NETSTREIT (NTST) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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		68,701,223
Entity Central Index Key	0001798100
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Real estate, at cost:
Land	$ 449,718	$ 401,146
Buildings and improvements	1,081,427	907,084
Total real estate, at cost	1,531,145	1,308,230
Less accumulated depreciation	(90,890)	(62,526)
Property under development	33,497	16,796
Real estate held for investment, net	1,473,752	1,262,500
Assets held for sale	38,839	23,208
Mortgage loans receivable, net	109,091	46,378
Cash, cash equivalents and restricted cash	7,934	70,543
Lease intangible assets, net	163,824	151,006
Other assets, net	69,403	52,057
Total assets	1,862,843	1,605,692
Liabilities:
Term loans, net	521,613	373,296
Revolving credit facility	42,000	113,000
Mortgage note payable, net	7,890	7,896
Lease intangible liabilities, net	26,699	30,131
Liabilities related to assets held for sale	1,024	406
Accounts payable, accrued expenses and other liabilities	33,727	22,540
Total liabilities	632,953	547,269
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 400,000,000 shares authorized; 68,701,223 and 58,031,879 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	687	580
Additional paid-in capital	1,289,810	1,091,514
Distributions in excess of retained earnings	(100,006)	(66,937)
Accumulated other comprehensive income	30,494	23,673
Total stockholders’ equity	1,220,985	1,048,830
Noncontrolling interests	8,905	9,593
Total equity	1,229,890	1,058,423
Total liabilities and equity	$ 1,862,843	$ 1,605,692

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
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	68,701,223	58,031,879
Common stock, shares outstanding	68,701,223	58,031,879

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Rental revenue (including reimbursable)	$ 31,167,000	$ 24,339,000	$ 89,347,000	$ 67,309,000
Interest income on loans receivable	2,244,000	674,000	5,145,000	1,671,000
Other revenue	550,000	0	550,000	0
Total revenues	33,961,000	25,013,000	95,042,000	68,980,000
Operating expenses
Property	3,883,000	2,539,000	11,350,000	8,156,000
General and administrative	5,133,000	4,552,000	15,299,000	13,608,000
Depreciation and amortization	15,804,000	13,407,000	46,599,000	36,137,000
Provisions for impairment	1,538,000	0	4,374,000	1,114,000
Transaction costs	143,000	51,000	267,000	704,000
Total operating expenses	26,501,000	20,549,000	77,889,000	59,719,000
Other income (expense)
Interest expense, net	(3,946,000)	(3,017,000)	(13,412,000)	(5,708,000)
Gain on sales of real estate, net	373,000	143,000	669,000	2,162,000
Loss on debt extinguishment	0	0	(128,000)	0
Other income, net	367,000	0	586,000	36,000
Total other income (expense), net	(3,206,000)	(2,874,000)	(12,285,000)	(3,510,000)
Net income before income taxes	4,254,000	1,590,000	4,868,000	5,751,000
Income tax (expense) benefit	(15,000)	(171,000)	60,000	(356,000)
Net income	4,239,000	1,419,000	4,928,000	5,395,000
Net income attributable to noncontrolling interests	24,000	16,000	32,000	63,000
Net income attributable to common stockholders	$ 4,215,000	$ 1,403,000	$ 4,896,000	$ 5,332,000
Amounts available to common stockholders per common share:
Basic (in dollars per share)	$ 0.06	$ 0.03	$ 0.08	$ 0.11
Diluted (in dollars per share)	$ 0.06	$ 0.03	$ 0.08	$ 0.11
Weighted average common shares:
Basic (in shares)	67,112,587	50,449,735	62,123,334	47,679,870
Diluted (in shares)	68,048,369	51,384,758	62,897,957	48,657,049
Other comprehensive income:
Net income	$ 4,239,000	$ 1,419,000	$ 4,928,000	$ 5,395,000
Change in value on derivatives, net	6,466,000	13,887,000	6,875,000	21,436,000
Total comprehensive income	10,705,000	15,306,000	11,803,000	26,831,000
Comprehensive income attributable to noncontrolling interests	78,000	149,000	86,000	287,000
Comprehensive income attributable to common stockholders	$ 10,627,000	$ 15,157,000	$ 11,717,000	$ 26,544,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 4,928,000	$ 5,395,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	46,599,000	36,137,000
Amortization of deferred financing costs	1,165,000	553,000
Amortization of above/below-market assumed debt	86,000	0
Noncash revenue adjustments	(1,147,000)	(2,076,000)
Amortization of deferred gains on interest rate swaps	(1,134,000)	0
Stock-based compensation expense	3,559,000	3,646,000
Gain on sales of real estate, net	(669,000)	(2,162,000)
Provisions for impairment	4,374,000	1,114,000
Loss on debt extinguishment	128,000	0
Gain on involuntary conversion of building and improvements	(47,000)	0
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Other assets, net	(4,803,000)	(3,641,000)
Accounts payable, accrued expenses and other liabilities	(71,000)	676,000
Lease incentive payments	(1,456,000)	(936,000)
Net cash provided by operating activities	51,512,000	38,706,000
Cash flows from investing activities
Acquisitions of real estate	(254,745,000)	(328,986,000)
Real estate development and improvements	(47,692,000)	(15,492,000)
Investment in mortgage loans receivable	(65,513,000)	(46,466,000)
Earnest money deposits	(2,531,000)	(3,486,000)
Purchase of computer equipment and other corporate assets	(23,000)	(595,000)
Proceeds from sale of real estate	24,726,000	13,837,000
Proceeds from the settlement of property-related insurance claims	47,000	0
Net cash used in investing activities	(345,731,000)	(381,188,000)
Cash flows from financing activities
Issuance of common stock in public offerings, net	194,857,000	219,019,000
Payment of common stock dividends	(37,591,000)	(28,549,000)
Payment of OP unit distributions	(307,000)	(316,000)
Payment of restricted stock dividends	(148,000)	(154,000)
Principal payments on mortgages payable	(99,000)	(12,000)
Proceeds under revolving credit facilities	288,000,000	365,000,000
Repayments under revolving credit facilities	(359,000,000)	(399,000,000)
Proceeds from term loans	150,000,000	200,000,000
Proceeds under property development incentives	0	605,000
Repurchase of common stock for tax withholding obligations	(480,000)	(549,000)
Deferred offering costs	(351,000)	(1,220,000)
Deferred financing costs	(3,271,000)	(3,755,000)
Net cash provided by financing activities	231,610,000	351,069,000
Net change in cash, cash equivalents and restricted cash	(62,609,000)	8,587,000
Cash, cash equivalents and restricted cash at beginning of the period	70,543,000	7,603,000
Cash, cash equivalents and restricted cash at end of the period	7,934,000	16,190,000
Supplemental disclosures of cash flow information:
Cash paid for interest, net	12,779,000	4,345,000
Cash paid for income taxes	575,000	45,000
Supplemental disclosures of non-cash investing and financing activities:
Dividends declared and unpaid on restricted stock	375,000	411,000
Deferred offering costs included in accounts payable, accrued expenses and other liabilities	34,000	0
Cash flow hedge change in fair value	8,009,000	21,436,000
Mortgage loan receivable settled in exchange for acquisition of real estate	4,673,000	0
Increase in mortgage loan receivable in exchange for disposition of real estate	1,837,000	0
Refinancing of mortgage loan receivable	1,327,000	0
Mortgage note assumed at fair value	0	7,913,000
Accrued capital expenditures and real estate development and improvement costs	9,834,000	952,000
Accrued lease incentives	$ 23,000	$ 1,690,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Common stock	Additional Paid-in Capital	Distributions in Excess of Retained Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021			44,223,050
Beginning balance at Dec. 31, 2021	$ 789,815	$ 779,170	$ 442	$ 809,724	$ (35,119)	$ 4,123	$ 10,645
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)			3,604,736
Issuance of stock	75,497	75,497	$ 36	75,461
OP Units converted to common stock (in shares)			25,629
OP Units converted to common stock	0	484		484			(484)
Dividends and distributions declared on common stock and OP Units	(8,997)	(8,888)			(8,888)		(109)
Dividends declared on restricted stock, net	128	128			128
Vesting of restricted stock units (in shares)			85,224
Vesting of restricted stock units	0		$ 1	(1)
Repurchase of common stock for tax withholding obligations (in shares)			(16,651)
Repurchase of common stock for tax withholding obligations	(362)	(362)		(362)
Stock-based compensation, net	1,045	1,045		1,045
Other comprehensive income (loss)	6,211	6,135				6,135	76
Net income (loss)	1,966	1,942			1,942		24
Ending balance (in shares) at Mar. 31, 2022			47,921,988
Ending balance at Mar. 31, 2022	865,047	854,895	$ 479	886,351	(42,193)	10,258	10,152
Beginning balance (in shares) at Dec. 31, 2021			44,223,050
Beginning balance at Dec. 31, 2021	789,815	779,170	$ 442	809,724	(35,119)	4,123	10,645
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,395
Ending balance (in shares) at Sep. 30, 2022			54,876,295
Ending balance at Sep. 30, 2022	1,009,485	999,771	$ 549	1,032,634	(58,747)	25,335	9,714
Beginning balance (in shares) at Mar. 31, 2022			47,921,988
Beginning balance at Mar. 31, 2022	865,047	854,895	$ 479	886,351	(42,193)	10,258	10,152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)			2,397,035
Issuance of stock	50,000	50,000	$ 24	49,976
OP Units converted to common stock (in shares)			22,265
OP Units converted to common stock	0	418		418			(418)
Dividends and distributions declared on common stock and OP Units	(9,692)	(9,588)			(9,588)		(104)
Dividends declared on restricted stock, net	149	149			149
Stock-based compensation, net	1,298	1,298		1,298
Other comprehensive income (loss)	1,338	1,323				1,323	15
Net income (loss)	2,010	1,987			1,987		23
Ending balance (in shares) at Jun. 30, 2022			50,341,288
Ending balance at Jun. 30, 2022	909,852	900,184	$ 503	938,043	(49,943)	11,581	9,668
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock (in shares)			4,512,003
Issuance of stock	93,522	93,522	$ 45	93,477
Dividends and distributions declared on common stock and OP Units	(10,176)	(10,073)			(10,073)		(103)
Dividends declared on restricted stock, net	141	141			141
Vesting of restricted stock units (in shares)			31,865
Vesting of restricted stock units	0		$ 1	(1)
Repurchase of common stock for tax withholding obligations (in shares)			(8,861)
Repurchase of common stock for tax withholding obligations	(187)	(187)		(187)
Stock-based compensation, net	1,309	1,309		1,302	7
Other comprehensive income (loss)	13,887	13,754				13,754	133
Net income (loss)	1,419	1,403			1,403		16
Ending balance (in shares) at Sep. 30, 2022			54,876,295
Ending balance at Sep. 30, 2022	1,009,485	999,771	$ 549	1,032,634	(58,747)	25,335	9,714
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
OP Units converted to common stock	0	105		105			(105)
Dividends and distributions declared on common stock and OP Units	(11,751)	(11,650)			(11,650)		(101)
Dividends declared on restricted stock, net	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)
Stock-based compensation, net	1,027	1,027		1,027
Other comprehensive income (loss)	(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]
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
Dividends and distributions declared on common stock and OP Units	(12,275)	(12,173)			(12,173)		(102)
Dividends declared on restricted stock, net	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)
Stock-based compensation, net	1,252	1,252		1,252
Other comprehensive income (loss)	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
OP Units converted to common stock	0	362		362			(362)
Dividends and distributions declared on common stock and OP Units	(13,872)	(13,768)			(13,768)		(104)
Dividends declared on restricted stock, net	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)
Stock-based compensation, net	1,282	1,282		1,280	2
Other comprehensive income (loss)	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

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2023
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
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation and the Company’s net income is reduced by the portion of net 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, 2022, 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, 2023 and 2022 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 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total provision for impairment $ 1,538 $ — $ 4,374 $ 1,114 Number of properties: (1) Classified as held for sale — — 6 — Disposed within the period 2 — 2 1 (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 year. Of the total provision for impairment during the three and nine months ended September 30, 2023, the Company recorded $0.7 million of additional impairment expense on properties that were classified as held for sale in prior periods. 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 less than $0.1 million of restricted cash as of September 30, 2023, and $4.7 million of restricted cash as of December 31, 2022. The Company’s bank balances as of September 30, 2023 and December 31, 2022 included certain amounts over the Federal Deposit Insurance Corporation limits. Fair Value Measurement 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 the Company’s financial instruments are estimates based on market conditions and perceived risks as of September 30, 2023 and December 31, 2022. These estimates require management’s judgement 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, 2023: • 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. The following table discloses fair value information for the Company’s 2024 Term Loan, 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan (each as defined in “Note 6 - Debt”) (in thousands): September 30, 2023 December 31, 2022 Carrying Value (1) Estimated Fair Value Carrying Value (1) Estimated Fair Value 2024 Term Loan (2) $ — $ — $ 174,532 $ 175,382 2027 Term Loan 173,919 175,713 — — 2028 Term Loan 198,945 201,465 198,764 201,108 2029 Term Loan 148,749 150,727 — — (1) The carrying value of the debt instruments are net of unamortized debt issuance and discount costs. (2) On June 15, 2023, the Company amended and restated its 2024 Term Loan, providing for a $175.0 million senior unsecured term loan (the “2027 Term Loan”). Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company is exposed to credit risk with respect to cash held at various financial institutions, access to its credit facilities, amounts due under mortgage loans receivable, and amounts due or payable under derivative contracts. The credit risk exposure with regard to the Company’s cash, credit facilities, and derivative instruments is spread among a diversified group of investment grade financial institutions. During the three and nine months ended September 30, 2023 and 2022, there were no tenants or borrowers with rental revenue or interest income on loans receivable, respectively, that exceeded 10% of total rental revenue. 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.

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	Leases Tenant 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, 2023, the Company’s weighted average remaining lease term was 9.3 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 income and is presented net of any reserves for uncollectible amounts. There were no material reserves for uncollectible amounts during the three and nine months ended September 30, 2023 and 2022. 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 September 30, 2023 2022 2023 2022 Rental revenue Fixed lease income (1) $ 27,999 $ 21,940 $ 79,530 $ 59,661 Variable lease income (2) 3,047 2,086 9,299 7,004 Other rental revenue: Above/below market lease amortization, net 319 444 1,108 1,021 Lease incentives (198) (131) (590) (377) Rental revenue (including reimbursable) $ 31,167 $ 24,339 $ 89,347 $ 67,309 (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 the write-off of uncollectible amounts. There were immaterial write-offs of uncollectible amounts during the three and nine months ended September 30, 2023 and 2022. 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, 2023 are as follows (in thousands): Future Minimum Base Remainder of 2023 $ 28,258 2024 113,546 2025 113,399 2026 110,786 2027 106,751 Thereafter 611,894 Total $ 1,084,634 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 (“CPI”) or other stipulated reference rate. Corporate Office Lease In August 2021, the Company entered into a lease agreement on a new corporate office space, which commenced in October 2021 and is classified as an operating lease. The lease has a remaining noncancellable lease term of 8.8 years that expires on July 31, 2032, with a one-time option to terminate in 2029 exercisable by the Company. The following table presents the lease expense components for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 135 $ 135 $ 406 $ 406 Variable lease cost $ 83 $ 33 $ 217 $ 42 The Company recorded a right-of-use asset and operating lease liability of approximately $4.5 million at lease commencement. As of September 30, 2023, the right-of-use asset and operating lease liability was $4.0 million and $5.2 million, respectively. The right-of-use asset is included in other assets, net and the operating lease liability is included in accounts payable, accrued expenses and other liabilities in the accompanying condensed consolidated balance sheets. The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for the corporate office lease obligation as of September 30, 2023 (in thousands): Future Minimum Lease Payments Remainder of 2023 $ 146 2024 617 2025 636 2026 653 2027 670 Thereafter 3,311 Total lease payments 6,033 Less: amount representing interest (1) (825) Present value of operating lease liabilities $ 5,208 (1) Imputed interest was calculated using a discount rate of 3.25%. The discount rate is based on the estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including REIT industry performance.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of September 30, 2023, the Company owned or had investments in 547 properties, excluding 32 property developments where rent has yet to commence. The gross real estate investment portfolio, including properties under development, totaled approximately $1.8 billion and consisted of the gross acquisition cost of land, buildings, improvements, and lease intangible assets and liabilities. The investment portfolio is geographically dispersed throughout 45 states with gross real estate investments in Illinois and Texas representing 8.9% and 8.8%, respectively, of the total gross real estate investment of the Company’s investment portfolio. Acquisitions 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, 2023, the Company acquired 69 properties for a total purchase price of $259.2 million, inclusive of $2.4 million of capitalized acquisition costs. During the three months ended September 30, 2022, the Company acquired 26 properties for a total purchase price of $121.7 million, inclusive of $1.3 million of capitalized acquisition costs. During the nine months ended September 30, 2022, the Company acquired 82 properties for a total purchase price of $329.0 million, inclusive of $3.2 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, 2023 2022 2023 2022 Land $ 22,559 $ 35,175 $ 56,611 $ 84,248 Buildings 59,213 76,853 159,215 204,623 Site improvements 3,857 6,207 12,826 18,059 Tenant improvements 736 870 2,295 3,046 In-place lease intangible assets 8,467 12,616 26,276 35,021 Above-market lease intangible assets 479 2,323 2,022 2,676 95,311 134,044 259,245 347,673 Liabilities assumed Below-market lease intangible liabilities — (4,418) — (10,734) Mortgage note payable — (7,913) — (7,913) Accounts payable, accrued expense and other liabilities — (16) — (40) Purchase price (including acquisition costs) $ 95,311 $ 121,697 $ 259,245 $ 328,986 Development As of September 30, 2023, the Company had 27 property developments under construction. 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 a combined 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 a combined 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, building, and improvements in the accompanying condensed consolidated balance sheets. Rent commenced for seven of the 12 completed developments during the nine months ended September 30, 2023, while rent is expected to commence for the other five completed developments in the fourth quarter of 2023. The remaining 27 developments in progress are expected to be substantially completed with rent commencing at various points throughout the next twelve months. 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, 2023. During the three months ended September 30, 2022, the Company invested $4.7 in property developments. During the nine months ended September 30, 2022, the Company invested $14.3 million in property developments, including the land acquisition of one new development with an initial purchase price of $1.0 million. During this period, the Company completed development on four projects and reclassified approximately $14.7 million from property under development to land, building, and improvements in the accompanying condensed consolidated balance sheets. Additionally, during the three months ended September 30, 2023 and 2022, the Company capitalized approximately $0.4 million and $0.1 million, respectively, of interest expense associated with properties under development. During the nine months ended September 30, 2023 and 2022, the Company capitalized approximately $0.7 million and $0.2 million, respectively, of interest expense associated with properties under development. Dispositions 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 gain of $0.4 million. During the nine months ended September 30, 2023, the Company sold fourteen properties for a total sales price, net of disposal costs, of $26.5 million, recognizing a gain of $0.7 million. During the three months ended September 30, 2022, the Company sold one property for a total sales price, net of disposal costs, of $1.7 million, recognizing a gain of $0.1 million. During the nine months ended September 30, 2022, the Company sold four properties for a total sales price, net of disposal costs, of $13.8 million, recognizing a gain of $2.2 million. Investment in Mortgage Loans Receivable The Company’s mortgage loans receivable portfolio as of September 30, 2023 and December 31, 2022 is summarized below (in thousands): Loan Type Number of Secured Properties Effective Interest Rate (4) Stated Interest Rate Maturity Date September 30, 2023 December 31, 2022 Mortgage (1) 1 6.46% 7.00% 4/8/2024 $ 43,612 $ 40,316 Mortgage 2 6.57% 7.00% 6/30/2023 — 6,000 Mortgage 46 9.55% 9.55% 3/10/2026 41,940 — Mortgage (2) 3 8.10% 6.89% 4/10/2026 4,132 — Mortgage (2) 10 7.57% 7.57% 6/10/2025 15,505 — Mortgage 1 8.50% 8.50% 3/21/2024 660 — Mortgage (1) (3) 1 7.50% 7.50% 3/8/2024 3,246 — Total 109,095 46,316 Unamortized loan origination costs 124 62 Unamortized discount (128) — Total mortgage loans receivable, net $ 109,091 $ 46,378 (1) The Company has the right, subject to certain terms and conditions, to purchase all or a portion of the underlying collateralized property. (2) 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. (3) Requires monthly payments of both interest and principal. (4) Includes amortization of discount and loan origination costs, as applicable. All of the Company’s mortgage loans receivable, excluding the $3.2 million mortgage loan with a maturity of March 8, 2024 noted above, 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. Assets Held for Sale As of September 30, 2023 and December 31, 2022, there were fifteen and eleven properties, respectively, classified as held for sale. Provisions for Impairment

Intangible Assets and Liabiliti

Intangible Assets and Liabilities	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 Gross Accumulated Amortization Net Carrying Amount Gross Accumulated Amortization Net Carrying Amount Assets: In-place leases $ 178,506 $ (40,726) $ 137,780 $ 154,876 $ (28,472) $ 126,404 Above-market leases 21,988 (3,999) 17,989 20,091 (2,892) 17,199 Assembled workforce 873 (873) — 873 (873) — Lease incentives 9,220 (1,165) 8,055 8,021 (618) 7,403 Total intangible assets $ 210,587 $ (46,763) $ 163,824 $ 183,861 $ (32,855) $ 151,006 Liabilities: Below-market leases $ 33,959 $ (7,260) $ 26,699 $ 35,596 $ (5,465) $ 30,131 The remaining weighted average amortization period for the Company’s intangible assets and liabilities as of September 30, 2023 and as of December 31, 2022 by category were as follows: Years Remaining September 30, 2023 December 31, 2022 In-place leases 9.1 9.4 Above-market leases 12.4 13.0 Below-market leases 11.2 11.6 Lease incentives 11.3 11.8 The Company records amortization of in-place lease assets and assembled workforce intangible 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 income related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amortization: Amortization of in-place leases $ 4,641 $ 4,201 $ 14,120 $ 11,489 Amortization of assembled workforce — 73 — 220 $ 4,641 $ 4,274 $ 14,120 $ 11,709 Net adjustment to rental revenue: Above-market lease assets (398) (343) (1,159) (1,003) Below-market lease liabilities 717 787 2,266 2,024 Lease incentives (198) (131) (590) (377) $ 121 $ 313 $ 517 $ 644 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 intangibles to rental revenue as of September 30, 2023, for the next five years and thereafter (in thousands): Remainder of 2023 2024 2025 2026 2027 Thereafter Total In-place leases $ 4,901 $ 19,475 $ 18,901 $ 17,658 $ 15,400 $ 61,445 $ 137,780 Above-market lease assets (425) (1,696) (1,695) (1,657) (1,569) (10,947) (17,989) Below-market lease liabilities 715 2,854 2,832 2,740 2,668 14,890 26,699 Lease incentives (198) (794) (794) (794) (738) (4,737) (8,055) Net adjustment to rental revenue $ 92 $ 364 $ 343 $ 289 $ 361 $ (794) $ 655

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt consists of the following (in thousands): Amounts Outstanding as of Contractual Fully Extended Maturity Date (1) Interest Rate September 30, 2023 December 31, 2022 Debt: 2024 Term Loan (2) December 23, 2024 — 1.37% $ — $ 175,000 2027 Term Loan (3) January 15, 2026 January 15, 2027 1.37% 175,000 — Revolver (4) August 11, 2026 August 11, 2027 6.42% 42,000 113,000 2028 Term Loan (5) February 11, 2028 — 3.88% 200,000 200,000 Mortgage Note November 1, 2027 — 4.53% 8,399 8,498 2029 Term Loan (6) July 3, 2026 January 3, 2029 4.89% 150,000 — Total debt 575,399 496,498 Unamortized discount and debt issuance costs (3,896) (2,306) Unamortized deferred financing costs, net (7) (2,128) (2,684) Total debt, net $ 569,375 $ 491,508 (1) Date represents the fully extended maturity date available to the Company under each related debt instrument. (2) On June 15, 2023, the Company amended and restated its 2024 Term Loan, providing for a $175.0 million senior unsecured term loan (the “2027 Term Loan”). (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, 2023. The Company has entered into five interest rate swap agreements that effectively convert the floating rate to a fixed rate. The hedged fixed rate will reset effective November 27, 2023 to 1.87% and December 23, 2024 to 2.40%. (4) The annual interest rate of the Revolver assumes daily SOFR as of September 30, 2023 of 5.32% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of September 30, 2023. (5) 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, 2023. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (6) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2023. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (7) The Company records deferred financing costs associated with the Revolver and loan commitment fees associated with the 2029 Term Loan in other assets, net on its condensed consolidated balance sheets. 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. 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 extension options at the Company’s election on two occasions, by one year and, on one occasion, by six months (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 the fixed rate SOFR swap 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 is 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 which has been capitalized to other assets, net on the condensed consolidated balance sheets. The deferred financing costs and capitalized loan commitment fees are both 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 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 $800.0 million. 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 $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 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, 2023, the Company had total gross mortgage indebtedness of $8.4 million, which was collateralized by related real estate and a tenant’s lease with an aggregate net book value of $12.7 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, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment (1) Total Remainder of 2023 $ 39 $ — $ 39 2024 162 — 162 2025 170 — 170 2026 178 367,000 367,178 2027 170 7,663 7,833 Thereafter — 200,000 200,000 Total $ 719 $ 574,663 $ 575,382 (1) Does not assume the exercise of any extension options available to the Company. I nterest Expense The following table is a summary of the components of interest expense related to the Company’s borrowings (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revolving credit facilities (1) $ 380 $ 1,222 $ 4,096 $ 2,518 Term loans (2) 4,428 1,670 9,597 2,854 Mortgage note payable 97 1 290 1 Non-cash: Amortization of deferred financing costs 264 153 635 354 Amortization of debt discount and debt issuance costs, net 315 86 616 199 Amortization of deferred gains on interest rate swaps (1,134) — (1,134) — Capitalized interest (404) (115) (688) (218) Total interest expense, net $ 3,946 $ 3,017 $ 13,412 $ 5,708 (1) Includes facility fees and non-utilization fees of approximately $0.2 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and facility fees of $0.5 million and $0.2 million for the nine months ended September 30, 2023 and 2022, respectively. (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 income. During the three months ended September 30, 2023 and 2022, the term loans had a weighted average interest rate, exclusive of amortization of deferred financing costs and the effects of interest rate hedges, of 6.53% and 3.53%, respectively. During the nine months ended September 30, 2023 and 2022, term loans had a weighted average interest rate, exclusive of amortization of deferred financing costs and the effects of interest rate hedges, of 5.09% and 2.49%, respectively. During the three months ended September 30, 2023 and 2022, 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 7.05% and 3.28%, respectively. During the nine months ended September 30, 2023 and 2022, 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 5.98% and 2.29%, 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, 2023 and expects to be in compliance for the twelve-month period ending December 31, 2023.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2023
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 3.64% compared to the variable 2029 Term Loan daily SOFR rate as of September 30, 2023 of 5.32%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. The maturity dates of the interest rate swaps coincide with the 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, 2023 of 5.33%, 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 a $175.0 million senior unsecured term loan (the “2027 Term Loan”). The interest rate on the variable 2027 Term Loan includes a daily SOFR rate as of September 30, 2023 of 5.30%, plus a SOFR adjustment of 0.10% and applicable margin of 1.15%. 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. 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, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Interest rate swaps 12 7 $ 650,000 $ 375,000 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, 2023 and December 31, 2022 (in thousands): Derivative Assets Fair Value at Derivatives Designated as Hedging Instruments: Balance Sheet Location September 30, 2023 December 31, 2022 Interest rate swaps Other assets, net $ 32,077 $ 24,067 The following table presents the effect of the Company's interest rate swaps on the condensed consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2023 and 2022 (in thousands): Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 For the Three Months Ended September 30 Interest Rate Products $ 11,814 $ 14,761 Interest expense, net $ 5,218 $ 874 For the Nine Months Ended September 30 Interest Rate Products $ 18,388 $ 22,539 Interest expense, net $ 11,513 $ 1,103 The Company did not exclude any amounts from the assessment of hedge effectiveness for the three and nine months ended September 30, 2023 and 2022. During the next twelve months, the Company estimates that an additional $25.6 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, 2023, 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, 2023 and December 31, 2022, 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, 2023 Derivative assets $ — $ 32,077 $ — $ 32,077 December 31, 2022 Derivative assets $ — $ 24,067 $ — $ 24,067

Supplemental Detail for Certain

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 Accounts receivable, net $ 9,195 $ 7,167 Deferred rent receivable 7,192 5,629 Prepaid assets 4,058 3,864 Earnest money deposits 2,716 185 Fair value of interest rate swaps 32,077 24,067 Deferred offering costs 664 796 Deferred financing costs, net 2,988 2,685 Right-of-use asset 3,959 4,235 Leasehold improvements and other corporate assets, net 1,781 1,969 Interest receivable 766 256 Other assets, net 4,007 1,204 $ 69,403 $ 52,057 Accounts payable, accrued expenses and other liabilities consists of the following (in thousands): September 30, 2023 December 31, 2022 Accrued expenses $ 11,221 $ 5,745 Accrued bonus 1,890 1,305 Prepaid rent 3,929 2,937 Operating lease liability 5,208 5,464 Accrued interest 2,436 1,782 Deferred rent 2,882 1,756 Accounts payable 3,968 1,394 Other liabilities 2,193 2,157 $ 33,727 $ 22,540

Shareholders_ Equity, Partners_

Shareholders’ Equity, Partners’ Capital and Preferred Equity	9 Months Ended
	Sep. 30, 2023
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 “ATM Program”) through which, from time to time, it may sell shares of its common stock in registered transactions. The Company has issued or committed to issue shares of common stock in connection with the ATM Program for the periods presented as follows: • On September 14, 2023, the Company entered into a forward confirmation with respect to 7,500,000 shares of its common stock under the 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 confirmation 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. 5,983,711 shares remain unsettled under the forward confirmation as of September 30, 2023. • 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. • 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 June 2023, the Company issued 1,364,815 shares of common stock 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 March 2023, the Company issued 146,745 shares of common stock 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 OP Units. • In March 2022, the Company issued 163,774 shares of common stock at a weighted average price of $22.08 per share for net proceeds of approximately $3.5 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 163,774 Class A OP Units. As of September 30, 2023, the Company has $99.6 million remaining gross proceeds available for future issuances of shares of common stock under the ATM Program, inclusive of 5,983,711 shares remaining unsettled under the outstanding forward confirmation. August 2022 Follow-On Offering On August 8, 2022, the Company completed a registered public offering of 9,000,000 shares of its common stock at a public offering price of $20.20 per share, which excluded an over-allotment option to the underwriters to purchase up to an additional 1,350,000 shares, which was exercised in full on August 10, 2022. In connection with the offering, the Company entered into forward sale agreements for 10,350,000 shares of its common stock. As of June 30, 2023, the Company had fully physically settled the forward sale agreements (by the delivery of shares of common stock). January 2022 Follow-On Offering On January 13, 2022, the Company completed a registered public offering of 10,350,000 shares of its common stock at a public offering price of $22.25 per share. In connection with the offering, the Company entered into forward sale agreements for 10,350,000 shares of its common stock. As of September 30, 2022, the Company had fully physically settled the forward sale agreements (by the delivery of shares of common stock). Surrendered Shares on Vested Stock Unit Awards During the nine months ended September 30, 2023 and 2022, 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, 2023 and 2022, as permitted by the terms of the Omnibus Incentive Plan and the award grants, certain executive officers and employees elected to surrender a total of 25 thousand and 26 thousand RSUs, respectively, both valued at approximately $0.5 million, solely to pay the associated statutory tax withholding. The surrendered RSUs are included in the row entitled “repurchase of shares of common stock” on the condensed consolidated statements of cash flows. Dividends 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 During the nine months ended September 30, 2022, the Company declared and paid the following common stock dividends (in thousands, except per share data): Nine Months Ended September 30, 2022 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 22, 2022 $ 0.200 March 15, 2022 $ 8,888 March 30, 2022 April 26, 2022 0.200 June 1, 2022 9,588 June 15, 2022 July 26, 2022 0.200 September 1, 2022 10,073 September 15, 2022 $ 0.600 $ 28,549 The holders of OP Units are entitled to an equal distribution per each OP Unit held as of each record date. Accordingly, during the nine months ended September 30, 2023 and 2022, the Operating Partnership paid distributions of $0.3 million and $0.3 million, respectively, to holders of OP Units. Noncontrolling Interests

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2023
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, 2023, 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 income was $1.3 million for both the three months ended September 30, 2023 and 2022. Stock-based compensation expense was $3.6 million for both the nine months ended September 30, 2023 and 2022. 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 shelf 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 vest in equal annual installments over the next two years. The following table summarizes performance-based RSU activity for the period ended September 30, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 61,391 $ 19.75 Vested during the period (632) 19.75 Unvested RSU grants outstanding as of September 30, 2023 60,759 $ 19.75 For the three and nine months ended September 30, 2023, the Company recognized $0.1 million and $0.2 million, respectively, in stock-based compensation expense associated with performance-based RSUs. As of September 30, 2023 and December 31, 2022, the remaining unamortized stock-based compensation expense totaled $0.2 million and $0.4 million, respectively, and as of September 30, 2023, these awards are expected to be recognized over a remaining weighted average period of 1.0 year. 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, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 247,079 $ 19.86 Granted during the period 161,757 19.79 Forfeited during the period (1,627) 20.17 Vested during the period (108,300) 19.93 Unvested RSU grants outstanding as of September 30, 2023 298,909 $ 19.79 For the three and nine months ended September 30, 2023, the Company recognized $0.7 million and $2.0 million, respectively, in stock-based compensation expense associated with service-based RSUs. As of September 30, 2023 and December 31, 2022, the remaining unamortized stock-based compensation expense totaled $4.1 million and $3.0 million, respectively, and as of September 30, 2023, these awards are expected to be recognized over a remaining weighted average period of 2.0 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 March 8, 2024, February 28, 2025, and February 28, 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 29.0% and expected volatility of the Company's peers, ranging from 32.2% to 102.8%, with an average volatility of 46.7% and a risk-free interest rate of 4.46%. The fair value per share on the grant date specific to the target TSR relative to the Company’s peers was $24.13 and the target absolute TSR was $20.15 for a weighted average grant date fair value of $21.57 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, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 177,350 $ 19.83 Granted during the period 81,751 21.57 Forfeited during the period (543) 19.36 Unvested RSU grants outstanding as of September 30, 2023 258,558 $ 20.38 For the three and nine months ended September 30, 2023, the Company recognized $0.4 million and $1.2 million, respectively, in stock-based compensation expense associated with market-based RSUs. As of September 30, 2023 and December 31, 2022, the remaining unamortized stock-based compensation expense totaled $2.5 million and $2.0 million, respectively, and as of September 30, 2023, these awards are expected to be recognized over a remaining weighted average period of 1.9 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 unvested RSUs in the first quarter of the following year that would then vest over a four-year service period beginning in the period that the bonus relates. The Program is deemed to be a liability-classified award (accounted for as an equity-classified award as the service date precedes the grant date and the award would otherwise be classified as equity on grant date), which will be fair-valued and accrued over the applicable service period. The total estimated fair value of the elections made for 2023 under the Program was approximately $0.5 million. The award will be remeasured to fair value each reporting period until the unvested RSUs are granted. For both the three and nine months ended September 30, 2023, the Company recognized approximately $0.1 million in stock-based compensation expense associated with these awards. Previous awards under the Program that have been granted are included within service-based RSUs above.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Net 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 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 income per common share for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share data) 2023 2022 2023 2022 Numerator: Net income $ 4,239 $ 1,419 $ 4,928 $ 5,395 Net income attributable to noncontrolling interest (24) (16) (32) (63) Net income attributable to common shares, basic 4,215 1,403 4,896 5,332 Net income attributable to noncontrolling interest 24 16 32 63 Net income attributable to common shares, diluted $ 4,239 $ 1,419 $ 4,928 $ 5,395 Denominator: Weighted average common shares outstanding, basic 67,112,587 50,449,735 62,123,334 47,679,870 Effect of dilutive shares for diluted net income per common share: OP Units 501,987 514,890 507,014 530,940 Unvested RSUs 173,001 255,613 167,215 261,727 Unsettled shares under open forward equity contracts 260,794 164,520 100,394 184,512 Weighted average common shares outstanding, diluted 68,048,369 51,384,758 62,897,957 48,657,049 Net income available to common stockholders per common share, basic $ 0.06 $ 0.03 $ 0.08 $ 0.11 Net income available to common stockholders per common share, diluted $ 0.06 $ 0.03 $ 0.08 $ 0.11 As of September 30, 2023 and December 31, 2022, there were 487,841 and 513,467 of OP Units outstanding, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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 or fund development projects. 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 or receives an option to purchase the properties. As of September 30, 2023, the Company had tenant improvement allowance commitments totaling approximately $4.1 million, all of which is expected to be funded over the next two years. Additionally, as of September 30, 2023, the Company had commitments to fund 27 properties under development totaling $37.9 million, which is expected to be funded over the next two years. 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 8.8 years that expires on July 31, 2032 and is renewable at the Company’s option for two additional periods of five years. Future minimum base rental payments under the lease are outlined in “Note 3 – Leases.” Annual rent expense, excluding operating expenses, is approximately $0.5 million during the initial term. As of September 30, 2023, 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
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated all events that occurred subsequent to September 30, 2023 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 24, 2023, the Company's Board of Directors declared a cash dividend of $0.205 per share for the fourth quarter of 2023 which will be paid on December 15, 2023 to shareholders of record on December 1, 2023. Revolver Activity In October 2023, the Company borrowed $35.0 million under the Revolver which will be used for general corporate purposes, including the acquisition of properties in the Company’s pipeline.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Interim Unaudited Financial Information	Basis of Presentation The accompanying interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The accompanying condensed consolidated financial statements include the accounts of the Company and subsidiaries in which the Company has a controlling financial interest. All intercompany accounts and transactions have been eliminated in consolidation and the Company’s net income is reduced by the portion of net 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 with regard to assets held for sale, based on the estimated or negotiated selling price, less estimated costs of disposal. Based on these unobservable inputs, the Company determined that its valuations of impaired real estate and intangible assets fall within Level 2 and Level 3 of the fair value hierarchy under ASC Topic 820.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all cash balances, money market accounts and highly liquid investments with original maturities of three months or less to be cash and cash equivalents. Restricted cash includes cash restricted for property tenant improvements and cash proceeds from the sale of assets held by qualified intermediaries in anticipation of the acquisition of replacement properties in tax-free exchanges under Section 1031 of the Code. Restricted cash is included in cash, cash equivalents, and restricted cash in the condensed consolidated balance sheets. The Company had less than $0.1 million of restricted cash as of September 30, 2023, and $4.7 million of restricted cash as of December 31, 2022. The Company’s bank balances as of September 30, 2023 and December 31, 2022 included certain amounts over the Federal Deposit Insurance Corporation limits.
Fair Value Measurement	Fair Value Measurement 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 the Company’s financial instruments are estimates based on market conditions and perceived risks as of September 30, 2023 and December 31, 2022. These estimates require management’s judgement 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, 2023: • 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.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company is exposed to credit risk with respect to cash held at various financial institutions, access to its credit facilities, amounts due under mortgage loans receivable, and amounts due or payable under derivative contracts. The credit risk exposure with regard to the Company’s cash, credit facilities, and derivative instruments is spread among a diversified group of investment grade financial institutions.
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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total provision for impairment $ 1,538 $ — $ 4,374 $ 1,114 Number of properties: (1) Classified as held for sale — — 6 — Disposed within the period 2 — 2 1 (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 year. Of the total provision for impairment during the three and nine months ended September 30, 2023, the Company recorded $0.7 million of additional impairment expense on properties that were classified as held for sale in prior periods.
Schedule of Debt	The following table discloses fair value information for the Company’s 2024 Term Loan, 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan (each as defined in “Note 6 - Debt”) (in thousands): September 30, 2023 December 31, 2022 Carrying Value (1) Estimated Fair Value Carrying Value (1) Estimated Fair Value 2024 Term Loan (2) $ — $ — $ 174,532 $ 175,382 2027 Term Loan 173,919 175,713 — — 2028 Term Loan 198,945 201,465 198,764 201,108 2029 Term Loan 148,749 150,727 — — (1) The carrying value of the debt instruments are net of unamortized debt issuance and discount costs. (2) On June 15, 2023, the Company amended and restated its 2024 Term Loan, providing for a $175.0 million senior unsecured term loan (the “2027 Term Loan”).

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 2022 2023 2022 Rental revenue Fixed lease income (1) $ 27,999 $ 21,940 $ 79,530 $ 59,661 Variable lease income (2) 3,047 2,086 9,299 7,004 Other rental revenue: Above/below market lease amortization, net 319 444 1,108 1,021 Lease incentives (198) (131) (590) (377) Rental revenue (including reimbursable) $ 31,167 $ 24,339 $ 89,347 $ 67,309 (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 the write-off of uncollectible amounts. There were immaterial write-offs of uncollectible amounts during the three and nine months ended September 30, 2023 and 2022.
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, 2023 are as follows (in thousands): Future Minimum Base Remainder of 2023 $ 28,258 2024 113,546 2025 113,399 2026 110,786 2027 106,751 Thereafter 611,894 Total $ 1,084,634
Lease Expense Components	The following table presents the lease expense components for the three and nine months ended September 30, 2023 and 2022 (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Operating lease cost $ 135 $ 135 $ 406 $ 406 Variable lease cost $ 83 $ 33 $ 217 $ 42
Schedule of Future Minimum Base Rental Payments	The following table reflects the maturity analysis of payments due from the Company over the next five years and thereafter for the corporate office lease obligation as of September 30, 2023 (in thousands): Future Minimum Lease Payments Remainder of 2023 $ 146 2024 617 2025 636 2026 653 2027 670 Thereafter 3,311 Total lease payments 6,033 Less: amount representing interest (1) (825) Present value of operating lease liabilities $ 5,208 (1) Imputed interest was calculated using a discount rate of 3.25%. The discount rate is based on the estimated incremental borrowing rate, calculated as the treasury rate for the same period as the underlying lease term, plus a spread determined using factors including REIT industry performance.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 Land $ 22,559 $ 35,175 $ 56,611 $ 84,248 Buildings 59,213 76,853 159,215 204,623 Site improvements 3,857 6,207 12,826 18,059 Tenant improvements 736 870 2,295 3,046 In-place lease intangible assets 8,467 12,616 26,276 35,021 Above-market lease intangible assets 479 2,323 2,022 2,676 95,311 134,044 259,245 347,673 Liabilities assumed Below-market lease intangible liabilities — (4,418) — (10,734) Mortgage note payable — (7,913) — (7,913) Accounts payable, accrued expense and other liabilities — (16) — (40) Purchase price (including acquisition costs) $ 95,311 $ 121,697 $ 259,245 $ 328,986
Schedule of Accounts, Notes, Loans and Financing Receivable	The Company’s mortgage loans receivable portfolio as of September 30, 2023 and December 31, 2022 is summarized below (in thousands): Loan Type Number of Secured Properties Effective Interest Rate (4) Stated Interest Rate Maturity Date September 30, 2023 December 31, 2022 Mortgage (1) 1 6.46% 7.00% 4/8/2024 $ 43,612 $ 40,316 Mortgage 2 6.57% 7.00% 6/30/2023 — 6,000 Mortgage 46 9.55% 9.55% 3/10/2026 41,940 — Mortgage (2) 3 8.10% 6.89% 4/10/2026 4,132 — Mortgage (2) 10 7.57% 7.57% 6/10/2025 15,505 — Mortgage 1 8.50% 8.50% 3/21/2024 660 — Mortgage (1) (3) 1 7.50% 7.50% 3/8/2024 3,246 — Total 109,095 46,316 Unamortized loan origination costs 124 62 Unamortized discount (128) — Total mortgage loans receivable, net $ 109,091 $ 46,378 (1) The Company has the right, subject to certain terms and conditions, to purchase all or a portion of the underlying collateralized property. (2) 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. (3) Requires monthly payments of both interest and principal. (4) Includes amortization of discount and loan origination costs, as applicable.

Intangible Assets and Liabili_2

Intangible Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Intangible Assets and Liabilities	Intangible assets and liabilities consisted of the following (in thousands): September 30, 2023 December 31, 2022 Gross Accumulated Amortization Net Carrying Amount Gross Accumulated Amortization Net Carrying Amount Assets: In-place leases $ 178,506 $ (40,726) $ 137,780 $ 154,876 $ (28,472) $ 126,404 Above-market leases 21,988 (3,999) 17,989 20,091 (2,892) 17,199 Assembled workforce 873 (873) — 873 (873) — Lease incentives 9,220 (1,165) 8,055 8,021 (618) 7,403 Total intangible assets $ 210,587 $ (46,763) $ 163,824 $ 183,861 $ (32,855) $ 151,006 Liabilities: Below-market leases $ 33,959 $ (7,260) $ 26,699 $ 35,596 $ (5,465) $ 30,131
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, 2023 and as of December 31, 2022 by category were as follows: Years Remaining September 30, 2023 December 31, 2022 In-place leases 9.1 9.4 Above-market leases 12.4 13.0 Below-market leases 11.2 11.6 Lease incentives 11.3 11.8
Amortization of Intangible Assets and Liabilities	The following amounts in the accompanying condensed consolidated statements of operations and comprehensive income related to the amortization of intangible assets and liabilities for all property and ground leases (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amortization: Amortization of in-place leases $ 4,641 $ 4,201 $ 14,120 $ 11,489 Amortization of assembled workforce — 73 — 220 $ 4,641 $ 4,274 $ 14,120 $ 11,709 Net adjustment to rental revenue: Above-market lease assets (398) (343) (1,159) (1,003) Below-market lease liabilities 717 787 2,266 2,024 Lease incentives (198) (131) (590) (377) $ 121 $ 313 $ 517 $ 644
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 intangibles to rental revenue as of September 30, 2023, for the next five years and thereafter (in thousands): Remainder of 2023 2024 2025 2026 2027 Thereafter Total In-place leases $ 4,901 $ 19,475 $ 18,901 $ 17,658 $ 15,400 $ 61,445 $ 137,780 Above-market lease assets (425) (1,696) (1,695) (1,657) (1,569) (10,947) (17,989) Below-market lease liabilities 715 2,854 2,832 2,740 2,668 14,890 26,699 Lease incentives (198) (794) (794) (794) (738) (4,737) (8,055) Net adjustment to rental revenue $ 92 $ 364 $ 343 $ 289 $ 361 $ (794) $ 655
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 intangibles to rental revenue as of September 30, 2023, for the next five years and thereafter (in thousands): Remainder of 2023 2024 2025 2026 2027 Thereafter Total In-place leases $ 4,901 $ 19,475 $ 18,901 $ 17,658 $ 15,400 $ 61,445 $ 137,780 Above-market lease assets (425) (1,696) (1,695) (1,657) (1,569) (10,947) (17,989) Below-market lease liabilities 715 2,854 2,832 2,740 2,668 14,890 26,699 Lease incentives (198) (794) (794) (794) (738) (4,737) (8,055) Net adjustment to rental revenue $ 92 $ 364 $ 343 $ 289 $ 361 $ (794) $ 655

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 December 31, 2022 Debt: 2024 Term Loan (2) December 23, 2024 — 1.37% $ — $ 175,000 2027 Term Loan (3) January 15, 2026 January 15, 2027 1.37% 175,000 — Revolver (4) August 11, 2026 August 11, 2027 6.42% 42,000 113,000 2028 Term Loan (5) February 11, 2028 — 3.88% 200,000 200,000 Mortgage Note November 1, 2027 — 4.53% 8,399 8,498 2029 Term Loan (6) July 3, 2026 January 3, 2029 4.89% 150,000 — Total debt 575,399 496,498 Unamortized discount and debt issuance costs (3,896) (2,306) Unamortized deferred financing costs, net (7) (2,128) (2,684) Total debt, net $ 569,375 $ 491,508 (1) Date represents the fully extended maturity date available to the Company under each related debt instrument. (2) On June 15, 2023, the Company amended and restated its 2024 Term Loan, providing for a $175.0 million senior unsecured term loan (the “2027 Term Loan”). (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, 2023. The Company has entered into five interest rate swap agreements that effectively convert the floating rate to a fixed rate. The hedged fixed rate will reset effective November 27, 2023 to 1.87% and December 23, 2024 to 2.40%. (4) The annual interest rate of the Revolver assumes daily SOFR as of September 30, 2023 of 5.32% plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.00% as of September 30, 2023. (5) 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, 2023. The Company has entered into three interest rate swap agreements that effectively convert the floating rate to a fixed rate. (6) Loan is a floating-rate loan which resets daily at daily SOFR plus a SOFR adjustment of 0.10% plus the applicable margin which was 1.15% as of September 30, 2023. The Company has entered into four interest rate swap agreements that effectively convert the floating rate to a fixed rate. (7) The Company records deferred financing costs associated with the Revolver and loan commitment fees associated with the 2029 Term Loan in other assets, net on its condensed consolidated balance sheets.
Schedule of Maturities	Payments on the 2027 Term Loan, 2028 Term Loan, and 2029 Term Loan are interest only through maturity. As of September 30, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands): Scheduled Principal Balloon Payment (1) Total Remainder of 2023 $ 39 $ — $ 39 2024 162 — 162 2025 170 — 170 2026 178 367,000 367,178 2027 170 7,663 7,833 Thereafter — 200,000 200,000 Total $ 719 $ 574,663 $ 575,382 (1) Does not assume the exercise of any extension options available to the Company.
Components of 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Revolving credit facilities (1) $ 380 $ 1,222 $ 4,096 $ 2,518 Term loans (2) 4,428 1,670 9,597 2,854 Mortgage note payable 97 1 290 1 Non-cash: Amortization of deferred financing costs 264 153 635 354 Amortization of debt discount and debt issuance costs, net 315 86 616 199 Amortization of deferred gains on interest rate swaps (1,134) — (1,134) — Capitalized interest (404) (115) (688) (218) Total interest expense, net $ 3,946 $ 3,017 $ 13,412 $ 5,708 (1) Includes facility fees and non-utilization fees of approximately $0.2 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and facility fees of $0.5 million and $0.2 million for the nine months ended September 30, 2023 and 2022, respectively. (2) Includes the effects of interest rate hedges in place as of such date.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Interest rate swaps 12 7 $ 650,000 $ 375,000
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, 2023 and December 31, 2022 (in thousands): Derivative Assets Fair Value at Derivatives Designated as Hedging Instruments: Balance Sheet Location September 30, 2023 December 31, 2022 Interest rate swaps Other assets, net $ 32,077 $ 24,067
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 income for the three and nine months ended September 30, 2023 and 2022 (in thousands): Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion) Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Amount of Gain (Loss) Reclassified from Accumulated OCI into Income Derivatives in Cash Flow Hedging Relationships 2023 2022 2023 2022 For the Three Months Ended September 30 Interest Rate Products $ 11,814 $ 14,761 Interest expense, net $ 5,218 $ 874 For the Nine Months Ended September 30 Interest Rate Products $ 18,388 $ 22,539 Interest expense, net $ 11,513 $ 1,103
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, 2023 and December 31, 2022, 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, 2023 Derivative assets $ — $ 32,077 $ — $ 32,077 December 31, 2022 Derivative assets $ — $ 24,067 $ — $ 24,067

Supplemental Detail for Certa_2

Supplemental Detail for Certain Components of the Condensed Consolidated Balance Sheets (Tables)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Other Assets, net	Other assets, net consist of the following (in thousands): September 30, 2023 December 31, 2022 Accounts receivable, net $ 9,195 $ 7,167 Deferred rent receivable 7,192 5,629 Prepaid assets 4,058 3,864 Earnest money deposits 2,716 185 Fair value of interest rate swaps 32,077 24,067 Deferred offering costs 664 796 Deferred financing costs, net 2,988 2,685 Right-of-use asset 3,959 4,235 Leasehold improvements and other corporate assets, net 1,781 1,969 Interest receivable 766 256 Other assets, net 4,007 1,204 $ 69,403 $ 52,057
Schedule of Accounts Payable, Accrued Expenses and Other Liabilities	Accounts payable, accrued expenses and other liabilities consists of the following (in thousands): September 30, 2023 December 31, 2022 Accrued expenses $ 11,221 $ 5,745 Accrued bonus 1,890 1,305 Prepaid rent 3,929 2,937 Operating lease liability 5,208 5,464 Accrued interest 2,436 1,782 Deferred rent 2,882 1,756 Accounts payable 3,968 1,394 Other liabilities 2,193 2,157 $ 33,727 $ 22,540

Shareholders_ Equity, Partner_2

Shareholders’ Equity, Partners’ Capital and Preferred Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Common Stock Dividends Declared and Paid	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 During the nine months ended September 30, 2022, the Company declared and paid the following common stock dividends (in thousands, except per share data): Nine Months Ended September 30, 2022 Declaration Date Dividend Per Share Record Date Total Amount Payment Date February 22, 2022 $ 0.200 March 15, 2022 $ 8,888 March 30, 2022 April 26, 2022 0.200 June 1, 2022 9,588 June 15, 2022 July 26, 2022 0.200 September 1, 2022 10,073 September 15, 2022 $ 0.600 $ 28,549

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 61,391 $ 19.75 Vested during the period (632) 19.75 Unvested RSU grants outstanding as of September 30, 2023 60,759 $ 19.75 The following table summarizes service-based RSU activity for the period ended September 30, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 247,079 $ 19.86 Granted during the period 161,757 19.79 Forfeited during the period (1,627) 20.17 Vested during the period (108,300) 19.93 Unvested RSU grants outstanding as of September 30, 2023 298,909 $ 19.79 The following table summarizes market-based RSU activity for the period ended September 30, 2023: Shares Weighted Average Grant Date Fair Value per Share Unvested RSU grants outstanding as of December 31, 2022 177,350 $ 19.83 Granted during the period 81,751 21.57 Forfeited during the period (543) 19.36 Unvested RSU grants outstanding as of September 30, 2023 258,558 $ 20.38

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Net Income Attributable to Common Shares, Weighted Average Common Shares and Effect of Dilutive Securities	Net 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 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 income per common share for the three and nine months ended September 30, 2023 and 2022. Three Months Ended September 30, Nine Months Ended September 30, (In thousands, except share and per share data) 2023 2022 2023 2022 Numerator: Net income $ 4,239 $ 1,419 $ 4,928 $ 5,395 Net income attributable to noncontrolling interest (24) (16) (32) (63) Net income attributable to common shares, basic 4,215 1,403 4,896 5,332 Net income attributable to noncontrolling interest 24 16 32 63 Net income attributable to common shares, diluted $ 4,239 $ 1,419 $ 4,928 $ 5,395 Denominator: Weighted average common shares outstanding, basic 67,112,587 50,449,735 62,123,334 47,679,870 Effect of dilutive shares for diluted net income per common share: OP Units 501,987 514,890 507,014 530,940 Unvested RSUs 173,001 255,613 167,215 261,727 Unsettled shares under open forward equity contracts 260,794 164,520 100,394 184,512 Weighted average common shares outstanding, diluted 68,048,369 51,384,758 62,897,957 48,657,049 Net income available to common stockholders per common share, basic $ 0.06 $ 0.03 $ 0.08 $ 0.11 Net income available to common stockholders per common share, diluted $ 0.06 $ 0.03 $ 0.08 $ 0.11

Organization and Description _2

Organization and Description of Business (Details)	Sep. 30, 2023 property state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number owned or invested in properties	547
Number of states in which entity operates | state	45
Number of properties, rent yet to commence	32

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Restricted cash | $	$ 100,000	$ 4,700,000
Number of Reportable Segments | segment	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Provision for Impairment (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provisions for impairment | $	$ 1,538,000	$ 0	$ 4,374,000	$ 1,114,000
Number of properties
Classified as held for sale | property	0	0	6	0
Disposed within the period | property	2	0	2	1
Impairment expense | $	$ 700,000		$ 700,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Schedule of Debt (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Aug. 11, 2022	Dec. 31, 2019
Debt Instrument [Line Items]
Carrying Value	$ 569,375,000	$ 491,508,000
Term Loans
Debt Instrument [Line Items]
Carrying Value	575,382,000
Term Loans | Prior Credit Agreement | Line of Credit
Debt Instrument [Line Items]
Carrying Value	0	174,532,000
Estimated Fair Value	0	175,382,000
Senior unsecured term loan				$ 175,000,000
Term Loans | New Credit Facility | Line of Credit
Debt Instrument [Line Items]
Carrying Value	173,919,000	0
Estimated Fair Value	175,713,000	0
Senior unsecured term loan	175,000,000		$ 200,000,000
Term Loans | 2028 Term Loan | Line of Credit
Debt Instrument [Line Items]
Carrying Value	198,945,000	198,764,000
Estimated Fair Value	201,465,000	201,108,000
Term Loans | 2029 Term Loan | Line of Credit
Debt Instrument [Line Items]
Carrying Value	148,749,000	0
Estimated Fair Value	$ 150,727,000	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Aug. 31, 2021
Lessor, Lease, Description [Line Items]
Remaining term of leases	9 years 3 months 18 days
Right-of-use asset	$ 3,959	$ 4,235
Operating lease liability	$ 5,208	$ 5,464
Corporate Office Lease
Lessor, Lease, Description [Line Items]
Lease term			8 years 9 months 18 days
Right-of-use asset			$ 4,500
Operating lease liability			$ 4,500

Leases - Disaggregation of Leas

Leases - Disaggregation of Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Rental revenue
Fixed lease income	$ 27,999	$ 21,940	$ 79,530	$ 59,661
Variable lease income	3,047	2,086	9,299	7,004
Other rental revenue:
Above/below market lease amortization, net	319	444	1,108	1,021
Lease incentives	(198)	(131)	(590)	(377)
Rental revenue (including reimbursable)	$ 31,167	$ 24,339	$ 89,347	$ 67,309

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Base Rental Receipts (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 28,258
2024	113,546
2025	113,399
2026	110,786
2027	106,751
Thereafter	611,894
Total Future Minimum Base Rental Receipts	$ 1,084,634

Leases - Lease Expense Componen

Leases - Lease Expense Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 135	$ 135	$ 406	$ 406
Variable lease cost	$ 83	$ 33	$ 217	$ 42

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Base Rental Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2023	$ 146
2024	617
2025	636
2026	653
2027	670
Thereafter	3,311
Total lease payments	6,033
Less: amount representing interest	(825)
Present value of operating lease liabilities	$ 5,208	$ 5,464
Lease discount rate	3.25%

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property state	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property state	Sep. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($) property
Real Estate [Line Items]
Number owned or invested in properties | property	547		547
Number of properties, rent yet to commence | property	32		32
Gross real estate investment portfolio	$ 1,800,000,000		$ 1,800,000,000
Number of states in which entity operates | state	45		45
Payments to acquire real estate held-for-investment		$ 4,700,000	$ 254,745,000	$ 328,986,000
Property developments under construction | property	14		27
Investment in real estate development project	$ 33,200,000			14,300,000
Payments to acquire real estate	9,600,000
Properties developed | property			12
Completed development transfered			$ 38,800,000
Rent commenced properties | property			7
Capitalized interest	$ 404,000	$ 115,000	$ 688,000	$ 218,000
Disposed within the period | property	2	0	2	1
Proceeds from sale of real estate			$ 24,726,000	$ 13,837,000
Gain on sales of real estate, net	$ 373,000	$ 143,000	669,000	2,162,000
Mortgage loans receivable	$ 109,095,000		$ 109,095,000		$ 46,316,000
Number of real estate properties held for sale | property	15		15		11
Provisions for impairment	$ 1,538,000	0	$ 4,374,000	1,114,000
Mortgage Receivable Due March 8, 2024
Real Estate [Line Items]
Mortgage loans receivable	3,246,000		3,246,000		$ 0
Properties under development
Real Estate [Line Items]
Capitalized interest	$ 400,000	$ 100,000	$ 700,000	$ 200,000
Texas
Real Estate [Line Items]
Percentage of total gross real estate investment	8.80%		8.80%
Illinois
Real Estate [Line Items]
Percentage of total gross real estate investment	8.90%		8.90%
Two Properties
Real Estate [Line Items]
Disposed within the period | property				4
Proceeds from sale of real estate				$ 13,800,000
Gain on sales of real estate, net				$ 2,200,000
Three Properties
Real Estate [Line Items]
Disposed within the period | property			14
Proceeds from sale of real estate			$ 26,500,000
Gain on sales of real estate, net			700,000
Five Properties
Real Estate [Line Items]
Disposed within the period | property		1		1
Proceeds from sale of real estate		$ 1,700,000		$ 1,700,000
Gain on sales of real estate, net		$ 100,000		100,000
One Property
Real Estate [Line Items]
Payments to acquire real estate held-for-investment				$ 1,000,000
Property developments under construction | property				1
Provisions for impairment				$ 1,100,000
Nine Properties
Real Estate [Line Items]
Provisions for impairment			$ 4,400,000
Six Properties
Real Estate [Line Items]
Provisions for impairment	$ 1,500,000
Four Properties
Real Estate [Line Items]
Properties developed | property				4
Completed development transfered				$ 14,700,000
Fourteen Properties
Real Estate [Line Items]
Disposed within the period | property	4
Proceeds from sale of real estate	$ 7,200,000
Gain on sales of real estate, net	$ 400,000
Twenty One Properties
Real Estate [Line Items]
Number of properties acquired | property	21
Payments to acquire real estate held-for-investment	$ 95,300,000
Acquisition fees incurred	$ 800,000
Sixty Nine Properties
Real Estate [Line Items]
Number of properties acquired | property			69
Payments to acquire real estate held-for-investment			$ 259,200,000
Acquisition fees incurred			$ 2,400,000
Twenty Six Properties
Real Estate [Line Items]
Number of properties acquired | property		26
Payments to acquire real estate held-for-investment		$ 121,700,000
Acquisition fees incurred		$ 1,300,000
Eighty Two Properties
Real Estate [Line Items]
Number of properties acquired | property				82
Payments to acquire real estate held-for-investment				$ 329,000,000
Acquisition fees incurred				$ 3,200,000
Thirty Four Properties
Real Estate [Line Items]
Property developments under construction | property			34
Investment in real estate development project			$ 55,500,000
Payments to acquire real estate			$ 21,600,000

Real Estate Investments - Alloc

Real Estate Investments - Allocation of Purchase Price Paid for Completed Acquisitions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) tenant	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Asset acquisition, additions	$ 95,311	$ 134,044	$ 259,245	$ 347,673
Liabilities assumed
Below-market lease intangible liabilities	0	(4,418)	0	(10,734)
Mortgage note payable	0	(7,913)	0	(7,913)
Accounts payable, accrued expense and other liabilities	0	(16)	0	(40)
Purchase price (including acquisition costs)	95,311	121,697	259,245	328,986
Mortgage loans receivable	109,095		109,095		$ 46,316
Unamortized Loan Commitment and Origination Fees	124		124		62
Unamortized Discounts or Premiums	(128)		(128)		0
Total mortgage loans receivable, net	$ 109,091		$ 109,091		46,378
Mortgage Receivable Due June 30, 2023
Liabilities assumed
Number of Secured Properties | tenant			2
Effective Interest Rate	6.57%		6.57%
Stated Interest Rate			7%
Mortgage loans receivable	$ 0		$ 0		6,000
Mortgage Receivable Due April 10, 2026
Liabilities assumed
Number of Secured Properties | tenant			3
Effective Interest Rate	8.10%		8.10%
Stated Interest Rate			6.89%
Mortgage loans receivable	$ 4,132		$ 4,132		0
Mortgage Receivable Due April 10, 2026 | Maximum
Liabilities assumed
Stated Interest Rate			15%
Mortgage Receivable Due July 26, 2023
Liabilities assumed
Number of Secured Properties | tenant			1
Effective Interest Rate	6.46%		6.46%
Stated Interest Rate			7%
Mortgage loans receivable	$ 43,612		$ 43,612		40,316
Mortgage Receivable Due March 10, 2026
Liabilities assumed
Number of Secured Properties | tenant			46
Effective Interest Rate	9.55%		9.55%
Stated Interest Rate			9.55%
Mortgage loans receivable	$ 41,940		$ 41,940		0
Mortgage Receivable Due June 10, 2025
Liabilities assumed
Number of Secured Properties | tenant			10
Effective Interest Rate	7.57%		7.57%
Stated Interest Rate			7.57%
Mortgage loans receivable	$ 15,505		$ 15,505		0
Mortgage Receivable Due March 21, 2024
Liabilities assumed
Number of Secured Properties | tenant			1
Effective Interest Rate	8.50%		8.50%
Stated Interest Rate			8.50%
Mortgage loans receivable	$ 660		$ 660		0
Mortgage Receivable Due March 8, 2024
Liabilities assumed
Number of Secured Properties | tenant			1
Effective Interest Rate	7.50%		7.50%
Stated Interest Rate			7.50%
Mortgage loans receivable	$ 3,246		$ 3,246		$ 0
In-place leases
Real Estate [Line Items]
Finite-lived intangible assets acquired	8,467	12,616	26,276	35,021
Above-market leases
Real Estate [Line Items]
Finite-lived intangible assets acquired	479	2,323	2,022	2,676
Land
Real Estate [Line Items]
Property, plant and equipment, additions	22,559	35,175	56,611	84,248
Buildings
Real Estate [Line Items]
Property, plant and equipment, additions	59,213	76,853	159,215	204,623
Site improvements
Real Estate [Line Items]
Property, plant and equipment, additions	3,857	6,207	12,826	18,059
Tenant improvements
Real Estate [Line Items]
Property, plant and equipment, additions	$ 736	$ 870	$ 2,295	$ 3,046

Intangible Assets and Liabili_3

Intangible Assets and Liabilities - Summary of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Gross Carrying Amount	$ 210,587	$ 183,861
Accumulated Amortization	(46,763)	(32,855)
Net Carrying Amount	163,824	151,006
Liabilities:
Gross Carrying Amount	33,959	35,596
Accumulated Amortization	(7,260)	(5,465)
Net Carrying Amount	26,699	30,131
In-place leases
Assets:
Gross Carrying Amount	178,506	154,876
Accumulated Amortization	(40,726)	(28,472)
Net Carrying Amount	137,780	126,404
Above-market leases
Assets:
Gross Carrying Amount	21,988	20,091
Accumulated Amortization	(3,999)	(2,892)
Net Carrying Amount	17,989	17,199
Assembled workforce
Assets:
Gross Carrying Amount	873	873
Accumulated Amortization	(873)	(873)
Net Carrying Amount	0	0
Lease incentives
Assets:
Gross Carrying Amount	9,220	8,021
Accumulated Amortization	(1,165)	(618)
Net Carrying Amount	$ 8,055	$ 7,403

Intangible Assets and Liabili_4

Intangible Assets and Liabilities - Weighted Average Amortization Period for Intangible Assets and Liabilities (Details) - Weighted Average		9 Months Ended
	Dec. 31, 2022	Sep. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, below-market leases	11 years 7 months 6 days	11 years 2 months 12 days
In-place leases
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	9 years 4 months 24 days	9 years 1 month 6 days
Above-market leases
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	13 years	12 years 4 months 24 days
Lease incentives
Finite-Lived Intangible Assets [Line Items]
Weighted average amortization period, intangible assets	11 years 9 months 18 days	11 years 3 months 18 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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization:	$ 4,641	$ 4,274	$ 14,120	$ 11,709
Net adjustment to rental revenue:
Below-market lease liabilities	717	787	2,266	2,024
Net adjustment to rental revenue	121	313	517	644
In-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization:	4,641	4,201	14,120	11,489
Assembled workforce
Finite-Lived Intangible Assets [Line Items]
Amortization:	0	73	0	220
Above-market leases
Net adjustment to rental revenue:
Above-market lease assets	(398)	(343)	(1,159)	(1,003)
Lease incentives
Net adjustment to rental revenue:
Above-market lease assets	$ (198)	$ (131)	$ (590)	$ (377)

Intangible Assets and Liabili_6

Intangible Assets and Liabilities - Projected Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Below-market lease liabilities
Remainder of 2023	$ 715
2024	2,854
2025	2,832
2026	2,740
2027	2,668
Thereafter	14,890
Net Carrying Amount	26,699	$ 30,131
Net adjustment to rental revenue
Remainder of 2023	92
2024	364
2025	343
2026	289
2027	361
Thereafter	(794)
Total	655
In-place leases
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2023	4,901
2024	19,475
2025	18,901
2026	17,658
2027	15,400
Thereafter	61,445
Total	137,780
Above-market leases
Above-market lease assets
Remainder of 2023	(425)
2024	(1,696)
2025	(1,695)
2026	(1,657)
2027	(1,569)
Thereafter	(10,947)
Total	(17,989)
Lease incentives
Above-market lease assets
Remainder of 2023	(198)
2024	(794)
2025	(794)
2026	(794)
2027	(738)
Thereafter	(4,737)
Total	$ (8,055)

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details)		9 Months Ended
	Sep. 01, 2022	Sep. 30, 2023 USD ($) derivative	Jul. 03, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total debt		$ 575,399,000		$ 496,498,000
Unamortized discount and debt issuance costs		(3,896,000)		(2,306,000)
Unamortized deferred financing costs, net		(2,128,000)		(2,684,000)
Total debt, net		569,375,000		491,508,000
Term Loans
Debt Instrument [Line Items]
Total debt, net		575,382,000
Line of Credit | Prior Credit Agreement
Debt Instrument [Line Items]
Unamortized deferred financing costs, net		$ (500,000)
Line of Credit | Prior Credit Agreement | Term Loans
Debt Instrument [Line Items]
Interest Rate		1.37%
Total debt		$ 0		175,000,000
Total debt, net		$ 0		174,532,000
Line of Credit | Prior Credit Agreement | Term Loans | Interest rate swaps
Debt Instrument [Line Items]
Number of derivatives | derivative		5
Line of Credit | Prior Credit Agreement | Term Loans | Interest rate swaps | November 27, 2023
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate		1.87%
Line of Credit | Prior Credit Agreement | Term Loans | Interest rate swaps | Period Two
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate		2.40%
Line of Credit | Prior Credit Agreement | Term Loans | LIBOR adjustment
Debt Instrument [Line Items]
Variable rate		1.15%
Line of Credit | Prior Credit Agreement | Term Loans | Secured Overnight Financing Rate (SOFR) Adjustment
Debt Instrument [Line Items]
Variable rate		0.10%
Line of Credit | New Credit Facility | Revolver
Debt Instrument [Line Items]
Interest Rate		6.42%
Total debt		$ 42,000,000		113,000,000
Line of Credit | New Credit Facility | Revolver | SOFR
Debt Instrument [Line Items]
Variable rate		1%
Line of Credit | New Credit Facility | Revolver | SOFR adjustment
Debt Instrument [Line Items]
Variable rate		0.10%
Line of Credit | New Credit Facility | Revolver | One-month SOFR
Debt Instrument [Line Items]
Variable rate		5.32%
Line of Credit | New Credit Facility | Term Loans
Debt Instrument [Line Items]
Interest Rate		3.88%
Total debt		$ 200,000,000		200,000,000
Total debt, net		$ 173,919,000		0
Derivative, Fixed Interest Rate	2.63%
Line of Credit | New Credit Facility | Term Loans | Interest rate swaps
Debt Instrument [Line Items]
Number of derivatives | derivative		3
Line of Credit | New Credit Facility | Term Loans | SOFR
Debt Instrument [Line Items]
Variable rate		1.15%
Line of Credit | New Credit Facility | Term Loans | SOFR adjustment
Debt Instrument [Line Items]
Variable rate		0.10%
Line of Credit | New Credit Facility | Term Loans | Secured Overnight Financing Rate (SOFR) Adjustment
Debt Instrument [Line Items]
Variable rate	0.10%	0.10%
Number of derivatives | derivative		4
Line of Credit | New Credit Facility | Term Loans | Secured Overnight Financing Rate (SOFR) Adjustment Margin
Debt Instrument [Line Items]
Variable rate		1.15%
Line of Credit | 2026 Term Loan | Term Loans
Debt Instrument [Line Items]
Interest Rate		1.37%
Total debt		$ 175,000,000		0
Variable rate		5.30%
Derivative, Fixed Interest Rate		0.12%
Line of Credit | 2029 Term Loan
Debt Instrument [Line Items]
Derivative, Fixed Interest Rate			3.74%
Line of Credit | 2029 Term Loan | Term Loans
Debt Instrument [Line Items]
Interest Rate		4.89%
Total debt		$ 150,000,000		0
Total debt, net		$ 148,749,000		0
Variable rate		5.32%
Mortgages | Mortgage Note
Debt Instrument [Line Items]
Interest Rate		4.53%
Total debt		$ 8,399,000		$ 8,498,000

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)				3 Months Ended		9 Months Ended
	Jul. 03, 2023	Jun. 15, 2023	Aug. 11, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Sep. 01, 2022	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt				$ 575,399,000		$ 575,399,000		$ 496,498,000
Unamortized deferred financing costs				$ 2,128,000		2,128,000		2,684,000
Proceeds under revolving credit facilities						$ 288,000,000	$ 365,000,000
Line of Credit | Revolver
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)				7.05%	3.28%	5.98%	2.29%
Facility fees				$ 200,000	$ 100,000	$ 500,000	$ 200,000
Line of Credit | Term Loans
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)				6.53%	3.53%	5.09%	2.49%
Line of Credit | New Credit Facility
Debt Instrument [Line Items]
Deferred financing costs				$ 3,800,000		$ 3,800,000
Line of Credit | New Credit Facility | Revolver
Debt Instrument [Line Items]
Senior unsecured revolving credit facility			$ 400,000,000
Available increase			$ 800,000,000
Total debt				$ 42,000,000		$ 42,000,000		113,000,000
Sustainability-linked interest rate reduction (up to)			0.025%
Interest Rate				6.42%		6.42%
Deferred financing costs				$ 2,400,000		$ 2,400,000
Line of Credit Facility, Accordion Feature, Increase Limit			$ 400,000,000
Extension			1 year
Line of Credit | New Credit Facility | Revolver | SOFR adjustment
Debt Instrument [Line Items]
Variable rate						0.10%
Line of Credit | New Credit Facility | Revolver | SOFR adjustment | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0.10%
Line of Credit | New Credit Facility | Revolver | SOFR adjustment | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.10%
Line of Credit | New Credit Facility | Revolver | SOFR
Debt Instrument [Line Items]
Variable rate						1%
Line of Credit | New Credit Facility | Revolver | Minimum | Prior To Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)			0.15%
Line of Credit | New Credit Facility | Revolver | Minimum | After Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)			0.125%
Line of Credit | New Credit Facility | Revolver | Minimum | Base Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0%
Line of Credit | New Credit Facility | Revolver | Minimum | Base Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0%
Line of Credit | New Credit Facility | Revolver | Minimum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			1%
Line of Credit | New Credit Facility | Revolver | Minimum | Secured Overnight Financing Rate (SOFR) | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.725%
Line of Credit | New Credit Facility | Revolver | Maximum | Prior To Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)			0.30%
Line of Credit | New Credit Facility | Revolver | Maximum | After Investment Grade
Debt Instrument [Line Items]
Revolver facility fee (as a percent)			0.30%
Line of Credit | New Credit Facility | Revolver | Maximum | Base Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0.45%
Line of Credit | New Credit Facility | Revolver | Maximum | Base Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.40%
Line of Credit | New Credit Facility | Revolver | Maximum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			1.45%
Line of Credit | New Credit Facility | Revolver | Maximum | Secured Overnight Financing Rate (SOFR) | After Investment Grade
Debt Instrument [Line Items]
Variable rate			1.40%
Line of Credit | New Credit Facility | Term Loans
Debt Instrument [Line Items]
Senior unsecured term loan			$ 200,000,000	175,000,000		$ 175,000,000
Total debt				$ 200,000,000		$ 200,000,000		200,000,000
Interest Rate				3.88%		3.88%
Deferred financing costs				$ 1,300,000		$ 1,300,000
Derivative, Fixed Interest Rate									2.63%
Line of Credit | New Credit Facility | Term Loans | SOFR adjustment
Debt Instrument [Line Items]
Variable rate						0.10%
Line of Credit | New Credit Facility | Term Loans | SOFR adjustment | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0.10%
Line of Credit | New Credit Facility | Term Loans | SOFR adjustment | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.10%
Line of Credit | New Credit Facility | Term Loans | SOFR
Debt Instrument [Line Items]
Variable rate						1.15%
Line of Credit | New Credit Facility | Term Loans | Minimum | Base Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0.15%
Line of Credit | New Credit Facility | Term Loans | Minimum | Base Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0%
Line of Credit | New Credit Facility | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			1.15%
Line of Credit | New Credit Facility | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.80%
Line of Credit | New Credit Facility | Term Loans | Maximum | Base Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			0.60%
Line of Credit | New Credit Facility | Term Loans | Maximum | Base Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate			0.60%
Line of Credit | New Credit Facility | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate			1.60%
Line of Credit | New Credit Facility | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) | After Investment Grade
Debt Instrument [Line Items]
Variable rate			1.60%
Line of Credit | Prior Credit Agreement
Debt Instrument [Line Items]
Unamortized deferred financing costs				500,000		$ 500,000
Line of Credit | Prior Credit Agreement | Term Loans
Debt Instrument [Line Items]
Senior unsecured term loan										$ 175,000,000
Total debt				$ 0		$ 0		175,000,000
Interest Rate				1.37%		1.37%
Weighted average effective interest rate (as a percent)						5.33%
Line of Credit | 2029 Term Loan
Debt Instrument [Line Items]
Deferred financing costs				$ 1,400,000		$ 1,400,000
Debt Instrument, Delayed Draw Period	12 months
Derivative, Swaption Interest Rate	4.99%
Derivative, Fixed Interest Rate	3.74%
Derivative, Variable Interest Rate	0.10%
Derivative, Basis Spread on Variable Rate	1.15%
Derivative, Interest Rate Reduction	0.025%
Facility fees						900,000
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate	1.15%
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) | After Investment Grade
Debt Instrument [Line Items]
Variable rate	0.80%
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) Margin Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate	0.15%
Line of Credit | 2029 Term Loan | Minimum | Secured Overnight Financing Rate (SOFR) Base Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate		0%
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate	1.60%
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) | After Investment Grade
Debt Instrument [Line Items]
Variable rate	1.60%
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) Margin Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate	0.60%
Line of Credit | 2029 Term Loan | Maximum | Secured Overnight Financing Rate (SOFR) Base Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate	0.60%
Line of Credit | 2029 Term Loan | Term Loans
Debt Instrument [Line Items]
Senior unsecured revolving credit facility	$ 250,000,000
Total debt				$ 150,000,000		$ 150,000,000		0
Variable rate						5.32%
Interest Rate				4.89%		4.89%
Line of Credit Facility, Accordion Feature, Increase Limit	400,000,000
Proceeds under revolving credit facilities	$ 150,000,000
Line of Credit | 2026 Term Loan | Term Loans
Debt Instrument [Line Items]
Senior unsecured term loan		$ 175,000,000
Extension		1 year
Line of Credit | 2026 Term Loan | Term Loans | Minimum | Base Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		0.15%
Line of Credit | 2026 Term Loan | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) Interest Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		1.15%
Line of Credit | 2026 Term Loan | Term Loans | Minimum | Secured Overnight Financing Rate (SOFR) Interest Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate		0.80%
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Base Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		0.60%
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Base Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate		0.60%
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) Interest Rate | Prior To Investment Grade
Debt Instrument [Line Items]
Variable rate		1.60%
Line of Credit | 2026 Term Loan | Term Loans | Maximum | Secured Overnight Financing Rate (SOFR) Interest Rate | After Investment Grade
Debt Instrument [Line Items]
Variable rate		1.60%
Mortgages | Mortgage Note
Debt Instrument [Line Items]
Total debt				$ 8,399,000		$ 8,399,000		$ 8,498,000
Interest Rate				4.53%		4.53%
Deferred financing costs				$ 100,000		$ 100,000
Total gross mortgage indebtedness				8,400,000		8,400,000
Aggregate net book value				12,700,000		12,700,000
Debt discount				$ 600,000		$ 600,000

Debt - Schedule of Maturities (

Debt - Schedule of Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt, net	$ 569,375	$ 491,508
Term Loans
Debt Instrument [Line Items]
Remainder of 2023	39
2024	162
2025	170
2026	367,178
2027	7,833
Thereafter	200,000
Total debt, net	575,382
Term Loans | Scheduled Principal
Debt Instrument [Line Items]
Remainder of 2023	39
2024	162
2025	170
2026	178
2027	170
Thereafter	0
Total debt, net	719
Term Loans | Balloon Payment (1)
Debt Instrument [Line Items]
Remainder of 2023	0
2024	0
2025	0
2026	367,000
2027	7,663
Thereafter	200,000
Total debt, net	$ 574,663

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 264	$ 153	$ 635	$ 354
Amortization of debt discount and debt issuance costs, net	315	86	616	199
Amortization of deferred gains on interest rate swaps	(1,134)	0	(1,134)	0
Capitalized interest	(404)	(115)	(688)	(218)
Total interest expense, net	3,946	3,017	13,412	5,708
Mortgages
Debt Instrument [Line Items]
Interest expense	97	1	290	1
Revolver | Line of Credit
Debt Instrument [Line Items]
Interest expense	380	1,222	4,096	2,518
Facility fees	200	100	500	200
Term Loans | Line of Credit
Debt Instrument [Line Items]
Interest expense	$ 4,428	$ 1,670	$ 9,597	$ 2,854

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 01, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 24, 2024	Nov. 28, 2023	Jul. 03, 2023	Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total debt		$ 575,399,000		$ 575,399,000					$ 496,498,000
Line of Credit | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average effective interest rate (as a percent)		6.53%	3.53%	5.09%	2.49%
Prior Credit Agreement | Line of Credit | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Weighted average effective interest rate (as a percent)				5.33%
Total debt		$ 0		$ 0					175,000,000
Prior Credit Agreement | Line of Credit | LIBOR adjustment | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				1.15%
Prior Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) Adjustment | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				0.10%
New Credit Facility | Line of Credit | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Fixed Interest Rate	2.63%
Total debt		200,000,000		$ 200,000,000					200,000,000
New Credit Facility | Line of Credit | SOFR | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				1.15%
New Credit Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) Adjustment | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate	0.10%			0.10%
2029 Term Loan | Line of Credit
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Fixed Interest Rate								3.74%
2029 Term Loan | Line of Credit | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				5.32%
Total debt		$ 150,000,000		$ 150,000,000					0
2029 Term Loan | Line of Credit | Term Loans | Secured Overnight Financing Rate (SOFR) Margin Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				1.15%
2029 Term Loan | Line of Credit | Term Loans | Secured Overnight Financing Rate (SOFR) Adjustment
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				0.10%
2026 Term Loan | Line of Credit | Term Loans
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				5.30%
Derivative, Fixed Interest Rate		0.12%		0.12%
Total debt		$ 175,000,000		$ 175,000,000					0
2026 Term Loan | Line of Credit | Term Loans | Secured Overnight Financing Rate (SOFR) Margin Rate
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				1.15%
2026 Term Loan | Line of Credit | Term Loans | Secured Overnight Financing Rate (SOFR) Adjustment
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Variable rate				0.10%
2026 Term Loan | Line of Credit | Term Loans | Forecast
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Fixed Interest Rate						2.40%	1.87%
Interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional		650,000,000		$ 650,000,000					$ 375,000,000
Interest rate swaps | Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount estimated to be reclassified as increase to interest expense		$ 25,600,000		$ 25,600,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest rate swaps $ in Thousands	Sep. 30, 2023 USD ($) instrument	Dec. 31, 2022 USD ($) instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Instruments | instrument	12	7
Notional | $	$ 650,000	$ 375,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 32,077	$ 24,067
Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 32,077	$ 24,067

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)	$ 11,814	$ 14,761	$ 18,388	$ 22,539
Interest Expense
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	$ 5,218	$ 874	$ 11,513	$ 1,103

Derivative Financial Instrume_7

Derivative Financial Instruments - Schedule of Derivative Liabilities at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Liabilities, Fair Value Disclosure [Abstract]
Fair value of interest rate swaps	$ 32,077	$ 24,067
Recurring
Liabilities, Fair Value Disclosure [Abstract]
Fair value of interest rate swaps	32,077	24,067
Recurring | Level 1
Liabilities, Fair Value Disclosure [Abstract]
Fair value of interest rate swaps	0	0
Recurring | Level 2
Liabilities, Fair Value Disclosure [Abstract]
Fair value of interest rate swaps	32,077	24,067
Recurring | Level 3
Liabilities, Fair Value Disclosure [Abstract]
Fair value of interest rate swaps	$ 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, 2023	Dec. 31, 2022
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	$ 9,195	$ 7,167
Deferred rent receivable	7,192	5,629
Prepaid assets	4,058	3,864
Earnest money deposits	2,716	185
Fair value of interest rate swaps	32,077	24,067
Deferred offering costs	664	796
Deferred financing costs, net	2,988	2,685
Right-of-use asset	3,959	4,235
Leasehold improvements and other corporate assets, net	1,781	1,969
Interest receivable	766	256
Other assets, net	4,007	1,204
Other assets, net	$ 69,403	$ 52,057

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, 2023	Dec. 31, 2022
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	$ 11,221	$ 5,745
Accrued bonus	1,890	1,305
Prepaid rent	3,929	2,937
Operating lease liability	5,208	5,464
Accounts payable	3,968	1,394
Other liabilities	2,193	2,157
Accounts payable, accrued expenses and other liabilities	33,727	22,540
Interest Payable	2,436	1,782
Deferred Rent Credit	$ 2,882	$ 1,756

Shareholders_ Equity, Partner_3

Shareholders’ Equity, Partners’ Capital and Preferred Equity - Narrative (Details)				1 Months Ended					3 Months Ended					9 Months Ended
	Sep. 28, 2023 USD ($) $ / shares shares	Aug. 08, 2022 $ / shares shares	Jan. 13, 2022 $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Aug. 31, 2023 USD ($) $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 $ / shares shares	Sep. 30, 2022 shares	Jun. 30, 2022 shares	Mar. 31, 2022 $ / shares shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Sep. 14, 2023 shares	Dec. 31, 2022	Sep. 01, 2021 USD ($)
Subsidiary, Sale of Stock [Line Items]
Shares sold (in dollars per share) | $ / shares		$ 20.20
Issuance of common stock in public offerings, net | $														$ 194,857,000	$ 219,019,000
Payments of offering costs | $														351,000	1,220,000
Payment of OP unit distributions | $														$ 307,000	$ 316,000
OP Unit conversion ratio per share				1					1					1
Common stock
Subsidiary, Sale of Stock [Line Items]
Units converted (in shares)									19,932	5,694		22,265	25,629
Restricted Stock Units (RSUs)
Subsidiary, Sale of Stock [Line Items]
Forfeited during period (in shares)														25,000	26,000
Forfeited during period | $														$ 500,000
Netstreit, L.P. (The Operating Partnership)
Subsidiary, Sale of Stock [Line Items]
Non-controlling interest holders ownership				0.70%					0.70%					0.70%			0.90%
Public Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)		10,350,000	10,350,000
Shares sold (in dollars per share) | $ / shares			$ 22.25
IPO - Shares From Existing Shareholders
Subsidiary, Sale of Stock [Line Items]
Units converted (in shares)														25,626	47,894
IPO - Shares From Existing Shareholders | Common stock
Subsidiary, Sale of Stock [Line Items]
Units converted (in shares)											0
August 2022 Follow-On Offering
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)		9,000,000
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)		1,350,000
Common stock | ATM Program
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)				46,228	109,725	1,364,815	146,745	163,774
Issuance of common stock in public offerings, net | $				$ 800,000	$ 1,800,000	$ 23,400,000	$ 2,900,000	$ 3,500,000
Payments of offering costs | $					$ 100,000	$ 300,000	$ 100,000	$ 100,000
At-the-market sale of equity program | $				$ 99,600,000					$ 99,600,000					$ 99,600,000				$ 250,000,000
Weighted average sold (in dollars per share) | $ / shares				$ 17.18	$ 17.09	$ 17.53	$ 20.22	$ 22.08	$ 17.18	$ 20.22			$ 22.08	$ 17.18
Common stock | Forward sale agreements
Subsidiary, Sale of Stock [Line Items]
Number of shares sold (in shares)	1,516,289
Issuance of common stock in public offerings, net | $	$ 24,800,000
Payments of offering costs | $	$ 200,000
Weighted average sold (in dollars per share) | $ / shares	$ 16.49
Unsettled under forward sale agreements (in shares)				5,983,711					5,983,711					5,983,711		7,500,000

Stockholders_ Equity, Partners_

Stockholders’ Equity, Partners’ Capital and Preferred Equity - Common Stock Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands												1 Months Ended	9 Months Ended
	Sep. 15, 2023	Jul. 24, 2023	Jun. 15, 2023	Apr. 25, 2023	Mar. 30, 2023	Feb. 21, 2023	Sep. 15, 2022	Jun. 15, 2022	Apr. 26, 2022	Mar. 30, 2022	Feb. 22, 2022	Jul. 26, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity [Abstract]
Cash dividend paid (in dollars per share)		$ 0.205	$ 0.200		$ 0.200		$ 0.200	$ 0.200		$ 0.200			$ 0.605	$ 0.600
Cash dividend declared (in dollars per share)	$ 0.205			$ 0.200		$ 0.200			$ 0.200		$ 0.200	$ 0.200	$ 0.605	$ 0.600
Dividends, common stock, cash	$ 13,768		$ 12,173		$ 11,650		$ 10,073	$ 9,588		$ 8,888			$ 37,591	$ 28,549

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, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
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			$ 1,300	$ 3,600
Catch-up adjustment		$ 1,400
Stock-based compensation expense				3,559	$ 3,646
Restricted Stock Units (RSUs) | The Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	4 years
Total unrecognized compensation cost			500	$ 500
Stock-based compensation expense			100
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) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				5 years
Performance-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			100	$ 200
Total unrecognized compensation cost			200	$ 200		$ 400
Weighted average remaining contractual term				1 year
Performance-Based RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				2 years
Service-Based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			700	$ 2,000
Total unrecognized compensation cost			4,100	$ 4,100		3,000
Weighted average remaining contractual term				2 years
Granted during the period (in dollars per share)				$ 19.79
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				3 years
Market-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			400	$ 1,200
Award vesting period				3 years
Total unrecognized compensation cost			$ 2,500	$ 2,500		$ 2,000
Weighted average remaining contractual term				1 year 10 months 24 days
Expected volatility (as a percent)				29%
Minimum expected volatility (as a percent)				32.20%
Maximum expected volatility (as a percent)				102.80%
Weighted average expected volatility (as a percent)				46.70%
Risk free interest rate (as a percent)				4.46%
Targeted TSR (in dollars per share)				$ 24.13
Absolute TSR (in dollars per share)				20.15
Granted during the period (in dollars per share)				$ 21.57
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, 2023 $ / shares shares
Performance-Based RSUs
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) | shares	61,391
Vesting during the period (in shares) | shares	(632)
Ending balance (in shares) | shares	60,759
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 19.75
Vesting during the period (in dollars per share) | $ / shares	19.75
Ending balance (in dollars per share) | $ / shares	$ 19.75
Service-Based RSUs
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) | shares	247,079
Forfeited during the period (in shares) | shares	(1,627)
Vesting during the period (in shares) | shares	(108,300)
Granted during the period (in shares) | shares	161,757
Ending balance (in shares) | shares	298,909
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 19.86
Forfeited during the period (in dollars per share) | $ / shares	20.17
Vesting during the period (in dollars per share) | $ / shares	19.93
Granted during the period (in dollars per share) | $ / shares	19.79
Ending balance (in dollars per share) | $ / shares	$ 19.79
Market-Based Awards
Unvested Restricted Stock Grants Outstanding
Beginning balance (in shares) | shares	177,350
Forfeited during the period (in shares) | shares	(543)
Granted during the period (in shares) | shares	81,751
Ending balance (in shares) | shares	258,558
Weighted Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 19.83
Forfeited during the period (in dollars per share) | $ / shares	19.36
Granted during the period (in dollars per share) | $ / shares	21.57
Ending balance (in dollars per share) | $ / shares	$ 20.38

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	Sep. 30, 2023 shares	Dec. 31, 2022 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
OP Unit conversion ratio per share	1
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Units outstanding (in shares)	487,841	513,467

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 4,239	$ (792)	$ 1,481	$ 1,419	$ 2,010	$ 1,966	$ 4,928	$ 5,395
Net income attributable to noncontrolling interest	24			16			32	63
Net income attributable to common shares, basic	4,215			1,403			4,896	5,332
Net income attributable to common shares, diluted	$ 4,239			$ 1,419			$ 4,928	$ 5,395
Denominator:
Weighted average common shares outstanding, basic (in shares)	67,112,587			50,449,735			62,123,334	47,679,870
OP Units (in shares)	501,987			514,890			507,014	530,940
Unvested RSUs (in shares)	173,001			255,613			167,215	261,727
Unsettled shares under open forward equity contracts (in shares)	260,794			164,520			100,394	184,512
Weighted average common shares outstanding - diluted (in shares)	68,048,369			51,384,758			62,897,957	48,657,049
Net loss available to common stockholders per common share, basic (in dollars per share)	$ 0.06			$ 0.03			$ 0.08	$ 0.11
Net loss available to common stockholders per common share, diluted (in dollars per share)	$ 0.06			$ 0.03			$ 0.08	$ 0.11

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Aug. 31, 2021 USD ($) renewalOption	Sep. 30, 2023 USD ($) property	Sep. 30, 2023 USD ($) property
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Tenant Improvement Allowance Commitment		$ 4.1	$ 4.1
Tenant Improvement Allowance Commitment Period		2 years	2 years
Property developments under construction | property		14	27
Corporate Office Lease
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lease term	8 years 9 months 18 days
Renewal options | renewalOption	2
Lease extension term	5 years
Annual rent expense	$ 0.5
Twenty Seven Properties
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected investment in real estate assets		$ 37.9	$ 37.9
Remaining funding period of real estate assets			2 years

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands							1 Months Ended		9 Months Ended
	Oct. 25, 2023	Sep. 15, 2023	Apr. 25, 2023	Feb. 21, 2023	Apr. 26, 2022	Feb. 22, 2022	Oct. 25, 2023	Jul. 26, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)		$ 0.205	$ 0.200	$ 0.200	$ 0.200	$ 0.200		$ 0.200	$ 0.605	$ 0.600
Subsequent Event
Subsequent Event [Line Items]
Cash dividend declared (in dollars per share)	$ 0.205
Subsequent Event | Revolver | New Credit Facility | Line of Credit
Subsequent Event [Line Items]
Proceeds from Long-Term Lines of Credit							$ 35,000