NETSTREIT (NTST) 10-Q4 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		81,583,917
Entity Central Index Key	0001798100
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real estate, at cost:
Land	$ 525,485	$ 460,896
Buildings and improvements	1,346,095	1,149,809
Total real estate, at cost	1,871,580	1,610,705
Less accumulated depreciation	(136,528)	(101,210)
Property under development	9,361	29,198
Real estate held for investment, net	1,744,413	1,538,693
Assets held for sale	45,712	52,451
Mortgage loans receivable, net	142,171	114,472
Cash, cash equivalents and restricted cash	28,750	29,929
Lease intangible assets, net	164,905	161,354
Other assets, net	59,298	49,337
Total assets	2,185,249	1,946,236
Liabilities:
Term loans, net	622,239	521,912
Revolving credit facility	150,000	80,000
Mortgage note payable, net	7,861	7,883
Lease intangible liabilities, net	23,341	25,353
Liabilities related to assets held for sale	732	1,158
Accounts payable, accrued expenses and other liabilities	33,752	36,498
Total liabilities	837,925	672,804
Commitments and contingencies (Note 12)
Stockholders’ equity
Common stock, $0.01 par value, 400,000,000 shares authorized; 81,583,917 and 73,207,080 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	816	732
Additional paid-in capital	1,507,170	1,367,505
Distributions in excess of retained earnings	(165,421)	(112,276)
Accumulated other comprehensive (loss) income	(2,453)	8,943
Total stockholders’ equity	1,340,112	1,264,904
Noncontrolling interests	7,212	8,528
Total equity	1,347,324	1,273,432
Total liabilities and equity	$ 2,185,249	$ 1,946,236

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	81,583,917	73,207,080
Common stock, shares outstanding	81,583,917	73,207,080

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Rental revenue (including reimbursable)	$ 38,172	$ 31,167	$ 110,226	$ 89,347
Interest income on loans receivable	3,272	2,244	8,458	5,145
Other revenue	0	550	0	550
Total revenues	41,444	33,961	118,684	95,042
Operating expenses
Property	4,494	3,883	12,578	11,350
General and administrative	4,287	5,133	15,266	15,299
Depreciation and amortization	20,438	15,804	56,522	46,599
Provisions for impairment	9,838	1,538	17,336	4,374
Transaction costs	26	143	201	267
Total operating expenses	39,083	26,501	101,903	77,889
Other (expense) income
Interest expense, net	(7,965)	(3,946)	(21,749)	(13,412)
(Loss) gain on sales of real estate, net	(132)	373	874	669
Loss on debt extinguishment	0	0	0	(128)
Total other (expense) income, net	416	367	(2,451)	586
Total other (expense) income, net	(7,681)	(3,206)	(23,326)	(12,285)
Net (loss) income before income taxes	(5,320)	4,254	(6,545)	4,868
Income tax (expense) benefit	(2)	(15)	(31)	60
Net (loss) income	(5,322)	4,239	(6,576)	4,928
Net (loss) income attributable to noncontrolling interests	(27)	24	(35)	32
Net (loss) income attributable to common stockholders	$ (5,295)	$ 4,215	$ (6,541)	$ 4,896
Amounts available to common stockholders per common share:
Basic (in dollars per share)	$ (0.07)	$ 0.06	$ (0.09)	$ 0.08
Diluted (in dollars per share)	$ (0.07)	$ 0.06	$ (0.09)	$ 0.08
Weighted average common shares:
Basic (in shares)	77,610,680	67,112,587	74,822,286	62,123,334
Diluted (in shares)	77,610,680	68,048,369	74,822,286	62,897,957
Other comprehensive income:
Net (loss) income	$ (5,322)	$ 4,239	$ (6,576)	$ 4,928
Change in value on derivatives, net	(20,164)	6,466	(11,456)	6,875
Total comprehensive (loss) income	(25,486)	10,705	(18,032)	11,803
Comprehensive (loss) income attributable to noncontrolling interests	(138)	78	(95)	86
Comprehensive (loss) income attributable to common stockholders	$ (25,348)	$ 10,627	$ (17,937)	$ 11,717

Condensed Consolidated Statem_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	Noncontrolling Interests	Noncontrolling Interests IPO - Shares From Existing Shareholders
Beginning balance (in shares) at Dec. 31, 2022							58,031,879
Beginning balance at Dec. 31, 2022	$ 1,058,423			$ 1,048,830			$ 580			$ 1,091,514			$ (66,937)	$ 23,673	$ 9,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)							2,759,481
Issuance of stock	52,903			52,903			$ 28			52,875
OP Units converted to common stock (in shares)									5,694
Issuance of common stock in public offerings, net of issuance costs			$ 0			$ 105						$ 105				$ (105)
OP Units converted to common stock	(11,751)			(11,650)									(11,650)		(101)
Dividends and distributions declared on common stock and OP Units	(122)			(122)									(122)
Vesting of restricted stock units (in shares)							83,428
Vesting of restricted stock units	0						$ 1			(1)
Repurchase of common stock for tax withholding obligations (in shares)							(18,016)
Repurchase of common stock for tax withholding obligations	(360)			(360)						(360)
Repurchase of common stock for tax withholding obligations	1,027			1,027						1,027
Other comprehensive income	(5,979)			(5,930)										(5,930)	(49)
Net income (loss)	1,481			1,472									1,472		9
Ending balance (in shares) at Mar. 31, 2023							60,862,466
Ending balance at Mar. 31, 2023	1,095,622			1,086,275			$ 609			1,145,160			(77,237)	17,743	9,347
Beginning balance (in shares) at Dec. 31, 2022							58,031,879
Beginning balance at Dec. 31, 2022	1,058,423			1,048,830			$ 580			1,091,514			(66,937)	23,673	9,593
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OP Units converted to common stock (in shares)			25,626
Net income (loss)	4,928
Ending balance (in shares) at Sep. 30, 2023							68,701,223
Ending balance at Sep. 30, 2023	1,229,890			1,220,985			$ 687			1,289,810			(100,006)	30,494	8,905
Beginning balance (in shares) at Mar. 31, 2023							60,862,466
Beginning balance at Mar. 31, 2023	1,095,622			1,086,275			$ 609			1,145,160			(77,237)	17,743	9,347
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)								6,128,135
Issuance of stock		$ 114,536			$ 114,536			$ 61			$ 114,475
OP Units converted to common stock	(12,275)			(12,173)									(12,173)		(102)
Dividends and distributions declared on common stock and OP Units	(128)			(128)									(128)
Vesting of restricted stock units (in shares)							1,416
Repurchase of common stock for tax withholding obligations (in shares)							(420)
Repurchase of common stock for tax withholding obligations	(8)			(8)						(8)
Repurchase of common stock for tax withholding obligations	1,252			1,252						1,252
Other comprehensive income	6,388			6,339										6,339	49
Net income (loss)	(792)			(791)									(791)		(1)
Ending balance (in shares) at Jun. 30, 2023							66,991,597
Ending balance at Jun. 30, 2023	1,204,595			1,195,302			$ 670			1,260,879			(90,329)	24,082	9,293
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)							1,672,242
Issuance of stock	27,418			27,418			$ 17			27,401
OP Units converted to common stock (in shares)									19,932
Issuance of common stock in public offerings, net of issuance costs			$ 0			362						362				(362)
OP Units converted to common stock	(13,872)			(13,768)									(13,768)		(104)
Dividends and distributions declared on common stock and OP Units	(126)			(126)									(126)
Vesting of restricted stock units (in shares)							24,088
Repurchase of common stock for tax withholding obligations (in shares)							(6,636)
Repurchase of common stock for tax withholding obligations	(112)			(112)						(112)
Repurchase of common stock for tax withholding obligations	1,282			1,282						1,280
Other comprehensive income	6,466			6,412										6,412	54
Net income (loss)	4,239			4,215									4,215		24
Ending balance (in shares) at Sep. 30, 2023							68,701,223
Ending balance at Sep. 30, 2023	1,229,890			1,220,985			$ 687			1,289,810			(100,006)	30,494	8,905
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)			54,342
Net income (loss)	(6,576)
Ending balance (in shares) at Sep. 30, 2024							81,583,917
Ending balance at Sep. 30, 2024	1,347,324			1,340,112			$ 816			1,507,170			(165,421)	(2,453)	7,212
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)								4,183,711
Issuance of stock		$ 70,152			$ 70,152			$ 43			$ 70,109
OP Units converted to common stock (in shares)									12,102
Issuance of common stock in public offerings, net of issuance costs			$ 0			$ 204						$ 204				$ (204)
OP Units converted to common stock	(16,343)			(16,251)									(16,251)		(92)
Dividends and distributions declared on common stock and OP Units	(141)			(141)									(141)
Vesting of restricted stock units (in shares)							16,455
Repurchase of common stock for tax withholding obligations (in shares)							(6,030)
Repurchase of common stock for tax withholding obligations	(96)			(96)						(96)
Repurchase of common stock for tax withholding obligations	1,376			1,376						1,376
Other comprehensive income	(20,164)			(20,053)										(20,053)	(111)
Net income (loss)	(5,322)			(5,295)									(5,295)		(27)
Ending balance (in shares) at Sep. 30, 2024							81,583,917
Ending balance at Sep. 30, 2024	$ 1,347,324			$ 1,340,112			$ 816			$ 1,507,170			$ (165,421)	$ (2,453)	$ 7,212

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net (loss) income	$ (6,576)	$ 4,928
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	56,522	46,599
Amortization of deferred financing costs	1,673	1,165
Above/below market lease amortization, net	86	86
Noncash revenue adjustments	(2,378)	(1,147)
Amortization of deferred gains on interest rate swaps	(2,948)	(1,134)
Stock-based compensation expense	4,657	3,559
Gain on sales of real estate, net	(874)	(669)
Provisions for impairment	17,336	4,374
Loss on debt extinguishment	0	128
Loss (gain) on involuntary conversion of building and improvements	644	(47)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Other assets, net	(4,019)	(4,803)
Accounts payable, accrued expenses and other liabilities	(1,973)	(71)
Lease incentive payments	(22)	(1,456)
Net cash provided by operating activities	62,128	51,512
Cash flows from investing activities
Acquisitions of real estate	(302,299)	(254,745)
Real estate development and improvements	(37,306)	(47,692)
Investment in mortgage loans receivable	(26,205)	(65,513)
Principal collections on mortgage loans receivable	11,258	0
Earnest money deposits	(7,925)	(2,531)
Purchase of computer equipment and other corporate assets	(8)	(23)
Proceeds from sale of real estate	42,845	24,726
Proceeds from the settlement of property-related insurance claims	261	47
Net cash used in investing activities	(319,379)	(345,731)
Cash flows from financing activities
Issuance of common stock in public offerings, net	135,475	194,857
Payment of common stock dividends	(46,324)	(37,591)
Payment of OP unit distributions	(280)	(307)
Payment of restricted stock dividends	(491)	(148)
Principal payments on mortgages payable	(115)	(99)
Proceeds under revolving credit facilities	251,000	288,000
Repayments under revolving credit facilities	(181,000)	(359,000)
Proceeds from term loans	100,000	150,000
Repurchase of common stock for tax withholding obligations	(1,325)	(480)
Deferred offering costs	(868)	(351)
Deferred financing costs	0	(3,271)
Net cash provided by financing activities	256,072	231,610
Net change in cash, cash equivalents and restricted cash	(1,179)	(62,609)
Cash, cash equivalents and restricted cash at beginning of the period	29,929	70,543
Cash, cash equivalents and restricted cash at end of the period	28,750	7,934
Supplemental disclosures of cash flow information:
Cash paid for interest, net	22,778	12,779
Cash paid for income taxes, net	27	575
Supplemental disclosures of non-cash investing and financing activities:
Dividends declared and unpaid on restricted stock	279	375
Deferred offering costs included in accounts payable, accrued expenses and other liabilities	318	34
Accrued loan origination fees on mortgage loans receivable	200	0
Mortgage loan receivable settled in exchange for acquisition of real estate	0	4,673
Increase in mortgage loan receivable in exchange for disposition of real estate	12,714	1,837
Refinancing of mortgage loan receivable	0	1,327
Cash flow hedge change in fair value	(8,508)	8,009
Accrued capital expenditures and real estate development and improvement costs	3,963	9,834
Accrued lease incentives	$ 0	$ 23

Organization and Description of

Organization and Description of Business	9 Months Ended
Organization and Description of Business	Sep. 30, 2024
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 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
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 (loss) income is reduced by the portion of net (loss) income 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, 2023, 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 nine months ended September 30, 2024 and 2023 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 (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Total provision for impairment $ 9,838 $ 1,538 $ 17,336 $ 4,374 Number of properties: (1) Classified as held for sale 10 — 11 6 Disposed within the period 3 2 14 2 (1) Includes the number of properties that were either (i) impaired during the period on the held for sale classification date and remained as held for sale as of period-end or (ii) impaired and disposed of during the respective period. Excludes properties that did not have impairment recorded during the period. Of the total provision for impairment during the three months ended September 30, 2024, the Company recorded $0.4 million of additional impairment expense on two properties that were classified as held for sale in prior periods and $5.3 million of impairment expense on three properties held for investment. Of the total provision for impairment during the nine months ended September 30, 2024, the Company recorded $1.5 million of additional impairment expense on five properties that were classified as held for sale in prior periods and $9.4 million of impairment expense on nine properties held for investment. 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 $2.9 million of restricted cash as of September 30, 2024, and $11.5 million of restricted cash as of December 31, 2023. The Company’s bank balances as of September 30, 2024 and December 31, 2023 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 September 30, 2024 and December 31, 2023. 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 September 30, 2024: • 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 nine months ended September 30, 2024 partially 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. The Company also recorded $5.3 million and $9.4 million of impairment expense on three and nine properties held for investment, respectively, during the three and nine months ended September 30, 2024. These properties were accounted for at fair value on a nonrecurring basis using a cash flow model (Level 3 inputs) with adjusted carrying values ranging from $0.2 million to $4.8 million. The Company estimated the fair value using capitalization rates ranging from 5.9% to 12.1%, and a discount rate of 5.6%, which it believes is reasonable based on current market rates. As of December 31, 2023, there were two real estate assets held for investment accounted for at fair value. Of these properties, one was accounted for at fair value on a nonrecurring basis using a cash flow model (Level 3 inputs) with an adjusted carrying value of $1.5 million. The following table discloses estimated fair value information for the Company’s 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan (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): September 30, 2024 December 31, 2023 Carrying Value (1) Estimated Fair Value Carrying Value (1) Estimated Fair Value 2027 Term Loan $ 174,391 $ 175,359 $ 174,037 $ 175,641 2028 Term Loan 199,186 201,122 199,006 201,396 2029 Term Loan 248,662 250,687 148,869 150,666 (1) The carrying value of the debt instruments are net of unamortized debt issuance and discount costs. Concentrations of Credit Risk During the three months ended September 30, 2024, one tenant, Dollar General, accounted for 11.6% of total revenues. During the three months ended September 30, 2023, there were no tenants or borrowers with rental or interest income on loans receivable that exceeded 10% of total revenues. During the nine months ended September 30, 2024, one tenant, Dollar General, accounted for 12.0% of total revenues. During the nine months ended September 30, 2023, there were no tenants or borrowers with rental or interest income on loans receivable that exceeded 10% of total revenues. 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. Substantially all of the Company’s investments, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis or real estate that secures the Company's investment in mortgage loans receivable. The Company allocates resources and assesses operating performance based on individual investment and property needs. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment. Recent Accounting Pronouncements Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures by requiring disclosure of incremental segment information on an annual and interim basis such as, annual and interim disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, interim disclosure of a reportable segment’s profit or loss and assets, and the requirement that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The disclosures are applied retrospectively to all periods presented and early adoption is permitted. The Company has one reportable segment and continues to evaluate additional disclosures that may be required for entities with a single reportable segment.

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company acquires, owns and manages commercial single-tenant lease properties, with the majority being 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 September 30, 2024, exclusive of mortgage loans receivable, the Company’s weighted average remaining lease term was 9.5 years. The Company’s property leases have been classified as operating leases and some 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 September 30, Nine Months Ended 2024 2023 2024 2023 Rental revenue Fixed lease income (1) $ 35,346 $ 27,999 $ 101,000 $ 79,530 Variable lease income (2) 2,657 3,047 8,864 9,299 Other rental revenue: Above/below market lease amortization, net 354 319 927 1,108 Lease incentives (185) (198) (565) (590) Rental revenue (including reimbursable) $ 38,172 $ 31,167 $ 110,226 $ 89,347 (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 lease termination fees, and reserves for uncollectible amounts. There were no material reserves, write-offs, or recoveries of uncollectible amounts during the three and nine months ended September 30, 2024 and 2023. 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 non-cancelable term of the operating leases in place as of September 30, 2024 are as follows (in thousands): Future Minimum Base Remainder of 2024 $ 35,316 2025 141,907 2026 140,789 2027 137,385 2028 131,260 Thereafter 830,245 Total $ 1,416,902 Future minimum rentals exclude amounts that may be received from tenants for reimbursements of operating costs and property taxes. In addition, the future minimum rents do not include any contingent rents based on a percentage of the lessees' gross sales or lease escalations based on future changes in the Consumer Price Index or other stipulated reference rate.

Real Estate Investments

Real Estate Investments	9 Months Ended
Real Estate Investments	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of September 30, 2024, the Company owned or had investments in 671 properties, excluding eight property developments where rent has yet to commence. The gross real estate investment portfolio, including properties under development, totaled approximately $2.1 billion and consisted of the gross acquisition cost of land, buildings, improvements, lease intangible assets and liabilities, and property development costs. The investment portfolio is geographically dispersed throughout 45 states with gross real estate investments in Texas and Illinois representing 11.6% and 10.0%, respectively, of the total gross real estate investment of the Company’s investment portfolio. Acquisitions During the three months ended September 30, 2024, the Company acquired 22 properties for a total purchase price of $111.5 million, inclusive of $1.1 million of capitalized acquisition costs. During the three months ended September 30, 2023, the Company acquired 21 properties for a total purchase price of $95.3 million, inclusive of $0.8 million of capitalized acquisition costs. During the nine months ended September 30, 2024, the Company acquired 68 properties for a total purchase price of $302.3 million, inclusive of $2.8 million of capitalized acquisition costs. During the nine months ended September 30, 2023, the Company acquired 69 properties for a total purchase price of $259.2 million, inclusive of $2.4 million of capitalized acquisition costs. The acquisitions were all accounted for as asset acquisitions. An allocation of the purchase price and acquisition costs paid for the completed acquisitions is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Land $ 31,964 $ 22,559 $ 76,836 $ 56,611 Buildings 64,504 59,213 179,391 159,215 Site improvements 5,792 3,857 19,221 12,826 Tenant improvements 801 736 2,605 2,295 In-place lease intangible assets 9,481 8,467 25,253 26,276 Above-market lease intangible assets — 479 — 2,022 112,542 95,311 303,306 259,245 Liabilities assumed Accounts payable, accrued expense and other liabilities (1,007) — (1,007) — Purchase price (including acquisition costs) $ 111,535 $ 95,311 $ 302,299 $ 259,245 Development As of September 30, 2024, the Company had six property developments under construction. During the three months ended September 30, 2024, the Company invested $5.0 million in property developments. During the nine months ended September 30, 2024, the Company invested $27.9 million in property developments, including the land acquisition of four new developments with a combined initial purchase price of $2.0 million. During the nine months ended September 30, 2024, the Company completed development on 16 projects and reclassified approximately $47.8 million from property under development to land, buildings and improvements, and other assets (leasing commissions) in the accompanying condensed consolidated balance sheets. Rent commenced for 14 of the completed developments during the nine months ended September 30, 2024, while rent is expected to commence for the other two completed developments in the fourth quarter of 2024. The remaining six developments are expected to be substantially completed with rent commencing at various points throughout the fourth quarter of 2024 and the first quarter of 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 September 30, 2024. During the three months ended September 30, 2023, the Company invested $33.2 million in property developments, including the land acquisition of 14 new developments with an initial purchase price of $9.6 million. During the nine months ended September 30, 2023, the Company invested $55.5 million in property developments, including the land acquisition of 34 new developments with an initial purchase price of $21.6 million. During the nine months ended September 30, 2023, the Company completed development on 12 projects and reclassified approximately $38.8 million from property under development to land, buildings and improvements in the accompanying condensed consolidated balance sheets. Rent commenced for the completed developments at various points throughout 2023. The purchase price, including acquisitions costs, and subsequent development are included in property under development in the accompanying condensed consolidated balance sheets as of September 30, 2023. Additionally, during the three months ended September 30, 2024 and 2023, the Company capitalized approximately $0.1 million and $0.4 million, respectively, of interest expense associated with properties under development. During both the nine months ended September 30, 2024 and 2023, the Company capitalized approximately $0.7 million of interest expense associated with properties under development. Dispositions During the three months ended September 30, 2024, the Company sold eight properties for a total sales price, net of disposal costs, of $23.0 million, recognizing a net loss of $0.1 million. During the three months ended September 30, 2023, the Company sold four properties for a total sales price, net of disposal costs, of $7.2 million, recognizing a net gain of $0.4 million. During the nine months ended September 30, 2024, the Company sold 26 properties for a total sales price, net of disposal costs, of $55.6 million, recognizing a net gain of $0.9 million. During the nine months ended September 30, 2023, the Company sold 14 properties for a total sales price, net of disposal costs, of $26.5 million, recognizing a net gain of $0.7 million. Investment in Mortgage Loans Receivable The Company’s mortgage loans receivable portfolio as of September 30, 2024 and December 31, 2023 is summarized below (in thousands): Loan Type Monthly Payment (1) Number of Secured Properties Effective Interest Rate (2) Stated Interest Rate Maturity Date September 30, 2024 December 31, 2023 Mortgage (3) (4) I/O 1 7.50% 7.50% 1/8/2025 $ 43,612 $ 43,612 Mortgage (4) I/O 46 9.55% 9.55% 3/10/2026 41,940 41,940 Mortgage (4) (5) I/O 3 8.10% 6.89% 4/10/2026 4,132 4,132 Mortgage (3) (4) (5) I/O 8 7.63% 7.63% 6/10/2025 12,434 14,024 Mortgage None (6) 1 7.85% 8.50% 12/29/2024 825 660 Mortgage (3) P+I 1 7.87% 7.50% 1/8/2025 — 3,246 Mortgage (3) (4) (7) I/O 10 10.30% 10.25% 6/18/2025 17,037 5,007 Mortgage (3) (4) I/O 2 14.39% 10.25% 12/22/2024 4,342 1,909 Mortgage (3) (4) I/O 1 10.25% 10.25% 4/26/2025 1,386 — Mortgage (3) (4) I/O 1 10.25% 10.25% 5/15/2025 1,525 — Mortgage (3) (4) I/O 1 10.25% 10.25% 7/26/2025 1,235 — Mortgage (3) (4) I/O 1 10.25% 10.25% 8/27/2025 1,242 — Mortgage P+I 1 7.25% 7.25% 7/17/2027 4,068 — Mortgage P+I 1 7.25% 7.25% 7/17/2027 5,210 — Mortgage I/O 1 13.09% 13.09% 11/17/2024 1,299 — Mortgage P+I 1 7.25% 7.25% 9/19/2027 1,438 — Mortgage I/O 1 7.00% 7.00% 9/30/2029 636 — Total 142,361 114,530 Unamortized loan origination costs and fees, net 56 58 Unamortized discount (246) (116) Total mortgage loans receivable, net $ 142,171 $ 114,472 (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 December 5, 2024 to June 18, 2025. Assets Held for Sale As of September 30, 2024 and December 31, 2023, there were 24 and 23 properties, respectively, classified as held for sale. During the three months ended September 30, 2024, the Company determined that eight properties previously classified as held for sale no longer met the held for sale criteria as of September 30, 2024. The Company reclassified the properties' combined carrying value of $23.9 million out of assets held for sale and recorded catch-up depreciation of approximately $1.5 million during the three months ended September 30, 2024. Provisions for Impairment The Company recorded provisions for impairment of $9.8 million and $1.5 million on 18 properties and seven properties for the three months ended September 30, 2024 and 2023, respectively. The Company recorded provisions for impairment of $17.3 million and $4.4 million on 40 properties and 10 properties for the nine months ended September 30, 2024 and 2023, respectively.

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
Intangible Assets and Liabilities	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Liabilities	Intangible Assets and Liabilities Intangible assets and liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Gross Accumulated Amortization Net Carrying Amount Gross Accumulated Amortization Net Carrying Amount Assets: In-place leases $ 200,667 $ (58,281) $ 142,386 $ 181,564 $ (45,210) $ 136,354 Above-market leases 21,634 (5,573) 16,061 21,661 (4,361) 17,300 Lease incentives 8,178 (1,720) 6,458 8,996 (1,296) 7,700 Total intangible assets $ 230,479 $ (65,574) $ 164,905 $ 212,221 $ (50,867) $ 161,354 Liabilities: Below-market leases $ 33,139 $ (9,798) $ 23,341 $ 33,196 $ (7,843) $ 25,353 The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of September 30, 2024 and as of December 31, 2023 by category were as follows: Years Remaining September 30, 2024 December 31, 2023 In-place leases 8.7 8.8 Above-market leases 11.6 12.2 Below-market leases 10.4 10.9 Lease incentives 10.3 11.1 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 Nine Months Ended 2024 2023 2024 2023 Amortization: Amortization of in-place leases $ 5,588 $ 4,641 $ 15,659 $ 14,120 Net adjustment to rental revenue: Above-market lease assets (410) (398) (1,239) (1,159) Below-market lease liabilities 765 717 2,167 2,266 Lease incentives (185) (198) (565) (590) $ 170 $ 121 $ 363 $ 517 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 September 30, 2024, for the next five years and thereafter (in thousands): Remainder of 2024 2025 2026 2027 2028 Thereafter Total In-place leases $ 5,459 $ 21,597 $ 20,408 $ 18,509 $ 15,739 $ 60,674 $ 142,386 Above-market lease assets $ (412) $ (1,649) $ (1,626) $ (1,562) $ (1,517) $ (9,295) $ (16,061) Below-market lease liabilities 695 2,793 2,706 2,636 2,503 12,008 23,341 Lease incentives (181) (726) (726) (670) (640) (3,515) (6,458) Net adjustment to rental revenue $ 102 $ 418 $ 354 $ 404 $ 346 $ (802) $ 822

Debt

Debt	9 Months Ended
Debt	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following (in thousands): Amounts Outstanding as of Contractual Fully Extended Maturity Date (1) Interest Rate (2) September 30, 2024 December 31, 2023 Debt: 2027 Term Loan (3) January 15, 2026 January 15, 2027 3.12% $ 175,000 $ 175,000 2028 Term Loan (4) February 11, 2028 — 3.88% 200,000 200,000 2029 Term Loan (5) July 3, 2026 January 3, 2029 4.99% 250,000 150,000 Revolver (6) August 11, 2026 August 11, 2027 5.94% 150,000 80,000 Mortgage Note November 1, 2027 — 4.53% 8,245 8,361 Total debt 783,245 613,361 Unamortized discount and debt issuance costs (3,145) (3,566) Unamortized deferred financing costs, net (7) (1,386) (1,942) Total debt, net $ 778,714 $ 607,853 (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 September 30, 2024 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 SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2024. The Company has entered into five interest rate swap agreements that effectively convert the floating rate to a fixed rate. The hedged fixed rate reset effective November 27, 2023 to 1.87% and will reset again effective December 23, 2024 to 2.40%. (4) Loan is a floating-rate loan which resets monthly at one-month term SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2024. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (5) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2024. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (6) The annual interest rate of the Revolver assumes daily SOFR as of September 30, 2024 of 4.84% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of September 30, 2024. (7) The Company records deferred financing costs associated with the Revolver in other assets, net on its condensed consolidated balance sheets. The Company reclassed 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. 2029 Term Loan On July 3, 2023, the Company entered into an agreement (the “2029 Term Loan 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 2029 Term Loan Agreement, be increased to an amount of up to $400.0 million at the Company’s request. 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 2029 Term Loan 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 2029 Term Loan Agreement). Prior to the date the Company obtains an Investment Grade Rating, interest shall accrue at either (i) SOFR, plus a margin ranging from 1.15% to 1.60% or (ii) Base Rate (as defined in the 2029 Term Loan 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 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 hedged the entire $250.0 million of the 2029 Term Loan at an all-in fixed interest rate of 4.99%, through January 2029, which consists of a fixed SOFR rate of 3.74%, plus a credit spread adjustment of 0.10% and, at current leverage levels, a borrowing spread of 1.15%. Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings. 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”). 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 on the condensed consolidated balance sheets and subsequently reclassed 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. Credit Facility On August 11, 2022, the Company entered into a 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”, and together with the 2028 Term Loan, the “Credit Facility”). The Credit Facility may be increased by $400.0 million in the aggregate for total availability of up to $1.0 billion. The 2028 Term Loan matures on February 11, 2028. The Revolver matures on August 11, 2026, subject to a one year extension option at the Company’s election (subject to certain conditions) to August 11, 2027. Borrowings under the 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 credit agreement governing the Credit Facility (the “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 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 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 (as defined in the Credit Agreement), 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 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, or (ii) a Base Rate (as defined in the Credit Agreement), plus a margin ranging from 0.00% to 0.60%, based on the Company’s Investment Grade Rating 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, or (ii) a Base Rate (as defined in the Credit Agreement), plus a margin ranging from 0.00% to 0.40%, based on the Company’s Investment Grade Rating. Additionally, the Company will incur a facility fee based on the total commitment amount of $400.0 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 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%. Interest is payable monthly or at the end of the applicable interest period in arrears on any outstanding borrowings. The interest rate hedge is further described in “Note 7 – Derivative Financial Instruments.” In connection with the Credit Facility, 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. Additionally, $0.5 million of unamortized deferred financing costs associated with the Company’s previous revolving credit facility were reclassed 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. 2027 Term Loan In December 2019, the Company entered into an agreement governing a $175.0 million senior unsecured term loan that was scheduled to mature in December 2024 (the “2024 Term Loan”). On June 15, 2023, the Company amended and restated the agreement governing the 2024 Term Loan to provide for a $175.0 million senior unsecured term loan with a maturity date of January 15, 2026 that is subject to a one year extension option at the Company’s election (subject to certain conditions) (the “2027 Term Loan”). The 2027 Term Loan is repayable at the Company’s option in whole or in part without premium or penalty. The interest rate applicable to the 2027 Term Loan is determined by the Company’s Investment Grade Rating (as defined in the 2027 Term Loan). Prior to the date the Company obtains an Investment Grade Rating, interest shall accrue at either (i) SOFR, plus a margin ranging from 1.15% to 1.60% or (ii) Base Rate (as defined in the 2027 Term Loan), 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 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. Interest is payable monthly or at the end of the applicable interest period in arrears. The Company has fully hedged the 2027 Term Loan. The interest rate hedges are described in “Note 7 – Derivative Financial Instruments.” Mortgage Note Payable As of September 30, 2024, the Company had total gross mortgage indebtedness of $8.3 million, which was collateralized by related real estate and a tenant’s lease with an aggregate net book value of $12.3 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 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan are interest only through maturity. As of September 30, 2024, scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment (1) Total Remainder of 2024 $ 44 $ — $ 44 2025 170 — 170 2026 178 575,000 575,178 2027 170 7,683 7,853 2028 — 200,000 200,000 Total $ 562 $ 782,683 $ 783,245 (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 Nine Months Ended 2024 2023 2024 2023 Revolving credit facilities (1) $ 1,876 $ 380 $ 4,635 $ 4,096 Term loans (2) 6,528 4,428 18,728 9,597 Mortgage note payable 94 97 285 290 Non-cash: Amortization of deferred financing costs 186 264 609 635 Amortization of debt discount and debt issuance costs, net 401 315 1,150 616 Amortization of deferred gains on interest rate swaps (990) (1,134) (2,949) (1,134) Capitalized interest (130) (404) (709) (688) Total interest expense, net $ 7,965 $ 3,946 $ 21,749 $ 13,412 (1) Includes facility fees and non-utilization fees of approximately $0.2 million for both the three months ended September 30, 2024 and 2023, and facility fees of $0.5 million for both the nine months ended September 30, 2024 and 2023. (2) Includes the effects of interest rate hedges in place as of such date. 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 September 30, 2024 and 2023, term loans had a weighted average interest rate, exclusive of amortization of deferred financing costs and the effects of interest rate hedges, of 6.62% and 6.53%, respectively. During the nine months ended September 30, 2024 and 2023, term loans had a weighted average interest rate, exclusive of amortization of deferred financing costs and the effects of interest rate hedges, of 6.67% and 5.09%, respectively. During the three months ended September 30, 2024 and 2023, the Company incurred interest expense on revolving credit facilities with a weighted average interest rate, exclusive of amortization of deferred financing costs and facility fees, of 6.45% and 7.05%, respectively. During the nine months ended September 30, 2024 and 2023, the Company incurred interest expense on revolving credit facilities with a weighted average interest rate, exclusive of amortization of deferred financing costs and facility fees, of 6.49% and 5.98%, 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 September 30, 2024 and expects to be in compliance for the twelve-month period ending December 31, 2024.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Sep. 30, 2024
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, such derivatives 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 hedged fixed rate of 3.74% compared to the variable 2029 Term Loan daily SOFR rate as of September 30, 2024 of 4.83%, 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, such derivatives 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 hedged fixed rate of 2.63% compared to the variable 2028 Term Loan one-month SOFR rate as of September 30, 2024 of 5.20%, 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 January 27, 2023, the Company converted its four existing LIBOR swap agreements associated with the 2024 Term Loan into four new SOFR swaps that convert the SOFR variable rate to a fixed rate of 0.12% and on June 15, 2023, the Company amended and restated its 2024 Term Loan, providing for the 2027 Term Loan. In anticipation of the amendment and restatement of the 2024 Term Loan, additional derivatives, effective November 27, 2023 and December 23, 2024 at hedged fixed rates of 1.87% and 2.40%, respectively, were initiated to hedge the variable cash flows associated with the 2027 Term Loan through the fully extended maturity date. The interest rate on the variable 2027 Term Loan includes a daily SOFR rate as of September 30, 2024 of 4.83%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. 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 (in thousands, except number of instruments): Number of Instruments Notional Interest Rate Derivatives September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest rate swaps 12 12 $ 650,000 $ 650,000 The following table presents the fair value of the Company's derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands): Derivative Assets Fair Value as of Derivatives Designated as Hedging Instruments: Balance Sheet Location September 30, 2024 December 31, 2023 Interest rate swaps Other assets, net $ 7,936 $ 14,442 Derivative Liabilities Fair Value as of Derivatives Designated as Hedging Instruments: Balance Sheet Location September 30, 2024 December 31, 2023 Interest rate swaps Accounts payable, accrued expenses and other liabilities $ 5,076 $ 3,073 The following table presents the effect of the Company's interest rate swaps on the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023 (in thousands): Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 For the Three Months Ended September 30 Interest Rate Products $ (15,274) $ 11,814 Interest expense, net $ 4,890 $ 5,218 For the Nine Months Ended September 30 Interest Rate Products $ 2,933 $ 18,388 Interest expense, net $ 14,389 $ 11,513 The Company did not exclude any amounts from the assessment of hedge effectiveness for the three and nine months ended September 30, 2024 and 2023. During the next twelve months, the Company estimates that an additional $3.8 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, 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 September 30, 2024, 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 measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Fair Value Hierarchy Level Description Level 1 Level 2 Level 3 Total Fair Value September 30, 2024 Derivative assets $ — $ 7,936 $ — $ 7,936 Derivative liabilities $ — $ 5,076 $ — $ 5,076 December 31, 2023 Derivative assets $ — $ 14,442 $ — $ 14,442 Derivative liabilities $ — $ 3,073 $ — $ 3,073

Supplemental Detail for Certain

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets	9 Months Ended
	Sep. 30, 2024
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 consist of the following (in thousands): September 30, 2024 December 31, 2023 Accounts receivable, net $ 10,801 $ 10,074 Deferred rent receivable 10,473 7,744 Prepaid assets 4,174 1,387 Earnest money deposits 8,375 450 Fair value of interest rate swaps 7,936 14,442 Deferred offering costs 1,497 1,031 Deferred financing costs, net 1,386 2,724 Right-of-use asset 3,581 3,866 Leasehold improvements and other corporate assets, net 1,500 1,723 Interest receivable 3,186 1,397 Other assets, net 6,389 4,499 $ 59,298 $ 49,337 Accounts payable, accrued expenses and other liabilities consists of the following (in thousands): September 30, 2024 December 31, 2023 Accrued expenses $ 8,787 $ 8,826 Accrued bonus 896 2,575 Prepaid rent 3,764 3,896 Operating lease liability 4,765 5,104 Accrued interest 3,081 2,921 Deferred rent 4,368 3,257 Accounts payable 1,028 4,691 Fair value of interest rate swaps 5,076 3,073 Other liabilities 1,987 2,155 $ 33,752 $ 36,498

Shareholders_ Equity, Partners_

Shareholders’ Equity, Partners’ Capital and Preferred Equity	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Shareholders’ Equity, Partners’ Capital and Preferred Equity	Shareholders’ Equity, Partners’ Capital and Preferred Equity ATM Program On September 1, 2021, the Company entered into a $250.0 million at-the-market equity program (the “2021 ATM Program”). • In March 2023, the Company issued 146,745 shares of common stock under the 2021 ATM Program at a weighted average price of $20.22 per share for net proceeds of approximately $2.9 million, net of sales commissions and offering costs of less than $0.1 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 146,745 Class A units of limited partnership of the Operating Partnership (“Class A OP Units”). • In June 2023, the Company issued 1,364,815 shares of common stock under the 2021 ATM Program at a weighted average price of $17.53 per share for net proceeds of approximately $23.4 million, net of sales commissions and offering costs of $0.3 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 1,364,815 Class A OP Units. • In August 2023, the Company issued 109,725 shares of common stock at a weighted average price of $17.18 per share for net proceeds of approximately $1.8 million, net of sales commissions and offering costs of $0.1 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 109,725 Class A OP Units. • In September 2023, the Company issued 46,228 shares of common stock at a weighted average price of $17.09 per share for net proceeds of approximately $0.8 million, net of sales commissions and offering costs of less than $0.1 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 46,228 Class A OP Units. On September 14, 2023, the Company entered into a forward sale agreement with respect to 7,500,000 shares of its common stock under the 2021 ATM Program. • On September 28, 2023, the Company partially physically settled 1,516,289 shares of common stock at a price of $16.49 per share under such forward sale agreement for net proceeds of approximately $24.8 million, net of sales commissions and offering costs of $0.2 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 1,516,289 Class A OP Units. • On June 26, 2024, the Company partially physically settled 4,000,000 shares of common stock at a price of $16.43 per share under such forward sale agreement for net proceeds of approximately $65.3 million, net of sales commissions and offering costs of $0.7 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 4,000,000 Class A OP Units. • On September 26, 2024, the Company physically settled 1,983,711 shares of common stock at a price of $16.41 per share under such forward sale agreement for net proceeds of approximately $32.3 million, net of sales commissions and offering costs of $0.4 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 1,983,711 Class A OP Units. As of September 30, 2024, the Company had fully settled the forward sale agreement. 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. On March 28, 2024, the Company entered into a forward sale agreement with respect to 107,500 shares of its common stock under the 2023 ATM Program, at a public offering price of $18.29 per share. As of September 30, 2024, 107,500 shares remain unsettled under the forward sale agreement. The Company may physically settle this forward sale agreement (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 12, 2025. During April 2024, the Company entered into forward sale agreements with respect to an aggregate 1,635,600 shares of its common stock under the 2023 ATM Program at a weighted average price of $17.63 per share. As of September 30, 2024, 1,635,600 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 April 12, 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 context requires, the 2024 ATM Program, the 2023 ATM Program, and the 2021 ATM Program are referred herein as the "ATM Programs." During August and September 2024, the Company entered into forward sale agreements with respect to 152,547 shares of its common stock under the 2024 ATM Program, at a public offering price of $17.13 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 October 20, 2025. The following table presents information about the ATM Programs (in thousands): Maximum Sales Authorization Gross Settlements through September 30, 2024 (1) Program Name Date Established Date Terminated 2021 ATM Program September 2021 October 2023 $ 250,000 $ 249,122 2023 ATM Program (2) October 2023 August 2024 $ 300,000 $ 77,323 2024 ATM Program (3) August 2024 — $ 300,000 $ — (1) Represents shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements. (2) As of September 30, 2024, 1,743,100 shares remain unsettled under the forward sale agreements at the available net settlement price of $17.53. (3) As of September 30, 2024, 152,547 shares remain unsettled under the forward sale agreements at the available net settlement price of $16.95. 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. On September 26, 2024, the Company partially physically settled 2,200,000 shares of common stock at a price of $17.22 per share in accordance with the forward sale agreements. The Company received net proceeds from the settlement of $37.8 million, net of underwriting discounts and offering costs of $1.8 million. The Company contributed the net proceeds to the Operating Partnership in exchange for 2,200,000 Class A OP Units. As of September 30, 2024, 8,840,000 shares remain unsettled under the January 2024 forward sale agreements. Surrendered Shares on Vested Stock Unit Awards During the nine months ended September 30, 2024 and 2023, 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 nine months ended September 30, 2024 and 2023, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender an approximate total of 77 thousand and 25 thousand RSUs, respectively, valued at approximately $1.3 million and $0.5 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. Dividends During the nine months ended September 30, 2024, the Company declared and paid the following common stock dividends (in thousands, except per share data): Nine Months Ended September 30, 2024 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 13, 2024 $ 0.205 March 15, 2024 $ 15,031 March 28, 2024 April 23, 2024 0.205 June 3, 2024 15,042 June 14, 2024 July 23, 2024 0.210 September 3, 2024 16,251 September 13, 2024 $ 0.620 $ 46,324 During the nine months ended September 30, 2023, the Company declared and paid the following common stock dividends (in thousands, except per share data): Nine Months Ended September 30, 2023 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 21, 2023 $ 0.200 March 15, 2023 $ 11,650 March 30, 2023 April 25, 2023 0.200 June 1, 2023 12,173 June 15, 2023 July 24, 2023 0.205 September 1, 2023 13,768 September 15, 2023 $ 0.605 $ 37,591 The holders of OP Units are entitled to an equal distribution per each OP Unit held as of each record date. Accordingly, during each of the nine months ended September 30, 2024 and 2023, the Operating Partnership paid distributions of $0.3 million to holders of OP Units. Noncontrolling Interests

Stock Based Compensation

Stock Based Compensation	9 Months Ended
Stock Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock-Based Compensation Under the Omnibus Incentive Plan, 2,094,976 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 September 30, 2024, 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 $1.4 million and $1.3 million for the three months ended September 30, 2024 and 2023, respectively. Stock-based compensation expense was $4.7 million and $3.6 million for the nine months ended September 30, 2024 and 2023, respectively. All awards of unvested restricted stock units are expected to fully vest over the next one Performance-Based RSUs (effectiveness of Initial Public Offering) Pursuant to the Omnibus Incentive Plan, the Company made performance-based RSUs to certain employees and non-employee directors. The performance condition required the Company to effectively file a resale registration statement. Up until the point of filing the registration statement, performance was not deemed probable and accordingly, no RSUs had the capability of vesting and no stock-based compensation expense was recorded. As a result of the Company's initial public offering in August 2020, the performance condition was satisfied and the Company recorded a stock-based compensation expense catch-up adjustment of $1.4 million. The vesting terms of these grants are specific to the individual grant and are expected to fully vest during the current year. The following table summarizes performance-based RSU activity for the period ended September 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2023 30,379 $ 19.75 Granted during the period — — Forfeited during the period — — Vested during the period — — Unvested RSU grants outstanding as of September 30, 2024 30,379 $ 19.75 For both the three and nine months ended September 30, 2024, the Company recognized less than $0.1 million in stock-based compensation expense associated with performance-based RSUs. As of September 30, 2024 and December 31, 2023, the remaining unamortized stock-based compensation expense totaled less than $0.1 million, and as of September 30, 2024, these awards are expected to be recognized over a remaining weighted average period of 0.2 years. These units are subject to graded vesting and stock-based compensation expense is recognized ratably over the requisite service period for each vesting tranche in the award. The grant date fair value of unvested RSUs is calculated as the per share price in the private offering that closed on December 23, 2019. 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 The following table summarizes service-based RSU activity for the period ended September 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2023 298,108 $ 19.79 Granted during the period 200,140 17.33 Forfeited during the period (1,034) 18.10 Vested during the period (169,502) 19.58 Unvested RSU grants outstanding as of September 30, 2024 327,712 $ 18.40 For the three and nine months ended September 30, 2024, the Company recognized $0.8 million and $2.6 million, respectively, in stock-based compensation expense associated with service-based RSUs. As of September 30, 2024 and December 31, 2023, the remaining unamortized stock-based compensation expense totaled $4.0 million and $3.4 million, respectively, and as of September 30, 2024, these awards are expected to be recognized over a remaining weighted average period of 1.9 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, 2025, February 28, 2026, and December 31, 2026. 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 24.9% and expected volatility of the Company's peers, ranging from 19.9% to 49.4%, with an average volatility of 27.1% and a risk-free interest rate of 4.41%. The fair value per share on the grant date specific to the target TSR relative to the Company’s peers was $18.03 and the target absolute TSR was $14.56 for a weighted average grant date fair value of $15.77 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, which is three years. The following table summarizes market-based RSU activity for the period ended September 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2023 258,558 $ 20.38 Granted during the period 169,002 16.05 Forfeited during the period (75,229) 17.26 Vested during the period (46,660) 20.36 Unvested RSU grants outstanding as of September 30, 2024 305,671 $ 18.76 For the three and nine months ended September 30, 2024, the Company recognized $0.5 million and $1.6 million, respectively, in stock-based compensation expense associated with market-based RSUs. As of September 30, 2024 and December 31, 2023, the remaining unamortized stock-based compensation expense totaled $3.0 million and $2.1 million, respectively, and as of September 30, 2024, these awards are expected to be recognized over a remaining weighted average period of 2.0 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 vests from one

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Net (loss) income 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 (loss) income 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 (loss) income per common share for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share data) 2024 2023 2024 2023 Numerator: Net (loss) income $ (5,322) $ 4,239 $ (6,576) $ 4,928 Net loss (income) attributable to noncontrolling interest 27 (24) 35 (32) Net (loss) income attributable to common shares, basic (5,295) 4,215 (6,541) 4,896 Net (loss) income attributable to noncontrolling interest (27) 24 (35) 32 Net (loss) income attributable to common shares, diluted $ (5,322) $ 4,239 $ (6,576) $ 4,928 Denominator: Weighted average common shares outstanding, basic 77,610,680 67,112,587 74,822,286 62,123,334 Effect of dilutive shares for diluted net income per common share: OP Units — 501,987 — 507,014 Unvested RSUs — 173,001 — 167,215 Unsettled shares under open forward equity contracts — 260,794 — 100,394 Weighted average common shares outstanding, diluted 77,610,680 68,048,369 74,822,286 62,897,957 Net (loss) income available to common stockholders per common share, basic $ (0.07) $ 0.06 $ (0.09) $ 0.08 Net (loss) income available to common stockholders per common share, diluted $ (0.07) $ 0.06 $ (0.09) $ 0.08 For the three months ended September 30, 2024, diluted net loss per common share does not assume the conversion of 433,942 OP Units, 115,703 unvested RSUs, or 10,219 unsettled shares under open forward equity contracts as such conversion would be antidilutive. For the nine months ended September 30, 2024, diluted net loss per common share does not assume the conversion of 450,952 OP Units, 117,761 unvested RSUs, or 311,475 unsettled shares under open forward equity contracts, as such conversion would be antidilutive. As of September 30, 2024 and December 31, 2023, there were 424,956 and 479,298 of OP Units outstanding, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation and Regulatory Matters In the ordinary course of business, from time to time, the Company may be subject to litigation, claims and regulatory matters, none of which are currently outstanding, which 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 notes 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 September 30, 2024, the Company had tenant improvement allowance commitments totaling approximately $5.1 million, which is expected to be funded within the next two years. Additionally, as of September 30, 2024, the Company had commitments to fund properties under development totaling $11.2 million, which is expected to be funded over the next nine months. The Company also had commitments to extend funds under mortgage notes receivable of $13.5 million as of September 30, 2024, which is expected to occur over the next 12 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 7.8 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 September 30, 2024, 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.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all events that occurred subsequent to September 30, 2024 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 October 18, 2024, the Company's Board of Directors declared a cash dividend of $0.21 per share for the fourth quarter of 2024. The dividend will be paid on December 13, 2024 to shareholders of record on December 2, 2024. Revolver Activity

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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 (loss) income is reduced by the portion of net (loss) income attributable to noncontrolling interests. Interim Unaudited Financial Information
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
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 September 30, 2024 and December 31, 2023. 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 September 30, 2024: • 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. •
Segment Reporting	Segment Reporting ASC Topic 280, Segment Reporting, establishes standards for the manner in which companies report information about operating segments. Substantially all of the Company’s investments, at acquisition, are comprised of real estate owned that is leased to tenants on a long-term basis or real estate that secures the Company's investment in mortgage loans receivable. The Company allocates resources and assesses operating performance based on individual investment and property needs. Therefore, the Company aggregates these investments for reporting purposes and operates in one reportable segment.
Recent Accounting Pronouncements Issued But Not Yet Adopted	Recent Accounting Pronouncements Issued But Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 is intended to improve reportable segment disclosures by requiring disclosure of incremental segment information on an annual and interim basis such as, annual and interim disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, interim disclosure of a reportable segment’s profit or loss and assets, and the requirement that a public entity that has a single reportable segment provide all the disclosures required by ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The disclosures are applied retrospectively to all periods presented and early adoption is permitted. The Company has one reportable segment and continues to evaluate additional disclosures that may be required for entities with a single reportable segment.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
Summary of Significant Accounting Policies (Tables)	Sep. 30, 2024
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 (in thousands): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Total provision for impairment $ 9,838 $ 1,538 $ 17,336 $ 4,374 Number of properties: (1) Classified as held for sale 10 — 11 6 Disposed within the period 3 2 14 2 (1) Includes the number of properties that were either (i) impaired during the period on the held for sale classification date and remained as held for sale as of period-end or (ii) impaired and disposed of during the respective period. Excludes properties that did not have impairment recorded during the period. Of the total provision for impairment during the three months ended September 30, 2024, the Company recorded $0.4 million of additional impairment expense on two properties that were classified as held for sale in prior periods and $5.3 million of impairment expense on three properties held for investment. Of the total provision for impairment during the nine months ended September 30, 2024, the Company recorded $1.5 million of additional impairment expense on five properties that were classified as held for sale in prior periods and $9.4 million of impairment expense on nine properties held for investment.
Fair Value of Term Loans	The following table discloses estimated fair value information for the Company’s 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan (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): September 30, 2024 December 31, 2023 Carrying Value (1) Estimated Fair Value Carrying Value (1) Estimated Fair Value 2027 Term Loan $ 174,391 $ 175,359 $ 174,037 $ 175,641 2028 Term Loan 199,186 201,122 199,006 201,396 2029 Term Loan 248,662 250,687 148,869 150,666 (1) The carrying value of the debt instruments are net of unamortized debt issuance and discount costs.

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Disaggregation of Lease Income	The following table provides a disaggregation of lease income recognized under ASC 842 (in thousands): Three Months Ended September 30, Nine Months Ended 2024 2023 2024 2023 Rental revenue Fixed lease income (1) $ 35,346 $ 27,999 $ 101,000 $ 79,530 Variable lease income (2) 2,657 3,047 8,864 9,299 Other rental revenue: Above/below market lease amortization, net 354 319 927 1,108 Lease incentives (185) (198) (565) (590) Rental revenue (including reimbursable) $ 38,172 $ 31,167 $ 110,226 $ 89,347 (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 lease termination fees, and reserves for uncollectible amounts. There were no material reserves, write-offs, or recoveries of uncollectible amounts during the three and nine months ended September 30, 2024 and 2023.
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 non-cancelable term of the operating leases in place as of September 30, 2024 are as follows (in thousands): Future Minimum Base Remainder of 2024 $ 35,316 2025 141,907 2026 140,789 2027 137,385 2028 131,260 Thereafter 830,245 Total $ 1,416,902

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
Real Estate Investments (Tables)	Sep. 30, 2024
Real Estate [Abstract]
Allocation of Purchase Price Paid for Completed Acquisitions	An allocation of the purchase price and acquisition costs paid for the completed acquisitions is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Land $ 31,964 $ 22,559 $ 76,836 $ 56,611 Buildings 64,504 59,213 179,391 159,215 Site improvements 5,792 3,857 19,221 12,826 Tenant improvements 801 736 2,605 2,295 In-place lease intangible assets 9,481 8,467 25,253 26,276 Above-market lease intangible assets — 479 — 2,022 112,542 95,311 303,306 259,245 Liabilities assumed Accounts payable, accrued expense and other liabilities (1,007) — (1,007) — Purchase price (including acquisition costs) $ 111,535 $ 95,311 $ 302,299 $ 259,245
Schedule of Mortgage Loans Receivable	The Company’s mortgage loans receivable portfolio as of September 30, 2024 and December 31, 2023 is summarized below (in thousands): Loan Type Monthly Payment (1) Number of Secured Properties Effective Interest Rate (2) Stated Interest Rate Maturity Date September 30, 2024 December 31, 2023 Mortgage (3) (4) I/O 1 7.50% 7.50% 1/8/2025 $ 43,612 $ 43,612 Mortgage (4) I/O 46 9.55% 9.55% 3/10/2026 41,940 41,940 Mortgage (4) (5) I/O 3 8.10% 6.89% 4/10/2026 4,132 4,132 Mortgage (3) (4) (5) I/O 8 7.63% 7.63% 6/10/2025 12,434 14,024 Mortgage None (6) 1 7.85% 8.50% 12/29/2024 825 660 Mortgage (3) P+I 1 7.87% 7.50% 1/8/2025 — 3,246 Mortgage (3) (4) (7) I/O 10 10.30% 10.25% 6/18/2025 17,037 5,007 Mortgage (3) (4) I/O 2 14.39% 10.25% 12/22/2024 4,342 1,909 Mortgage (3) (4) I/O 1 10.25% 10.25% 4/26/2025 1,386 — Mortgage (3) (4) I/O 1 10.25% 10.25% 5/15/2025 1,525 — Mortgage (3) (4) I/O 1 10.25% 10.25% 7/26/2025 1,235 — Mortgage (3) (4) I/O 1 10.25% 10.25% 8/27/2025 1,242 — Mortgage P+I 1 7.25% 7.25% 7/17/2027 4,068 — Mortgage P+I 1 7.25% 7.25% 7/17/2027 5,210 — Mortgage I/O 1 13.09% 13.09% 11/17/2024 1,299 — Mortgage P+I 1 7.25% 7.25% 9/19/2027 1,438 — Mortgage I/O 1 7.00% 7.00% 9/30/2029 636 — Total 142,361 114,530 Unamortized loan origination costs and fees, net 56 58 Unamortized discount (246) (116) Total mortgage loans receivable, net $ 142,171 $ 114,472 (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)

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
Intangible Assets and Liabilities (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following (in thousands): September 30, 2024 December 31, 2023 Gross Accumulated Amortization Net Carrying Amount Gross Accumulated Amortization Net Carrying Amount Assets: In-place leases $ 200,667 $ (58,281) $ 142,386 $ 181,564 $ (45,210) $ 136,354 Above-market leases 21,634 (5,573) 16,061 21,661 (4,361) 17,300 Lease incentives 8,178 (1,720) 6,458 8,996 (1,296) 7,700 Total intangible assets $ 230,479 $ (65,574) $ 164,905 $ 212,221 $ (50,867) $ 161,354 Liabilities: Below-market leases $ 33,139 $ (9,798) $ 23,341 $ 33,196 $ (7,843) $ 25,353
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 September 30, 2024 and as of December 31, 2023 by category were as follows: Years Remaining September 30, 2024 December 31, 2023 In-place leases 8.7 8.8 Above-market leases 11.6 12.2 Below-market leases 10.4 10.9 Lease incentives 10.3 11.1
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 Nine Months Ended 2024 2023 2024 2023 Amortization: Amortization of in-place leases $ 5,588 $ 4,641 $ 15,659 $ 14,120 Net adjustment to rental revenue: Above-market lease assets (410) (398) (1,239) (1,159) Below-market lease liabilities 765 717 2,167 2,266 Lease incentives (185) (198) (565) (590) $ 170 $ 121 $ 363 $ 517
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 September 30, 2024, for the next five years and thereafter (in thousands): Remainder of 2024 2025 2026 2027 2028 Thereafter Total In-place leases $ 5,459 $ 21,597 $ 20,408 $ 18,509 $ 15,739 $ 60,674 $ 142,386 Above-market lease assets $ (412) $ (1,649) $ (1,626) $ (1,562) $ (1,517) $ (9,295) $ (16,061) Below-market lease liabilities 695 2,793 2,706 2,636 2,503 12,008 23,341 Lease incentives (181) (726) (726) (670) (640) (3,515) (6,458) Net adjustment to rental revenue $ 102 $ 418 $ 354 $ 404 $ 346 $ (802) $ 822
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 September 30, 2024, for the next five years and thereafter (in thousands): Remainder of 2024 2025 2026 2027 2028 Thereafter Total In-place leases $ 5,459 $ 21,597 $ 20,408 $ 18,509 $ 15,739 $ 60,674 $ 142,386 Above-market lease assets $ (412) $ (1,649) $ (1,626) $ (1,562) $ (1,517) $ (9,295) $ (16,061) Below-market lease liabilities 695 2,793 2,706 2,636 2,503 12,008 23,341 Lease incentives (181) (726) (726) (670) (640) (3,515) (6,458) Net adjustment to rental revenue $ 102 $ 418 $ 354 $ 404 $ 346 $ (802) $ 822

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Debt consists of the following (in thousands): Amounts Outstanding as of Contractual Fully Extended Maturity Date (1) Interest Rate (2) September 30, 2024 December 31, 2023 Debt: 2027 Term Loan (3) January 15, 2026 January 15, 2027 3.12% $ 175,000 $ 175,000 2028 Term Loan (4) February 11, 2028 — 3.88% 200,000 200,000 2029 Term Loan (5) July 3, 2026 January 3, 2029 4.99% 250,000 150,000 Revolver (6) August 11, 2026 August 11, 2027 5.94% 150,000 80,000 Mortgage Note November 1, 2027 — 4.53% 8,245 8,361 Total debt 783,245 613,361 Unamortized discount and debt issuance costs (3,145) (3,566) Unamortized deferred financing costs, net (7) (1,386) (1,942) Total debt, net $ 778,714 $ 607,853 (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 September 30, 2024 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 SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2024. The Company has entered into five interest rate swap agreements that effectively convert the floating rate to a fixed rate. The hedged fixed rate reset effective November 27, 2023 to 1.87% and will reset again effective December 23, 2024 to 2.40%. (4) Loan is a floating-rate loan which resets monthly at one-month term SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2024. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (5) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2024. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (6) The annual interest rate of the Revolver assumes daily SOFR as of September 30, 2024 of 4.84% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of September 30, 2024. (7) The Company records deferred financing costs associated with the Revolver in other assets, net on its condensed consolidated balance sheets. The Company reclassed 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 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan are interest only through maturity. As of September 30, 2024, scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment (1) Total Remainder of 2024 $ 44 $ — $ 44 2025 170 — 170 2026 178 575,000 575,178 2027 170 7,683 7,853 2028 — 200,000 200,000 Total $ 562 $ 782,683 $ 783,245
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 Nine Months Ended 2024 2023 2024 2023 Revolving credit facilities (1) $ 1,876 $ 380 $ 4,635 $ 4,096 Term loans (2) 6,528 4,428 18,728 9,597 Mortgage note payable 94 97 285 290 Non-cash: Amortization of deferred financing costs 186 264 609 635 Amortization of debt discount and debt issuance costs, net 401 315 1,150 616 Amortization of deferred gains on interest rate swaps (990) (1,134) (2,949) (1,134) Capitalized interest (130) (404) (709) (688) Total interest expense, net $ 7,965 $ 3,946 $ 21,749 $ 13,412 (1) Includes facility fees and non-utilization fees of approximately $0.2 million for both the three months ended September 30, 2024 and 2023, and facility fees of $0.5 million for both the nine months ended September 30, 2024 and 2023. (2)

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
Derivative Financial Instruments (Tables)	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	The Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands, except number of instruments): Number of Instruments Notional Interest Rate Derivatives September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 Interest rate swaps 12 12 $ 650,000 $ 650,000
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 on the condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 (in thousands): Derivative Assets Fair Value as of Derivatives Designated as Hedging Instruments: Balance Sheet Location September 30, 2024 December 31, 2023 Interest rate swaps Other assets, net $ 7,936 $ 14,442 Derivative Liabilities Fair Value as of Derivatives Designated as Hedging Instruments: Balance Sheet Location September 30, 2024 December 31, 2023 Interest rate swaps Accounts payable, accrued expenses and other liabilities $ 5,076 $ 3,073
Effect of Interest Rate Swaps	The following table presents the effect of the Company's interest rate swaps on the condensed consolidated statements of operations and comprehensive (loss) income for the three and nine months ended September 30, 2024 and 2023 (in thousands): Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships 2024 2023 2024 2023 For the Three Months Ended September 30 Interest Rate Products $ (15,274) $ 11,814 Interest expense, net $ 4,890 $ 5,218 For the Nine Months Ended September 30 Interest Rate Products $ 2,933 $ 18,388 Interest expense, net $ 14,389 $ 11,513
Schedule of Derivative Liabilities at Fair Value	The table below presents the Company’s derivative assets measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Fair Value Hierarchy Level Description Level 1 Level 2 Level 3 Total Fair Value September 30, 2024 Derivative assets $ — $ 7,936 $ — $ 7,936 Derivative liabilities $ — $ 5,076 $ — $ 5,076 December 31, 2023 Derivative assets $ — $ 14,442 $ — $ 14,442 Derivative liabilities $ — $ 3,073 $ — $ 3,073

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets, net	Other assets, net consist of the following (in thousands): September 30, 2024 December 31, 2023 Accounts receivable, net $ 10,801 $ 10,074 Deferred rent receivable 10,473 7,744 Prepaid assets 4,174 1,387 Earnest money deposits 8,375 450 Fair value of interest rate swaps 7,936 14,442 Deferred offering costs 1,497 1,031 Deferred financing costs, net 1,386 2,724 Right-of-use asset 3,581 3,866 Leasehold improvements and other corporate assets, net 1,500 1,723 Interest receivable 3,186 1,397 Other assets, net 6,389 4,499 $ 59,298 $ 49,337
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities	Accounts payable, accrued expenses and other liabilities consists of the following (in thousands): September 30, 2024 December 31, 2023 Accrued expenses $ 8,787 $ 8,826 Accrued bonus 896 2,575 Prepaid rent 3,764 3,896 Operating lease liability 4,765 5,104 Accrued interest 3,081 2,921 Deferred rent 4,368 3,257 Accounts payable 1,028 4,691 Fair value of interest rate swaps 5,076 3,073 Other liabilities 1,987 2,155 $ 33,752 $ 36,498

Shareholders_ Equity, Partner_2

Shareholders’ Equity, Partners’ Capital and Preferred Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Common Stock Dividends Declared and Paid	During the nine months ended September 30, 2024, the Company declared and paid the following common stock dividends (in thousands, except per share data): Nine Months Ended September 30, 2024 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 13, 2024 $ 0.205 March 15, 2024 $ 15,031 March 28, 2024 April 23, 2024 0.205 June 3, 2024 15,042 June 14, 2024 July 23, 2024 0.210 September 3, 2024 16,251 September 13, 2024 $ 0.620 $ 46,324 During the nine months ended September 30, 2023, the Company declared and paid the following common stock dividends (in thousands, except per share data): Nine Months Ended September 30, 2023 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 21, 2023 $ 0.200 March 15, 2023 $ 11,650 March 30, 2023 April 25, 2023 0.200 June 1, 2023 12,173 June 15, 2023 July 24, 2023 0.205 September 1, 2023 13,768 September 15, 2023 $ 0.605 $ 37,591
Schedule of ATM Program Activity	The following table presents information about the ATM Programs (in thousands): Maximum Sales Authorization Gross Settlements through September 30, 2024 (1) Program Name Date Established Date Terminated 2021 ATM Program September 2021 October 2023 $ 250,000 $ 249,122 2023 ATM Program (2) October 2023 August 2024 $ 300,000 $ 77,323 2024 ATM Program (3) August 2024 — $ 300,000 $ — (1) Represents shares of common stock issued by the Company under the ATM Programs, including settlements of forward sale agreements. (2) As of September 30, 2024, 1,743,100 shares remain unsettled under the forward sale agreements at the available net settlement price of $17.53. (3) As of September 30, 2024, 152,547 shares remain unsettled under the forward sale agreements at the available net settlement price of $16.95.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
Stock Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Restricted Stock Unit Activity	The following table summarizes performance-based RSU activity for the period ended September 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2023 30,379 $ 19.75 Granted during the period — — Forfeited during the period — — Vested during the period — — Unvested RSU grants outstanding as of September 30, 2024 30,379 $ 19.75 The following table summarizes service-based RSU activity for the period ended September 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2023 298,108 $ 19.79 Granted during the period 200,140 17.33 Forfeited during the period (1,034) 18.10 Vested during the period (169,502) 19.58 Unvested RSU grants outstanding as of September 30, 2024 327,712 $ 18.40 The following table summarizes market-based RSU activity for the period ended September 30, 2024: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2023 258,558 $ 20.38 Granted during the period 169,002 16.05 Forfeited during the period (75,229) 17.26 Vested during the period (46,660) 20.36 Unvested RSU grants outstanding as of September 30, 2024 305,671 $ 18.76

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
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 (loss) income per common share for the three and nine months ended September 30, 2024 and 2023. Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share data) 2024 2023 2024 2023 Numerator: Net (loss) income $ (5,322) $ 4,239 $ (6,576) $ 4,928 Net loss (income) attributable to noncontrolling interest 27 (24) 35 (32) Net (loss) income attributable to common shares, basic (5,295) 4,215 (6,541) 4,896 Net (loss) income attributable to noncontrolling interest (27) 24 (35) 32 Net (loss) income attributable to common shares, diluted $ (5,322) $ 4,239 $ (6,576) $ 4,928 Denominator: Weighted average common shares outstanding, basic 77,610,680 67,112,587 74,822,286 62,123,334 Effect of dilutive shares for diluted net income per common share: OP Units — 501,987 — 507,014 Unvested RSUs — 173,001 — 167,215 Unsettled shares under open forward equity contracts — 260,794 — 100,394 Weighted average common shares outstanding, diluted 77,610,680 68,048,369 74,822,286 62,897,957 Net (loss) income available to common stockholders per common share, basic $ (0.07) $ 0.06 $ (0.09) $ 0.08 Net (loss) income available to common stockholders per common share, diluted $ (0.07) $ 0.06 $ (0.09) $ 0.08

Organization and Description _2

Organization and Description of Business (Details)	Sep. 30, 2024 property state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number owned or invested in properties \| property	671
Number of states in which entity operates \| state	45

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property tenant	Sep. 30, 2023 property	Sep. 30, 2024 USD ($) property segment	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 USD ($) property tenant
Concentration Risk [Line Items]
OP Unit conversion ratio per share	1		1
Depreciation and amortization			$ 56,522	$ 46,599
Number of real estate properties held for sale \| property	24		24		23
Restricted cash	$ 2,900		$ 2,900		$ 11,500
Reportable segment \| segment			1
Classified as held for sale \| property	10	0	11	6
Measurement Input, Cap Rate \| Minimum
Concentration Risk [Line Items]
Capitalization rate	0.059		0.059
Measurement Input, Cap Rate \| Maximum
Concentration Risk [Line Items]
Capitalization rate	0.121		0.121
Measurement Input, Discount Rate \| Maximum
Concentration Risk [Line Items]
Capitalization rate	0.056		0.056
Real Estate \| Level 3
Concentration Risk [Line Items]
Adjusted carrying value					$ 1,500
Real Estate \| Level 3 \| Minimum
Concentration Risk [Line Items]
Adjusted carrying value	$ 200		$ 200
Real Estate \| Level 3 \| Maximum
Concentration Risk [Line Items]
Adjusted carrying value	4,800		$ 4,800
Held-for-Sale \| Two Properties
Concentration Risk [Line Items]
Impairment expense	$ 5,300
Classified as held for sale \| tenant	3				2
Dollar General \| Revenue Benchmark \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	11.60%	0%	12%	0%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Provision for Impairment (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property tenant	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 tenant
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provisions for impairment \| $	$ 9,838	$ 1,538	$ 17,336	$ 4,374
Number of properties
Classified as held for sale	10	0	11	6
Disposed within the period	3	2	14	2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Classified as held for sale	10	0	11	6
Held-for-Sale \| Four Properties
Number of properties
Classified as held for sale \| tenant	2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense \| $	$ 400
Classified as held for sale \| tenant	2
Held-for-Sale \| Two Properties
Number of properties
Classified as held for sale \| tenant	3				2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense \| $	$ 5,300
Classified as held for sale \| tenant	3				2
Held-for-Sale \| Five Properties
Number of properties
Classified as held for sale			5
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense \| $			$ 1,500
Classified as held for sale			5
Held-for-Sale \| Six Properties
Number of properties
Classified as held for sale			9
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment expense \| $			$ 9,400
Classified as held for sale			9

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Fair Value of Term Loans (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Value	$ 778,714	$ 607,853
Unsecured Debt
Debt Instrument [Line Items]
Carrying Value	783,245
Unsecured Debt \| 2028 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	248,662	148,869
Estimated Fair Value	250,687	150,666
Unsecured Debt \| Prior Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	174,391	174,037
Estimated Fair Value	175,359	175,641
Unsecured Debt \| New Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Carrying Value	199,186	199,006
Estimated Fair Value	$ 201,122	$ 201,396

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	1 Months Ended	9 Months Ended
Leases - Narrative (Details) $ in Thousands	Aug. 31, 2021 renewalOption	Sep. 30, 2024 USD ($) state	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Number of states in which entity operates \| state		45
Remaining term of leases		9 years 6 months
Right-of-use asset		$ 3,581	$ 3,866
Operating lease liability		$ 4,765	$ 5,104
Corporate Office Space
Lessor, Lease, Description [Line Items]
Lease term	7 years 9 months 18 days
Renewal options \| renewalOption	2
Lease extension term	5 years

Leases - Disaggregation of Leas

Leases - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Rental revenue
Fixed lease income	$ 35,346	$ 27,999	$ 101,000	$ 79,530
Variable lease income	2,657	3,047	8,864	9,299
Other rental revenue:
Above/below market lease amortization, net	354	319	927	1,108
Lease incentives	(185)	(198)	(565)	(590)
Rental revenue (including reimbursable)	$ 38,172	$ 31,167	$ 110,226	$ 89,347

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Base Rental Receipts (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 35,316
2025	141,907
2026	140,789
2027	137,385
2028	131,260
Thereafter	830,245
Total Future Minimum Base Rental Receipts	$ 1,416,902

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property state	Sep. 30, 2023 USD ($) property	Sep. 30, 2024 USD ($) property tenant state	Sep. 30, 2023 USD ($) property	Dec. 31, 2023 property
Real Estate [Line Items]
Number owned or invested in properties \| property	671		671
Number of properties under development \| property	8		8
Gross real estate investment portfolio	$ 2,100,000		$ 2,100,000
Number of states in which entity operates \| state	45		45
Payments to acquire real estate held-for-investment			$ 302,299	$ 254,745
Property developments under construction \| property			6
Investment in real estate development project	$ 5,000
Properties developed \| property			16
Completed development transferred			$ 47,800
Rent commenced properties \| tenant			14
Land acquisitions \| property		14		34
Interest expense capitalized (less than)	$ 130	$ 404	$ 709	$ 688
Disposed within the period \| property	3	2	14	2
Proceeds from sale of real estate			$ 42,845	$ 24,726
(Loss) gain on sales of real estate, net	$ (132)	$ 373	$ 874	669
Number of real estate properties held for sale \| property	24		24		23
Provisions for impairment	$ 9,838	$ 1,538	$ 17,336	$ 4,374
Reclassified combined carrying value	$ 23,900
Reclassified properties \| property	8
Catch-up depreciation	$ 1,500
2024 Acquisitions
Real Estate [Line Items]
Number of properties acquired \| property	22	21	68	69
Payments to acquire real estate held-for-investment	$ 111,500	$ 95,300	$ 302,300	$ 259,200
Capitalized acquisition costs	$ 1,100	$ 800
Acquisition fees incurred			$ 2,800	$ 2,400
Texas
Real Estate [Line Items]
Percentage of total gross real estate investment	10%		10%
Illinois
Real Estate [Line Items]
Percentage of total gross real estate investment	11.60%		11.60%
Two Properties
Real Estate [Line Items]
Disposed within the period \| property	8	4
Proceeds from sale of real estate	$ 23,000	$ 7,200
(Loss) gain on sales of real estate, net	100	400
Three Properties
Real Estate [Line Items]
Payments to acquire real estate held-for-investment		$ 33,200
Disposed within the period \| property			26	14
Proceeds from sale of real estate			$ 55,600	$ 26,500
(Loss) gain on sales of real estate, net			900	$ 700
Six Properties
Real Estate [Line Items]
Provisions for impairment	$ 9,838		$ 17,300
Impaired properties \| property	18	7	40	10
One Property
Real Estate [Line Items]
Payments to acquire real estate held-for-investment				$ 55,500
Payments to acquire real estate		$ 9,600		21,600
Provisions for impairment		$ 1,538		$ 4,400
Four Properties
Real Estate [Line Items]
Property developments under construction \| property			4
Investment in real estate development project			$ 27,900
Payments to acquire real estate			$ 2,000
Properties developed \| property				12
Completed development transferred				$ 38,800

Real Estate Investments - Alloc

Real Estate Investments - Allocation of Purchase Price Paid for Completed Acquisitions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate [Line Items]
Asset acquisition, additions	$ 112,542	$ 95,311	$ 303,306	$ 259,245
Accounts payable, accrued expense and other liabilities	(1,007)	0	(1,007)	0
Purchase price (including acquisition costs)	111,535	95,311	302,299	259,245
In-place leases
Real Estate [Line Items]
Finite-lived intangible assets acquired	9,481	8,467	25,253	26,276
Above-market leases
Real Estate [Line Items]
Finite-lived intangible assets acquired	0	479	0	2,022
Land
Real Estate [Line Items]
Property, plant and equipment, additions	31,964	22,559	76,836	56,611
Buildings
Real Estate [Line Items]
Property, plant and equipment, additions	64,504	59,213	179,391	159,215
Site improvements
Real Estate [Line Items]
Property, plant and equipment, additions	5,792	3,857	19,221	12,826
Tenant improvements
Real Estate [Line Items]
Property, plant and equipment, additions	$ 801	$ 736	$ 2,605	$ 2,295

Real Estate Investments - Sched

Real Estate Investments - Schedule of Mortgage Loans Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total	$ 142,361	$ 114,530
Unamortized loan origination costs and fees, net	56	58
Unamortized discount	(246)	(116)
Total mortgage loans receivable, net	$ 142,171	114,472
Mortgage Receivable Due January 8, 2025 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	7.50%
Stated Interest Rate	7.50%
Total	$ 43,612	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 April 10, 2026 \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Stated Interest Rate	15%
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	8
Effective Interest Rate	7.63%
Stated Interest Rate	7.63%
Total	$ 12,434	14,024
Mortgage Receivable Due June 10, 2025 \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Stated Interest Rate	15%
Mortgage Receivable Due December 29, 2024
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	7.85%
Stated Interest Rate	8.50%
Total	$ 825	660
Mortgage Receivable Due January 8, 2025 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	7.87%
Stated Interest Rate	7.50%
Total	$ 0	3,246
Mortgage Receivable Due June 18, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Secured Properties \| property	10
Effective Interest Rate	10.30%
Stated Interest Rate	10.25%
Total	$ 17,037	5,007
Mortgage Receivable Due December 22, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of Secured Properties \| property	2
Effective Interest Rate	14.39%
Stated Interest Rate	10.25%
Total	$ 4,342	1,909
Mortgage Receivable Due April 26, 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	10.25%
Stated Interest Rate	10.25%
Total	$ 1,386	0
Mortgage Receivable Due May 15, 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	10.25%
Stated Interest Rate	10.25%
Total	$ 1,525	0
Mortgage Receivable Due July 26, 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	10.25%
Stated Interest Rate	10.25%
Total	$ 1,235	0
Mortgage Receivable Due August 27, 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	10.25%
Stated Interest Rate	10.25%
Total	$ 1,242	0
Mortgage Receivable Due July 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	7.25%
Stated Interest Rate	7.25%
Total	$ 4,068	0
Mortgage Receivable Due July 17, 2025 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	$ 5,210	0
Mortgage Receivable Due November 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	13.09%
Stated Interest Rate	13.09%
Total	$ 1,299	0
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	$ 1,438	0
Mortgage Receivable Due September 30, 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%
Stated Interest Rate	7%
Total	$ 636	$ 0

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Gross Carrying Amount	$ 230,479	$ 212,221
Accumulated Amortization	(65,574)	(50,867)
Net Carrying Amount	164,905	161,354
Liabilities:
Gross Carrying Amount	33,139	33,196
Accumulated Amortization	(9,798)	(7,843)
Net Carrying Amount	23,341	25,353
In-place leases
Assets:
Gross Carrying Amount	200,667	181,564
Accumulated Amortization	(58,281)	(45,210)
Net Carrying Amount	142,386	136,354
Above-market leases
Assets:
Gross Carrying Amount	21,634	21,661
Accumulated Amortization	(5,573)	(4,361)
Net Carrying Amount	16,061	17,300
Lease incentives
Assets:
Gross Carrying Amount	8,178	8,996
Accumulated Amortization	(1,720)	(1,296)
Net Carrying Amount	$ 6,458	$ 7,700

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details) - Weighted Average	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, below-market leases	10 years 4 months 24 days	10 years 10 months 24 days
In-place leases
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	8 years 8 months 12 days	8 years 9 months 18 days
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	11 years 7 months 6 days	12 years 2 months 12 days
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	10 years 3 months 18 days	11 years 1 month 6 days

Intangible Assets and Liabili_5

Intangible Assets and Liabilities - Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net adjustment to rental revenue:
Below-market lease liabilities	$ 765	$ 717	$ 2,167	$ 2,266
Net adjustment to rental revenue	170	121	363	517
In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization:	5,588	4,641	15,659	14,120
Above-market leases
Net adjustment to rental revenue:
Above-market lease assets	(410)	(398)	(1,239)	(1,159)
Lease incentives
Net adjustment to rental revenue:
Above-market lease assets	$ (185)	$ (198)	$ (565)	$ (590)

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Projected Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Below-market lease liabilities
Remainder of 2024	$ 695
2025	2,793
2026	2,706
2027	2,636
2028	2,503
Thereafter	12,008
Net Carrying Amount	23,341	$ 25,353
Net adjustment to rental revenue
Remainder of 2024	102
2025	418
2026	354
2027	404
2028	346
Thereafter	(802)
Total	822
In-place leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	5,459
2025	21,597
2026	20,408
2027	18,509
2028	15,739
Thereafter	60,674
Total	142,386
Above-market leases
Above-market lease assets
Remainder of 2024	(412)
2025	(1,649)
2026	(1,626)
2027	(1,562)
2028	(1,517)
Thereafter	(9,295)
Total	(16,061)
Lease incentives
Above-market lease assets
Remainder of 2024	(181)
2025	(726)
2026	(726)
2027	(670)
2028	(640)
Thereafter	(3,515)
Total	$ (6,458)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) $ in Thousands		9 Months Ended
Debt - Schedule of Debt (Details) $ in Thousands	Mar. 01, 2024 USD ($)	Sep. 30, 2024 USD ($) derivative	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Nov. 28, 2023	Jul. 03, 2023	Jan. 27, 2023 derivative	Jan. 26, 2023 derivative	Sep. 01, 2022
Debt Instrument [Line Items]
Total debt		$ 783,245		$ 613,361
Unamortized discount and debt issuance costs		(3,145)		(3,566)
Unamortized deferred financing costs, net		(1,386)		(1,942)
Long-term debt		778,714		607,853
Interest rate swap agreements \| derivative							4	4
Proceeds under revolving credit facilities		251,000	$ 288,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		$ 783,245
Line of Credit \| Revolver
Debt Instrument [Line Items]
Effective Interest Rate		5.94%
Total debt		$ 150,000		80,000
2027 Term Loan \| Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Effective Interest Rate		3.12%
Total debt		$ 175,000		175,000
2027 Term Loan \| Term Loan \| Unsecured Debt \| Interest rate swaps
Debt Instrument [Line Items]
Interest rate swap agreements \| derivative		5
2027 Term Loan \| Term Loan \| Unsecured Debt \| Interest rate swaps \| Period One
Debt Instrument [Line Items]
Fixed rate SOFR swap		1.87%
2027 Term Loan \| Term Loan \| Unsecured Debt \| Interest rate swaps \| Period Two
Debt Instrument [Line Items]
Fixed rate SOFR swap		2.40%
2027 Term Loan \| Term Loan \| SOFR adjustment rate \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		0.10%
2027 Term Loan \| Term Loan \| SOFR margin \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		1.15%
2027 Term Loan \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Fixed rate SOFR swap					1.87%		0.12%
2027 Term Loan \| Line of Credit \| SOFR adjustment rate \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		0.10%
2028 Term Loan \| Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Effective Interest Rate		3.88%
Total debt		$ 200,000		200,000
2028 Term Loan \| Term Loan \| Unsecured Debt \| Interest rate swaps
Debt Instrument [Line Items]
Interest rate swap agreements \| derivative		3
2028 Term Loan \| Term Loan \| SOFR adjustment rate \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		0.10%
2028 Term Loan \| Term Loan \| SOFR margin \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		1.15%
2028 Term Loan \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt		$ 248,662		148,869
Fixed rate SOFR swap									2.63%
2028 Term Loan \| Line of Credit \| SOFR adjustment rate \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		0.10%
2028 Term Loan \| Line of Credit \| SOFR margin \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		1.15%
2029 Term Loan \| Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Effective Interest Rate		4.99%
Total debt		$ 250,000		150,000
2029 Term Loan \| Term Loan \| Unsecured Debt \| Interest rate swaps
Debt Instrument [Line Items]
Interest rate swap agreements \| derivative		4
2029 Term Loan \| Term Loan \| SOFR adjustment \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		0.10%
2029 Term Loan \| Term Loan \| SOFR \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		1.15%
2029 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Fixed rate SOFR swap						3.74%
2029 Term Loan \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Proceeds under revolving credit facilities	$ 100,000	$ 100,000
2029 Term Loan \| Line of Credit \| SOFR adjustment rate \| Revolver
Debt Instrument [Line Items]
One-month LIBOR		0.10%
2029 Term Loan \| Line of Credit \| SOFR adjustment rate \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		0.10%
2029 Term Loan \| Line of Credit \| SOFR margin \| Revolver
Debt Instrument [Line Items]
One-month LIBOR		1%
2029 Term Loan \| Line of Credit \| SOFR \| Unsecured Debt
Debt Instrument [Line Items]
One-month LIBOR		4.84%
Mortgage Note Payable \| Mortgages
Debt Instrument [Line Items]
Effective Interest Rate		4.53%
Total debt		$ 8,245		$ 8,361

Debt - Narrative (Details)

Debt - Narrative (Details)					3 Months Ended		9 Months Ended
Debt - Narrative (Details)	Mar. 01, 2024 USD ($)	Jul. 03, 2023 USD ($) tenant	Jun. 15, 2023 USD ($)	Aug. 11, 2022 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Amortization of deferred financing costs					$ 186,000	$ 264,000	$ 609,000	$ 635,000
Interest expense capitalized (less than)					130,000	$ 404,000	709,000	688,000
Total debt					783,245,000		783,245,000		$ 613,361,000
Unamortized deferred financing costs					1,386,000		1,386,000		1,942,000
Proceeds under revolving credit facilities							251,000,000	$ 288,000,000
Revolver \| Line of Credit
Debt Instrument [Line Items]
Total debt					$ 150,000,000		$ 150,000,000		80,000,000
Effective Interest Rate					5.94%		5.94%
Facility fees					$ 200,000		$ 500,000
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)					6.62%	6.53%	6.67%	5.09%
Credit Facility \| Revolver \| Line of Credit
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)					6.45%	7.05%	6.49%	5.98%
Prior Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Unamortized deferred financing costs				$ 500,000
Prior Credit Agreement \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount										$ 175,000,000
2026 Term Loan \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount			$ 175,000,000
Debt instrument, extension term			1 year
2026 Term Loan \| Unsecured Debt \| Minimum \| Base Rate \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0.15%
2026 Term Loan \| Unsecured Debt \| Minimum \| Base Rate \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate			0%
2026 Term Loan \| Unsecured Debt \| Minimum \| SOFR margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			1.15%
2026 Term Loan \| Unsecured Debt \| Minimum \| SOFR margin \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.80%
2026 Term Loan \| Unsecured Debt \| Maximum \| Base Rate \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0.60%
2026 Term Loan \| Unsecured Debt \| Maximum \| Base Rate \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.60%
2026 Term Loan \| Unsecured Debt \| Maximum \| SOFR margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			1.60%
2026 Term Loan \| Unsecured Debt \| Maximum \| SOFR margin \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate			1.60%
Mortgage Note Payable \| Mortgages
Debt Instrument [Line Items]
Total debt					$ 8,245,000		$ 8,245,000		8,361,000
Effective Interest Rate					4.53%		4.53%
Deferred financing costs, gross (less than)					$ 100,000		$ 100,000
Mortgages					8,300,000		8,300,000
Collateral					12,300,000		12,300,000
Unamortized discount					600,000		600,000
2029 Term Loan \| Line of Credit
Debt Instrument [Line Items]
Deferred financing costs, gross (less than)		$ 1,400,000
Facility fees		$ 900,000
Fixed rate SOFR swap		3.74%
2029 Term Loan \| Unsecured Debt \| Term Loan
Debt Instrument [Line Items]
Total debt					$ 250,000,000		$ 250,000,000		$ 150,000,000
Effective Interest Rate					4.99%		4.99%
2029 Term Loan \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Proceeds under revolving credit facilities	$ 100,000,000						$ 100,000,000
2029 Term Loan \| Unsecured Debt \| Line of Credit \| Period One
Debt Instrument [Line Items]
Extension option \| tenant		2
Extension option period		1 year
2029 Term Loan \| Unsecured Debt \| Line of Credit \| Period Two
Debt Instrument [Line Items]
Extension option \| tenant		1
Extension option period		6 months
2029 Term Loan \| Unsecured Debt \| SOFR adjustment \| Term Loan
Debt Instrument [Line Items]
Variable rate							0.10%
2029 Term Loan \| Unsecured Debt \| SOFR \| Line of Credit
Debt Instrument [Line Items]
Variable rate							4.83%
2029 Term Loan \| Unsecured Debt \| SOFR plus margin \| Line of Credit
Debt Instrument [Line Items]
Variable rate							1.15%
New Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Deferred financing costs, gross (less than)				3,800,000
New Credit Facility \| Revolver \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 400,000,000
Debt instrument, extension term				1 year
Increase in borrowing capacity				$ 1,000,000,000
Rate reduction				0.025%
Deferred financing costs, gross (less than)				$ 2,400,000
Available increase limit				$ 400,000,000
New Credit Facility \| Revolver \| SOFR adjustment \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				0.10%
New Credit Facility \| Revolver \| SOFR adjustment \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0.10%
New Credit Facility \| Revolver \| Minimum \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)				0.15%
New Credit Facility \| Revolver \| Minimum \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)				0.125%
New Credit Facility \| Revolver \| Minimum \| Base Rate \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				0%
New Credit Facility \| Revolver \| Minimum \| Base Rate \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0%
New Credit Facility \| Revolver \| Minimum \| SOFR margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				1%
New Credit Facility \| Revolver \| Minimum \| SOFR margin \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0.725%
New Credit Facility \| Revolver \| Maximum \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)				0.30%
New Credit Facility \| Revolver \| Maximum \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)				0.30%
New Credit Facility \| Revolver \| Maximum \| Base Rate \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				0.45%
New Credit Facility \| Revolver \| Maximum \| Base Rate \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0.40%
New Credit Facility \| Revolver \| Maximum \| SOFR margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				1.45%
New Credit Facility \| Revolver \| Maximum \| SOFR margin \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				1.40%
New Credit Facility \| Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount				$ 200,000,000
Debt instrument, extension term				1 year
Effective Interest Rate					3.88%		3.88%
Deferred financing costs, gross (less than)				$ 1,300,000
New Credit Facility \| Unsecured Debt \| SOFR adjustment \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				0.10%
New Credit Facility \| Unsecured Debt \| SOFR adjustment \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0.10%
New Credit Facility \| Unsecured Debt \| Minimum \| Base Rate \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				0.15%
New Credit Facility \| Unsecured Debt \| Minimum \| Base Rate \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0%
New Credit Facility \| Unsecured Debt \| Minimum \| SOFR margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				1.15%
New Credit Facility \| Unsecured Debt \| Minimum \| SOFR margin \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0.80%
New Credit Facility \| Unsecured Debt \| Maximum \| Base Rate \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				0.60%
New Credit Facility \| Unsecured Debt \| Maximum \| Base Rate \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				0.60%
New Credit Facility \| Unsecured Debt \| Maximum \| SOFR margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate				1.60%
New Credit Facility \| Unsecured Debt \| Maximum \| SOFR margin \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate				1.60%
2029 Term Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000
Increase in borrowing capacity		400,000,000
Proceeds under revolving credit facilities		$ 150,000,000
All-in fixed interest rate		4.99%
Fixed rate SOFR swap		3.74%
Credit spread adjustment		0.10%
Borrowing spread		1.15%
Interest rate reduction (up to)		0.025%
2029 Term Loan Agreement \| Minimum \| SOFR \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		1.15%
2029 Term Loan Agreement \| Minimum \| SOFR \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate		0.80%
2029 Term Loan Agreement \| Minimum \| SOFR plus margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		0.15%
2029 Term Loan Agreement \| Minimum \| SOFR base \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate		0%
2029 Term Loan Agreement \| Maximum \| SOFR \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		1.60%
2029 Term Loan Agreement \| Maximum \| SOFR \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate		1.60%
2029 Term Loan Agreement \| Maximum \| SOFR plus margin \| Line of Credit \| Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		0.60%
2029 Term Loan Agreement \| Maximum \| SOFR base \| Line of Credit \| After Investment Grade
Debt Instrument [Line Items]
Variable rate		0.60%

Debt - Schedule of Maturities (

Debt - Schedule of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt	$ 778,714	$ 607,853
Unsecured Debt
Debt Instrument [Line Items]
Remainder of 2024	44
2025	170
2026	575,178
2027	7,853
2028	200,000
Long-term debt	783,245
Unsecured Debt \| Scheduled Principal
Debt Instrument [Line Items]
Remainder of 2024	44
2025	170
2026	178
2027	170
2028	0
Long-term debt	562
Unsecured Debt \| Balloon Payment
Debt Instrument [Line Items]
Remainder of 2024	0
2025	0
2026	575,000
2027	7,683
2028	200,000
Long-term debt	$ 782,683

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 186	$ 264	$ 609	$ 635
Amortization of debt discount, net	401	315	1,150	616
Amortization of deferred gains on interest rate swaps			2,948	1,134
Capitalized interest	(130)	(404)	(709)	(688)
Total interest expense, net	7,965	3,946	21,749	13,412
Mortgages
Debt Instrument [Line Items]
Interest expense	94	97	285	290
Revolver \| Line of Credit
Debt Instrument [Line Items]
Interest expense	1,876	380	4,635	4,096
Facility fees	200		500
Unsecured Debt \| Line of Credit
Debt Instrument [Line Items]
Interest expense	6,528	4,428	18,728	9,597
Amortization of deferred gains on interest rate swaps	$ (990)	$ (1,134)	$ (2,949)	$ (1,134)

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 23, 2024	Nov. 28, 2023	Jul. 03, 2023	Jan. 27, 2023 derivative	Jan. 26, 2023 derivative	Sep. 01, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate swap agreements \| derivative					4	4
2029 Term Loan \| Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate SOFR swap				3.74%
2029 Term Loan \| Line of Credit \| SOFR \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	4.83%
2029 Term Loan \| Line of Credit \| SOFR adjustment rate \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	0.10%
2029 Term Loan \| Line of Credit \| SOFR plus margin \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	1.15%
2028 Term Loan \| Line of Credit \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate SOFR swap							2.63%
2028 Term Loan \| Line of Credit \| SOFR \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average effective interest rate (as a percent)	5.20%
2028 Term Loan \| Line of Credit \| SOFR adjustment rate \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	0.10%
2028 Term Loan \| Line of Credit \| SOFR margin \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	1.15%
2027 Term Loan \| Line of Credit \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate SOFR swap			1.87%		0.12%
2027 Term Loan \| Line of Credit \| Unsecured Debt \| Forecast
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fixed rate SOFR swap		2.40%
2027 Term Loan \| Line of Credit \| SOFR \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	4.83%
2027 Term Loan \| Line of Credit \| SOFR adjustment rate \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	0.10%
2027 Term Loan \| Line of Credit \| SOFR plus margin \| Unsecured Debt
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	1.15%
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount estimated to be reclassified as increase to interest expense \| $	$ 3.8

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest rate swaps $ in Thousands	Sep. 30, 2024 USD ($) instrument	Dec. 31, 2023 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments \| instrument	12	12
Notional \| $	$ 650,000	$ 650,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 7,936	$ 14,442
Derivative Liabilities	5,076	3,073
Interest rate swaps \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	7,936	14,442
Derivative Liabilities	$ 5,076	$ 3,073

Derivative Financial Instrume_6

Derivative Financial Instruments - Effect of Interest Rate Swaps (Details) - Interest rate swaps - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ (15,274)	$ 11,814	$ 2,933	$ 18,388
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 4,890	$ 5,218	$ 14,389	$ 11,513

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	$ 7,936	$ 14,442
Derivative Liabilities	5,076	3,073
Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	7,936	14,442
Derivative Liabilities	5,076	3,073
Recurring \| Level 1
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	0	0
Derivative Liabilities	0	0
Recurring \| Level 2
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	7,936	14,442
Derivative Liabilities	5,076	3,073
Recurring \| Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value of interest rate swaps	0	0
Derivative Liabilities	$ 0	$ 0

Supplemental Detail for Certa_3

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets - Schedule of Other Assets, net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
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	$ 10,801	$ 10,074
Deferred rent receivable	10,473	7,744
Prepaid assets	4,174	1,387
Earnest money deposits	8,375	450
Fair value of interest rate swaps	7,936	14,442
Deferred offering costs	1,497	1,031
Deferred financing costs, net	1,386	2,724
Right-of-use asset	3,581	3,866
Leasehold improvements and other corporate assets, net	1,500	1,723
Interest receivable	3,186	1,397
Other assets, net	6,389	4,499
Other assets, net	$ 59,298	$ 49,337

Supplemental Detail for Certa_4

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets - Schedule of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
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	$ 8,787	$ 8,826
Accrued bonus	896	2,575
Prepaid rent	3,764	3,896
Operating lease liability	4,765	5,104
Accrued interest	3,081	2,921
Deferred rent	4,368	3,257
Accounts payable	1,028	4,691
Fair value of interest rate swaps	5,076	3,073
Other liabilities	1,987	2,155
Accounts payable, accrued expenses and other liabilities	$ 33,752	$ 36,498

Shareholders_ Equity, Partner_3

Shareholders’ Equity, Partners’ Capital and Preferred Equity - Narrative (Details) - USD ($)				1 Months Ended						3 Months Ended					9 Months Ended
	Sep. 26, 2024	Jun. 26, 2024	Sep. 28, 2023	Jan. 31, 2024	Sep. 30, 2023	Aug. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Aug. 31, 2021	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Aug. 12, 2024	Apr. 29, 2024	Dec. 31, 2023	Oct. 25, 2023	Sep. 14, 2023	Sep. 01, 2021
Subsidiary, Sale of Stock [Line Items]
Issuance of common stock in public offerings, net															$ 135,475,000	$ 194,857,000
Payments of offering costs															868,000	351,000
Payment of OP unit distributions															$ 280,000	$ 307,000
OP Unit conversion ratio per share										1					1
Shares remaining unsettled (in shares)	8,840,000
Restricted Stock Units (RSUs)
Subsidiary, Sale of Stock [Line Items]
Forfeited during period (in shares)															77,000	25,000
Forfeited during period															$ 1,300,000	$ 500,000
Netstreit, L.P. (The Operating Partnership)
Subsidiary, Sale of Stock [Line Items]
Non-controlling interest holders ownership										0.50%					0.50%				0.70%
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)															54,342	25,626
IPO - Shares From Existing Shareholders \| Common stock
Subsidiary, Sale of Stock [Line Items]
Units converted (in shares)										12,102	35,121	7,119	19,932	5,694
August 2022 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Shares sold (in dollars per share)				$ 18
Common stock \| Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	2,200,000
Shares sold (in dollars per share)	$ 17.22
Issuance of common stock in public offerings, net	$ 37,800,000
Payments of offering costs	$ 1,800,000
Common stock \| ATM Program
Subsidiary, Sale of Stock [Line Items]
At-the-market sale of equity program																						$ 250,000,000
Number of shares sold (in shares)					46,228		1,364,815	146,745	109,725
Shares sold (in dollars per share)										$ 17.53	$ 20.22				$ 17.53
Issuance of common stock in public offerings, net					$ 800,000	$ 1,800,000	$ 23,400,000	$ 2,900,000
Payments of offering costs						$ 100,000	$ 300,000	$ 100,000
Weighted average price (in dollars per share)						$ 17.09				$ 17.18					$ 17.18
Common stock \| 2021 ATM Program
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	1,983,711	4,000,000	1,516,289
Shares sold (in dollars per share)	$ 16.41	$ 16.43	$ 16.49
Issuance of common stock in public offerings, net	$ 32,300,000	$ 65,300,000	$ 24,800,000
Payments of offering costs	$ 400,000	$ 700,000	$ 200,000
Shares remaining unsettled (in shares)																					7,500,000
Common stock \| 2023 ATM Program
Subsidiary, Sale of Stock [Line Items]
At-the-market sale of equity program																				$ 300,000,000
Shares sold (in dollars per share)																		$ 17.63
Shares remaining unsettled (in shares)										1,743,100					1,743,100			1,635,600
Common stock \| 2024 ATM Program
Subsidiary, Sale of Stock [Line Items]
At-the-market sale of equity program																	$ 300,000,000
Shares sold (in dollars per share)										$ 17.13					$ 17.13
Shares remaining unsettled (in shares)										152,547					152,547

Shareholders_ Equity, Partner_4

Shareholders’ Equity, Partners’ Capital and Preferred Equity - Schedule of ATM Program Activity (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 26, 2024	Jun. 26, 2024	Apr. 29, 2024	Mar. 28, 2024	Sep. 28, 2023	Sep. 14, 2023
Subsidiary, Sale of Stock [Line Items]
Shares remaining unsettled (in shares)		8,840,000
Common stock \| 2021 ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	$ 250,000,000
Gross Sales	249,122,000
Shares remaining unsettled (in shares)							7,500,000
Shares sold (in dollars per share)		$ 16.41	$ 16.43			$ 16.49
Common stock \| 2023 ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	300,000,000
Gross Sales	$ 77,323,000
Shares remaining unsettled (in shares)	1,743,100			1,635,600
Shares sold (in dollars per share)				$ 17.63
Available net settlement price (in dollars per share)	$ 17.53
Common stock \| Forward Sale Agreement
Subsidiary, Sale of Stock [Line Items]
Shares remaining unsettled (in shares)	107,500
Shares sold (in dollars per share)					$ 18.29
Common stock \| 2024 ATM Program
Subsidiary, Sale of Stock [Line Items]
Maximum Sales Authorization	$ 300,000,000
Gross Sales	$ 0
Shares remaining unsettled (in shares)	152,547
Shares sold (in dollars per share)	$ 17.13
Available net settlement price (in dollars per share)	$ 16.95

Stockholders_ Equity, Partners_

Stockholders’ Equity, Partners’ Capital and Preferred Equity - Common Stock Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Cash dividend declared (in dollars per share)	$ 0.210	$ 0.205	$ 0.205	$ 0.205	$ 0.200	$ 0.200	$ 0.620	$ 0.605
Total Amount	$ 16,251	$ 15,042	$ 15,031	$ 13,768	$ 12,173	$ 11,650	$ 46,324	$ 37,591

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Mar. 31, 2021	Aug. 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for issuance			2,094,976		2,094,976
Stock-based compensation expense			$ 1,400	$ 1,300	$ 4,700	$ 3,600
Catch-up adjustment		$ 1,400
Stock-based compensation expense					4,657	$ 3,559
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense					100
Restricted Stock Units (RSUs) \| The Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			100		300
Total unrecognized compensation cost			1,700		$ 1,700
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
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual term					2 months 12 days
Granted during the period (in dollars per share)					$ 0
Service-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			800		$ 2,600
Total unrecognized compensation cost			4,000		$ 4,000		$ 3,400
Weighted average remaining contractual term					1 year 10 months 24 days
Granted during the period (in dollars per share)					$ 17.33
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		$ 1,600
Award vesting period					3 years
Total unrecognized compensation cost			$ 3,000		$ 3,000		$ 2,100
Weighted average remaining contractual term					2 years
Expected volatility (as a percent)					24.90%
Minimum expected volatility (as a percent)					19.90%
Maximum expected volatility (as a percent)					49.40%
Weighted average expected volatility (as a percent)					27.10%
Risk free interest rate (as a percent)					4.41%
Targeted TSR (in dollars per share)					$ 18.03
Absolute TSR (in dollars per share)					14.56
Weighted average grant day value (in dollars per share)					15.77
Granted during the period (in dollars per share)					$ 16.05
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%
Market-Based Awards \| 60% vesting
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights (as a percent)					60%

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Performance-Based RSUs
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) \| shares	30,379
Forfeited during the period (in shares) \| shares	0
Vesting during the period (in shares) \| shares	0
Granted during the period (in shares) \| shares	0
Ending balance (in shares) \| shares	30,379
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 19.75
Forfeited during the period (in dollars per share) \| $ / shares	0
Vesting during the period (in dollars per share) \| $ / shares	0
Granted during the period (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 19.75
Service-Based RSUs
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) \| shares	298,108
Forfeited during the period (in shares) \| shares	(1,034)
Vesting during the period (in shares) \| shares	(169,502)
Granted during the period (in shares) \| shares	200,140
Ending balance (in shares) \| shares	327,712
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 19.79
Forfeited during the period (in dollars per share) \| $ / shares	18.10
Vesting during the period (in dollars per share) \| $ / shares	19.58
Granted during the period (in dollars per share) \| $ / shares	17.33
Ending balance (in dollars per share) \| $ / shares	$ 18.40
Market-Based Awards
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) \| shares	258,558
Forfeited during the period (in shares) \| shares	(75,229)
Vesting during the period (in shares) \| shares	(46,660)
Granted during the period (in shares) \| shares	169,002
Ending balance (in shares) \| shares	305,671
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 20.38
Forfeited during the period (in dollars per share) \| $ / shares	17.26
Vesting during the period (in dollars per share) \| $ / shares	20.36
Granted during the period (in dollars per share) \| $ / shares	16.05
Ending balance (in dollars per share) \| $ / shares	$ 18.76

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details)	Sep. 30, 2024 shares	Sep. 30, 2023 shares	Sep. 30, 2024 shares	Dec. 31, 2023 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
OP Unit conversion ratio per share	1		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)	433,942		450,952
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)	115,703		117,761
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)	10,219	10,219	311,475
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Units outstanding (in shares)	424,956		424,956	479,298

Earnings Per Share - Schedule o

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net (loss) income	$ (5,322)	$ (2,306)	$ 1,052	$ 4,239	$ (792)	$ 1,481	$ (6,576)	$ 4,928
Net loss (income) attributable to noncontrolling interest	(27)			24			(35)	32
Net (loss) income attributable to common shares, basic	(5,295)			4,215			(6,541)	4,896
Net (loss) income attributable to noncontrolling interests	27			(24)			35	(32)
Net (loss) income attributable to common shares, diluted	$ (5,322)			$ 4,239			$ (6,576)	$ 4,928
Denominator:
Weighted average common shares outstanding, basic (in shares)	77,610,680			67,112,587			74,822,286	62,123,334
OP Units (in shares)	0			501,987			0	507,014
Unvested RSUs (in shares)	0			173,001			0	167,215
Unsettled shares under open forward equity contracts (in shares)	0			260,794			0	100,394
Weighted average common shares outstanding - diluted (in shares)	77,610,680			68,048,369			74,822,286	62,897,957
Net loss available to common stockholders per common share, basic (in dollars per share)	$ (0.07)			$ 0.06			$ (0.09)	$ 0.08
Net loss available to common stockholders per common share, diluted (in dollars per share)	$ (0.07)			$ 0.06			$ (0.09)	$ 0.08

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	9 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 31, 2021 USD ($) renewalOption	Sep. 30, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenant improvement allowance commitments		$ 5.1
Tenant improvement allowance commitments period		2 years
Expected investment in real estate assets		$ 11.2
Expected investment in real estate assets period		9 months
Commitments to extend funds under mortgage notes receivable		$ 13.5
Commitments to extend funds under mortgage notes receivable period		12 months
Corporate Office Space
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lease term	7 years 9 months 18 days
Renewal options \| renewalOption	2
Lease extension term	5 years
Annual rent expense	$ 0.5

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended						9 Months Ended
	Oct. 18, 2024	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)			$ 0.210	$ 0.205	$ 0.205	$ 0.205	$ 0.200	$ 0.200	$ 0.620	$ 0.605
Repayments under revolving credit facilities									$ 181,000	$ 359,000
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.21
Subsequent Event \| Credit Facility \| Line of Credit
Subsequent Event [Line Items]
Repayments under revolving credit facilities		$ 32,000