v3.25.4

REAL ESTATE PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2025
Real Estate [Abstract] |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2025 and 2024 were as follows:
| December 31,
2025 |  | 2024
(In thousands)
Real estate properties: |  |  |
Land | $ | 951,787 |  |  | 888,140 |
Buildings and building improvements | 4,173,416 |  |  | 3,815,850 |
Tenant and other improvements | 829,609 |  |  | 761,061 |
Right of use assets — Ground leases (operating) (1) | 34,976 |  |  | 38,393 |
Development and value-add properties (2) | 710,200 |  |  | 674,472 |
| 6,699,988 |  |  | 6,177,916 |
Accumulated depreciation | (1,583,532) |  |  | (1,415,576) |
| $ | 5,116,456 |  |  | 4,762,340 |
(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, 2025, 2024 and 2023 follows:
REAL ESTATE PROPERTIES ACQUIRED |  | Location |  | Size (unaudited) |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
2025 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
LifeScience Logistics Center |  | Raleigh, NC |  | 251,000 |  |  | 07/08/2025 |  | $ | 47,150 |
Lumley Logistics Center |  | Raleigh, NC |  | 67,000 |  |  | 07/15/2025 |  | 14,174 |
McKinney Airport Trade Center |  | Dallas, TX |  | 320,000 |  |  | 09/19/2025 |  | 60,641 |
EastGroup Point at Cheyenne |  | Las Vegas, NV |  | 101,000 |  |  | 12/09/2025 |  | 21,134 |
Total 2025 operating property acquisitions (2) |  |  |  | 739,000 |  |  |  |  | $ | 143,099 |
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 (3) |  | Dallas, TX |  | 492,000 |  |  | 11/21/2024 |  | 75,852 |
Akimel Gateway (3) |  | Phoenix, AZ |  | 519,000 |  |  | 12/26/2024 |  | 82,998 |
Total 2024 operating property acquisitions (2) |  |  |  | 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 2023 operating property acquisitions (2) |  |  |  | 987,000 |  |  |  |  | $ | 165,116 |
(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)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. Excludes acquired development land as detailed below. (3)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.
Sales of real estate properties [Table] | A summary of operating properties sold during the years ended December 31, 2025, 2024 and 2023 follows:
REAL ESTATE PROPERTIES SOLD |  | Location |  | Size (unaudited) |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  | (Square feet) |  |  |  | (In thousands)
2025 |  |  |  |  |  |  |  |  |  |  |  |
Laura Alice Business Center |  | San Francisco, CA |  | 12,000 |  |  | 06/02/2025 |  | $ | 3,371 |  |  | 3,371 |  |  | — |
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 |
Development and value-add properties summary | A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2025 follows:
| Actual or Estimated Building Size (unaudited) |  | Cumulative Costs Incurred as of 12/31/2025 |  | Projected Total Costs (1) (unaudited) |  |  |  |  |  |  |  |  |
| (Square feet) |  | (In thousands) |  |  |  |  |  |  |  |  |
Lease-up | 1,935,000 |  |  | $ | 230,578 |  |  | $ | 266,300 |  |  |  |  |  |  |  |  |  |
Under construction | 1,538,000 |  |  | 108,005 |  |  | 233,600 |  |  |  |  |  |  |  |  |  |
Total lease-up and under construction | 3,473,000 |  |  | 338,583 |  |  | $ | 499,900 |  |  |  |  |  |  |  |  |  |
Prospective development (primarily land) | 11,798,000 |  |  | 371,617 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties as of December 31, 2025 | 15,271,000 |  |  | $ | 710,200 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties transferred to Real estate properties during the year ended December 31, 2025 | 2,109,000 |  |  | $ | 279,082 |  |  | (2) |  |  |  |  |  |  |  |  |
(1)Included in these costs are development obligations of $94,201,000 and tenant improvement obligations of $9,552,000 on properties under development. (2)Represents cumulative costs at the date of transfer.
Schedule of Future Minimum Rental Payments For Operating LeasesTableTextBlock | The following schedule indicates approximate future minimum ground lease payments, including renewal periods, for these properties by year as of December 31, 2025:
Years Ending December 31, |  | (In thousands)
2026 |  | $ | 2,951 |
2027 |  | 2,968 |
2028 |  | 3,040 |
2029 |  | 3,101 |
2030 |  | 3,148 |
Thereafter |  | 149,219 |
Total minimum payments |  | 164,427 |
Imputed interest (1) |  | (127,355) |
Total ground lease liabilities |  | $ | 37,072 |
(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 rate for the Company's ground leases was 6.82% as of December 31, 2025 and 2024.

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