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Rental Property | 3 Months Ended
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Mar. 31, 2026
Real Estate [Abstract] |
Rental Property | Rental Property 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 |
Acquisitions 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. 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 |  |  |
Dispositions 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. Assets Held for Sale As of March 31, 2026, the related land and building and improvements, net, of approximately $0.9 million and $6.6 million, respectively, for one building were classified as assets held for sale, net on the accompanying Consolidated Balance Sheets. The building is anticipated to be sold to a third-party within one year. Variable Interest Entities The buildings acquired through reverse like-kind exchanges agreements pursuant to Section 1031 of the Code during the year ended December 31, 2025, were completed during the three months ended March 31, 2026, and as such the Company is now the legal owner of the entities. Accordingly, these entities are no longer deemed variable interest entities as of March 31, 2026. Deferred Leasing Intangibles 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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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
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