NETSTREIT CORP., 10-Q filed on 7/23/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 21, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-39443  
Entity Registrant Name NETSTREIT Corp.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 84-3356606  
Entity Address, Address Line One 2021 McKinney Avenue  
Entity Address, Address Line Two Suite 1150  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75201  
City Area Code 972  
Local Phone Number 200-7100  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol NTST  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   83,467,898
Entity Central Index Key 0001798100  
Amendment Flag false  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2025  
Current Fiscal Year End Date --12-31  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real estate, at cost:    
Land $ 618,577 $ 571,272
Buildings and improvements 1,416,931 1,400,393
Total real estate, at cost 2,035,508 1,971,665
Less accumulated depreciation (165,707) (143,422)
Property under development 1,782 6,118
Real estate held for investment, net 1,871,583 1,834,361
Assets held for sale 57,795 48,637
Mortgage loans receivable, net 152,779 139,409
Cash, cash equivalents, and restricted cash 19,740 14,320
Lease intangible assets, net 154,701 164,392
Other assets, net 55,116 58,227
Total assets 2,311,714 2,259,346
Liabilities:    
Term loans, net 795,976 622,608
Revolving credit facility 127,000 239,000
Mortgage note payable, net 7,834 7,853
Lease intangible liabilities, net 18,294 20,177
Liabilities related to assets held for sale 1,816 1,912
Accounts payable, accrued expenses, and other liabilities 37,249 29,664
Total liabilities 988,169 921,214
Commitments and contingencies (Note 12)
Stockholders’ equity    
Common stock, $0.01 par value, 400,000,000 shares authorized; 83,465,051 and 81,602,232 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 835 816
Additional paid-in capital 1,538,592 1,507,995
Distributions in excess of retained earnings (217,589) (188,046)
Accumulated other comprehensive (loss) income (5,222) 10,206
Total stockholders’ equity 1,316,616 1,330,971
Noncontrolling interests 6,929 7,161
Total equity 1,323,545 1,338,132
Total liabilities and equity $ 2,311,714 $ 2,259,346
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 400,000,000 400,000,000
Common stock, shares issued 83,465,051 81,602,232
Common stock, shares outstanding 83,465,051 81,602,232
v3.25.2
Condensed Consolidated Statements of Operations and Comprehensive Loss) Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Rental revenue (including reimbursable) $ 45,158 $ 36,864 $ 87,748 $ 72,053
Interest income on loans receivable 3,128 2,703 6,203 5,187
Other revenue 0 0 245 0
Total revenues 48,286 39,567 94,196 77,240
Operating expenses        
Property 4,484 3,982 9,287 8,084
General and administrative 5,475 5,268 10,644 10,978
Depreciation and amortization 21,506 18,544 42,429 36,084
Provisions for impairment 4,422 3,836 8,038 7,498
Transaction costs 73 47 120 175
Total operating expenses 35,960 31,677 70,518 62,819
Other (expense) income        
Interest expense, net (12,638) (7,604) (24,098) (13,784)
Gain on sales of real estate, net 3,533 8 5,608 1,006
Loss on debt extinguishment 0 0 (46) 0
Total other expense, net 81 (2,588) (124) (2,868)
Total other expense, net (9,024) (10,184) (18,660) (15,646)
Net income (loss) before income taxes 3,302 (2,294) 5,018 (1,225)
Income tax expense (13) (12) (29) (29)
Net income (loss) 3,289 (2,306) 4,989 (1,254)
Net income (loss) attributable to noncontrolling interests 17 (15) 26 (8)
Net income (loss) income attributable to common stockholders $ 3,272 $ (2,291) $ 4,963 $ (1,246)
Amounts available to common stockholders per common share:        
Basic (in dollars per share) $ 0.04 $ (0.03) $ 0.06 $ (0.02)
Diluted (in dollars per share) $ 0.04 $ (0.03) $ 0.06 $ (0.02)
Weighted average common shares:        
Basic (in shares) 81,895,840 73,588,605 81,770,860 73,419,198
Diluted (in shares) 82,494,129 73,588,605 82,314,021 73,419,198
Other comprehensive (loss) income:        
Net income (loss) $ 3,289 $ (2,306) $ 4,989 $ (1,254)
Change in value of derivatives, net (5,644) (420) (15,508) 8,708
Total comprehensive (loss) income (2,355) (2,726) (10,519) 7,454
Comprehensive (loss) income attributable to noncontrolling interests (12) (15) (54) 43
Comprehensive (loss) income attributable to common stockholders $ (2,343) $ (2,711) $ (10,465) $ 7,411
v3.25.2
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
IPO
IPO - Shares From Existing Shareholders
Total Stockholders’ Equity
Total Stockholders’ Equity
IPO
Total Stockholders’ Equity
IPO - Shares From Existing Shareholders
Common stock
Common stock
IPO
Common stock
IPO - Shares From Existing Shareholders
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Additional Paid-in Capital
IPO - Shares From Existing Shareholders
Distributions in Excess of Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests
Noncontrolling Interests
IPO - Shares From Existing Shareholders
Beginning balance (in shares) at Dec. 31, 2023             73,207,080                  
Beginning balance at Dec. 31, 2023 $ 1,273,432     $ 1,264,904     $ 732     $ 1,367,505     $ (112,276) $ 8,943 $ 8,528  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
OP Units converted to common stock (in shares)             7,119                  
Issuance of common stock in public offerings, net of issuance costs 0     126           126         (126)  
OP Units converted to common stock (15,129)     (15,031)                 (15,031)   (98)  
Dividends and distributions declared on common stock and OP Units (143)     (143)                 (143)      
Vesting of restricted stock units (in shares)             176,197                  
Vesting of restricted stock units 0           $ 2     (2)            
Repurchase of common stock for tax withholding obligations (in shares)             (61,985)                  
Repurchase of common stock for tax withholding obligations (1,069)     (1,069)     $ (1)     (1,068)            
Repurchase of common stock for tax withholding obligations 1,886     1,886           1,751     135      
Other comprehensive income 9,128     9,077                   9,077 51  
Net income (loss) 1,052     1,045                 1,045   7  
Ending balance (in shares) at Mar. 31, 2024             73,328,411                  
Ending balance at Mar. 31, 2024 1,269,157     1,260,795     $ 733     1,368,312     (126,270) 18,020 8,362  
Beginning balance (in shares) at Dec. 31, 2023             73,207,080                  
Beginning balance at Dec. 31, 2023 1,273,432     1,264,904     $ 732     1,367,505     (112,276) 8,943 8,528  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
OP Units converted to common stock (in shares)     42,240                          
Net income (loss) (1,254)                              
Ending balance (in shares) at Jun. 30, 2024             77,377,679                  
Ending balance at Jun. 30, 2024 1,317,862     1,310,216     $ 773     1,435,577     (143,734) 17,600 7,646  
Beginning balance (in shares) at Mar. 31, 2024             73,328,411                  
Beginning balance at Mar. 31, 2024 1,269,157     1,260,795     $ 733     1,368,312     (126,270) 18,020 8,362  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Issuance of stock (in shares)               4,000,000                
Issuance of stock   $ 65,324     $ 65,324     $ 40     $ 65,284          
OP Units converted to common stock (in shares)                 35,121              
Issuance of common stock in public offerings, net of issuance costs     $ 0     $ 611           $ 611       $ (611)
OP Units converted to common stock (15,132)     (15,042)                 (15,042)   (90)  
Dividends and distributions declared on common stock and OP Units (139)     (139)                 (139)      
Vesting of restricted stock units (in shares)             23,510                  
Repurchase of common stock for tax withholding obligations (in shares)             (9,363)                  
Repurchase of common stock for tax withholding obligations (160)     (160)           (160)            
Repurchase of common stock for tax withholding obligations 1,538     1,538           1,530     8      
Other comprehensive income (420)     (420)                   (420)    
Net income (loss) (2,306)     (2,291)                 (2,291)   (15)  
Ending balance (in shares) at Jun. 30, 2024             77,377,679                  
Ending balance at Jun. 30, 2024 1,317,862     1,310,216     $ 773     1,435,577     (143,734) 17,600 7,646  
Beginning balance (in shares) at Dec. 31, 2024             81,602,232                  
Beginning balance at Dec. 31, 2024 1,338,132     1,330,971     $ 816     1,507,995     (188,046) 10,206 7,161  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
OP Units converted to common stock (17,246)     (17,157)                 (17,157)   (89)  
Dividends and distributions declared on common stock and OP Units (181)     (181)                 (181)      
Vesting of restricted stock units (in shares)             136,338                  
Vesting of restricted stock units 0           $ 1     (1)            
Repurchase of common stock for tax withholding obligations (in shares)             (39,661)                  
Repurchase of common stock for tax withholding obligations (573)     (573)           (573)            
Repurchase of common stock for tax withholding obligations 1,557     1,557           1,388     169      
Other comprehensive income (9,864)     (9,813)                   (9,813) (51)  
Net income (loss) 1,700     1,691                 1,691   9  
Ending balance (in shares) at Mar. 31, 2025             81,698,909                  
Ending balance at Mar. 31, 2025 1,313,525     1,306,495     $ 817     1,508,809     (203,524) 393 7,030  
Beginning balance (in shares) at Dec. 31, 2024             81,602,232                  
Beginning balance at Dec. 31, 2024 1,338,132     1,330,971     $ 816     1,507,995     (188,046) 10,206 7,161  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Net income (loss) 4,989                              
Ending balance (in shares) at Jun. 30, 2025             83,465,051                  
Ending balance at Jun. 30, 2025 1,323,545     1,316,616     $ 835     1,538,592     (217,589) (5,222) 6,929  
Beginning balance (in shares) at Mar. 31, 2025             81,698,909                  
Beginning balance at Mar. 31, 2025 1,313,525     1,306,495     $ 817     1,508,809     (203,524) 393 7,030  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Issuance of stock (in shares)             1,757,815                  
Issuance of stock 28,352     28,352     $ 18     28,334            
OP Units converted to common stock (17,248)     (17,159)                 (17,159)   (89)  
Dividends and distributions declared on common stock and OP Units (178)     (178)                 (178)      
Vesting of restricted stock units (in shares)             13,096                  
Repurchase of common stock for tax withholding obligations (in shares)             (4,769)                  
Repurchase of common stock for tax withholding obligations (72)     (72)           (72)            
Repurchase of common stock for tax withholding obligations 1,521     1,521           1,521            
Other comprehensive income (5,644)     (5,615)                   (5,615) (29)  
Net income (loss) 3,289     3,272                 3,272   17  
Ending balance (in shares) at Jun. 30, 2025             83,465,051                  
Ending balance at Jun. 30, 2025 $ 1,323,545     $ 1,316,616     $ 835     $ 1,538,592     $ (217,589) $ (5,222) $ 6,929  
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net income (loss) $ 4,989 $ (1,254)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 42,429 36,084
Amortization of deferred financing costs 1,408 1,115
Above/below market lease amortization, net 57 57
Noncash revenue adjustments (2,093) (1,227)
Amortization of deferred losses (gains) on interest rate swaps 1,418 (1,958)
Stock-based compensation expense 2,909 3,281
Gain on sales of real estate, net (5,608) (1,006)
Provisions for impairment 8,038 7,498
Loss on debt extinguishment 46 0
Loss on involuntary conversion of building and improvements 0 905
Changes in assets and liabilities, net of assets acquired and liabilities assumed:    
Other assets, net (222) (4,285)
Accounts payable, accrued expenses, and other liabilities (445) (2,192)
Lease incentive payments (199) 0
Net cash provided by operating activities 52,727 37,018
Cash flows from investing activities    
Acquisitions of real estate (173,996) (190,764)
Real estate development and improvements (3,481) (29,996)
Investment in mortgage loans receivable (17,108) (18,021)
Principal collections on mortgage loans receivable 12,112 2,338
Earnest money deposits 67 (14)
Purchase of computer equipment and other corporate assets (25) (8)
Proceeds from sale of real estate 85,726 32,542
Net cash used in investing activities (96,705) (203,923)
Cash flows from financing activities    
Issuance of common stock in public offerings, net 28,352 65,324
Payment of common stock dividends (34,316) (30,073)
Payment of OP unit distributions (178) (188)
Payment of restricted stock dividends (222) (441)
Principal payments on mortgages payable (81) (77)
Proceeds under revolving credit facilities 143,000 190,000
Repayments under revolving credit facilities (255,000) (172,000)
Proceeds from term loans 218,675 100,000
Principal payments on term loans (43,675) 0
Repurchase of common stock for tax withholding obligations (645) (1,229)
Payment of deferred offering costs (233) (614)
Payment of deferred financing costs (6,279) 0
Net cash provided by financing activities 49,398 150,702
Net change in cash, cash equivalents, and restricted cash 5,420 (16,203)
Cash, cash equivalents, and restricted cash at beginning of the period 14,320 29,929
Cash, cash equivalents, and restricted cash at end of the period 19,740 13,726
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of amounts capitalized 20,812 13,437
Cash received for income taxes, net (3) (8)
Supplemental disclosures of non-cash investing and financing activities:    
Dividends declared and unpaid on restricted stock 190 139
Deferred offering costs included in accounts payable, accrued expenses, and other liabilities 73 22
Accrued loan origination fees on mortgage loans receivable 0 200
Cash flow hedge change in fair value (16,925) 10,666
Increase in mortgage loan receivable in exchange for disposition of real estate 8,450 0
Accrued capital expenditures and real estate development and improvement costs $ 1,950 $ 2,657
v3.25.2
Organization and Description of Business
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
NETSTREIT Corp. (the “Company”) was incorporated on October 11, 2019 as a Maryland corporation and commenced operations on December 23, 2019. The Company conducts its operations through NETSTREIT, L.P., a Delaware limited partnership (the “Operating Partnership”). NETSTREIT GP, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company, is the sole general partner of the Operating Partnership.

The Company elected to be treated as and to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes beginning with its short taxable year ended December 31, 2019. Additionally, the Operating Partnership formed NETSTREIT Management TRS, LLC (“NETSTREIT TRS”), which together with the Company jointly elected to be treated as a taxable REIT subsidiary under Section 856(a) of the Internal Revenue Code of 1986, as amended, (the “Code”) for U.S. federal income tax purposes.

The Company is structured as an umbrella partnership real estate investment trust (commonly referred to as an “UPREIT”) and is an internally managed real estate company that acquires, owns, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. The Company also invests in property developments and mortgage loans secured by real estate. As of June 30, 2025, the Company owned or had investments in 707 properties located in 45 states.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation and the Company’s net income (loss) is reduced by the portion of net income (loss) attributable to noncontrolling interests.

Interim Unaudited Financial Information

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. These unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto on the Annual Report on Form 10-K as of and for the year ended December 31, 2024, which provide a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results for the full year.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant assumptions and estimates relate to the useful lives of real estate assets, lease accounting, real estate impairment assessments, and allocation of fair value of purchase consideration. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates.
Impairment of Long-Lived Assets

Fair value measurement of an asset group occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. An example of an event or changed circumstance is a reduction in the expected holding period of a property. If indicators are present, the Company will prepare a projection of the undiscounted future cash flows of the property, excluding interest charges, and determine if the carrying amount of the asset group is recoverable. When a carrying amount is not recoverable, an impairment loss is recognized to the extent that the carrying amount of the asset group exceeds its fair market value. The Company estimates fair value using data such as operating income, estimated capitalization rates or multiples, leasing prospects, local market information, and discount rates, and with regard to assets held for sale, based on the estimated or negotiated selling price, less estimated costs of disposal. Based on these unobservable inputs, the Company determined that its valuations of impaired real estate and intangible assets fall within Level 2 and Level 3 of the fair value hierarchy under ASC Topic 820.

The following table summarizes the provision for impairment during the periods indicated below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total provision for impairment$4,422 $3,836 $8,038 $7,498 
Number of properties: (1)
Classified as held for sale7 9 11 10 
Disposed within the period2 1 9 7 
Classified as held for investment— 2 1 6 
(1) Includes the number of properties that were either (i) impaired during the respective period and remained as held for sale as of period-end, (ii) impaired and disposed of during the respective period, or (iii) impaired during the respective period and remained as held for investment at period-end.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all cash balances, money market accounts, and highly liquid investments with original maturities of three months or less to be cash and cash equivalents. Restricted cash includes cash restricted for property tenant improvements and cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code. Restricted cash is included in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets. The Company had $16.7 million of restricted cash as of June 30, 2025, and $7.9 million of restricted cash as of December 31, 2024.

The Company’s bank balances as of June 30, 2025 and December 31, 2024 included certain amounts over the Federal Deposit Insurance Corporation limits.

Fair Value Measurement

Fair value measurements are utilized in the accounting of the Company’s assets acquired and liabilities assumed in an asset acquisition and also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs.

The Company uses the following inputs in its fair value measurements:

– Level 2 and Level 3 inputs for its debt and derivative financial instrument fair value disclosures. See “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments,” respectively; and

– Level 2 and Level 3 inputs when assessing the fair value of assets and liabilities in connection with real estate acquisitions and impairment. See “Note 4 – Real Estate Investments.”
Additionally, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks as of June 30, 2025 and December 31, 2024. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.

The fair value of the Company’s cash, cash equivalents, and restricted cash (including money market accounts), other assets, and accounts payable, accrued expenses, and other liabilities approximate their carrying value because of the short-term nature of these instruments. Additionally, the Company believes the following financial instruments have carrying values that approximate their fair values as of June 30, 2025:

•Borrowings under the Company’s Revolver (as defined in “Note 6 – Debt”) approximate fair value based on their nature, terms, and variable interest rates.
•Carrying values of the Company’s mortgage loans receivable approximate fair values based on a number of factors, including either their short-term nature, the availability of market quotes for comparable instruments, and a discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads.
•Carrying value of the Company’s mortgage note payable approximates fair value based on a discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads.

Provisions for impairment recognized during the three and six months ended June 30, 2025 primarily related to assets held for sale where impairment was determined based on the estimated or negotiated selling price, less costs of disposal, compared to the carrying value of the property. As of June 30, 2025, there were eight properties held for investment accounted for at fair value. These eight properties were accounted for at fair value on a nonrecurring basis using a cash flow model (Level 3 inputs) with a total adjusted carrying value of $16.8 million. As of December 31, 2024, there were 11 properties held for investment accounted for at fair value. These 11 properties were accounted for at fair value on a nonrecurring basis using a cash flow model (Level 3 inputs) with a total adjusted carrying value of $27.1 million. The Company estimated the fair values as of June 30, 2025 using capitalization rates ranging from 7.4% to 12.1%, which it believes is reasonable based on current market rates.

The following table discloses estimated fair value information for the Company’s 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, and 2030 Term Loan B (each as defined in “Note 6 – Debt”) which is derived based primarily on unobservable market inputs such as interest rates and discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads (in thousands):

June 30, 2025December 31, 2024
Carrying Value (1)
Estimated Fair Value
Carrying Value (1)
Estimated Fair Value
2028 Term Loan$199,367 $200,678 $199,246 $200,858 
2029 Term Loan$249,212 $250,350 $248,853 $250,526 
2030 Term Loan A$173,617 $175,775 $174,509 $175,245 
2030 Term Loan B$173,780 $175,793 $— $— 
(1) The carrying value of the debt instruments are net of unamortized debt issuance and discount costs.

Concentrations of Credit Risk

During the three and six months ended June 30, 2025, there were no tenants or borrowers with rental revenue or interest income on loans receivable that exceeded 10% of total revenues.

During the three and six months ended June, 30, 2024, one tenant, Dollar General, accounted for 11.3% and 11.5% of total revenues, respectively.

Other financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash held at various financial institutions, access to the Company’s credit facilities, and amounts due or payable under derivative contracts. These credit risk exposures are spread among a diversified group of investment grade financial institutions.
Segment Reporting

ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report information about operating segments. The Company is an internally managed real estate company that acquires, owns, invests in, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. The Company primarily engages in leasing activities that generate revenues and incur operating expenses in addition to investing in property developments and mortgage loans secured by real estate. The Company aggregates these investments for reporting purposes and operates in one reportable segment.

The Company’s chief operating decision maker (“CODM”) is the Company’s senior executive investment committee that includes the chief executive officer and chief financial officer. The CODM uses net income (loss), as reported on the condensed consolidated statements of operations and comprehensive (loss) income to measure segment operating performance and allocate resources. All of the Company’s expenses are included in segment operating performance and are reviewed regularly. Significant segment expenses include property, general and administrative, depreciation and amortization, provisions for impairment, and interest expense. The measure of segment assets is reported on the Company’s condensed consolidated balance sheets as total assets. The CODM also reviews characteristics of potential future investments such as weighted average remaining lease term (“WALT”), capitalization rate, tenant credit quality, industry type, and geographic location.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, the amendments require annual disclosure of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective application is permitted. The Company continues to evaluate the potential impact of the guidance and potential additional disclosures required.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the potential impact of the guidance and potential additional disclosures required.
v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
Tenant Leases

The Company acquires, owns, and manages single-tenant commercial retail net lease properties, the majority of which have long-term triple-net leases where the tenant is generally responsible for all improvements and contractually obligated to pay all operating costs (such as real estate taxes, utilities, and repairs and maintenance costs). As of June 30, 2025, exclusive of mortgage loans receivable, the Company’s weighted average remaining lease term was 9.8 years.

The Company’s property leases have been classified as operating leases, most of which have scheduled rent increases throughout the lease term. The Company’s leases typically provide the tenant one or more multi-year renewal options to extend their leases, subject to generally the same terms and conditions, including rent increases, consistent with the initial lease term.

All lease-related income is reported as a single line item, rental revenue (including reimbursable), in the condensed consolidated statements of operations and comprehensive (loss) income and is presented net of any reserves, write-offs, or recoveries for uncollectible amounts.

Fixed lease income includes stated amounts per the lease contract, which include base rent, fixed common area maintenance charges, and straight-line lease adjustments.
Variable lease income primarily includes recoveries from tenants, which represent amounts that tenants are contractually obligated to reimburse the Company for, specific to their portion of actual recoverable costs incurred. Variable lease income also includes percentage rent, which represents amounts billable to tenants based on their actual sales volume in excess of levels specified in the lease contract.

The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Rental revenue
Fixed lease income (1)
$41,175 $33,788 $80,267 $65,653 
Variable lease income (2)
3,977 2,978 7,405 6,207 
Other rental revenue:
Above/below market lease amortization, net257 287 519 573 
Lease incentives(251)(189)(443)(380)
Rental revenue (including reimbursable)$45,158 $36,864 $87,748 $72,053 
(1)    Fixed lease income includes contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term.
(2)    Variable lease income primarily includes tenant reimbursements for real estate taxes, insurance, common area maintenance, and reserves for uncollectible amounts. There were no material reserves, write-offs, or recoveries of uncollectible amounts during the three and six months ended June 30, 2025 and 2024.

Scheduled future minimum base rental payments (excluding base rental payments from properties classified as held for sale and straight-line rent adjustments for all properties) due to be received under the remaining noncancellable term of the operating leases in place as of June 30, 2025 are as follows (in thousands):

Future Minimum Base
Rental Receipts
Remainder of 2025$77,794 
2026155,486 
2027153,246 
2028148,106 
2029139,114 
Thereafter948,131 
Total$1,621,877 
v3.25.2
Real Estate Investments
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Real Estate Investments Real Estate Investments
As of June 30, 2025, the Company had investments in 707 properties. The gross real estate investment portfolio, including properties under development and mortgage loans receivable, totaled approximately $2.4 billion and consisted of the gross acquisition cost of land, buildings, improvements, lease intangible assets and liabilities, mortgage loans receivable, and property development costs. The investment portfolio is geographically dispersed throughout 45 states with gross real estate investments in Texas and Illinois representing 13.1% and 9.1%, respectively, of the total gross real estate investment of the Company’s investment portfolio.
The Company’s gross investment portfolio as of June 30, 2025 and December 31, 2024 is summarized below (dollars in thousands):

Number of PropertiesAmount of Investment
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Properties held for investment (1)
589589$2,229,339 $2,164,566 
Properties held for sale
302355,979 46,725 
Mortgage loans receivable8676152,977 139,483 
Properties under development (2)
241,782 6,118 
Total gross investment
707692$2,440,077 $2,356,892 
(1) Includes one vacant property for the periods ended June 30, 2025 and December 31, 2024, and one completed development where rent had not commenced as of December 31, 2024.
(2) Rent has not commenced for properties under development.

Acquisitions
    
The Company’s acquisitions during the three and six months ended June 30, 2025 and 2024 were all accounted for as asset acquisitions. An allocation of the purchase price and acquisition costs paid for the completed acquisitions during the period is as follows (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Number of properties acquired23 18 41 46 
Assets acquired
Land$53,809 $28,264 $75,083 $44,872 
Buildings33,744 55,508 79,320 114,887 
Site improvements3,246 7,001 7,081 13,429 
Tenant improvements324 359 849 1,804 
In-place lease intangible assets5,405 4,479 11,669 15,772 
96,528 95,611 174,002 190,764 
Liabilities assumed
Accounts payable, accrued expenses, and other liabilities— — (6)— 
Purchase price (1)
$96,528 $95,611 $173,996 $190,764 
(1) During the three months ended June 30, 2025 and 2024, the Company capitalized $1.0 million and $0.6 million of acquisition costs, respectively. During the six months ended June 30, 2025 and 2024, the Company capitalized $1.9 million and $1.8 million of acquisition costs, respectively.

Dispositions

The Company’s dispositions during the three and six months ended June 30, 2025 and 2024 are summarized below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Number of properties sold20 6 36 18 
Sales price, net of disposal costs$55,613 $12,064 $94,176 $32,542 
Gain on sales of real estate, net$3,533 $8 $5,608 $1,006 
Development

The Company’s investment in property developments during the three and six months ended June 30, 2025 and 2024 are summarized below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Number of developments acquired— 2 — 4 
Purchase price of acquired developments$— $1,221 $— $2,010 
Total investment in properties under development (1)
$1,412 $11,993 $2,200 $22,961 
Number of developments completed (2)
1 7 2 14 
Amounts placed into service (3)
$2,740 $16,906 $6,545 $35,243 
(1) During the three months ended June 30, 2025 and 2024, the Company capitalized approximately $0.1 million and $0.2 million, respectively, of interest expense associated with properties under development. During the six months ended June 30, 2025 and 2024, the Company capitalized approximately $0.1 million and $0.6 million, respectively, of interest expense associated with properties under development.
(2) For the two developments completed during the six months ended June 30, 2025, rent commenced in the second quarter of 2025. For the 14 developments completed during the six months ended June 30, 2024, rent commenced at various points throughout 2024.
(3) Amounts reclassified from property under development to land, buildings and improvements, and other assets (leasing commissions) in the accompanying condensed consolidated balance sheets.

As of June 30, 2025, the Company had two property developments under construction, which are expected to be substantially completed with rent commencing at various points throughout 2025. The purchase price, including acquisition costs, and subsequent development are included in property under development in the accompanying condensed consolidated balance sheets as of June 30, 2025.
Investment in Mortgage Loans Receivable

The Company’s mortgage loans receivable portfolio as of June 30, 2025 and December 31, 2024 is summarized below (dollars in thousands):

Loan Type
Monthly Payment (1)
Number of Secured Properties
Effective Interest Rate (2)
Stated Interest RateMaturity DateJune 30, 2025December 31, 2024
Mortgage (3) (4)
I/O17.03%7.00%8/31/2025$38,162 $43,612 
Mortgage (4)
I/O469.55%9.55%3/10/202641,940 41,940 
Mortgage (4) (5)
I/O38.10%6.89%4/10/20264,132 4,132 
Mortgage (3) (4) (5)
I/O68.16%7.98%6/10/20268,408 8,408 
Mortgage
None (6)
17.00%7.00%1/31/2026825 825 
Mortgage (3) (4) (7)
I/O610.26%10.25%12/18/202511,059 11,658 
Mortgage (3) (4) (8)
I/O710.25%10.25%2/7/202613,086 8,853 
MortgageP+I17.25%7.25%7/17/20274,040 4,076 
MortgageP+I17.25%7.25%7/17/20275,174 5,221 
MortgageI/O114.68%13.09%1/17/2025— 1,299 
MortgageP+I17.25%7.25%9/19/20271,421 1,434 
MortgageI/O17.00%7.00%9/30/2029636 636 
MortgageI/O16.50%6.50%12/23/20293,284 3,284 
MortgageI/O16.50%6.50%12/23/20294,105 4,105 
Mortgage (3) (4)
I/O19.75%9.75%2/25/20261,010 — 
Mortgage (3) (4)
I/O19.75%9.75%3/12/20261,154 — 
Mortgage (3) (4) (9)
None (6)
69.75%9.75%9/9/20266,091 — 
MortgageI/O17.00%7.00%5/27/20272,400 — 
MortgageI/O17.25%7.25%5/18/20276,050 — 
Total$152,977 $139,483 
Unamortized loan origination costs and fees, net4 74 
Unamortized discount(202)(148)
Total mortgage loans receivable, net$152,779 $139,409 
(1) I/O: Interest Only; P+I: Principal and Interest.
(2) Includes amortization of discount, loan origination costs and fees, as applicable.
(3) The Company has the right, subject to certain terms and conditions, to acquire all or a portion of the underlying collateralized properties.
(4) Loans require monthly payments of interest only with principal payments occurring as borrower disposes of underlying properties, limited to the Company’s allocated investment by property. Any remaining principal balance will be repaid at or before the maturity date.
(5) The stated interest rate is variable up to 15.0% and is calculated based on contractual rent for existing collateralized properties subject to the loan agreement.
(6) Payments of both interest and principal are due at maturity.
(7) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from July 30, 2025 to December 18, 2025.
(8) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from July 14, 2025 to February 7, 2026.
(9) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from March 28, 2026 to September 9, 2026.
v3.25.2
Intangible Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Liabilities Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following (in thousands):

June 30, 2025December 31, 2024
Gross
Carrying
Amount		Accumulated AmortizationNet Carrying AmountGross
Carrying
Amount		Accumulated AmortizationNet Carrying Amount
Assets:
In-place leases$203,711 $(68,807)$134,904 $203,104 $(60,729)$142,375 
Above-market leases19,116 (6,019)13,097 19,644 (5,500)14,144 
Lease incentives8,744 (2,044)6,700 9,529 (1,656)7,873 
Total intangible assets$231,571 $(76,870)$154,701 $232,277 $(67,885)$164,392 
Liabilities:   
Below-market leases$28,996 $(10,702)$18,294 $29,847 $(9,670)$20,177 

The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of June 30, 2025 and as of December 31, 2024 by category were as follows:

Years Remaining
June 30, 2025December 31, 2024
In-place leases8.58.6
Above-market leases11.011.4
Below-market leases9.710.1
Lease incentives9.410.1

The Company records amortization of in-place lease assets to amortization expense, and records net amortization of above-market and below-market lease intangibles as well as amortization of lease incentives to rental revenue. The following amounts in the accompanying condensed consolidated statements of operations and comprehensive (loss) income related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amortization:
Amortization of in-place leases$5,661 $5,196 $11,217 $10,071 
Net adjustment to rental revenue:
Above-market lease assets(372)(93)(750)(188)
Below-market lease liabilities629 380 1,269 761 
Lease incentives(251)(189)(443)(380)
$6 $98 $76 $193 

The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of June 30, 2025, for the next five years and thereafter (in thousands):

Remainder of 2025
2026202720282029ThereafterTotal
In-place leases$11,179 $21,316 $19,577 $16,862 $14,406 $51,564 $134,904 
Above-market lease assets$(738)$(1,453)$(1,401)$(1,356)$(1,184)$(6,965)$(13,097)
Below-market lease liabilities1,242 2,402 2,333 2,201 2,008 8,108 18,294 
Lease incentives(420)(840)(785)(755)(716)(3,184)(6,700)
Net adjustment to rental revenue$84 $109 $147 $90 $108 $(2,041)$(1,503)
v3.25.2
Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt consists of the following (in thousands):
Amounts Outstanding as of
Contractual Maturity Date
Fully Extended Maturity Date (1)
Interest Rate (2)
June 30, 2025December 31, 2024
Debt:
2028 Term Loan (3)
February 11, 2028—3.88%$200,000 $200,000 
2029 Term Loan (4)
July 3, 2026January 3, 20294.99%250,000 250,000 
2030 Term Loan A (5)
January 15, 2029January 15, 20303.65%175,000 175,000 
2030 Term Loan B (6)
January 15, 2029January 15, 20305.12%175,000 — 
Revolver (7)
January 15, 2029January 15, 20305.46%127,000 239,000 
Mortgage NoteNovember 1, 2027—4.53%8,124 8,205 
Total debt935,124 872,205 
Unamortized discount and debt issuance costs(4,314)(2,744)
Unamortized deferred financing costs, net (8)
(4,259)(1,200)
Total debt, net$926,551 $868,261 
(1) Date represents the fully extended maturity date available to the Company, subject to certain conditions, under each related debt instrument.
(2) Rate represents the effective interest rate as of June 30, 2025 and includes the effect of interest rate swap agreements, as described further in “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments.”
(3) Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(4) Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(5) On January 15, 2025, the Company amended the 2027 Term Loan, providing for the 2030 Term Loan A (as described below). Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(6) Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into seven interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(7) The annual interest rate of the Revolver assumes daily simple SOFR as of June 30, 2025 of 4.36% plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.00% as of June 30, 2025.
(8) The Company records deferred financing costs associated with the Revolver in other assets, net on its condensed consolidated balance sheets. The Company reclassified the net amount of loan commitment fees associated with the 2029 Term Loan from other assets, net to debt issuance costs upon the $100.0 million draw under the 2029 Term Loan.

Truist Credit Agreement

On July 3, 2023, the Company entered into a Credit Agreement, by and among the Operating Partnership, the Company, the financial institutions party thereto, as lenders, and Truist Bank, as Administrative Agent (the “Truist Credit Agreement”), related to a $250.0 million sustainability-linked senior unsecured term loan (the “2029 Term Loan”) which may, subject to the terms of the Truist Credit Agreement, be increased to an amount of up to $400.0 million at the Company’s request. On January 15, 2025, the Truist Credit Agreement was amended to remove certain financial covenants and provide for revised, improved pricing when the Company meets certain investment grade rating and leverage targets. The 2029 Term Loan contains a 12-month delayed draw feature and $150.0 million was drawn on July 3, 2023. Subject to the terms of the Truist Credit Agreement, the Company drew an additional $100.0 million under the 2029 Term Loan on March 1, 2024. The 2029 Term Loan is prepayable at the Company’s option in whole or in part without premium or penalty. The 2029 Term Loan matures on July 3, 2026, subject to two one-year extension options and one six-month extension option with a final, extended maturity date of January 3, 2029. The extension options are at the Company’s election and are subject to certain conditions.

The interest rate applicable to the 2029 Term Loan is determined by the Company’s Investment Grade Rating (as defined in the Truist Credit Agreement). Prior to the date the Company obtains an Investment Grade Rating, interest shall accrue at either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 1.15% to 1.60% or (ii) Base Rate (as defined in the Truist Credit Agreement), plus a margin ranging from 0.15% to 0.60%, in each case based on the Company’s consolidated total leverage ratio. After the date the Company obtains an Investment Grade Rating, interest shall accrue at either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 0.80% to 1.60% or (ii) Base Rate, plus a margin ranging from 0.00% to 0.60%, in each case based on the Company’s Investment Grade Rating.
The 2029 Term Loan also contains sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions up to 0.025% based on its performance against a sustainability performance target focused on the portion of the Company’s annualized based rent attributable to tenants with commitments or quantifiable targets for reduced GHG emission in accordance with the standards of the Science Based Targets initiative (“SBTi”).

The Company has hedged the entire $250.0 million of the 2029 Term Loan at an all-in fixed interest rate of 4.99%, through January 2029. Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings. The interest rate hedges are further described in “Note 7 – Derivative Financial Instruments.”

In connection with the 2029 Term Loan, the Company incurred $1.4 million of deferred financing costs. Additionally, the Company incurred $0.9 million of loan commitment fees associated with the 2029 Term Loan, which were capitalized to other assets, net in the condensed consolidated balance sheets and subsequently reclassified to debt issuance costs upon the $100.0 million draw under the 2029 Term Loan. Deferred financing costs are amortized over the term of the loan and are included in interest expense, net on the Company’s condensed consolidated statements of operations and comprehensive (loss) income.

PNC Credit Agreement

On August 11, 2022, the Company entered into a Credit Agreement, by and among the Operating Partnership, the Company, the several institutions party thereto, as lenders, and PNC Bank, National Association, as Administrative Agent (the “PNC Credit Agreement”), related to sustainability-linked senior unsecured credit facility consisting of (i) a $200.0 million senior unsecured term loan (the “2028 Term Loan”) and (ii) a $400.0 million senior unsecured revolving credit facility (the “Revolver”).

On January 15, 2025, the Company amended and restated the existing PNC Credit Agreement to provide for: the existing $200.0 million 2028 Term Loan; an upsized $500.0 million Revolver (increased from $400.0 million under the existing PNC Credit Agreement); and a new $175.0 million senior unsecured term loan (the “2030 Term Loan B”, and together with the 2028 Term Loan and the Revolver, the “PNC Credit Facility”). The borrowing capacity under the PNC Credit Facility may be increased in an amount of up to $1.4 billion in the aggregate.

The 2028 Term Loan matures on February 11, 2028. The 2030 Term Loan B and the upsized Revolver initially mature on January 15, 2029 and include, at the Company’s election, a one year option to extend the maturity to January 15, 2030. Borrowings under the PNC Credit Facility are repayable at the Company’s option in whole or in part without premium or penalty. Borrowings under the Revolver may be repaid and reborrowed from time to time prior to the maturity date.

Prior to the date the Company obtains an Investment Grade Rating (as defined in the PNC Credit Agreement), interest rates are based on the Company’s consolidated total leverage ratio and are determined by (A) in the case of the 2028 Term Loan and the 2030 Term Loan B, either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 1.15% to 1.60%, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.15% to 0.60%, based on the Company’s consolidated total leverage ratio; and (B) in the case of the Revolver either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 1.00% to 1.45%, based on the Company’s consolidated total leverage ratio, or (ii) a Base Rate, plus a margin ranging from 0.00% to 0.45%, based on the Company’s consolidated total leverage ratio.

After the date the Company obtains an Investment Grade Rating, interest rates are based on the Company’s Investment Grade Rating, and are determined by (A) in the case of the 2028 Term Loan and the 2030 Term Loan B, either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 0.80% to 1.60%, based on the Company’s Investment Grade Rating and consolidated total leverage ratio, or (ii) a Base Rate (as defined in the PNC Credit Agreement), plus a margin ranging from 0.00% to 0.60%, based on the Company’s Investment Grade Rating and consolidated total leverage ratio and (B) in the case of the Revolver either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 0.725% to 1.40%, based on the Company’s Investment Grade Rating and consolidated total leverage ratio, or (ii) a Base Rate, plus a margin ranging from 0.00% to 0.40%, based on the Company’s Investment Grade Rating and consolidated total leverage ratio.

Additionally, the Company will incur a facility fee based on the total commitment amount of $500.0 million under the Revolver. Prior to the date the Company obtains an Investment Grade Rating, the applicable facility fee will range from 0.15% to 0.30% based on the Company’s consolidated total leverage ratio. After the date the Company obtains an Investment Grade Rating, the applicable facility fee will range from 0.125% to 0.30% based on the Company’s Investment Grade Rating.
The PNC Credit Facility also contains a sustainability-linked pricing component pursuant to which the Company will receive interest rate reductions up to 0.025% based on its performance against a sustainability performance target focused on the portion of the Company’s annualized base rent attributable to tenants with commitments or quantifiable targets for reduced greenhouse gas emission in accordance with the standards of the SBTi.

The Company has fully hedged the 2028 Term Loan with an all-in interest rate of 3.88%, and the 2030 Term Loan B with an all-in interest rate of 5.12%. Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings. The interest rate hedges are further described in “Note 7 – Derivative Financial Instruments.”

In connection with the entry into the original PNC Credit Agreement, the Company incurred approximately $3.8 million of deferred financing costs which were allocated between the Revolver and 2028 Term Loan in the amounts of $2.4 million and $1.3 million, respectively. In connection with the amendment to the PNC Credit Agreement, the Company incurred approximately $5.1 million of deferred financing costs which were allocated between the Revolver and 2030 Term Loan B in the amounts of $3.7 million and $1.4 million, respectively. Additionally, $0.5 million of unamortized deferred financing costs associated with the Company’s previous revolving credit facility were reclassified to the Revolver. Deferred financing costs are amortized over the remaining terms of each respective borrowing and are included in interest expense, net in the Company’s condensed consolidated statements of operations and comprehensive (loss) income.

Wells Fargo Credit Agreement

In December 2019, the Company entered into a Credit Agreement, by and among the Operating Partnership, the Company, the several institutions party thereto, as lenders, and Wells Fargo Bank, National Association, as Administrative Agent, which was subsequently amended and restated on June 15, 2023 (as amended, the “First Amended Wells Fargo Credit Agreement”), governing a $175.0 million senior unsecured term loan that was scheduled to mature on January 15, 2026, subject to a one year extension option at the Company’s election (subject to certain conditions) (the “2027 Term Loan”).

On January 15, 2025, the Company amended and restated the First Amended Wells Fargo Credit Agreement (as amended, the “Wells Fargo Credit Agreement”) to extend the maturity date of the 2027 Term Loan to January 15, 2029, subject to a one year extension option at the Company’s election (subject to certain conditions) (as amended, the “2030 Term Loan A”). The 2030 Term Loan A is repayable at the Company’s option in whole or in part without premium or penalty.

The interest rate applicable to the 2030 Term Loan A is determined by the Company’s Investment Grade Rating (as defined in the Wells Fargo Credit Agreement). Prior to the date the Company obtains an Investment Grade Rating, interest shall accrue at either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 1.15% to 1.60% or (ii) Base Rate (as defined in the Wells Fargo Credit Agreement), plus a margin ranging from 0.15% to 0.60%, in each case based on the Company’s consolidated total leverage ratio. After the date the Company obtains an Investment Grade Rating, interest shall accrue at either (i) SOFR, plus a SOFR adjustment of 0.10%, plus a margin ranging from 0.80% to 1.60% or (ii) Base Rate, plus a margin ranging from 0.00% to 0.60%, in each case based on the Company’s Investment Grade Rating.

The Company has fully hedged the 2030 Term Loan A with an all-in fixed interest rate of 3.65%. Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings. The interest rate hedges are described in “Note 7 – Derivative Financial Instruments.”

In connection with the 2030 Term Loan A, the Company incurred $1.1 million of deferred financing costs. Deferred financing costs are amortized over the term of the loan and are included in interest expense, net on the Company’s condensed consolidated statements of operations and comprehensive (loss) income.

Mortgage Note Payable

As of June 30, 2025, the Company had total gross mortgage indebtedness of $8.1 million, which was collateralized by related real estate and a tenant’s lease with an aggregate net book value of $11.9 million. The Company incurred debt issuance costs of less than $0.1 million and recorded a debt discount of $0.6 million, both of which are recorded as a reduction of the principal balance in mortgage note payable, net in the Company’s condensed consolidated balance sheets. The mortgage note matures on November 1, 2027, but may be repaid in full beginning August 2027.
Debt Maturities

Payments on the 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, and 2030 Term Loan B are interest-only through maturity. As of June 30, 2025, scheduled debt maturities, including balloon payments, are as follows (in thousands):

Scheduled Principal Payment
Balloon Payment (1)
Total
Remainder of 2025$86 $— $86 
2026178 250,000 250,178 
2027170 7,690 7,860 
2028— 200,000 200,000 
2029— 477,000 477,000 
Total$434 $934,690 $935,124 
(1) Does not assume the exercise of any extension options available to the Company.

Interest Expense

The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revolving credit facilities (1)
$2,104 $1,636 $3,566 $2,759 
Term loans (2)
8,993 6,491 17,551 12,200 
Mortgage note payable93 95 186 190 
Non-cash:
Amortization of deferred financing costs301 186 551 423 
Amortization of debt discount and debt issuance costs, net472 401 914 749 
Amortization of deferred losses (gains) on interest rate swaps713 (979)1,418 (1,958)
Capitalized interest(38)(226)(88)(579)
Total interest expense, net$12,638 $7,604 $24,098 $13,784 
(1) Includes facility fees of approximately $0.2 million for the three months ended June 30, 2025 and 2024, and facility fees of $0.4 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.
(2) Includes the effects of interest rate hedges.

Deferred financing, discount, and debt issuance costs are amortized over the remaining terms of each respective borrowing and are included in interest expense, net in the Company’s condensed consolidated statements of operations and comprehensive (loss) income.

During the three months ended June 30, 2025 and 2024, term loans had a weighted average interest rate, exclusive of amortization of deferred financing costs and the effects of interest rate hedges, of 5.65% and 6.66%, respectively. During the six months ended June 30, 2025 and 2024, term loans had a weighted average interest rate, exclusive of amortization of deferred financing costs and the effects of interest rate hedges, of 5.55% and 6.69%, respectively.

During the three months ended June 30, 2025 and 2024, the Company incurred interest expense on the Revolver with a weighted average interest rate, exclusive of amortization of deferred financing costs and facility fees, of 5.47% and 6.49%, respectively. During the six months ended June 30, 2025 and 2024, the Company incurred interest expense on the Revolver with a weighted average interest rate, exclusive of amortization of deferred financing costs and facility fees, of 5.42% and 6.51%, respectively.

The estimated fair values of the Company’s term loans have been derived based on market observable inputs such as interest rates and discounted cash flow analysis using estimates of the amount and timing of future cash flows. These measurements are classified as Level 2 within the fair value hierarchy. Refer to “Note 2 – Summary of Significant Accounting Policies” for additional detail on fair value measurements.

The Company was in compliance with all of its debt covenants as of June 30, 2025 and expects to be in compliance for the twelve-month period ending December 31, 2025.
v3.25.2
Derivative Financial Instruments
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company uses interest rate derivative contracts to manage its exposure to changes in interest rates on its variable rate debt. These derivatives are considered cash flow hedges and are recorded on a gross basis at fair value. Assessments of hedge effectiveness are performed quarterly using either a qualitative or quantitative approach. The Company recognizes the entire change in the fair value in Accumulated Other Comprehensive Income (“AOCI”) and the change is reflected as cash flow hedge changes in fair value in the supplemental disclosures of non-cash investing and financing activities in the condensed consolidated statements of cash flows.

Effective July 3, 2023, interest rate derivative contracts were initiated to hedge the variable cash flows associated with the 2029 Term Loan. The interest rate for the variable rate 2029 Term Loan is based on the weighted-average hedged fixed rate of 3.74% compared to the variable 2029 Term Loan daily simple SOFR rate as of June 30, 2025 of 4.40%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. The maturity dates of the interest rate swaps coincide with the fully extended maturity date of the 2029 Term Loan.

Effective September 1, 2022, interest rate derivative contracts were initiated to hedge the variable cash flows associated with the 2028 Term Loan. The interest rate for the variable rate 2028 Term Loan is based on the weighted-average hedged fixed rate of 2.63% compared to the variable 2028 Term Loan daily simple SOFR rate as of June 30, 2025 of 4.32%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. The maturity dates of the interest rate swaps coincide with the maturity date of the 2028 Term Loan.

Effective November 27, 2023 and December 23, 2024, interest rate derivative contracts were initiated to hedge the variable cash flows associated with the 2027 Term Loan through its fully extended maturity date, at weighted-average hedged fixed rates of 1.87% and 2.40%, respectively. On January 15, 2025, the Company amended the 2027 Term Loan, providing for the 2030 Term Loan A, with a fully extended maturity date of January 15, 2030. The interest rate for the variable rate 2030 Term Loan A includes a daily simple SOFR rate as of June 30, 2025 of 4.29%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. The maturity date of the interest rate swaps is January 23, 2027.

Effective February 3, 2025, interest rate derivative contracts were initiated to hedge the variable cash flows associated with the 2030 Term Loan B. The interest rate for the variable rate 2030 Term Loan B is based on the weighted-average hedged fixed rate of 3.87% compared to the variable 2030 Term Loan B daily simple SOFR rate as of June 30, 2025 of 4.36%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. The maturity dates of the interest rate swaps coincide with the fully extended maturity date of the 2030 Term Loan B.

During the three months ended June 30, 2025, the Company entered into three interest rate swap agreements with effective and maturity dates of October 1, 2025 and March 1, 2031, respectively, for an aggregate notional amount of $75.0 million at a weighted-average hedged fixed rate of 3.46%. The interest rate swap agreements are intended to hedge the variability associated with future floating-rate debt issuances.

Amounts will subsequently be reclassified to earnings when the hedged item affects earnings. The Company does not enter into derivative contracts for speculative or trading purposes and does not have derivative netting arrangements.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. The Company evaluates counterparty credit risk through monitoring the creditworthiness of counterparties, which includes review of debt ratings and financial performance. To mitigate credit risk, the Company enters into agreements with counterparties it considers credit-worthy, such as large financial institutions with favorable credit ratings.

The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands):

Number of InstrumentsNotional
Interest Rate DerivativesJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Interest rate swaps21 18 $875,000 $800,000 

The following table presents the fair value of the Company’s derivative financial instruments as well as their classification in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 (in thousands):
Derivative Assets
Fair Value as of
Derivatives Designated as Hedging Instruments:Balance Sheet LocationJune 30, 2025December 31, 2024
Interest rate swapsOther assets, net$6,831 $16,426 

Derivative Liabilities
Fair Value as of
Derivatives Designated as Hedging Instruments:Balance Sheet LocationJune 30, 2025December 31, 2024
Interest rate swapsAccounts payable, accrued expenses, and other liabilities$7,331 $— 

The following table presents the effect of the Company’s interest rate swaps in the condensed consolidated statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2025 and 2024 (in thousands):

Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)Location of Gain (Loss) Reclassified from Accumulated OCI
into Income (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI
into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships2025202420252024
For the Three Months Ended June 30
Interest Rate Products$(4,081)$4,446 Interest expense, net$1,563 $4,866 
For the Six Months Ended June 30
Interest Rate Products$(12,453)$18,207 Interest expense, net$3,055 $9,499 

The Company did not exclude any amounts from the assessment of hedge effectiveness for the three and six months ended June 30, 2025 and 2024. During the next twelve months, the Company estimates that an additional $2.1 million will be reclassified as a decrease to interest expense.

The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

To comply with the provisions of ASC 820, Fair Value Measurement, the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2025, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The table below presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

Fair Value Hierarchy Level
DescriptionLevel 1Level 2Level 3Total Fair Value
June 30, 2025
Derivative assets$— $6,831 $— $6,831 
Derivative liabilities$— $7,331 $— $7,331 
December 31, 2024
Derivative assets$— $16,426 $— $16,426 
v3.25.2
Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets
Other assets, net consists of the following (in thousands):

June 30, 2025December 31, 2024
Accounts receivable, net$8,861 $9,809 
Deferred rent receivable14,312 11,790 
Prepaid assets4,460 2,143 
Earnest money deposits450 517 
Fair value of interest rate swaps6,831 16,426 
Deferred offering costs1,855 1,641 
Deferred financing costs, net4,259 1,200 
Right-of-use asset3,287 3,484 
Leasehold improvements and other corporate assets, net1,304 1,425 
Interest receivable3,363 3,034 
Other assets, net6,134 6,758 
$55,116 $58,227 

Accounts payable, accrued expenses, and other liabilities consist of the following (in thousands):

June 30, 2025December 31, 2024
Accrued expenses$8,022 $4,961 
Accrued bonus1,366 1,271 
Prepaid rent4,831 5,655 
Operating lease liability4,406 4,646 
Accrued interest3,879 3,476 
Deferred rent4,598 4,738 
Accounts payable800 3,053 
Fair value of interest rate swaps7,331 — 
Other liabilities2,016 1,864 
$37,249 $29,664 
v3.25.2
Shareholders’ Equity, Partners’ Capital and Preferred Equity
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Shareholders’ Equity, Partners’ Capital and Preferred Equity Shareholders’ Equity
ATM Programs

On September 1, 2021, the Company entered into a $250.0 million at-the-market equity program (the “2021 ATM Program”). On October 25, 2023, the Company entered into a $300.0 million at-the-market equity program (the “2023 ATM Program”) through which, from time to time, it may sell shares of its common stock in registered transactions. Effective October 24, 2023, in connection with the establishment of the new at-the-market offering program, the 2021 ATM Program was terminated. As a result of the termination, the Company will not offer or sell any additional shares of common stock under the 2021 ATM Program.

During 2024, the Company entered into forward sale agreements with respect to an aggregate 1,743,100 shares of its common stock under the 2023 ATM Program at a weighted average price of $17.67 per share. As of June 30, 2025, 1,743,100 shares remain unsettled under the forward sale agreements. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than December 31, 2025.

On August 12, 2024, the Company entered into a $300.0 million at-the-market equity program (the “2024 ATM Program”) through which, from time to time, it may sell shares of its common stock in registered transactions. Effective August 12, 2024, in connection with the establishment of the new at-the-market offering program, the 2023 ATM Program was terminated. As a result of the termination, the Company will not offer or sell any additional shares of common stock under the 2023 ATM Program. As context requires, the 2024 ATM Program, the 2023 ATM Program, and the 2021 ATM Program are referred to herein as the “ATM Programs.”

During 2024, the Company entered into forward sale agreements with respect to an aggregate 152,547 shares of its common stock under the 2024 ATM Program at a weighted average price of $17.13 per share. As of June 30, 2025, 152,547 shares remain unsettled under the forward sale agreements. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than December 31, 2025.

During 2025, the Company entered into forward sale agreements with respect to an aggregate 2,190,299 shares of its common stock under the 2024 ATM Program at a weighted average price of $16.40 per share. As of June 30, 2025, 1,085,000 shares remain unsettled under the forward sale agreements. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than the stated maturity dates of April 30, 2026 and June 11, 2026.

The following table presents information about the ATM Programs (in thousands):
Maximum Sales Authorization
Gross Settlements through June 30, 2025 (1)
Program NameDate EstablishedDate Terminated
2021 ATM ProgramSeptember 2021October 2023$250,000 $249,122 
2023 ATM Program (2)
October 2023August 2024$300,000 $77,323 
2024 ATM Program (3)
August 2024—$300,000 $28,694 
(1) Represents shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements.
(2) As of June 30, 2025, 1,743,100 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.39.
(3) As of June 30, 2025, 1,237,547 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $16.70.
The following table details information related to activity under the ATM Programs for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data). There was no activity during the three months ended March 31, 2025 and 2024; therefore, the amounts presented are the same for the three- and six-month periods.

Three and Six Months Ended June 30,
2025 (1)
2024 (2)
Shares of common stock issued
1,757,815 4,000,000 
Weighted average price per share$16.32 $16.50 
Gross proceeds$28,694 $66,000 
Sales commissions and offering costs$342 $676 
Net proceeds (3)
$28,352 $65,324 
(1) Includes 1,105,299 shares of common stock that were physically settled at a weighted-average price of $16.37 per share under the forward sale agreements with respect to the 2024 ATM Program.
(2) Includes 4,000,000 shares of common stock that were physically settled at a price of $16.50 per share under the forward sale agreements with respect to the 2021 ATM Program.
(3) The net proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Class A OP Units.

As of June 30, 2025, $271.3 million of remaining gross proceeds are available for future issuances of shares of common stock under the 2024 ATM Program, inclusive of unsettled shares under forward sale agreements.

January 2024 Follow-On Offering

In January 2024, the Company completed a registered public offering of 11,040,000 shares of its common stock at a public offering price of $18.00 per share. In connection with the offering, the Company entered into forward sale agreements for 11,040,000 shares of its common stock. The Company did not initially receive any proceeds from the sale of shares of common stock by the forward purchasers. The Company expects to physically settle the forward sale agreements (by delivery of shares of common stock) and receive proceeds from the sale of those shares upon one or more forward settlement dates, which shall occur no later than December 31, 2025. As of June 30, 2025, 8,840,000 shares remain unsettled under the January 2024 forward sale agreements.

Surrendered Shares on Vested Stock Unit Awards

During the six months ended June 30, 2025 and 2024, portions of restricted stock unit awards (“RSUs”) granted to certain of the Company’s officers, directors, and employees vested. The vesting of these awards, granted pursuant to the NETSTREIT Corp. 2019 Omnibus Incentive Plan (the “Omnibus Incentive Plan”), resulted in federal and state income tax liabilities for the recipients. During the six months ended June 30, 2025 and 2024, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender approximately 44 thousand and 71 thousand RSUs valued at approximately $0.6 million and $1.2 million, respectively, solely to pay the associated statutory tax withholding. The surrendered RSUs are included in the row entitled “repurchase of common stock for tax withholding obligations” in the condensed consolidated statements of cash flows and condensed consolidated statements of changes in equity.

Dividends

During the six months ended June 30, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Six Months Ended June 30, 2025
Declaration DateDividend Per ShareRecord DateTotal AmountPayment Date
February 21, 2025$0.210 March 14, 2025$17,157 March 31, 2025
April 25, 20250.210 June 2, 202517,159 June 16, 2025
$0.420 $34,316 
During the six months ended June 30, 2024, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Six Months Ended June 30, 2024
Declaration DateDividend Per ShareRecord DateTotal AmountPayment Date
February 13, 2024$0.205 March 15, 2024$15,031 March 28, 2024
April 23, 20240.205 June 3, 202415,042 June 14, 2024
$0.410 $30,073 

The holders of OP Units are entitled to receive an equal distribution for each OP Unit held as of each record date. Accordingly, during both the six months ended June 30, 2025 and 2024, the Operating Partnership paid distributions of $0.2 million to holders of OP Units.

Noncontrolling Interests
Noncontrolling interests represent noncontrolling holders of OP Units in the Operating Partnership. OP Units are convertible into common stock as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis. As of June 30, 2025 and December 31, 2024, noncontrolling interests represented 0.5% of OP Units. During the three and six months ended June, 30, 2024, OP Unit holders redeemed 35,121 and 42,240 OP Units, respectively, into shares of common stock on a one-for-one basis. There were no OP Unit redemptions during the three and six months ended June 30, 2025.
v3.25.2
Stock Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Stock-Based Compensation
Under the Omnibus Incentive Plan, 4,294,976 shares of common stock are reserved for issuance. The Omnibus Incentive Plan provides for the grant of stock options, stock appreciation rights, restricted shares, RSUs, long-term incentive plan units, dividend equivalent rights, and other share-based, share-related, or cash-based awards, including performance-based awards, to employees, directors, and consultants, with each grant evidenced by an award agreement providing the terms of the award. The Omnibus Incentive Plan is administered by the Compensation Committee of the Board of Directors.

As of June 30, 2025, the only stock-based compensation granted by the Company were RSUs. The total amount of stock-based compensation costs recognized in general and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive (loss) income was $1.5 million for both the three months ended June 30, 2025 and 2024. Stock-based compensation expense was $2.9 million and $3.3 million for the six months ended June 30, 2025 and 2024, respectively. All awards of unvested restricted stock units are expected to fully vest over the next one to five years.

Service-Based RSUs

Pursuant to the Omnibus Incentive Plan, the Company has made service-based RSU grants to certain employees and non-employee directors. The vesting terms of these grants are specific to the individual grant and vest in equal annual installments over the next one to five years.

The following table summarizes service-based RSU activity for the period ended June 30, 2025:

SharesWeighted Average Grant Date Fair Value per Share
Unvested RSU grants outstanding as of December 31, 2024326,987 $18.25 
Granted during the period279,345 14.55 
Forfeited during the period(1,546)18.62 
Vested during the period(149,434)18.74 
Unvested RSU grants outstanding as of June 30, 2025455,352 $15.82 
For both the three months ended June 30, 2025 and 2024, the Company recognized $0.9 million in stock-based compensation expense associated with service-based RSUs. For the six months ended June 30, 2025 and 2024, the Company recognized $1.7 million and $1.9 million, respectively, in stock-based compensation expense associated with service-based RSUs. As of June 30, 2025 and December 31, 2024, the remaining unamortized stock-based compensation expense totaled $5.4 million and $3.3 million, respectively, and as of June 30, 2025, these awards are expected to be recognized over a remaining weighted average period of 2.1 years. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award.

The grant date fair value of service-based unvested RSUs is calculated as the per share price determined in the initial public offering for awards granted in 2020, and as the per share price of the Company’s stock on the date of grant for those granted in years subsequent to 2020.

Performance-Based RSUs (total shareholder return)

Pursuant to the Omnibus Incentive Plan, the Company has made market-based RSU grants to certain employees. These grants are subject to the participant’s continued service over a three year period with 40% of the award based on the Company’s total shareholder return (“TSR”) as compared to the TSR of identified peer companies and 60% of the award based on total absolute TSR over the cumulative three year period. The performance period of these grants runs through February 28, 2026, December 31, 2026, and December 31, 2027. Grant date fair value of the market-based share awards was calculated using the Monte Carlo simulation model, which incorporated stock price volatility of the Company and each of the Company’s peers and other variables over the performance period. Significant inputs for the current period calculation were expected volatility of the Company of 24.4% and expected volatility of the Company’s peers, ranging from 19.5% to 98.2%, with an average volatility of 29.9% and a risk-free interest rate of 4.00%. The fair value per share on the grant date specific to the target TSR relative to the Company’s peers was $15.86 and the target absolute TSR was $14.28 for a weighted average grant date fair value of $14.91 per share. Stock-based compensation expense associated with unvested market-based share awards is recognized on a straight-line basis over the minimum required service period of three years.

The following table summarizes market-based RSU activity for the period ended June 30, 2025:

SharesWeighted Average Grant Date Fair Value per Share
Unvested RSU grants outstanding as of December 31, 2024290,442 $18.75 
Granted during the period170,213 14.91 
Forfeited during the period(68,525)22.38 
Unvested RSU grants outstanding as of June 30, 2025392,130 $16.45 

For both the three months ended June 30, 2025 and 2024, the Company recognized $0.5 million in stock-based compensation expense associated with market-based RSUs. For the six months ended June 30, 2025 and 2024, the Company recognized $1.0 million and $1.1 million, respectively, in stock-based compensation expense associated with market-based RSUs. As of June 30, 2025 and December 31, 2024, the remaining unamortized stock-based compensation expense totaled $3.9 million and $2.4 million, respectively, and as of June 30, 2025, these awards are expected to be recognized over a remaining weighted average period of 2.1 years.

Alignment of Interest Program

During March 2021, the Company adopted the Alignment of Interest Program (the “Program”), which allows employees to elect to receive a portion of their annual bonus in RSUs in the first quarter of the following year, that vest from one to four years based on the terms of the grant agreement. Stock-based compensation expense is recognized on a straight-line basis over the total requisite service period for the entire award, which begins in the period the bonus relates to. The Program is deemed to be a liability-classified award (accounted for as an equity-classified award as the service date precedes the grant date and the award would otherwise be classified as equity on grant date), which will be fair-valued and accrued over the applicable service period. The total estimated fair value of the elections made for 2025 under the Program was approximately $1.0 million as of June 30, 2025. The award will be remeasured to fair value each reporting period until the unvested RSUs are granted. For both the three and six months ended June 30, 2025, the Company recognized approximately $0.1 million in stock-based compensation expense associated with these awards. Previous awards under the Program that have been granted are included within service-based RSUs above.
v3.25.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Net income (loss) per common share has been computed pursuant to the guidance in the FASB ASC Topic 260, Earnings per Share. Basic earnings per share is computed by dividing net income (loss) attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is similarly calculated except that the denominator is increased by using the treasury stock method to determine the potential dilutive effect of the Company’s outstanding unvested RSUs and unsettled shares under open forward equity contracts and using the if-converted method to determine the potential dilutive effect of the OP Units. The Company has noncontrolling interests in the form of OP Units which are convertible into common stock and represent potentially dilutive securities, as the OP Units may be redeemed for cash or, at the Company’s election, exchanged for shares of the Company’s common stock on a one-for-one basis.

The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2025 and 2024.

Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except share and per share data)2025202420252024
Numerator:
Net income (loss)$3,289 $(2,306)$4,989 $(1,254)
Net (income) loss attributable to noncontrolling interest(17)15 (26)8 
Net income (loss) attributable to common shares, basic3,272 (2,291)4,963 (1,246)
Net income (loss) attributable to noncontrolling interest17 (15)26 (8)
Net income (loss) attributable to common shares, diluted$3,289 $(2,306)$4,989 $(1,254)
Denominator:
Weighted average common shares outstanding, basic81,895,840 73,588,605 81,770,860 73,419,198 
Effect of dilutive shares for diluted net income per common share:
OP Units424,956 — 424,956 — 
Unvested RSUs173,333 — 118,205 — 
Weighted average common shares outstanding, diluted82,494,129 73,588,605 82,314,021 73,419,198 
Net income (loss) available to common stockholders per common share, basic$0.04 $(0.03)$0.06 $(0.02)
Net income (loss) available to common stockholders per common share, diluted$0.04 $(0.03)$0.06 $(0.02)

For the three months ended June 30, 2024, diluted net loss per common share does not assume the conversion of 440,654 OP Units, 69,023 unvested RSUs, or 254,299 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

For the six months ended June 30, 2024, diluted net loss per common share does not assume the conversion of 459,520 OP Units, 118,790 unvested RSUs, or 462,103 unsettled shares under open forward equity contracts, as such conversion would be antidilutive.

As of June 30, 2025 and December 31, 2024, there were 424,956 OP Units outstanding.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation and Regulatory Matters

In the ordinary course of business, the Company may, from time to time, be subject to litigation, claims, and regulatory matters. There are none currently outstanding that the Company believes could have, individually or in the aggregate, a material adverse effect on its business, financial condition or results of operations, liquidity, or cash flows.
Environmental Matters

The Company is subject to environmental regulations related to the ownership of real estate. The cost of complying with the environmental regulations was not material to the Company’s results of operations for any of the periods presented. The Company is not aware of any environmental condition on any of its properties that is likely to have a material adverse effect on the condensed consolidated financial statements when the fair value of such liability can be reasonably estimated and is required to be recognized.

Commitments

In the normal course of business, the Company enters into various types of commitments to purchase real estate properties, fund development projects, or extend funds under mortgage loans receivable. These commitments are generally subject to the Company’s customary due diligence process and, accordingly, a number of specific conditions must be met before the Company is obligated to purchase or extend funding. As of June 30, 2025, the Company had tenant improvement allowance commitments totaling approximately $4.1 million, which is expected to be funded within the next 18 months. Additionally, as of June 30, 2025, the Company had commitments to fund property developments totaling $6.6 million, which is expected to be funded over the next 12 months. The Company also had commitments to extend funds under mortgage loans receivable of $14.0 million as of June 30, 2025, which is expected to occur over the next 18 months.

In August 2021, the Company entered into a lease agreement on a new corporate office space, which is classified as an operating lease. The Company began operating out of the new office in February 2022. The lease has a remaining noncancellable term of 7.1 years that expires on July 31, 2032 and is renewable at the Company’s option for two additional periods of five years. Annual rent expense, excluding operating expenses, is approximately $0.5 million during the initial term.

As of June 30, 2025, the Company did not have any other material commitments for re-leasing costs, recurring capital expenditures, non-recurring building improvements, or similar types of costs.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
 
The Company has evaluated all events that occurred subsequent to June 30, 2025 through the date on which these condensed consolidated financial statements were issued to determine whether any of these events required disclosure in the financial statements.

Common Stock Dividend

On July 21, 2025, the Company’s Board of Directors declared a cash dividend of $0.215 per share for the third quarter of 2025. The dividend will be paid on September 15, 2025 to stockholders of record on September 2, 2025.

Forward Equity Sales

In July 2025, the Company entered into forward sale agreements with respect to an aggregate 107,400 shares of its common stock under the 2024 ATM Program at a weighted average price of $16.94 per share. The Company may physically settle the forward sale agreements (by the delivery of shares of common stock) and receive proceeds from the sale of those shares on one or more forward settlement dates, which shall occur no later than April 30, 2026.

Revolver Activity

In July 2025, the Company repaid $4.5 million, net of borrowings, on the Revolver.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) Attributable to Parent $ 3,272 $ (2,291) $ 4,963 $ (1,246)
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Interim Unaudited Financial Information
Basis of Presentation

The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation and the Company’s net income (loss) is reduced by the portion of net income (loss) attributable to noncontrolling interests.

Interim Unaudited Financial Information
The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC. These unaudited interim condensed consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements, and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto on the Annual Report on Form 10-K as of and for the year ended December 31, 2024, which provide a more complete understanding of the Company’s accounting policies, financial position, operating results, business properties, and other matters. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation have been included. The results of operations for the three and six months ended June 30, 2025 and 2024 are not necessarily indicative of the results for the full year.
Use of Estimates
Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s most significant assumptions and estimates relate to the useful lives of real estate assets, lease accounting, real estate impairment assessments, and allocation of fair value of purchase consideration. These estimates are based on historical experience and other assumptions which management believes are reasonable under the circumstances. The Company evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets

Fair value measurement of an asset group occurs when events or changes in circumstances related to an asset indicate that the carrying amount of the asset is no longer recoverable. An example of an event or changed circumstance is a reduction in the expected holding period of a property. If indicators are present, the Company will prepare a projection of the undiscounted future cash flows of the property, excluding interest charges, and determine if the carrying amount of the asset group is recoverable. When a carrying amount is not recoverable, an impairment loss is recognized to the extent that the carrying amount of the asset group exceeds its fair market value. The Company estimates fair value using data such as operating income, estimated capitalization rates or multiples, leasing prospects, local market information, and discount rates, and with regard to assets held for sale, based on the estimated or negotiated selling price, less estimated costs of disposal. Based on these unobservable inputs, the Company determined that its valuations of impaired real estate and intangible assets fall within Level 2 and Level 3 of the fair value hierarchy under ASC Topic 820.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents, and Restricted Cash

The Company considers all cash balances, money market accounts, and highly liquid investments with original maturities of three months or less to be cash and cash equivalents. Restricted cash includes cash restricted for property tenant improvements and cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code. Restricted cash is included in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets. The Company had $16.7 million of restricted cash as of June 30, 2025, and $7.9 million of restricted cash as of December 31, 2024.

The Company’s bank balances as of June 30, 2025 and December 31, 2024 included certain amounts over the Federal Deposit Insurance Corporation limits.
Fair Value Measurement
Fair Value Measurement

Fair value measurements are utilized in the accounting of the Company’s assets acquired and liabilities assumed in an asset acquisition and also affect the Company’s accounting for certain of its financial assets and liabilities. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The hierarchy described below prioritizes inputs to the valuation techniques used in measuring the fair value of assets and liabilities. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring the most observable inputs to be used when available. The hierarchy is broken down into three levels based on the reliability of inputs as follows: Level 1 inputs, such as quoted prices in an active market; Level 2 inputs, which are observable inputs for similar assets; or Level 3 inputs, which are unobservable inputs.

The Company uses the following inputs in its fair value measurements:

– Level 2 and Level 3 inputs for its debt and derivative financial instrument fair value disclosures. See “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments,” respectively; and

– Level 2 and Level 3 inputs when assessing the fair value of assets and liabilities in connection with real estate acquisitions and impairment. See “Note 4 – Real Estate Investments.”
Additionally, companies are required to disclose the estimated fair values of all financial instruments, even if they are not carried at their fair value. The fair values of financial instruments are estimates based on market conditions and perceived risks as of June 30, 2025 and December 31, 2024. These estimates require management’s judgment and may not be indicative of the future fair values of the assets and liabilities.

The fair value of the Company’s cash, cash equivalents, and restricted cash (including money market accounts), other assets, and accounts payable, accrued expenses, and other liabilities approximate their carrying value because of the short-term nature of these instruments. Additionally, the Company believes the following financial instruments have carrying values that approximate their fair values as of June 30, 2025:

•Borrowings under the Company’s Revolver (as defined in “Note 6 – Debt”) approximate fair value based on their nature, terms, and variable interest rates.
•Carrying values of the Company’s mortgage loans receivable approximate fair values based on a number of factors, including either their short-term nature, the availability of market quotes for comparable instruments, and a discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads.
•Carrying value of the Company’s mortgage note payable approximates fair value based on a discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads.

Provisions for impairment recognized during the three and six months ended June 30, 2025 primarily related to assets held for sale where impairment was determined based on the estimated or negotiated selling price, less costs of disposal, compared to the carrying value of the property. As of June 30, 2025, there were eight properties held for investment accounted for at fair value. These eight properties were accounted for at fair value on a nonrecurring basis using a cash flow model (Level 3 inputs) with a total adjusted carrying value of $16.8 million. As of December 31, 2024, there were 11 properties held for investment accounted for at fair value. These 11 properties were accounted for at fair value on a nonrecurring basis using a cash flow model (Level 3 inputs) with a total adjusted carrying value of $27.1 million. The Company estimated the fair values as of June 30, 2025 using capitalization rates ranging from 7.4% to 12.1%, which it believes is reasonable based on current market rates.

The following table discloses estimated fair value information for the Company’s 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, and 2030 Term Loan B (each as defined in “Note 6 – Debt”) which is derived based primarily on unobservable market inputs such as interest rates and discounted cash flow analysis using estimates of the amount and timing of future cash flows, market rates, and credit spreads (in thousands):
Concentrations of Credit Risk
Concentrations of Credit Risk
Segment Reporting
Segment Reporting

ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report information about operating segments. The Company is an internally managed real estate company that acquires, owns, invests in, and manages a diversified portfolio of single-tenant commercial retail properties, subject to long-term net leases with high-credit-quality tenants across the United States. The Company primarily engages in leasing activities that generate revenues and incur operating expenses in addition to investing in property developments and mortgage loans secured by real estate. The Company aggregates these investments for reporting purposes and operates in one reportable segment.

The Company’s chief operating decision maker (“CODM”) is the Company’s senior executive investment committee that includes the chief executive officer and chief financial officer. The CODM uses net income (loss), as reported on the condensed consolidated statements of operations and comprehensive (loss) income to measure segment operating performance and allocate resources. All of the Company’s expenses are included in segment operating performance and are reviewed regularly. Significant segment expenses include property, general and administrative, depreciation and amortization, provisions for impairment, and interest expense. The measure of segment assets is reported on the Company’s condensed consolidated balance sheets as total assets. The CODM also reviews characteristics of potential future investments such as weighted average remaining lease term (“WALT”), capitalization rate, tenant credit quality, industry type, and geographic location.

Recent Accounting Pronouncements

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires annual disclosure of specific categories in the rate reconciliation and provides additional information for reconciling items that meet a quantitative threshold within the rate reconciliation. In addition, the amendments require annual disclosure of income taxes paid disaggregated by federal, state, and foreign jurisdictions as well as individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis, however early adoption and retrospective application is permitted. The Company continues to evaluate the potential impact of the guidance and potential additional disclosures required.

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). ASU 2024-03 requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses and a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the potential impact of the guidance and potential additional disclosures required.
v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Provision for Impairment
The following table summarizes the provision for impairment during the periods indicated below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Total provision for impairment$4,422 $3,836 $8,038 $7,498 
Number of properties: (1)
Classified as held for sale7 9 11 10 
Disposed within the period2 1 9 7 
Classified as held for investment— 2 1 6 
(1) Includes the number of properties that were either (i) impaired during the respective period and remained as held for sale as of period-end, (ii) impaired and disposed of during the respective period, or (iii) impaired during the respective period and remained as held for investment at period-end.
Fair Value of Term Loans
June 30, 2025December 31, 2024
Carrying Value (1)
Estimated Fair Value
Carrying Value (1)
Estimated Fair Value
2028 Term Loan$199,367 $200,678 $199,246 $200,858 
2029 Term Loan$249,212 $250,350 $248,853 $250,526 
2030 Term Loan A$173,617 $175,775 $174,509 $175,245 
2030 Term Loan B$173,780 $175,793 $— $— 
(1) The carrying value of the debt instruments are net of unamortized debt issuance and discount costs.
v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Disaggregation of Lease Income
The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Rental revenue
Fixed lease income (1)
$41,175 $33,788 $80,267 $65,653 
Variable lease income (2)
3,977 2,978 7,405 6,207 
Other rental revenue:
Above/below market lease amortization, net257 287 519 573 
Lease incentives(251)(189)(443)(380)
Rental revenue (including reimbursable)$45,158 $36,864 $87,748 $72,053 
(1)    Fixed lease income includes contractual rents under lease agreements with tenants recognized on a straight-line basis over the lease term.
(2)    Variable lease income primarily includes tenant reimbursements for real estate taxes, insurance, common area maintenance, and reserves for uncollectible amounts. There were no material reserves, write-offs, or recoveries of uncollectible amounts during the three and six months ended June 30, 2025 and 2024.
Schedule of Future Minimum Base Rental Receipts
Scheduled future minimum base rental payments (excluding base rental payments from properties classified as held for sale and straight-line rent adjustments for all properties) due to be received under the remaining noncancellable term of the operating leases in place as of June 30, 2025 are as follows (in thousands):

Future Minimum Base
Rental Receipts
Remainder of 2025$77,794 
2026155,486 
2027153,246 
2028148,106 
2029139,114 
Thereafter948,131 
Total$1,621,877 
v3.25.2
Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Investment Portfolio
The Company’s gross investment portfolio as of June 30, 2025 and December 31, 2024 is summarized below (dollars in thousands):

Number of PropertiesAmount of Investment
June 30, 2025December 31, 2024June 30, 2025December 31, 2024
Properties held for investment (1)
589589$2,229,339 $2,164,566 
Properties held for sale
302355,979 46,725 
Mortgage loans receivable8676152,977 139,483 
Properties under development (2)
241,782 6,118 
Total gross investment
707692$2,440,077 $2,356,892 
(1) Includes one vacant property for the periods ended June 30, 2025 and December 31, 2024, and one completed development where rent had not commenced as of December 31, 2024.
(2) Rent has not commenced for properties under development.
The Company’s dispositions during the three and six months ended June 30, 2025 and 2024 are summarized below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Number of properties sold20 6 36 18 
Sales price, net of disposal costs$55,613 $12,064 $94,176 $32,542 
Gain on sales of real estate, net$3,533 $8 $5,608 $1,006 
The Company’s investment in property developments during the three and six months ended June 30, 2025 and 2024 are summarized below (dollars in thousands):

Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Number of developments acquired— 2 — 4 
Purchase price of acquired developments$— $1,221 $— $2,010 
Total investment in properties under development (1)
$1,412 $11,993 $2,200 $22,961 
Number of developments completed (2)
1 7 2 14 
Amounts placed into service (3)
$2,740 $16,906 $6,545 $35,243 
(1) During the three months ended June 30, 2025 and 2024, the Company capitalized approximately $0.1 million and $0.2 million, respectively, of interest expense associated with properties under development. During the six months ended June 30, 2025 and 2024, the Company capitalized approximately $0.1 million and $0.6 million, respectively, of interest expense associated with properties under development.
(2) For the two developments completed during the six months ended June 30, 2025, rent commenced in the second quarter of 2025. For the 14 developments completed during the six months ended June 30, 2024, rent commenced at various points throughout 2024.
(3) Amounts reclassified from property under development to land, buildings and improvements, and other assets (leasing commissions) in the accompanying condensed consolidated balance sheets.
Allocation of Purchase Price Paid for Completed Acquisitions An allocation of the purchase price and acquisition costs paid for the completed acquisitions during the period is as follows (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Number of properties acquired23 18 41 46 
Assets acquired
Land$53,809 $28,264 $75,083 $44,872 
Buildings33,744 55,508 79,320 114,887 
Site improvements3,246 7,001 7,081 13,429 
Tenant improvements324 359 849 1,804 
In-place lease intangible assets5,405 4,479 11,669 15,772 
96,528 95,611 174,002 190,764 
Liabilities assumed
Accounts payable, accrued expenses, and other liabilities— — (6)— 
Purchase price (1)
$96,528 $95,611 $173,996 $190,764 
(1) During the three months ended June 30, 2025 and 2024, the Company capitalized $1.0 million and $0.6 million of acquisition costs, respectively. During the six months ended June 30, 2025 and 2024, the Company capitalized $1.9 million and $1.8 million of acquisition costs, respectively.
Schedule of Mortgage Loans Receivable
The Company’s mortgage loans receivable portfolio as of June 30, 2025 and December 31, 2024 is summarized below (dollars in thousands):

Loan Type
Monthly Payment (1)
Number of Secured Properties
Effective Interest Rate (2)
Stated Interest RateMaturity DateJune 30, 2025December 31, 2024
Mortgage (3) (4)
I/O17.03%7.00%8/31/2025$38,162 $43,612 
Mortgage (4)
I/O469.55%9.55%3/10/202641,940 41,940 
Mortgage (4) (5)
I/O38.10%6.89%4/10/20264,132 4,132 
Mortgage (3) (4) (5)
I/O68.16%7.98%6/10/20268,408 8,408 
Mortgage
None (6)
17.00%7.00%1/31/2026825 825 
Mortgage (3) (4) (7)
I/O610.26%10.25%12/18/202511,059 11,658 
Mortgage (3) (4) (8)
I/O710.25%10.25%2/7/202613,086 8,853 
MortgageP+I17.25%7.25%7/17/20274,040 4,076 
MortgageP+I17.25%7.25%7/17/20275,174 5,221 
MortgageI/O114.68%13.09%1/17/2025— 1,299 
MortgageP+I17.25%7.25%9/19/20271,421 1,434 
MortgageI/O17.00%7.00%9/30/2029636 636 
MortgageI/O16.50%6.50%12/23/20293,284 3,284 
MortgageI/O16.50%6.50%12/23/20294,105 4,105 
Mortgage (3) (4)
I/O19.75%9.75%2/25/20261,010 — 
Mortgage (3) (4)
I/O19.75%9.75%3/12/20261,154 — 
Mortgage (3) (4) (9)
None (6)
69.75%9.75%9/9/20266,091 — 
MortgageI/O17.00%7.00%5/27/20272,400 — 
MortgageI/O17.25%7.25%5/18/20276,050 — 
Total$152,977 $139,483 
Unamortized loan origination costs and fees, net4 74 
Unamortized discount(202)(148)
Total mortgage loans receivable, net$152,779 $139,409 
(1) I/O: Interest Only; P+I: Principal and Interest.
(2) Includes amortization of discount, loan origination costs and fees, as applicable.
(3) The Company has the right, subject to certain terms and conditions, to acquire all or a portion of the underlying collateralized properties.
(4) Loans require monthly payments of interest only with principal payments occurring as borrower disposes of underlying properties, limited to the Company’s allocated investment by property. Any remaining principal balance will be repaid at or before the maturity date.
(5) The stated interest rate is variable up to 15.0% and is calculated based on contractual rent for existing collateralized properties subject to the loan agreement.
(6) Payments of both interest and principal are due at maturity.
(7) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from July 30, 2025 to December 18, 2025.
(8) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from July 14, 2025 to February 7, 2026.
(9) The collateralized properties are in process developments with varying maturity dates dependent upon initial funding. Maturity dates range from March 28, 2026 to September 9, 2026.
v3.25.2
Intangible Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Intangible Assets and Liabilities
Intangible assets and liabilities consisted of the following (in thousands):

June 30, 2025December 31, 2024
Gross
Carrying
Amount		Accumulated AmortizationNet Carrying AmountGross
Carrying
Amount		Accumulated AmortizationNet Carrying Amount
Assets:
In-place leases$203,711 $(68,807)$134,904 $203,104 $(60,729)$142,375 
Above-market leases19,116 (6,019)13,097 19,644 (5,500)14,144 
Lease incentives8,744 (2,044)6,700 9,529 (1,656)7,873 
Total intangible assets$231,571 $(76,870)$154,701 $232,277 $(67,885)$164,392 
Liabilities:   
Below-market leases$28,996 $(10,702)$18,294 $29,847 $(9,670)$20,177 
Weighted Average Amortization Period for Intangible Assets and Liabilities
The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of June 30, 2025 and as of December 31, 2024 by category were as follows:

Years Remaining
June 30, 2025December 31, 2024
In-place leases8.58.6
Above-market leases11.011.4
Below-market leases9.710.1
Lease incentives9.410.1
Amortization of Intangible Assets and Liabilities The following amounts in the accompanying condensed consolidated statements of operations and comprehensive (loss) income related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Amortization:
Amortization of in-place leases$5,661 $5,196 $11,217 $10,071 
Net adjustment to rental revenue:
Above-market lease assets(372)(93)(750)(188)
Below-market lease liabilities629 380 1,269 761 
Lease incentives(251)(189)(443)(380)
$6 $98 $76 $193 
Projected Amortization of Intangible Assets and Liabilities
The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of June 30, 2025, for the next five years and thereafter (in thousands):

Remainder of 2025
2026202720282029ThereafterTotal
In-place leases$11,179 $21,316 $19,577 $16,862 $14,406 $51,564 $134,904 
Above-market lease assets$(738)$(1,453)$(1,401)$(1,356)$(1,184)$(6,965)$(13,097)
Below-market lease liabilities1,242 2,402 2,333 2,201 2,008 8,108 18,294 
Lease incentives(420)(840)(785)(755)(716)(3,184)(6,700)
Net adjustment to rental revenue$84 $109 $147 $90 $108 $(2,041)$(1,503)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table provides the projected amortization of in-place lease assets to amortization expense and the net amortization of above-market, below-market, and lease incentive lease intangible assets and liabilities to rental revenue as of June 30, 2025, for the next five years and thereafter (in thousands):

Remainder of 2025
2026202720282029ThereafterTotal
In-place leases$11,179 $21,316 $19,577 $16,862 $14,406 $51,564 $134,904 
Above-market lease assets$(738)$(1,453)$(1,401)$(1,356)$(1,184)$(6,965)$(13,097)
Below-market lease liabilities1,242 2,402 2,333 2,201 2,008 8,108 18,294 
Lease incentives(420)(840)(785)(755)(716)(3,184)(6,700)
Net adjustment to rental revenue$84 $109 $147 $90 $108 $(2,041)$(1,503)
v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Debt consists of the following (in thousands):
Amounts Outstanding as of
Contractual Maturity Date
Fully Extended Maturity Date (1)
Interest Rate (2)
June 30, 2025December 31, 2024
Debt:
2028 Term Loan (3)
February 11, 2028—3.88%$200,000 $200,000 
2029 Term Loan (4)
July 3, 2026January 3, 20294.99%250,000 250,000 
2030 Term Loan A (5)
January 15, 2029January 15, 20303.65%175,000 175,000 
2030 Term Loan B (6)
January 15, 2029January 15, 20305.12%175,000 — 
Revolver (7)
January 15, 2029January 15, 20305.46%127,000 239,000 
Mortgage NoteNovember 1, 2027—4.53%8,124 8,205 
Total debt935,124 872,205 
Unamortized discount and debt issuance costs(4,314)(2,744)
Unamortized deferred financing costs, net (8)
(4,259)(1,200)
Total debt, net$926,551 $868,261 
(1) Date represents the fully extended maturity date available to the Company, subject to certain conditions, under each related debt instrument.
(2) Rate represents the effective interest rate as of June 30, 2025 and includes the effect of interest rate swap agreements, as described further in “Note 6 – Debt” and “Note 7 – Derivative Financial Instruments.”
(3) Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(4) Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(5) On January 15, 2025, the Company amended the 2027 Term Loan, providing for the 2030 Term Loan A (as described below). Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(6) Loan is a floating-rate loan which resets daily at daily simple SOFR plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.15% as of June 30, 2025. The Company has entered into seven interest rate swap agreements that effectively convert the floating rate to a fixed rate.
(7) The annual interest rate of the Revolver assumes daily simple SOFR as of June 30, 2025 of 4.36% plus a SOFR adjustment of 0.10% plus the applicable margin, which was 1.00% as of June 30, 2025.
(8) The Company records deferred financing costs associated with the Revolver in other assets, net on its condensed consolidated balance sheets. The Company reclassified the net amount of loan commitment fees associated with the 2029 Term Loan from other assets, net to debt issuance costs upon the $100.0 million draw under the 2029 Term Loan.
Schedule of Debt Maturities
Payments on the 2028 Term Loan, 2029 Term Loan, 2030 Term Loan A, and 2030 Term Loan B are interest-only through maturity. As of June 30, 2025, scheduled debt maturities, including balloon payments, are as follows (in thousands):

Scheduled Principal Payment
Balloon Payment (1)
Total
Remainder of 2025$86 $— $86 
2026178 250,000 250,178 
2027170 7,690 7,860 
2028— 200,000 200,000 
2029— 477,000 477,000 
Total$434 $934,690 $935,124 
Interest Income and Interest Expense Disclosure
The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands):

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Revolving credit facilities (1)
$2,104 $1,636 $3,566 $2,759 
Term loans (2)
8,993 6,491 17,551 12,200 
Mortgage note payable93 95 186 190 
Non-cash:
Amortization of deferred financing costs301 186 551 423 
Amortization of debt discount and debt issuance costs, net472 401 914 749 
Amortization of deferred losses (gains) on interest rate swaps713 (979)1,418 (1,958)
Capitalized interest(38)(226)(88)(579)
Total interest expense, net$12,638 $7,604 $24,098 $13,784 
(1) Includes facility fees of approximately $0.2 million for the three months ended June 30, 2025 and 2024, and facility fees of $0.4 million and $0.3 million for the six months ended June 30, 2025 and 2024, respectively.
(2) Includes the effects of interest rate hedges.
v3.25.2
Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Derivatives
Number of InstrumentsNotional
Interest Rate DerivativesJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Interest rate swaps21 18 $875,000 $800,000 
Fair Value of Derivative Financial Instruments
The following table presents the fair value of the Company’s derivative financial instruments as well as their classification in the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024 (in thousands):
Derivative Assets
Fair Value as of
Derivatives Designated as Hedging Instruments:Balance Sheet LocationJune 30, 2025December 31, 2024
Interest rate swapsOther assets, net$6,831 $16,426 

Derivative Liabilities
Fair Value as of
Derivatives Designated as Hedging Instruments:Balance Sheet LocationJune 30, 2025December 31, 2024
Interest rate swapsAccounts payable, accrued expenses, and other liabilities$7,331 $— 
Effect of Interest Rate Swaps
The following table presents the effect of the Company’s interest rate swaps in the condensed consolidated statements of operations and comprehensive (loss) income for the three and six months ended June 30, 2025 and 2024 (in thousands):

Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)Location of Gain (Loss) Reclassified from Accumulated OCI
into Income (Effective Portion)		Amount of Gain (Loss) Reclassified from Accumulated OCI
into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships2025202420252024
For the Three Months Ended June 30
Interest Rate Products$(4,081)$4,446 Interest expense, net$1,563 $4,866 
For the Six Months Ended June 30
Interest Rate Products$(12,453)$18,207 Interest expense, net$3,055 $9,499 
Schedule of Derivative Liabilities at Fair Value
The table below presents the Company’s derivative assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands):

Fair Value Hierarchy Level
DescriptionLevel 1Level 2Level 3Total Fair Value
June 30, 2025
Derivative assets$— $6,831 $— $6,831 
Derivative liabilities$— $7,331 $— $7,331 
December 31, 2024
Derivative assets$— $16,426 $— $16,426 
v3.25.2
Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Other Assets, net
Other assets, net consists of the following (in thousands):

June 30, 2025December 31, 2024
Accounts receivable, net$8,861 $9,809 
Deferred rent receivable14,312 11,790 
Prepaid assets4,460 2,143 
Earnest money deposits450 517 
Fair value of interest rate swaps6,831 16,426 
Deferred offering costs1,855 1,641 
Deferred financing costs, net4,259 1,200 
Right-of-use asset3,287 3,484 
Leasehold improvements and other corporate assets, net1,304 1,425 
Interest receivable3,363 3,034 
Other assets, net6,134 6,758 
$55,116 $58,227 
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities
Accounts payable, accrued expenses, and other liabilities consist of the following (in thousands):

June 30, 2025December 31, 2024
Accrued expenses$8,022 $4,961 
Accrued bonus1,366 1,271 
Prepaid rent4,831 5,655 
Operating lease liability4,406 4,646 
Accrued interest3,879 3,476 
Deferred rent4,598 4,738 
Accounts payable800 3,053 
Fair value of interest rate swaps7,331 — 
Other liabilities2,016 1,864 
$37,249 $29,664 
v3.25.2
Shareholders’ Equity, Partners’ Capital and Preferred Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Common Stock Dividends Declared and Paid
During the six months ended June 30, 2025, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Six Months Ended June 30, 2025
Declaration DateDividend Per ShareRecord DateTotal AmountPayment Date
February 21, 2025$0.210 March 14, 2025$17,157 March 31, 2025
April 25, 20250.210 June 2, 202517,159 June 16, 2025
$0.420 $34,316 
During the six months ended June 30, 2024, the Company declared and paid the following common stock dividends (in thousands, except per share data):
Six Months Ended June 30, 2024
Declaration DateDividend Per ShareRecord DateTotal AmountPayment Date
February 13, 2024$0.205 March 15, 2024$15,031 March 28, 2024
April 23, 20240.205 June 3, 202415,042 June 14, 2024
$0.410 $30,073 
Schedule of ATM Program Activity
The following table presents information about the ATM Programs (in thousands):
Maximum Sales Authorization
Gross Settlements through June 30, 2025 (1)
Program NameDate EstablishedDate Terminated
2021 ATM ProgramSeptember 2021October 2023$250,000 $249,122 
2023 ATM Program (2)
October 2023August 2024$300,000 $77,323 
2024 ATM Program (3)
August 2024—$300,000 $28,694 
(1) Represents shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements.
(2) As of June 30, 2025, 1,743,100 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $17.39.
(3) As of June 30, 2025, 1,237,547 shares remain unsettled under the forward sale agreements at a weighted-average available net settlement price of $16.70.
The following table details information related to activity under the ATM Programs for the three and six months ended June 30, 2025 and 2024 (in thousands, except share and per share data). There was no activity during the three months ended March 31, 2025 and 2024; therefore, the amounts presented are the same for the three- and six-month periods.

Three and Six Months Ended June 30,
2025 (1)
2024 (2)
Shares of common stock issued
1,757,815 4,000,000 
Weighted average price per share$16.32 $16.50 
Gross proceeds$28,694 $66,000 
Sales commissions and offering costs$342 $676 
Net proceeds (3)
$28,352 $65,324 
(1) Includes 1,105,299 shares of common stock that were physically settled at a weighted-average price of $16.37 per share under the forward sale agreements with respect to the 2024 ATM Program.
(2) Includes 4,000,000 shares of common stock that were physically settled at a price of $16.50 per share under the forward sale agreements with respect to the 2021 ATM Program.
(3) The net proceeds were contributed to the Operating Partnership in exchange for an equivalent number of Class A OP Units.
v3.25.2
Stock Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Summary of Restricted Stock Unit Activity
The following table summarizes service-based RSU activity for the period ended June 30, 2025:

SharesWeighted Average Grant Date Fair Value per Share
Unvested RSU grants outstanding as of December 31, 2024326,987 $18.25 
Granted during the period279,345 14.55 
Forfeited during the period(1,546)18.62 
Vested during the period(149,434)18.74 
Unvested RSU grants outstanding as of June 30, 2025455,352 $15.82 
The following table summarizes market-based RSU activity for the period ended June 30, 2025:

SharesWeighted Average Grant Date Fair Value per Share
Unvested RSU grants outstanding as of December 31, 2024290,442 $18.75 
Granted during the period170,213 14.91 
Forfeited during the period(68,525)22.38 
Unvested RSU grants outstanding as of June 30, 2025392,130 $16.45 
v3.25.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Net Income Attributable to Common Shares, Weighted Average Common Shares and Effect of Dilutive Securities
The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted net income (loss) per common share for the three and six months ended June 30, 2025 and 2024.

Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except share and per share data)2025202420252024
Numerator:
Net income (loss)$3,289 $(2,306)$4,989 $(1,254)
Net (income) loss attributable to noncontrolling interest(17)15 (26)8 
Net income (loss) attributable to common shares, basic3,272 (2,291)4,963 (1,246)
Net income (loss) attributable to noncontrolling interest17 (15)26 (8)
Net income (loss) attributable to common shares, diluted$3,289 $(2,306)$4,989 $(1,254)
Denominator:
Weighted average common shares outstanding, basic81,895,840 73,588,605 81,770,860 73,419,198 
Effect of dilutive shares for diluted net income per common share:
OP Units424,956 — 424,956 — 
Unvested RSUs173,333 — 118,205 — 
Weighted average common shares outstanding, diluted82,494,129 73,588,605 82,314,021 73,419,198 
Net income (loss) available to common stockholders per common share, basic$0.04 $(0.03)$0.06 $(0.02)
Net income (loss) available to common stockholders per common share, diluted$0.04 $(0.03)$0.06 $(0.02)
v3.25.2
Organization and Description of Business (Details)
Jun. 30, 2025
tenant
Jun. 30, 2025
state
Jun. 30, 2025
property
Dec. 31, 2024
property
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of Properties 707   707 692
Number of states in which entity operates   45    
v3.25.2
Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Concentration Risk [Line Items]        
OP Unit conversion ratio per share   1    
Depreciation and amortization   $ 42,429 $ 36,084  
Restricted cash   $ 16,700   $ 7,900
Operating segment | segment   1    
Reportable segment | segment   1    
Measurement Input, Cap Rate | Minimum        
Concentration Risk [Line Items]        
Capitalization rate   0.074    
Measurement Input, Cap Rate | Maximum        
Concentration Risk [Line Items]        
Capitalization rate   0.121    
Real Estate | Level 3 | Minimum        
Concentration Risk [Line Items]        
Adjusted carrying value   $ 16,800    
Real Estate | Level 3 | Maximum        
Concentration Risk [Line Items]        
Adjusted carrying value   $ 27,100    
Dollar General | Revenue Benchmark | Customer Concentration Risk        
Concentration Risk [Line Items]        
Concentration risk (as a percent) 11.30%   11.50%  
v3.25.2
Summary of Significant Accounting Policies - Schedule of Provision for Impairment (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Dec. 31, 2024
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Provisions for impairment | $ $ 4,422 $ 3,836 $ 8,038 $ 7,498  
Classified as held for sale     8   11
Disposed within the period 20 6 36 18  
Real Estate Property          
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]          
Provisions for impairment | $ $ 4,422 $ 3,836 $ 8,038 $ 7,498  
Classified as held for sale 7 9 11 10  
Disposed within the period 2 1 9 7  
Classified as held for investment 0 2 1 6  
v3.25.2
Summary of Significant Accounting Policies - Fair Value of Term Loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Carrying Value $ 926,551 $ 868,261
Unsecured Debt    
Debt Instrument [Line Items]    
Carrying Value 935,124  
Unsecured Debt | 2028 Term Loan | Line of Credit    
Debt Instrument [Line Items]    
Carrying Value 199,367 199,246
Estimated Fair Value 200,678 200,858
Unsecured Debt | 2029 Term Loan | Line of Credit    
Debt Instrument [Line Items]    
Carrying Value 249,212 248,853
Estimated Fair Value 250,350 250,526
Unsecured Debt | 2030 Term Loan A | Line of Credit    
Debt Instrument [Line Items]    
Carrying Value 173,617 174,509
Estimated Fair Value 175,775 175,245
Unsecured Debt | 2030 Term Loan B | Line of Credit    
Debt Instrument [Line Items]    
Carrying Value 173,780 0
Estimated Fair Value $ 175,793 $ 0
v3.25.2
Leases - Narrative (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
property
state
Dec. 31, 2024
USD ($)
property
Lessor, Lease, Description [Line Items]    
Number of states in which entity operates | state 45  
Remaining term of leases 9 years 9 months 18 days  
Right-of-use asset $ 3,287 $ 3,484
Operating lease liability $ 4,406 $ 4,646
Classified as held for sale | property 8 11
v3.25.2
Leases - Disaggregation of Lease Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Rental revenue        
Fixed lease income $ 41,175 $ 33,788 $ 80,267 $ 65,653
Variable lease income 3,977 2,978 7,405 6,207
Other rental revenue:        
Above/below market lease amortization, net 257 287 519 573
Lease incentives (251) (189) (443) (380)
Rental revenue (including reimbursable) $ 45,158 $ 36,864 $ 87,748 $ 72,053
v3.25.2
Leases - Schedule of Future Minimum Base Rental Receipts (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]  
Remainder of 2025 $ 77,794
2026 155,486
2027 153,246
2028 148,106
2029 139,114
Thereafter 948,131
Total Future Minimum Base Rental Receipts $ 1,621,877
v3.25.2
Real Estate Investments - Narrative (Details)
$ in Thousands
Jun. 30, 2025
tenant
Jun. 30, 2025
state
Jun. 30, 2025
Jun. 30, 2025
property
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
property
Real Estate [Line Items]            
Number of Properties 707     707   692
Amount of Investment         $ 2,440,077 $ 2,356,892
Number of states in which entity operates | state   45        
Properties under development            
Real Estate [Line Items]            
Number of Properties | property       2   4
Amount of Investment         $ 1,782 $ 6,118
Illinois            
Real Estate [Line Items]            
Percentage of total gross real estate investment     13.10%      
Texas            
Real Estate [Line Items]            
Percentage of total gross real estate investment     9.10%      
v3.25.2
Real Estate Investments - Schedule of Investment Portfolio (Details)
$ in Thousands
Jun. 30, 2025
tenant
Jun. 30, 2025
property
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
property
Real Estate [Line Items]        
Number of Properties 707 707   692
Amount of Investment | $     $ 2,440,077 $ 2,356,892
Properties held for investment        
Real Estate [Line Items]        
Number of Properties   589   589
Amount of Investment | $     2,229,339 $ 2,164,566
Properties held for sale        
Real Estate [Line Items]        
Number of Properties   30   23
Amount of Investment | $     55,979 $ 46,725
Mortgage loans receivable        
Real Estate [Line Items]        
Number of Properties   86   76
Amount of Investment | $     152,977 $ 139,483
Properties under development        
Real Estate [Line Items]        
Number of Properties   2   4
Amount of Investment | $     $ 1,782 $ 6,118
Real Estate Property, Vacant        
Real Estate [Line Items]        
Number of Properties   1   1
Real Estate Property, Developed        
Real Estate [Line Items]        
Number of Properties       1
v3.25.2
Real Estate Investments - Allocation of Purchase Price Paid for Completed Acquisitions (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Real Estate [Line Items]        
Number of properties acquired | property 23 18 41 46
Assets acquired $ 96,528 $ 95,611 $ 174,002 $ 190,764
Accounts payable, accrued expenses, and other liabilities 0 0 (6) 0
Purchase price 96,528 95,611 173,996 190,764
Capitalized acquisition costs 1,000 600    
Acquisition fees incurred     1,900 1,800
In-place leases        
Real Estate [Line Items]        
In-place lease intangible assets 5,405 4,479 11,669 15,772
Land        
Real Estate [Line Items]        
Assets acquired 53,809 28,264 75,083 44,872
Buildings        
Real Estate [Line Items]        
Assets acquired 33,744 55,508 79,320 114,887
Site improvements        
Real Estate [Line Items]        
Assets acquired 3,246 7,001 7,081 13,429
Tenant improvements        
Real Estate [Line Items]        
Assets acquired $ 324 $ 359 $ 849 $ 1,804
v3.25.2
Real Estate Investments - Schedule of Dispositions (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Real Estate [Abstract]        
Disposed within the period | property 20 6 36 18
Proceeds from sale of real estate $ 55,613 $ 12,064 $ 94,176 $ 32,542
Gain on sales of real estate, net $ 3,533 $ 8 $ 5,608 $ 1,006
v3.25.2
Real Estate Investments - Schedule of Development (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
property
Real Estate [Abstract]        
Number of developments acquired | property 0 2 0 4
Purchase price of acquired developments | $ $ 0 $ 1,221 $ 0 $ 2,010
Total investment in properties under development | $ $ 1,412 $ 11,993 $ 2,200 $ 22,961
Number of developments completed | property 1 7 2 14
Amounts placed into service | property 2,740,000 16,906,000 6,545,000 35,243,000
Interest expense capitalized | $ $ 38 $ 226 $ 88 $ 579
v3.25.2
Real Estate Investments - Schedule of Mortgage Loans Receivable (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Total $ 152,977 $ 139,483
Unamortized loan origination costs and fees, net 4 74
Unamortized discount (202) (148)
Total mortgage loans receivable, net $ 152,779 139,409
Mortgage Receivable Due August 31, 2025    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.03%  
Stated Interest Rate 7.00%  
Total $ 38,162 43,612
Mortgage Receivable Due March 10, 2026    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 46  
Effective Interest Rate 9.55%  
Stated Interest Rate 9.55%  
Total $ 41,940 41,940
Mortgage Receivable Due April 10, 2026    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 3  
Effective Interest Rate 8.10%  
Stated Interest Rate 6.89%  
Total $ 4,132 4,132
Mortgage Receivable Due June 10, 2025    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 6  
Effective Interest Rate 8.16%  
Stated Interest Rate 7.98%  
Total $ 8,408 8,408
Mortgage Receivable Due January 31, 2026    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.00%  
Stated Interest Rate 7.00%  
Total $ 825 825
Mortgage Receivable Due December 18, 2025    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 6  
Effective Interest Rate 10.26%  
Stated Interest Rate 10.25%  
Total $ 11,059 11,658
Mortgage Receivable Due February 7, 2026    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 7  
Effective Interest Rate 10.25%  
Stated Interest Rate 10.25%  
Total $ 13,086 8,853
Mortgage Receivable Due July 17, 2027 A    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.25%  
Stated Interest Rate 7.25%  
Total $ 4,040 4,076
Mortgage Receivable Due July 17, 2027 B    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.25%  
Stated Interest Rate 7.25%  
Total $ 5,174 5,221
Mortgage Receivable Due January 17, 2025    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 14.68%  
Stated Interest Rate 13.09%  
Total $ 0 1,299
Mortgage Receivable Due September 19, 2027    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.25%  
Stated Interest Rate 7.25%  
Total $ 1,421 1,434
Mortgage Receivable Due September 30, 2029    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.00%  
Stated Interest Rate 7.00%  
Total $ 636 636
Mortgage Receivable Due December 23, 2029 A    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 6.50%  
Stated Interest Rate 6.50%  
Total $ 3,284 3,284
Mortgage Receivable Due December 23, 2029 B    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 6.50%  
Stated Interest Rate 6.50%  
Total $ 4,105 4,105
Mortgage Receivable Due February 25, 2026    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 9.75%  
Stated Interest Rate 9.75%  
Total $ 1,010 0
Mortgage Receivable Due March 12, 2026    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 9.75%  
Stated Interest Rate 9.75%  
Total $ 1,154 0
Mortgage Receivable Due September 9, 2026    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 6  
Effective Interest Rate 9.75%  
Stated Interest Rate 9.75%  
Total $ 6,091 0
Mortgage Receivable Due September 9, 2026 | Maximum    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Variable rate 15.00%  
Mortgage Receivable Due May 27, 2027    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.00%  
Stated Interest Rate 7.00%  
Total $ 2,400 0
Mortgage Receivable Due May 18, 2027    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Number of Secured Properties | property 1  
Effective Interest Rate 7.25%  
Stated Interest Rate 7.25%  
Total $ 6,050 $ 0
v3.25.2
Intangible Assets and Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Gross Carrying Amount $ 231,571 $ 232,277
Accumulated Amortization (76,870) (67,885)
Net Carrying Amount 154,701 164,392
Liabilities:    
Gross Carrying Amount 28,996 29,847
Accumulated Amortization (10,702) (9,670)
Net Carrying Amount 18,294 20,177
In-place leases    
Assets:    
Gross Carrying Amount 203,711 203,104
Accumulated Amortization (68,807) (60,729)
Net Carrying Amount 134,904 142,375
Above-market leases    
Assets:    
Gross Carrying Amount 19,116 19,644
Accumulated Amortization (6,019) (5,500)
Net Carrying Amount 13,097 14,144
Lease incentives    
Assets:    
Gross Carrying Amount 8,744 9,529
Accumulated Amortization (2,044) (1,656)
Net Carrying Amount $ 6,700 $ 7,873
v3.25.2
Intangible Assets and Liabilities - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details) - Weighted Average
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period, below-market leases 9 years 8 months 12 days 10 years 1 month 6 days
In-place leases    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period, intangible assets 8 years 6 months 8 years 7 months 6 days
Above-market leases    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period, intangible assets 11 years 11 years 4 months 24 days
Lease incentives    
Finite-Lived Intangible Assets [Line Items]    
Weighted average amortization period, intangible assets 9 years 4 months 24 days 10 years 1 month 6 days
v3.25.2
Intangible Assets and Liabilities - Amortization of Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net adjustment to rental revenue:        
Below-market lease liabilities $ 629 $ 380 $ 1,269 $ 761
Net adjustment to rental revenue 6 98 76 193
In-place leases        
Finite-Lived Intangible Assets [Line Items]        
Amortization: 5,661 5,196 11,217 10,071
Above-market leases        
Net adjustment to rental revenue:        
Above-market lease assets (372) (93) (750) (188)
Lease incentives        
Net adjustment to rental revenue:        
Above-market lease assets $ (251) $ (189) $ (443) $ (380)
v3.25.2
Intangible Assets and Liabilities - Projected Amortization of Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Below-market lease liabilities    
Remainder of 2025 $ 1,242  
2026 2,402  
2027 2,333  
2028 2,201  
2029 2,008  
Thereafter 8,108  
Net Carrying Amount 18,294 $ 20,177
Net adjustment to rental revenue    
Remainder of 2025 84  
2026 109  
2027 147  
2028 90  
2029 108  
Thereafter (2,041)  
Total (1,503)  
In-place leases    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2025 11,179  
2026 21,316  
2027 19,577  
2028 16,862  
2029 14,406  
Thereafter 51,564  
Total 134,904  
Above-market leases    
Above-market lease assets    
Remainder of 2025 (738)  
2026 (1,453)  
2027 (1,401)  
2028 (1,356)  
2029 (1,184)  
Thereafter (6,965)  
Total (13,097)  
Lease incentives    
Above-market lease assets    
Remainder of 2025 (420)  
2026 (840)  
2027 (785)  
2028 (755)  
2029 (716)  
Thereafter (3,184)  
Total $ (6,700)  
v3.25.2
Debt - Schedule of Debt (Details)
$ in Thousands
 6 Months Ended
Jul. 03, 2023
USD ($)
Jun. 30, 2025
USD ($)
derivative
tenant
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Total debt   $ 935,124   $ 872,205
Unamortized discount and debt issuance costs   (4,314)   (2,744)
Unamortized deferred financing costs, net   (4,259)   (1,200)
Long-term debt   926,551   868,261
Proceeds under revolving credit facilities   $ 143,000 $ 190,000  
Interest rate swaps        
Debt Instrument [Line Items]        
Interest rate swap agreements | tenant   3    
Unsecured Debt        
Debt Instrument [Line Items]        
Long-term debt   $ 935,124    
2028 Term Loan | Line of Credit | Unsecured Debt        
Debt Instrument [Line Items]        
Effective Interest Rate   3.88%    
Total debt   $ 200,000   200,000
Long-term debt   $ 199,367   199,246
2028 Term Loan | Line of Credit | Unsecured Debt | Interest rate swaps        
Debt Instrument [Line Items]        
Interest rate swap agreements | derivative   3    
2028 Term Loan | Line of Credit | SOFR adjustment rate | Unsecured Debt        
Debt Instrument [Line Items]        
Variable rate   0.10%    
2029 Term Loan | Line of Credit | Unsecured Debt        
Debt Instrument [Line Items]        
Effective Interest Rate   4.99%    
Total debt   $ 250,000   250,000
Long-term debt   249,212   248,853
Proceeds under revolving credit facilities $ 150,000 $ 100,000    
2029 Term Loan | Line of Credit | Unsecured Debt | Interest rate swaps        
Debt Instrument [Line Items]        
Interest rate swap agreements | derivative   4    
2029 Term Loan | Line of Credit | SOFR adjustment rate | Unsecured Debt        
Debt Instrument [Line Items]        
Variable rate   0.10%    
2029 Term Loan | Line of Credit | SOFR margin | Unsecured Debt        
Debt Instrument [Line Items]        
Variable rate   1.15%    
2030 Term Loan A | Line of Credit | Unsecured Debt        
Debt Instrument [Line Items]        
Effective Interest Rate   3.65%    
Total debt   $ 175,000   175,000
Long-term debt   $ 173,617   174,509
2030 Term Loan A | Line of Credit | Unsecured Debt | Interest rate swaps        
Debt Instrument [Line Items]        
Interest rate swap agreements | derivative   4    
2030 Term Loan A | Line of Credit | SOFR adjustment rate | Unsecured Debt        
Debt Instrument [Line Items]        
Variable rate   0.10%    
2030 Term Loan B | Line of Credit | Unsecured Debt        
Debt Instrument [Line Items]        
Effective Interest Rate   5.12%    
Total debt   $ 175,000   0
Long-term debt   $ 173,780   0
2030 Term Loan B | Line of Credit | Unsecured Debt | Interest rate swaps        
Debt Instrument [Line Items]        
Interest rate swap agreements | derivative   7    
2030 Term Loan B | Line of Credit | SOFR adjustment rate | Unsecured Debt        
Debt Instrument [Line Items]        
Variable rate   0.10%    
2030 Term Loan B | Line of Credit | SOFR margin | Unsecured Debt        
Debt Instrument [Line Items]        
Variable rate   1.15%    
2030 Term Loan B | Line of Credit | Daily SOFR | Revolver        
Debt Instrument [Line Items]        
Variable rate   4.36%    
Revolver | Line of Credit | Revolver        
Debt Instrument [Line Items]        
Effective Interest Rate   5.46%    
Total debt   $ 127,000   239,000
Revolver | Line of Credit | SOFR adjustment rate | Unsecured Debt        
Debt Instrument [Line Items]        
Variable rate   0.10%    
Revolver | Line of Credit | SOFR margin | Revolver        
Debt Instrument [Line Items]        
Variable rate   1.00%    
Revolver | Line of Credit | Daily SOFR | Revolver        
Debt Instrument [Line Items]        
Variable rate   4.36%    
Mortgage Note | Mortgages        
Debt Instrument [Line Items]        
Effective Interest Rate   4.53%    
Total debt   $ 8,124   $ 8,205
v3.25.2
Debt - Truist Credit Agreement (Details)
 3 Months Ended 6 Months Ended
Jul. 03, 2023
USD ($)
tenant
Aug. 11, 2022
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]              
Total debt     $ 935,124,000   $ 935,124,000   $ 872,205,000
Proceeds under revolving credit facilities         143,000,000 $ 190,000,000  
2029 Term Loan | Line of Credit              
Debt Instrument [Line Items]              
Deferred financing costs $ 1,400,000            
Facility fees 900,000            
Unsecured Debt | 2029 Term Loan | Line of Credit              
Debt Instrument [Line Items]              
Total debt     $ 250,000,000.0   250,000,000.0   $ 250,000,000
Available increase limit $ 400,000,000.0            
Long-Term Debt, Term 12 months            
Proceeds under revolving credit facilities $ 150,000,000       $ 100,000,000    
Effective Interest Rate     4.99%   4.99%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR adjustment rate              
Debt Instrument [Line Items]              
Variable rate         0.10%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR adjustment rate | After Investment Grade              
Debt Instrument [Line Items]              
Variable rate   0.10%          
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin              
Debt Instrument [Line Items]              
Variable rate         1.15%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Maximum              
Debt Instrument [Line Items]              
Variable rate         1.60%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR base | Maximum              
Debt Instrument [Line Items]              
Variable rate         0.60%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR base | Minimum              
Debt Instrument [Line Items]              
Variable rate         0.15%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Maximum | After Investment Grade              
Debt Instrument [Line Items]              
Variable rate   1.60%          
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Minimum | After Investment Grade              
Debt Instrument [Line Items]              
Variable rate   0.80%          
Unsecured Debt | 2029 Term Loan | Line of Credit | Base Rate | Maximum | After Investment Grade              
Debt Instrument [Line Items]              
Variable rate   0.60%          
Unsecured Debt | 2029 Term Loan | Line of Credit | Base Rate | Minimum | After Investment Grade              
Debt Instrument [Line Items]              
Variable rate   0.00%          
Unsecured Debt | 2029 Term Loan | Line of Credit | Period One              
Debt Instrument [Line Items]              
Extension option | tenant 2            
Extension option period 1 year            
Unsecured Debt | 2029 Term Loan | Line of Credit | Period Two              
Debt Instrument [Line Items]              
Extension option | tenant 1            
Extension option period 6 months            
Revolver | Line of Credit              
Debt Instrument [Line Items]              
Facility fees     $ 200,000 $ 200,000 $ 400,000 $ 300,000  
Revolver | 2029 Term Loan | Line of Credit              
Debt Instrument [Line Items]              
Rate reduction   0.025%          
v3.25.2
Debt - PNC Credit Agreement (Details) - USD ($)
 6 Months Ended
Jan. 15, 2025
Aug. 11, 2022
Jun. 30, 2025
Dec. 31, 2024
Jul. 03, 2023
Debt Instrument [Line Items]          
Total debt     $ 935,124,000 $ 872,205,000  
Unamortized deferred financing costs     4,259,000 1,200,000  
New Credit Facility | Line of Credit          
Debt Instrument [Line Items]          
Deferred financing costs   $ 3,800,000      
2029 Term Loan | Line of Credit          
Debt Instrument [Line Items]          
Deferred financing costs         $ 1,400,000
Revolver | Line of Credit          
Debt Instrument [Line Items]          
Deferred financing costs   5,100,000      
Prior Credit Agreement | Line of Credit          
Debt Instrument [Line Items]          
Unamortized deferred financing costs   $ 500,000      
Unsecured Debt | 2028 Term Loan | Line of Credit          
Debt Instrument [Line Items]          
Total debt     $ 200,000,000 200,000,000  
Effective Interest Rate     3.88%    
Unsecured Debt | 2028 Term Loan | Line of Credit | SOFR adjustment rate          
Debt Instrument [Line Items]          
Variable rate     0.10%    
Unsecured Debt | 2028 Term Loan | Line of Credit | SOFR adjustment rate | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.10%      
Unsecured Debt | 2028 Term Loan | Line of Credit | SOFR margin | Maximum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Variable rate 1.60%        
Unsecured Debt | 2028 Term Loan | Line of Credit | SOFR margin | Maximum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   1.60%      
Unsecured Debt | 2028 Term Loan | Line of Credit | SOFR margin | Minimum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Variable rate 1.15%        
Unsecured Debt | 2028 Term Loan | Line of Credit | SOFR margin | Minimum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.80%      
Unsecured Debt | 2028 Term Loan | Line of Credit | Base Rate | Maximum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Variable rate 0.60%        
Unsecured Debt | 2028 Term Loan | Line of Credit | Base Rate | Maximum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.60%      
Unsecured Debt | 2028 Term Loan | Line of Credit | Base Rate | Minimum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Variable rate 0.15%        
Unsecured Debt | 2028 Term Loan | Line of Credit | Base Rate | Minimum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.00%      
Unsecured Debt | New Credit Facility | Line of Credit          
Debt Instrument [Line Items]          
Deferred financing costs   $ 1,300,000      
Unsecured Debt | 2030 Term Loan B | Line of Credit          
Debt Instrument [Line Items]          
Total debt     $ 175,000,000 0  
Effective Interest Rate     5.12%    
Deferred financing costs   $ 1,400,000      
Unsecured Debt | 2030 Term Loan B | Line of Credit | SOFR adjustment rate          
Debt Instrument [Line Items]          
Variable rate     0.10%    
Unsecured Debt | 2030 Term Loan B | Line of Credit | SOFR margin          
Debt Instrument [Line Items]          
Variable rate     1.15%    
Unsecured Debt | 2029 Term Loan | Line of Credit          
Debt Instrument [Line Items]          
Total debt     $ 250,000,000.0 250,000,000  
Effective Interest Rate     4.99%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR adjustment rate          
Debt Instrument [Line Items]          
Variable rate     0.10%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR adjustment rate | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.10%      
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin          
Debt Instrument [Line Items]          
Variable rate     1.15%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Maximum          
Debt Instrument [Line Items]          
Variable rate     1.60%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR base | Maximum          
Debt Instrument [Line Items]          
Variable rate     0.60%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR base | Minimum          
Debt Instrument [Line Items]          
Variable rate     0.15%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Maximum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   1.60%      
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Minimum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.80%      
Unsecured Debt | 2029 Term Loan | Line of Credit | Base Rate | Maximum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.60%      
Unsecured Debt | 2029 Term Loan | Line of Credit | Base Rate | Minimum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.00%      
Unsecured Debt | Revolver | Line of Credit          
Debt Instrument [Line Items]          
Debt extension term 1 year        
Unsecured Debt | Revolver | Line of Credit | SOFR adjustment rate          
Debt Instrument [Line Items]          
Variable rate     0.10%    
Revolver | 2028 Term Loan | Line of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity     $ 500,000,000    
Rate reduction   0.025%      
Revolver | 2028 Term Loan | Line of Credit | Maximum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Revolver facility fee (as a percent)   0.30%      
Revolver | 2028 Term Loan | Line of Credit | Maximum | After Investment Grade          
Debt Instrument [Line Items]          
Revolver facility fee (as a percent)   0.30%      
Revolver | 2028 Term Loan | Line of Credit | Minimum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Revolver facility fee (as a percent)   0.15%      
Revolver | 2028 Term Loan | Line of Credit | Minimum | After Investment Grade          
Debt Instrument [Line Items]          
Revolver facility fee (as a percent)   0.125%      
Revolver | 2028 Term Loan | Line of Credit | SOFR adjustment rate | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.10%      
Revolver | 2028 Term Loan | Line of Credit | SOFR base | Maximum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Variable rate 0.45%        
Revolver | 2028 Term Loan | Line of Credit | SOFR base | Minimum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Variable rate 0.00%        
Revolver | 2028 Term Loan | Line of Credit | SOFR margin | Maximum | Prior To Investment Grade          
Debt Instrument [Line Items]          
Variable rate 1.45%        
Revolver | 2028 Term Loan | Line of Credit | SOFR margin | Maximum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   1.40%      
Revolver | 2028 Term Loan | Line of Credit | SOFR margin | Minimum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.725%      
Revolver | 2028 Term Loan | Line of Credit | Base Rate | Maximum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.40%      
Revolver | 2028 Term Loan | Line of Credit | Base Rate | Minimum | After Investment Grade          
Debt Instrument [Line Items]          
Variable rate   0.00%      
Revolver | New Credit Facility | Line of Credit          
Debt Instrument [Line Items]          
Maximum borrowing capacity   $ 400,000,000      
Increase in borrowing capacity   1,400,000,000      
Deferred financing costs   $ 2,400,000      
Revolver | 2029 Term Loan | Line of Credit          
Debt Instrument [Line Items]          
Rate reduction   0.025%      
Revolver | Revolver | Line of Credit          
Debt Instrument [Line Items]          
Total debt     $ 127,000,000 $ 239,000,000  
Effective Interest Rate     5.46%    
Deferred financing costs   $ 3,700,000      
Revolver | Revolver | Line of Credit | SOFR margin          
Debt Instrument [Line Items]          
Variable rate     1.00%    
v3.25.2
Debt - Wells Fargo Credit Agreement (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jan. 15, 2025
Jun. 15, 2023
Aug. 11, 2022
Jun. 30, 2025
Dec. 31, 2024
Jul. 03, 2023
Debt Instrument [Line Items]            
Total debt       $ 935,124 $ 872,205  
2029 Term Loan | Line of Credit            
Debt Instrument [Line Items]            
Deferred financing costs           $ 1,400
Unsecured Debt | 2030 Term Loan A | Line of Credit            
Debt Instrument [Line Items]            
Total debt       $ 175,000 175,000  
Effective Interest Rate       3.65%    
Deferred financing costs     $ 1,100      
Unsecured Debt | 2030 Term Loan A | Line of Credit | SOFR adjustment rate            
Debt Instrument [Line Items]            
Variable rate       0.10%    
Unsecured Debt | 2030 Term Loan A | Line of Credit | SOFR adjustment rate | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate 0.10%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | Base Rate | Maximum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate 0.60%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | Base Rate | Maximum | Prior To Investment Grade            
Debt Instrument [Line Items]            
Variable rate 0.60%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | Base Rate | Minimum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate 0.00%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | Base Rate | Minimum | Prior To Investment Grade            
Debt Instrument [Line Items]            
Variable rate 0.15%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | SOFR | Maximum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate 1.60%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | SOFR | Maximum | Prior To Investment Grade            
Debt Instrument [Line Items]            
Variable rate 1.60%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | SOFR | Minimum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate 0.80%          
Unsecured Debt | 2030 Term Loan A | Line of Credit | SOFR | Minimum | Prior To Investment Grade            
Debt Instrument [Line Items]            
Variable rate 1.15%          
Unsecured Debt | 2027 Term Loan | Line of Credit            
Debt Instrument [Line Items]            
Debt extension term   1 year        
Unsecured Debt | 2027 Term Loan | Line of Credit | SOFR            
Debt Instrument [Line Items]            
Variable rate       4.29%    
Unsecured Debt | 2029 Term Loan | Line of Credit            
Debt Instrument [Line Items]            
Total debt       $ 250,000 $ 250,000  
Effective Interest Rate       4.99%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR adjustment rate            
Debt Instrument [Line Items]            
Variable rate       0.10%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR adjustment rate | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate     0.10%      
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin            
Debt Instrument [Line Items]            
Variable rate       1.15%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Maximum            
Debt Instrument [Line Items]            
Variable rate       1.60%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR base | Maximum            
Debt Instrument [Line Items]            
Variable rate       0.60%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR base | Minimum            
Debt Instrument [Line Items]            
Variable rate       0.15%    
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Maximum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate     1.60%      
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR margin | Minimum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate     0.80%      
Unsecured Debt | 2029 Term Loan | Line of Credit | Base Rate | Maximum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate     0.60%      
Unsecured Debt | 2029 Term Loan | Line of Credit | Base Rate | Minimum | After Investment Grade            
Debt Instrument [Line Items]            
Variable rate     0.00%      
Unsecured Debt | 2029 Term Loan | Line of Credit | SOFR            
Debt Instrument [Line Items]            
Variable rate       4.40%    
v3.25.2
Debt - Mortgage Note Payable (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mortgage Note | Mortgages        
Debt Instrument [Line Items]        
Mortgages $ 8.1   $ 8.1  
Collateral 11.9   11.9  
Deferred financing costs 0.1   0.1  
Unamortized discount $ 0.6   $ 0.6  
Credit Facility | Term Loan        
Debt Instrument [Line Items]        
Weighted average effective interest rate (as a percent) 5.65% 6.66% 5.55% 6.69%
Credit Facility | Line of Credit | Revolver        
Debt Instrument [Line Items]        
Weighted average effective interest rate (as a percent) 5.47% 6.49% 5.42% 6.51%
v3.25.2
Debt - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Long-term debt $ 926,551 $ 868,261
Unsecured Debt    
Debt Instrument [Line Items]    
Remainder of 2025 86  
2026 250,178  
2027 7,860  
2028 200,000  
2029 477,000  
Long-term debt 935,124  
Unsecured Debt | Scheduled Principal    
Debt Instrument [Line Items]    
Remainder of 2025 86  
2026 178  
2027 170  
2028 0  
2029 0  
Long-term debt 434  
Unsecured Debt | Balloon Payment    
Debt Instrument [Line Items]    
Remainder of 2025 0  
2026 250,000  
2027 7,690  
2028 200,000  
2029 477,000  
Long-term debt $ 934,690  
v3.25.2
Debt - Components of Interest Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]        
Amortization of deferred financing costs $ 301 $ 186 $ 551 $ 423
Amortization of debt discount, net 472 401 914 749
Amortization of deferred losses (gains) on interest rate swaps     (1,418) 1,958
Capitalized interest (38) (226) (88) (579)
Total interest expense, net 12,638 7,604 24,098 13,784
Mortgages        
Debt Instrument [Line Items]        
Interest expense 93 95 186 190
Revolver | Line of Credit        
Debt Instrument [Line Items]        
Interest expense 2,104 1,636 3,566 2,759
Facility fees 200 200 400 300
Unsecured Debt | Line of Credit        
Debt Instrument [Line Items]        
Interest expense 8,993 6,491 17,551 12,200
Amortization of deferred losses (gains) on interest rate swaps $ 713 $ (979) $ 1,418 $ (1,958)
v3.25.2
Derivative Financial Instruments - Narrative (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
derivative
tenant
shares
Feb. 03, 2025
Dec. 24, 2024
Nov. 28, 2023
Jul. 03, 2023
Sep. 01, 2022
Common stock | 2024 ATM Program            
Level 3            
Shares remaining unsettled (in shares) | shares 1,237,547          
2029 Term Loan | Line of Credit            
Level 3            
Fixed rate SOFR swap         3.74%  
2029 Term Loan | Line of Credit | SOFR | Unsecured Debt            
Level 3            
Variable rate 4.40%          
2029 Term Loan | Line of Credit | SOFR adjustment rate | Unsecured Debt            
Level 3            
Variable rate 0.10%          
2029 Term Loan | Line of Credit | SOFR margin | Unsecured Debt            
Level 3            
Variable rate 1.15%          
2028 Term Loan | Line of Credit | Unsecured Debt            
Level 3            
Fixed rate SOFR swap           2.63%
2028 Term Loan | Line of Credit | SOFR | Unsecured Debt            
Level 3            
Weighted average effective interest rate (as a percent) 4.32%          
2028 Term Loan | Line of Credit | SOFR adjustment rate | Unsecured Debt            
Level 3            
Variable rate 0.10%          
2027 Term Loan | Line of Credit | Unsecured Debt            
Level 3            
Fixed rate SOFR swap     2.40% 1.87%    
2027 Term Loan | Line of Credit | SOFR | Unsecured Debt            
Level 3            
Variable rate 4.29%          
2030 Term Loan B | Line of Credit | Unsecured Debt            
Level 3            
Fixed rate SOFR swap   3.87%        
2030 Term Loan B | Line of Credit | SOFR adjustment rate | Unsecured Debt            
Level 3            
Variable rate 0.10%          
2030 Term Loan B | Line of Credit | SOFR margin | Unsecured Debt            
Level 3            
Variable rate 1.15%          
2030 Term Loan B | Line of Credit | Daily SOFR | Revolver            
Level 3            
Variable rate 4.36%          
Interest rate swaps            
Level 3            
Fixed rate SOFR swap 3.46%          
Interest rate swap agreements | tenant 3          
Amount estimated to be reclassified as increase to interest expense | $ $ 2,100          
Notional | $ $ 75,000          
Interest rate swaps | 2029 Term Loan | Line of Credit | Unsecured Debt            
Level 3            
Interest rate swap agreements 4          
Interest rate swaps | 2028 Term Loan | Line of Credit | Unsecured Debt            
Level 3            
Interest rate swap agreements 3          
Interest rate swaps | 2030 Term Loan B | Line of Credit | Unsecured Debt            
Level 3            
Interest rate swap agreements 7          
v3.25.2
Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest rate swaps
$ in Thousands
Jun. 30, 2025
USD ($)
instrument
Dec. 31, 2024
USD ($)
instrument
Level 3    
Notional $ 75,000  
Designated    
Level 3    
Number of Instruments | instrument 21 18
Notional $ 875,000 $ 800,000
v3.25.2
Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivatives, Fair Value [Line Items]    
Derivative assets $ 6,831 $ 16,426
Derivative liabilities $ 7,331 $ 0
v3.25.2
Derivative Financial Instruments - Effect of Interest Rate Swaps (Details) - Interest rate swaps - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Level 3        
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) $ (4,081) $ 4,446 $ (12,453) $ 18,207
Interest Expense        
Level 3        
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) $ 1,563 $ 4,866 $ 3,055 $ 9,499
v3.25.2
Derivative Financial Instruments - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Level 3    
Derivative assets $ 6,831 $ 16,426
Derivative liabilities 7,331 0
Recurring    
Level 3    
Derivative assets 6,831 16,426
Derivative liabilities 7,331  
Recurring | Level 1    
Level 3    
Derivative assets 0 0
Derivative liabilities 0  
Recurring | Level 2    
Level 3    
Derivative assets 6,831 16,426
Derivative liabilities 7,331  
Recurring | Level 3    
Level 3    
Derivative assets 0 $ 0
Derivative liabilities $ 0  
v3.25.2
Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets - Schedule of Other Assets, net (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Accounts receivable, net $ 8,861 $ 9,809
Deferred rent receivable 14,312 11,790
Prepaid assets 4,460 2,143
Earnest money deposits 450 517
Fair value of interest rate swaps 6,831 16,426
Deferred offering costs 1,855 1,641
Deferred financing costs, net 4,259 1,200
Right-of-use asset 3,287 3,484
Leasehold improvements and other corporate assets, net 1,304 1,425
Interest receivable 3,363 3,034
Other assets, net 6,134 6,758
Other assets, net $ 55,116 $ 58,227
v3.25.2
Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets - Schedule of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts payable, accrued expenses, and other liabilities Accounts payable, accrued expenses, and other liabilities
Accrued expenses $ 8,022 $ 4,961
Accrued bonus 1,366 1,271
Prepaid rent 4,831 5,655
Operating lease liability 4,406 4,646
Accrued interest 3,879 3,476
Deferred rent 4,598 4,738
Accounts payable 800 3,053
Fair value of interest rate swaps 7,331 0
Other liabilities 2,016 1,864
Accounts payable, accrued expenses, and other liabilities $ 37,249 $ 29,664
v3.25.2
Shareholders’ Equity, Partners’ Capital and Preferred Equity - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jul. 23, 2025
Dec. 31, 2024
Jan. 31, 2024
Oct. 25, 2023
Sep. 01, 2021
Subsidiary, Sale of Stock [Line Items]                    
Issuance of common stock in public offerings, net       $ 28,352,000 $ 65,324,000          
Payments of offering costs       233,000 614,000          
Payment of OP unit distributions       $ 178,000 $ 188,000          
OP Unit conversion ratio per share 1     1            
Available for future issuances $ 271,300,000     $ 271,300,000            
Common stock                    
Subsidiary, Sale of Stock [Line Items]                    
Units converted (in shares)     7,119              
Restricted Stock Units (RSUs)                    
Subsidiary, Sale of Stock [Line Items]                    
Forfeited during period (in shares)       44,000 71,000          
Forfeited during period       $ 600,000 $ 1,200,000          
Netstreit, L.P. (The Operating Partnership)                    
Subsidiary, Sale of Stock [Line Items]                    
Non-controlling interest holders ownership 0.50%     0.50%            
Public Offering                    
Subsidiary, Sale of Stock [Line Items]                    
Number of shares sold (in shares)       11,040,000            
IPO - Shares From Existing Shareholders                    
Subsidiary, Sale of Stock [Line Items]                    
Units converted (in shares)         42,240          
IPO - Shares From Existing Shareholders | Common stock                    
Subsidiary, Sale of Stock [Line Items]                    
Units converted (in shares)   35,121                
August 2022 Follow-On Offering                    
Subsidiary, Sale of Stock [Line Items]                    
Shares sold (in dollars per share)               $ 18.00    
Shares remaining unsettled (in shares) 8,840,000     8,840,000            
Common stock                    
Subsidiary, Sale of Stock [Line Items]                    
Number of shares sold (in shares) 1,757,815 4,000,000   1,757,815 4,000,000          
Shares sold (in dollars per share) $ 16.32 $ 16.50   $ 16.32 $ 16.50          
Issuance of common stock in public offerings, net $ 28,352,000 $ 65,324,000   $ 28,352,000 $ 65,324,000          
Common stock | ATM Program                    
Subsidiary, Sale of Stock [Line Items]                    
At-the-market sale of equity program                   $ 250,000,000.0
Common stock | 2023 ATM Program                    
Subsidiary, Sale of Stock [Line Items]                    
At-the-market sale of equity program                 $ 300,000,000.0  
Shares sold (in dollars per share)             $ 17.67      
Shares remaining unsettled (in shares) 1,743,100     1,743,100            
Common stock | 2024 ATM Program                    
Subsidiary, Sale of Stock [Line Items]                    
At-the-market sale of equity program $ 300,000,000.0     $ 300,000,000.0            
Shares remaining unsettled (in shares) 1,237,547     1,237,547            
Common stock | Forward Sale Agreement                    
Subsidiary, Sale of Stock [Line Items]                    
Number of shares sold (in shares) 1,105,299     1,105,299            
Shares remaining unsettled (in shares) 1,743,100     1,743,100   107,400        
Common stock | 2024 ATM Program, 2024 Activity                    
Subsidiary, Sale of Stock [Line Items]                    
Shares sold (in dollars per share)             $ 17.13      
Shares remaining unsettled (in shares) 152,547     152,547            
Common stock | 2024 ATM Program, 2025 Activity                    
Subsidiary, Sale of Stock [Line Items]                    
Shares sold (in dollars per share) $ 16.40     $ 16.40            
Shares remaining unsettled (in shares) 1,085,000     1,085,000            
Common stock | 2024 ATM Program, 2025 Activity | Maximum                    
Subsidiary, Sale of Stock [Line Items]                    
Shares remaining unsettled (in shares) 2,190,299     2,190,299            
v3.25.2
Shareholders’ Equity, Partners’ Capital and Preferred Equity - Schedule of ATM Program Activity (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jul. 23, 2025
Dec. 31, 2024
Subsidiary, Sale of Stock [Line Items]            
Issuance of common stock in public offerings, net     $ 28,352,000 $ 65,324,000    
Common stock            
Subsidiary, Sale of Stock [Line Items]            
Gross Settlements $ 28,694,000 $ 66,000,000 $ 28,694,000 $ 66,000,000    
Number of shares sold (in shares) 1,757,815 4,000,000 1,757,815 4,000,000    
Shares sold (in dollars per share) $ 16.32 $ 16.50 $ 16.32 $ 16.50    
Sales commissions and offering costs $ 342,000 $ 676,000 $ 342,000 $ 676,000    
Issuance of common stock in public offerings, net 28,352,000 $ 65,324,000 28,352,000 $ 65,324,000    
Common stock | 2021 ATM Program            
Subsidiary, Sale of Stock [Line Items]            
Maximum Sales Authorization 250,000,000   250,000,000      
Gross Settlements     249,122,000      
Common stock | 2023 ATM Program            
Subsidiary, Sale of Stock [Line Items]            
Maximum Sales Authorization $ 300,000,000   300,000,000      
Gross Settlements     $ 77,323,000      
Shares remaining unsettled (in shares) 1,743,100   1,743,100      
Weighted-average available net settlement price (in USD per share) $ 17.39   $ 17.39      
Shares sold (in dollars per share)           $ 17.67
Common stock | Forward Sale Agreement            
Subsidiary, Sale of Stock [Line Items]            
Shares remaining unsettled (in shares) 1,743,100   1,743,100   107,400  
Number of shares sold (in shares) 1,105,299   1,105,299      
Settled weighted-average price (in USD per share) $ 16.37 $ 16.50 $ 16.37 $ 16.50    
Common stock | 2024 ATM Program            
Subsidiary, Sale of Stock [Line Items]            
Maximum Sales Authorization $ 300,000,000   $ 300,000,000      
Gross Settlements     $ 28,694,000      
Shares remaining unsettled (in shares) 1,237,547   1,237,547      
Weighted-average available net settlement price (in USD per share) $ 16.70   $ 16.70      
v3.25.2
Stockholders’ Equity, Partners’ Capital and Preferred Equity - Common Stock Dividends Declared and Paid (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Equity [Abstract]            
Cash dividend declared (in dollars per share) $ 0.210 $ 0.210 $ 0.205 $ 0.205 $ 0.420 $ 0.410
Total Amount $ 17,159 $ 17,157 $ 15,042 $ 15,031 $ 34,316 $ 30,073
v3.25.2
Stock Based Compensation - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2021
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares reserved for issuance   4,294,976   4,294,976    
Stock-based compensation expense   $ 1,500 $ 1,500 $ 2,900 $ 3,300  
Stock-based compensation expense       2,909 3,281  
Restricted Stock Units (RSUs) | The Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense   100        
Total unrecognized compensation cost   1,000   $ 1,000    
Restricted Stock Units (RSUs) | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period       1 year    
Restricted Stock Units (RSUs) | Minimum | Alignment Of Interest Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period 1 year          
Restricted Stock Units (RSUs) | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period       5 years    
Restricted Stock Units (RSUs) | Maximum | Alignment Of Interest Program            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period 4 years          
Service-Based RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense   900 900 $ 1,700 1,900  
Total unrecognized compensation cost   5,400   $ 5,400   $ 3,300
Weighted average remaining contractual term       2 years 1 month 6 days    
Granted during the period (in dollars per share)       $ 14.55    
Service-Based RSUs | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period       1 year    
Service-Based RSUs | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period       5 years    
Market-Based Awards            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Stock-based compensation expense   500 $ 500 $ 1,000 $ 1,100  
Award vesting period       3 years    
Total unrecognized compensation cost   $ 3,900   $ 3,900   $ 2,400
Weighted average remaining contractual term       2 years 1 month 6 days    
Expected volatility (as a percent)       24.40%    
Minimum expected volatility (as a percent)       19.50%    
Maximum expected volatility (as a percent)       98.20%    
Weighted average expected volatility (as a percent)       29.90%    
Risk free interest rate (as a percent)       4.00%    
Targeted TSR (in dollars per share)       $ 15.86    
Absolute TSR (in dollars per share)       14.28    
Weighted average grant day value (in dollars per share)       14.91    
Granted during the period (in dollars per share)       $ 14.91    
Market-Based Awards | 40% vesting            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting period       3 years    
Award vesting rights (as a percent)       40.00%    
Market-Based Awards | 60% vesting            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Award vesting rights (as a percent)       60.00%    
v3.25.2
Stock Based Compensation - Summary of Restricted Stock Unit Activity (Details)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Service-Based RSUs  
Unvested Restricted Stock Grants Outstanding  
Beginning balance (in shares) | shares 326,987
Forfeited during the period (in shares) | shares (1,546)
Vesting during the period (in shares) | shares (149,434)
Granted during the period (in shares) | shares 279,345
Ending balance (in shares) | shares 455,352
Weighted Average Grant Date Fair Value per Share  
Beginning balance (in dollars per share) | $ / shares $ 18.25
Forfeited during the period (in dollars per share) | $ / shares 18.62
Vesting during the period (in dollars per share) | $ / shares 18.74
Granted during the period (in dollars per share) | $ / shares 14.55
Ending balance (in dollars per share) | $ / shares $ 15.82
Market-Based Awards  
Unvested Restricted Stock Grants Outstanding  
Beginning balance (in shares) | shares 290,442
Forfeited during the period (in shares) | shares (68,525)
Granted during the period (in shares) | shares 170,213
Ending balance (in shares) | shares 392,130
Weighted Average Grant Date Fair Value per Share  
Beginning balance (in dollars per share) | $ / shares $ 18.75
Forfeited during the period (in dollars per share) | $ / shares 22.38
Granted during the period (in dollars per share) | $ / shares 14.91
Ending balance (in dollars per share) | $ / shares $ 16.45
v3.25.2
Earnings Per Share - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Jun. 30, 2025
shares
Dec. 31, 2024
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
OP Unit conversion ratio per share     1  
OP Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of loss per share (in shares) 440,654 459,520    
Restricted Stock Units (RSUs)        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of loss per share (in shares) 69,023 118,790    
Forward Sale Agreement        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive securities excluded from computation of loss per share (in shares) 254,299 462,103    
OP Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Units outstanding (in shares)     424,956 424,956
v3.25.2
Earnings Per Share - Schedule of Net Income Attributable to Common Shares, Weighted Average Common Shares and Effect of Dilutive Securities (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Numerator:            
Net income (loss) $ 3,289 $ 1,700 $ (2,306) $ 1,052 $ 4,989 $ (1,254)
Net (income) loss attributable to noncontrolling interest 17   (15)   26 (8)
Net income (loss) attributable to common shares, basic 3,272   (2,291)   4,963 (1,246)
Net income (loss) attributable to noncontrolling interests (17)   15   (26) 8
Net income (loss) attributable to common shares, diluted $ 3,289   $ (2,306)   $ 4,989 $ (1,254)
Denominator:            
Weighted average common shares outstanding, basic (in shares) 81,895,840   73,588,605   81,770,860 73,419,198
OP Units (in shares) 424,956   0   424,956 0
Unvested RSUs (in shares) 173,333   0   118,205 0
Weighted average common shares outstanding - diluted (in shares) 82,494,129   73,588,605   82,314,021 73,419,198
Net loss available to common stockholders per common share, basic (in dollars per share) $ 0.04   $ (0.03)   $ 0.06 $ (0.02)
Net loss available to common stockholders per common share, diluted (in dollars per share) $ 0.04   $ (0.03)   $ 0.06 $ (0.02)
v3.25.2
Commitments and Contingencies (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Aug. 31, 2021
USD ($)
renewalOption
Jun. 30, 2025
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Tenant improvement allowance commitments   $ 4.1
Tenant improvement allowance commitments period   18 months
Expected investment in real estate assets   $ 6.6
Expected investment in real estate assets period   12 months
Commitments to extend funds under mortgage notes receivable   $ 14.0
Commitments to extend funds under mortgage notes receivable period   18 months
Corporate Office Space    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Remaining noncancellable term 7 years 1 month 6 days  
Renewal options | renewalOption 2  
Lease extension term 5 years  
Annual rent expense $ 0.5  
v3.25.2
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jul. 21, 2025
Jul. 23, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Subsequent Event [Line Items]                
Cash dividend declared (in dollars per share)     $ 0.210 $ 0.210 $ 0.205 $ 0.205 $ 0.420 $ 0.410
Repayments under revolving credit facilities             $ 255,000 $ 172,000
Common stock                
Subsequent Event [Line Items]                
Shares sold (in dollars per share)     $ 16.32   $ 16.50   $ 16.32 $ 16.50
Common stock | Forward Sale Agreement                
Subsequent Event [Line Items]                
Shares remaining unsettled (in shares)   107,400 1,743,100       1,743,100  
Subsequent Events                
Subsequent Event [Line Items]                
Cash dividend declared (in dollars per share) $ 0.215              
Shares sold (in dollars per share)   $ 16.94            
Subsequent Events | Line of Credit                
Subsequent Event [Line Items]                
Repayments under revolving credit facilities   $ 4,500