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REAL ESTATE PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2024
Real Estate [Abstract] |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2024 and 2023 were as follows:
| December 31,
2024 |  | 2023
(In thousands)
Real estate properties: |  |  |
Land | $ | 888,140 |  |  | 814,364 |
Buildings and building improvements | 3,815,850 |  |  | 3,336,615 |
Tenant and other improvements | 761,061 |  |  | 684,573 |
Right of use assets — Ground leases (operating) (1) | 38,393 |  |  | 17,996 |
Development and value-add properties (2) | 674,472 |  |  | 639,647 |
| 6,177,916 |  |  | 5,493,195 |
Less accumulated depreciation | (1,415,576) |  |  | (1,273,723) |
| $ | 4,762,340 |  |  | 4,219,472 |
(1)See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases. (2)Value-add properties are defined in Note 1(e).
Real Estate Properties Acquired | A summary of real estate properties acquired for the years ended December 31, 2024, 2023 and 2022 follows:
|  |  |  | (Unaudited) |  |  |  |
REAL ESTATE PROPERTIES ACQUIRED |  | Location |  | Size |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
2024 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
Spanish Ridge Industrial Park |  | Las Vegas, NV |  | 231,000 |  |  | 01/23/2024 |  | $ | 54,859 |
147 Exchange |  | Raleigh, NC |  | 274,000 |  |  | 05/03/2024 |  | 52,945 |
Hays Commerce Center 3 & 4 |  | Austin, TX |  | 179,000 |  |  | 08/19/2024 |  | 35,781 |
Riverpoint Industrial Park |  | Atlanta, GA |  | 779,000 |  |  | 11/12/2024 |  | 87,576 |
DFW Global Logistics Centre 5-8 (2) |  | Dallas, TX |  | 492,000 |  |  | 11/21/2024 |  | 75,852 |
Akimel Gateway (2) |  | Phoenix, AZ |  | 519,000 |  |  | 12/26/2024 |  | 82,998 |
Total operating property acquisitions (3) |  |  |  | 2,474,000 |  |  |  |  | 390,011 |
Total value-add property acquisitions (4) |  |  |  | — |  |  |  |  | — |
Total acquired assets in 2024 (5) |  |  |  | 2,474,000 |  |  |  |  | $ | 390,011 |
2023 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
Craig Corporate Center |  | Las Vegas, NV |  | 156,000 |  |  | 04/18/2023 |  | $ | 34,365 |
Blue Diamond Business Park |  | Las Vegas, NV |  | 254,000 |  |  | 09/05/2023 |  | 52,973 |
McKinney Logistics Center |  | Dallas, TX |  | 193,000 |  |  | 10/02/2023 |  | 25,739 |
Park at Myatt |  | Nashville, TN |  | 171,000 |  |  | 11/03/2023 |  | 30,793 |
Pelzer Point Commerce Center 1 |  | Greenville, SC |  | 213,000 |  |  | 12/21/2023 |  | 21,246 |
Total operating property acquisitions (3) |  |  |  | 987,000 |  |  |  |  | 165,116 |
Total value-add property acquisitions (4) |  |  |  | — |  |  |  |  | — |
Total acquired assets in 2023 (5) |  |  |  | 987,000 |  |  |  |  | $ | 165,116 |
2022 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
Cebrian Distribution Center and Reed Distribution Center (6) |  | Sacramento, CA |  | 329,000 |  |  | 06/01/2022 |  | $ | 49,726 |
6 th Street Business Center, Benicia Distribution Center 1-5, Ettie Business Center, Laura Alice Business Center, Preston Distribution Center, Sinclair Distribution Center, Transit Distribution Center and Whipple Business Center (6) |  | San Francisco, CA |  | 1,377,000 |  |  | 06/01/2022 |  | 309,404 |
Total operating property acquisitions (3) |  |  |  | 1,706,000 |  |  |  |  | 359,130 |
VALUE-ADD PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
Cypress Preserve 1 & 2 |  | Houston, TX |  | 516,000 |  |  | 03/28/2022 |  | 54,462 |
Zephyr Distribution Center |  | San Francisco, CA |  | 82,000 |  |  | 04/08/2022 |  | 29,017 |
Mesa Gateway Commerce Center |  | Phoenix, AZ |  | 147,000 |  |  | 04/15/2022 |  | 18,315 |
Access Point 3 |  | Greenville, SC |  | 299,000 |  |  | 07/12/2022 |  | 21,127 |
Total value-add property acquisitions (4) |  |  |  | 1,044,000 |  |  |  |  | 122,921 |
Total acquired assets in 2022 (5) |  |  |  | 2,750,000 |  |  |  |  | $ | 482,051 |
(1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2)This operating property is located on land subject to a ground lease. See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases. (3)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. (4)Value-add properties are defined in Note 1(e). (5)Excludes acquired development land as detailed below. (6)The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000.
Sales of real estate properties [Table] | A summary of operating properties sold during for the years ended December 31, 2024, 2023 and 2022 follows:
|  |  |  | (Unaudited) |  |  |  |  |  |  |  |
REAL ESTATE PROPERTIES SOLD |  | Location |  | Size |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  | (Square feet) |  |  |  | (In thousands)
2024 |  |  |  |  |  |  |  |  |  |  |  |
Interchange Business Park and Metro Airport Commerce Center |  | Jackson, MS |  | 159,000 |  |  | 03/05/2024 |  | $ | 13,614 |  |  | 4,863 |  |  | 8,751 |
2023 |  |  |  |  |  |  |  |  |  |  |  |
World Houston 23 |  | Houston, TX |  | 125,000 |  |  | 03/31/2023 |  | $ | 9,327 |  |  | 4,518 |  |  | 4,809 |
Ettie Business Center |  | San Francisco, CA |  | 29,000 |  |  | 11/20/2023 |  | 11,638 |  |  | 8,845 |  |  | 2,793 |
Los Angeles Corporate Center |  | Los Angeles, CA |  | 77,000 |  |  | 12/29/2023 |  | 16,006 |  |  | 5,643 |  |  | 10,363 |
Total for 2023 |  |  |  | 231,000 |  |  |  |  | $ | 36,971 |  |  | 19,006 |  |  | 17,965 |
2022 |  |  |  |  |  |  |  |  |  |  |  |
Metro Business Park |  | Phoenix, AZ |  | 189,000 |  |  | 01/06/2022 |  | $ | 32,851 |  |  | 5,880 |  |  | 26,971 |
Cypress Creek Business Park (1) |  | Fort Lauderdale, FL |  | 56,000 |  |  | 03/31/2022 |  | 5,282 |  |  | 1,901 |  |  | 3,381 |
World Houston 15 East |  | Houston, TX |  | 42,000 |  |  | 05/11/2022 |  | 12,873 |  |  | 2,226 |  |  | 10,647 |
Total for 2022 |  |  |  | 287,000 |  |  |  |  | $ | 51,006 |  |  | 10,007 |  |  | 40,999 |
(1)Cypress Creek Business Park is located on a ground lease. In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $1,745,000.
Development and value-add properties summary | A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2024 follows:
| (Unaudited) |  |  |  | (Unaudited) |  |  |  |  |  |  |  |  |
| Actual or Estimated Building Size |  | Cumulative Costs Incurred as of 12/31/2024 |  | Projected Total Costs |  |  |  |  |  |  |  |  |
| (Square feet) |  | (In thousands) |  |  |  |  |  |  |  |  |
Lease-up | 1,721,000 |  |  | $ | 223,889 |  |  | $ | 239,400 |  |  |  |  |  |  |  |  |  |
Under construction | 2,422,000 |  |  | 200,179 |  |  | 369,300 |  |  |  |  |  |  |  |  |  |
Total lease-up and under construction | 4,143,000 |  |  | 424,068 |  |  | $ | 608,700 |  |  |  |  |  |  |  |  |  |
Prospective development (primarily land) | 9,919,000 |  |  | 250,404 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties as of December 31, 2024 | 14,062,000 |  |  | $ | 674,472 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties transferred to Real estate properties during the year ended December 31, 2024 | 1,519,000 |  |  | $ | 199,971 |  |  | (1) |  |  |  |  |  |  |  |  |
(1) Represents cumulative costs at the date of transfer.
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments, including renewal periods, for these properties by year as of December 31, 2024:
Years Ending December 31, |  | (In thousands)
2025 |  | $ | 2,821 |
2026 |  | 2,951 |
2027 |  | 2,968 |
2028 |  | 3,040 |
2029 |  | 3,102 |
Thereafter |  | 152,366 |
Total minimum payments |  | 167,248 |
Imputed interest (1) |  | (127,861) |
Total ground lease liabilities |  | $ | 39,387 |
(1)As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases and the Company’s estimated borrowing costs, to determine the imputed interest for its ground leases. The weighted-average discount rates for the Company's ground leases were 6.82% and 5.99% as of December 31, 2024 and 2023, respectively.

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