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Schedule III - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate and Accumulated Depreciation
Number of PropertiesInitial CostCost of ImprovementsGross Carrying AmountAccumulated Depreciation
MarketLandBuilding LandBuildingLandBuildingEncumbrances (a)Year(s) of Acquisition
Atlanta, GA13$102,866 $903,813 $— $101,001 $102,866 $1,004,814 $(124,992)(b)
2015 - 2021
Austin, TX13,857 48,719 — 7,726 3,857 56,445 (6,152)2021
Birmingham, AL (c)16,729 129,856 — (13,891)6,729 115,965 (12,582)(b)2021
Charleston, SC29,260 69,104 — 3,846 9,260 72,950 (17,489)2015
Charlotte, NC426,294 234,257 — 2,050 26,294 236,307 (19,508)
2015 - 2024
Cincinnati, OH26,939 111,937 — 6,001 6,939 117,938 (10,806)2021
Columbus, OH1028,870 308,917 — 43,141 28,870 352,058 (53,930)
2014 - 2021
Dallas, TX1468,829 749,578 — 61,781 68,829 811,359 (93,128)(b)
2015 - 2021
Denver, CO (d)735,836 437,901 — 21,651 35,836 459,552 (38,339)(b)
2021 - 2023
Greenville, SC17,330 111,833 — 7,111 7,330 118,944 (11,283)2021
Houston, TX518,767 186,226 — 9,984 18,767 196,210 (18,267)2021
Huntsville, AL424,000 212,753 — 4,842 24,000 217,595 (20,027)
2015 - 2023
Indianapolis, IN722,284 251,814 — 20,424 22,284 272,238 (36,802)(b)
2012 - 2021
Lexington, KY39,467 145,715 — 8,515 9,467 154,230 (14,278)2021
Louisville, KY421,228 102,521 — 19,534 21,228 122,055 (35,057)2014
Memphis, TN410,730 124,023 — 25,655 10,730 149,678 (42,175)
2014 - 2015
Myrtle Beach, SC - Wilmington, NC34,580 55,797 — 7,964 4,580 63,761 (13,111)(b)2017
Nashville, TN533,939 318,936 — 22,150 33,939 341,086 (32,435)(b)
2021 - 2022
Oklahoma City, OK817,099 280,770 — 39,577 17,099 320,347 (42,305)(b)
2014 - 2021
Orlando, FL214,151 113,622 — 5,106 14,151 118,728 (11,243)
2015 - 2024
Raleigh - Durham, NC634,409 199,323 — 20,893 34,409 220,216 (50,440)
2014 - 2019
San Antonio, TX14,604 50,501 — 2,422 4,604 52,923 (5,107)2021
Tampa-St. Petersburg, FL655,706 287,436 3,920 52,101 59,626 339,537 (44,083)
2017 - 2024
113$567,774 $5,435,352 $3,920 $479,584 $571,694 $5,914,936 $(753,539)
(a)Encumbrances exclude the principal balance of $585,635 and associated deferred financing costs related to the secured credit facilities.
(b)Represents properties with gross assets of $2,783,529 and mortgage note indebtedness of $780,794.
(c)Includes properties classified as held for sale as of December 31, 2024.
(d)Includes development placed in service of $111,398 at one development property.
Investments in Real Estate
December 31, 2024 (1)
December 31, 2023 (2)
December 31, 2022 (3)
Balance, beginning of period$6,579,190 $6,652,083 $6,534,563 
Additions during period:
Acquisitions and consolidations235,333 49,939 201,611 
Improvements to land and building146,046 217,235 85,227 
Deductions during period:
Dispositions of real estate(411,833)(283,991)(161,836)
Impairment of real estate assets held for sale(20,995)(32,956)— 
Asset write-offs(41,111)(23,120)(7,482)
Balance, end of period:$6,486,630 $6,579,190 $6,652,083 
Accumulated Depreciation
December 31, 2024 (1)
December 31, 2023 (1)
December 31, 2022 (3)
Balance, beginning of period$606,404 $426,097 $254,123 
Depreciation expense218,445 216,838 197,539 
Dispositions of real estate(30,199)(13,411)(18,083)
Asset write-off(41,111)(23,120)(7,482)
Balance, end of period:$753,539 $606,404 $426,097 
(1)Includes one property classified as held for sale as of December 31, 2024.
(2)Includes six properties classified as held for sale as of December 31, 2023.
(3)Includes one property classified as held for sale as of December 31, 2022