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Rental Property
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Rental Property Rental Property
The following table summarizes the components of rental property, net as of June 30, 2026 and December 31, 2025.

Rental Property (in thousands)June 30, 2026December 31, 2025
Land$848,814 $811,569 
Buildings, net of accumulated depreciation of $918,096 and $855,290, respectively
4,958,501 4,785,314 
Tenant improvements, net of accumulated depreciation of $48,067 and $43,997, respectively
48,409 45,922 
Building and land improvements, net of accumulated depreciation of $247,118 and $220,644, respectively
640,589 613,864 
Construction in progress171,279 148,371 
Deferred leasing intangibles, net of accumulated amortization of $458,083 and $425,502, respectively
401,767 394,967 
Total rental property, net$7,069,359 $6,800,007 
Acquisitions

The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 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, 2026748,833 180,713 
Dallas, TX(2)
April 28, 2026— — 3,536 
Phoenix, AZ(2)
April 30, 2026— — 16,979 
Greenville, SCMay 26, 2026560,240 1 62,373 
Chicago, ILMay 26, 2026246,446 131,493 
Cleveland, OHJune 11, 2026280,614 134,726 
Indianapolis, INJune 17, 2026826,687 284,732 
Kansas City, MIJune 23, 2026574,732 155,493 
Greenville, SCJune 29, 2026141,960 118,322 
Three months ended June 30, 20262,630,679 7 307,654 
Six months ended June 30, 20263,379,512 8 $388,367 
(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.
(2) The Company acquired a vacant land parcel.


The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2026 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.

Six Months Ended June 30, 2026
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$44,094 
Buildings271,976 
Tenant improvements5,428 
Building and land improvements13,938 
Deferred leasing intangibles - in-place leases37,234 9.2
Deferred leasing intangibles - tenant relationships15,218 12.7
Deferred leasing intangibles - above market leases2,256 7.0
Deferred leasing intangibles - below market leases(1,777)7.5
Total purchase price$388,367  

Dispositions

The following table summarizes the Company’s dispositions during the six months ended June 30, 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)Six months ended June 30, 2026
Number of buildings3
Building square feet (in millions)0.9
Proceeds from sales of rental property, net$51,449 
Net book value$28,004 
Gain on the sales of rental property, net$23,445 
The following table summarizes the results of operations for the three and six months ended June 30, 2026 and 2025 for the buildings sold during the six months ended June 30, 2026, which is included in the Company’s Consolidated Statements of Operations prior to the date of sale.

 Three months ended June 30,Six months ended June 30,
Sales of rental property, net (dollars in thousands)2026202520262025
Sold buildings contribution to net income(1)
$(216)$610 $(518)$1,157 
(1) Exclusive of gain on the sales of rental property, net.


Assets Held for Sale

As of June 30, 2026, the related land and building and improvements, net, of approximately $2.4 million and $11.8 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 June 30, 2026.

Deferred Leasing Intangibles

The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025.

June 30, 2026December 31, 2025
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$73,325 $(44,138)$29,187 $71,657 $(41,824)$29,833 
Other intangible lease assets786,525 (413,945)372,580 748,812 (383,678)365,134 
Total deferred leasing intangible assets$859,850 $(458,083)$401,767 $820,469 $(425,502)$394,967 
Below market leases$57,925 $(34,309)$23,616 $59,664 $(34,098)$25,566 
Total deferred leasing intangible liabilities$57,925 $(34,309)$23,616 $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 and six months ended June 30, 2026 and 2025.

 Three months ended June 30,Six months ended June 30,
Deferred Leasing Intangibles Amortization (in thousands)2026202520262025
Net increase to rental income related to above and below market lease amortization$323 $637 $826 $1,215 
Amortization expense related to other intangible lease assets$23,618 $20,937 $45,007 $42,031