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Rental Property (Tables)
 3 Months Ended
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, 2026December 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 progress149,345 148,371 
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 AcquiredSquare FeetNumber of BuildingsPurchase Price (in thousands)
Kansas City, MOFebruary 9, 2026748,833 1$80,713 
Three months ended March 31, 2026748,833 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 LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$7,256 
Buildings56,108 
Tenant improvements2,326 
Building and land improvements3,798 
Deferred leasing intangibles - in-place leases8,685 12.4
Deferred leasing intangibles - tenant relationships2,540 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 buildings1
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)20262025
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, 2026December 31, 2025
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$71,534 $(43,167)$28,367 $71,657 $(41,824)$29,833 
Other intangible lease assets756,600 (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)20262025
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