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Rental Property (Tables) | 3 Months Ended
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Mar. 31, 2026
Real Estate [Abstract] |
Schedule of Real Estate Properties | The following table summarizes the components of rental property, net as of March 31, 2026 and December 31, 2025.
Rental Property (in thousands) |  | March 31, 2026 |  | December 31, 2025
Land |  | $ | 815,587 |  |  | $ | 811,569 |
Buildings, net of accumulated depreciation of $885,907 and $855,290, respectively |  | 4,792,953 |  |  | 4,785,314 |
Tenant improvements, net of accumulated depreciation of $46,338 and $43,997, respectively |  | 47,302 |  |  | 45,922 |
Building and land improvements, net of accumulated depreciation of $233,202 and $220,644, respectively |  | 628,147 |  |  | 613,864 |
Construction in progress |  | 149,345 |  |  | 148,371 |
Deferred leasing intangibles, net of accumulated amortization of $444,797 and $425,502, respectively |  | 383,337 |  |  | 394,967 |
Total rental property, net |  | $ | 6,816,671 |  |  | $ | 6,800,007 |
Asset Acquisition | The following table summarizes the Company’s acquisitions during the three months ended March 31, 2026. The Company accounted for all of its acquisitions as asset acquisitions.
Market(1) |  | Date Acquired |  | Square Feet |  | Number of Buildings |  | Purchase Price (in thousands)
Kansas City, MO |  | February 9, 2026 |  | 748,833 |  |  | 1 |  | $ | 80,713 |
Three months ended March 31, 2026 |  |  |  | 748,833 |  |  | 1 |  | $ | 80,713 |
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition | The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2026 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.
|  | Three Months Ended March 31, 2026
Acquired Assets and Liabilities |  | Purchase Price (in thousands) |  | Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land |  | $ | 7,256 |  |  |
Buildings |  | 56,108 |  |  |
Tenant improvements |  | 2,326 |  |  |
Building and land improvements |  | 3,798 |  |  |
Deferred leasing intangibles - in-place leases |  | 8,685 |  |  | 12.4
Deferred leasing intangibles - tenant relationships |  | 2,540 |  |  | 16.4
Total purchase price |  | $ | 80,713 |  |  |
Disposal Groups, Including Discontinued Operations | The following table summarizes the Company’s dispositions during the three months ended March 31, 2026. The dispositions were sold to third parties and were accounted for under the full accrual method.
Sales of rental property, net (dollars in thousands) |  | Three months ended March 31, 2026 |  |  |  |  |
Number of buildings |  | 1 |  |  |  |  |
Building square feet (in millions) |  | 0.6 |  |  |  |  |
Proceeds from sales of rental property, net |  | $ | 29,573 |  |  |  |  |  |
Net book value |  | $ | 14,474 |  |  |  |  |  |
Gain on the sales of rental property, net |  | $ | 15,099 |  |  |  |  |  |
The following table summarizes the results of operations for the three months ended March 31, 2026 and 2025 for the buildings sold during the three months ended March 31, 2026, which is included in the Company’s Consolidated Statements of Operations prior to the date of sale.
|  | Three months ended March 31, |  |
Sales of rental property, net (dollars in thousands) |  | 2026 |  | 2025 |  |  |  |
Sold buildings contribution to net income(1) |  | $ | 4 |  |  | $ | 492 |  |  |  |  |
(1) Exclusive of gain on the sales of rental property, net.
Schedule of Finite-Lived Intangible Assets and Below Market Leases | The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.
|  | March 31, 2026 |  | December 31, 2025
Deferred Leasing Intangibles (in thousands) |  | Gross |  | Accumulated Amortization |  | Net |  | Gross |  | Accumulated Amortization |  | Net
Above market leases |  | $ | 71,534 |  |  | $ | (43,167) |  |  | $ | 28,367 |  |  | $ | 71,657 |  |  | $ | (41,824) |  |  | $ | 29,833 |
Other intangible lease assets |  | 756,600 |  |  | (401,630) |  |  | 354,970 |  |  | 748,812 |  |  | (383,678) |  |  | 365,134 |
Total deferred leasing intangible assets |  | $ | 828,134 |  |  | $ | (444,797) |  |  | $ | 383,337 |  |  | $ | 820,469 |  |  | $ | (425,502) |  |  | $ | 394,967 |
Below market leases |  | $ | 59,491 |  |  | $ | (35,894) |  |  | $ | 23,597 |  |  | $ | 59,664 |  |  | $ | (34,098) |  |  | $ | 25,566 |
Total deferred leasing intangible liabilities |  | $ | 59,491 |  |  | $ | (35,894) |  |  | $ | 23,597 |  |  | $ | 59,664 |  |  | $ | (34,098) |  |  | $ | 25,566 |
The following table summarizes the impact to rental income and amortization expense for the amortization of deferred leasing intangibles during the three months ended March 31, 2026 and 2025.
|  | Three months ended March 31, |  |
Deferred Leasing Intangibles Amortization (in thousands) |  | 2026 |  | 2025 |  |  |  |
Net increase to rental income related to above and below market lease amortization |  | $ | 503 |  |  | $ | 578 |  |  |  |  |
Amortization expense related to other intangible lease assets |  | $ | 21,389 |  |  | $ | 21,094 |  |  |  |  |

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