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Schedule III - Real Estate and Accumulated Depreciation and Amortization

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III

Description			Location						Encumbrances			Land and Land Estates			Buildings and Improvements			Total			Accumulated Depreciation and Amortization(1)			Date Acquired/Constructed
WAREHOUSE/DISTRIBUTION PROPERTIES
Industrial			Chandler, AZ						$	—		$	10,733		$	69,759		$	80,492		$	13,480		2020
Industrial			Goodyear, AZ						—			5,247			36,115			41,362			10,038			2018
Industrial			Goodyear, AZ						39,418			11,970			50,072			62,042			11,376			2019
Industrial			Goodyear, AZ						—			1,614			16,222			17,836			3,291			2020
Industrial			Goodyear, AZ						—			7,552			29,621			37,173			2,869			2023
Industrial			Goodyear, AZ						—			11,732			52,840			64,572			6,823			2021
Industrial			Goodyear, AZ						—			9,448			43,026			52,474			2,753			2024
Industrial			Phoenix, AZ						—			8,027			78,258			86,285			11,409			2021
Industrial			Phoenix, AZ						—			5,366			49,199			54,565			5,644			2022
Industrial			Tolleson, AZ						—			3,311			16,013			19,324			3,707			2019
Industrial			Lakeland, FL						—			1,416			21,013			22,429			3,550			2021
Industrial			Ocala, FL						—			4,113			50,034			54,147			9,871			2020
Industrial			Ocala, FL						—			11,376			70,173			81,549			2,573			2024
Industrial			Orlando, FL						—			5,278			13,782			19,060			5,156			2006/2024
Industrial			Plant City, FL						—			2,610			48,884			51,494			7,864			2021
Industrial			Ruskin, FL						—			4,493			14,483			18,976			290			2024
Industrial			Ruskin, FL						—			4,713			15,801			20,514			419			2023/2024
Industrial			Tampa, FL						—			2,160			11,109			13,269			8,913			1988
Industrial			Adairsville, GA						—			1,465			23,950			25,415			3,325			2021
Industrial			Adairsville, GA						—			2,728			41,181			43,909			366			2024
Industrial			Austell, GA						—			3,251			51,518			54,769			18,204			2019
Industrial			Cartersville, GA						—			2,497			42,242			44,739			5,704			2021
Industrial			Cartersville, GA						—			2,006			33,279			35,285			4,379			2021
Industrial			Cartersville, GA						—			2,378			25,861			28,239			228			2024
Industrial			Fairburn, GA						—			7,209			44,269			51,478			6,504			2021
Industrial			McDonough, GA						—			5,441			52,790			58,231			16,254			2017
Industrial			McDonough, GA						—			3,253			32,203			35,456			8,092			2019
Industrial			Pooler, GA						—			1,690			30,356			32,046			6,330			2020
Industrial			Rincon, GA						—			3,775			34,357			38,132			6,468			2020
Industrial			Rincon, GA						—			5,612			25,602			31,214			183			2024
Industrial			Savannah, GA						—			2,560			25,812			28,372			5,079			2020
Industrial			Savannah, GA						—			1,070			7,458			8,528			1,472			2020
Industrial			Union City, GA						—			2,536			22,905			25,441			5,547			2019
Industrial			Edwardsville, IL						—			4,593			34,817			39,410			11,642			2016
Industrial			Edwardsville, IL						—			3,649			41,657			45,306			12,140			2018
Industrial			Rantoul, IL						—			1,304			32,562			33,866			9,841			2014
Industrial			Rockford, IL						—			371			4,624			4,995			1,442			2006
Industrial			Rockford, IL						—			509			5,921			6,430			2,705			2006
Industrial			Greenfield, IN						—			5,126			58,692			63,818			2,162			2024
Industrial			Lafayette, IN						—			662			15,814			16,476			5,801			2017
Industrial			Lebanon, IN						—			2,100			29,996			32,096			9,720			2017
Industrial			Whiteland, IN						—			741			14,486			15,227			2,041			2021
Industrial			Whiteland, IN						—			1,991			39,334			41,325			5,708			2021
Industrial			Whiteland, IN						—			695			13,956			14,651			1,964			2021
Industrial			Whitestown, IN						—			1,954			17,368			19,322			4,416			2019
Industrial			Whitestown, IN						—			1,162			11,825			12,987			2,028			2021
Industrial			Whitestown, IN						—			1,208			12,337			13,545			2,078			2021
Industrial			Whitestown, IN						—			8,335			80,054			88,389			11,086			2021
Industrial			New Century, KS						—			—			15,115			15,115			4,824			2017
Industrial			Walton, KY						—			2,010			23,837			25,847			3,205			2022
Industrial			Walton, KY						—			4,197			41,043			45,240			5,120			2022
Industrial			Minneapolis, MN						—			1,886			1,922			3,808			736			2012
Industrial			Byhalia, MS						—			1,006			35,795			36,801			12,898			2011
Industrial			Byhalia, MS						—			1,751			31,452			33,203			12,759			2017
Industrial			Canton, MS						—			5,077			71,289			76,366			32,839			2015

Description			Location						Encumbrances			Land and Land Estates			Buildings and Improvements			Total			Accumulated Depreciation and Amortization(1)			Date Acquired/Constructed
Industrial			Olive Branch, MS						—			2,500			48,907			51,407			13,142			2018
Industrial			Olive Branch, MS						—			1,958			38,702			40,660			12,032			2018
Industrial			Olive Branch, MS						—			2,646			40,446			43,092			9,720			2019
Industrial			Olive Branch, MS						—			851			15,630			16,481			3,698			2019
Industrial			Shelby, NC						—			1,421			18,862			20,283			8,799			2011
Industrial			Statesville, NC						—			891			22,056			22,947			9,706			2006
Industrial			Erwin, NY						—			1,648			12,514			14,162			5,892			2012
Industrial			Long Island City, NY						16,097			—			42,759			42,759			33,671			2013
Industrial			Chillicothe, OH						—			735			12,464			13,199			5,690			2011
Industrial			Columbus, OH						—			2,251			25,349			27,600			3,737			2021
Industrial			Etna, OH						—			6,536			58,202			64,738			2,770			2023
Industrial			Etna, OH						—			3,113			20,766			23,879			346			2024
Industrial			Hebron, OH						—			1,803			15,128			16,931			4,103			1997
Industrial			Hebron, OH						—			2,052			14,332			16,384			5,775			2001
Industrial			Lockbourne, OH						—			2,800			16,678			19,478			2,980			2021
Industrial			Monroe, OH						—			544			14,120			14,664			3,322			2019
Industrial			Monroe, OH						—			3,123			61,410			64,533			14,465			2019
Industrial			Monroe, OH						—			3,950			89,007			92,957			20,275			2019
Industrial			Monroe, OH						—			1,109			16,477			17,586			2,574			2021
Industrial			Streetsboro, OH						—			2,441			25,351			27,792			14,305			2007
Industrial			Bristol, PA						—			2,508			15,863			18,371			11,009			1998
Industrial			Duncan, SC						—			1,615			27,988			29,603			6,978			2019
Industrial			Duncan, SC						—			1,406			14,282			15,688			3,262			2019
Industrial			Duncan, SC						—			1,257			13,439			14,696			3,064			2019
Industrial			Duncan, SC						—			2,819			24,509			27,328			3,704			2021
Industrial			Duncan, SC						—			1,169			23,206			24,375			3,457			2021
Industrial			Duncan, SC						—			1,016			18,479			19,495			2,705			2021
Industrial			Duncan, SC						—			1,705			27,817			29,522			4,159			2021
Industrial			Greer, SC						—			6,959			79,460			86,419			16,706			2019
Industrial			Greer, SC						—			1,329			22,393			23,722			3,357			2021
Industrial			Greer, SC						—			2,376			32,203			34,579			4,825			2021
Industrial			Greer, SC						—			2,484			62,479			64,963			6,264			2022
Industrial			Greer, SC						—			1,795			22,159			23,954			1,213			2023
Industrial			Greer, SC						—			6,765			66,649			73,414			2,000			2024
Industrial			Piedmont, SC						—			3,163			63,161			66,324			—			2024
Industrial			Spartanburg, SC						—			1,447			24,959			26,406			7,470			2018
Industrial			Spartanburg, SC						—			1,186			15,820			17,006			2,787			2020
Industrial			Antioch, TN						—			3,847			17,808			21,655			7,408			2007
Industrial			Cleveland, TN						—			1,871			29,743			31,614			9,950			2017
Industrial			Jackson, TN						—			1,454			49,134			50,588			15,258			2017
Industrial			Lewisburg, TN						—			173			10,865			11,038			3,619			2014
Industrial			Millington, TN						—			723			24,317			25,040			16,511			2005
Industrial			Smyrna, TN						—			1,793			93,940			95,733			29,892			2017
Industrial			Carrollton, TX						—			3,228			16,234			19,462			6,101			2018
Industrial			Dallas, TX						—			2,420			24,201			26,621			5,737			2019
Industrial			Deer Park, TX						—			6,489			28,470			34,959			4,553			2021
Industrial			Grand Prairie, TX						—			3,166			17,985			21,151			5,849			2017
Industrial			Houston, TX						—			15,055			57,949			73,004			21,184			2013
Industrial			Hutchins, TX						—			1,307			8,472			9,779			1,729			2020
Industrial			Lancaster, TX						—			3,847			25,037			28,884			4,390			2020
Industrial			Lancaster, TX						—			2,100			14,381			16,481			963			2023
Industrial			Missouri City, TX						—			14,555			5,895			20,450			5,895			2012
Industrial			Northlake, TX						—			4,500			71,636			76,136			14,801			2020
Industrial			Northlake, TX						—			3,938			37,189			41,127			6,793			2020
Industrial			Pasadena, TX						—			4,057			17,810			21,867			5,102			2018
Industrial			Pasadena, TX						—			2,202			17,135			19,337			3,323			2020
Industrial			Pasadena, TX						—			4,272			22,295			26,567			3,529			2021

Description			Location						Encumbrances			Land and Land Estates			Buildings and Improvements			Total			Accumulated Depreciation and Amortization(1)			Date Acquired/Constructed
Industrial			Pasadena, TX						—			1,792			9,089			10,881			1,425			2021
Industrial			Pasadena, TX						—			6,084			28,526			34,610			237			2024
Industrial			San Antonio, TX						—			1,311			36,644			37,955			11,821			2017
Industrial			Chester, VA						—			8,544			53,067			61,611			16,080			2018
Industrial			Winchester, VA						—			1,988			32,536			34,524			9,743			2017
Industrial			Winchester, VA						—			2,818			24,422			27,240			4,637			2020
Industrial			Winchester, VA						—			3,823			12,498			16,321			6,186			2007
Construction in progress																		11,222
Deferred loan costs, net									(585)
									$	54,930		$	399,685		$	3,765,387		$	4,176,294		$	837,994

(1) Depreciation and amortization expense is calculated on a straight-line basis over the following lives:

Building and improvements			Up to 40 years
Land estates			Up to 51 years
Tenant improvements			Shorter of useful life or term of related lease

The initial cost includes the purchase price paid directly or indirectly by the Company. The total cost basis of the Company's properties at December 31, 2024 for federal income tax purposes was approximately $4.4 billion.

			2024						2023						2022
Reconciliation of real estate, at cost:
Balance at the beginning of year			$	3,774,239					$	3,691,066					$	3,583,978
Additions during year			564,602						164,489						229,962
Properties sold and impaired during the year			(170,467)						(174,466)						(161,393)
Other reclassifications			7,920						93,150						38,519
Balance at end of year			$	4,176,294					$	3,774,239					$	3,691,066
Reconciliation of accumulated depreciation and amortization:
Balance at the beginning of year			$	713,377					$	627,027					$	504,699
Depreciation and amortization expense			159,997						147,617						144,163
Accumulated depreciation and amortization of properties sold and impaired during year			(34,807)						(100,474)						(43,521)
Other reclassifications			(573)						39,207						21,686
Balance at end of year			$	837,994					$	713,377					$	627,027

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- References

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- Definition

The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 28
-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 970
-SubTopic 360
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-28)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478979/970-360-S99-1

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