 31, 2024 to reduce the carrying value of the asset to its fair value. The fair value was determined to be the contractual sales price less commissions and fees. |
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| Summary of Carrying amount of intangible assets and liabilities |
The following is a summary of the carrying amount of lease intangible assets and liabilities as of the dates presented:
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As of September 30, 2025 |
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Accumulated |
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Cost |
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Amortization |
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Net |
Assets |
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In-place leases |
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$ |
82,590 |
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$ |
(55,958) |
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$ |
26,632 |
Above market leases |
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24,024 |
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(14,544) |
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|
9,480 |
Leasing costs |
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38,082 |
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(24,000) |
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14,082 |
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$ |
144,696 |
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$ |
(94,502) |
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$ |
50,194 |
Liability |
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Below market leases |
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$ |
17,335 |
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$ |
(11,819) |
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$ |
5,516 |
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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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