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Real Estate and Intangible Assets | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Real Estate and Intangible Assets | Real Estate and Intangible Assets Real Estate The following table sets forth the components of our investments in real estate as of September 30, 2025 and December 31, 2024, respectively, excluding real estate held for sale (dollars in thousands):
|  | September 30, 2025 |  | December 31, 2024
Real estate: |  |  |  |
Land (1) |  | $ | 152,453 |  |  | $ | 139,743 |
Building and improvements |  | 1,191,240 |  |  | 1,017,534 |
Tenant improvements |  | 56,664 |  |  | 54,516 |
Accumulated depreciation |  | (350,153) |  |  | (319,646) |
Real estate, net |  | $ | 1,050,204 |  |  | $ | 892,147 |
(1)This amount includes $2,711 of land value subject to land lease agreements which we may purchase at our option for a nominal fee. Real estate depreciation expense on building and tenant improvements was $10.8 million and $31.1 million for the three and nine months ended September 30, 2025, respectively. Real estate depreciation expense on building and tenant improvements was $9.8 million and $29.8 million for the three and nine months ended September 30, 2024, respectively. Acquisitions We acquired 19 industrial properties during the nine months ended September 30, 2025, and acquired six industrial properties during the nine months ended September 30, 2024. The acquisitions are summarized below (dollars in thousands):
Nine Months Ended |  | Aggregate Square Footage |  | Weighted Average Remaining Lease Term at Time of Acquisition |  | Aggregate Purchase Price |  | Aggregate Capitalized Acquisition Expenses |  |  |  |
September 30, 2025 | (1) | 1,568,107 |  |  | 15.9 years |  | $ | 207,905 |  |  | $ | 1,205 |  |  |  |  |
September 30, 2024 | (2) | 192,227 |  |  | 21.0 years |  | $ | 22,122 |  |  | $ | 435 |  |  |  |  |
(1)On February 19, 2025, we acquired a five-property, 215,474 square foot portfolio in Houston, Texas for $29.5 million. These properties are fully leased to one tenant and had 10.0 years of remaining lease term at the time we acquired the portfolio. On March 28, 2025, we acquired a 140,304 square foot property in Dallas-Fort Worth, Texas for $44.3 million. The property is fully leased to one tenant and had 11.3 years of remaining lease term at the time we acquired the property. On May 9, 2025, we acquired a 303,991 square foot property in Germantown, Wisconsin for $62.9 million. The property is fully leased to one tenant and had 19.4 years of remaining lease term at the time we acquired the property. On June 25, 2025, we acquired a three-property, 215,102 square foot portfolio in Harrison Township, Michigan for $16.5 million. These properties are fully leased to one tenant and had 10.0 years of remaining lease term at the time we acquired the portfolio. On September 30, 2025, we acquired a nine-property, 693,236 square foot portfolio for $54.8 million. The properties are located in Cartersville, Georgia; Ossian, Indiana; Ligonier, Indiana; Caro, Michigan (four properties); Chesterfield, Michigan; and Cass City, Michigan. These properties are fully leased to one tenant and had 20.0 years of remaining lease term at the time we acquired the portfolio. (2)On May 7, 2024, we acquired a five-property, 142,125 square foot portfolio in Warfordsburg, Pennsylvania for $12.0 million. These properties were fully leased to one tenant and had 25.1 years of remaining lease term at the time we acquired the portfolio. On August 29, 2024, we acquired a 50,102 square foot property in Midland, Texas for $10.2 million. The property is fully leased to one tenant and had 15.0 years of remaining lease term at the time we acquired the property. We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the nine months ended September 30, 2025 and 2024 as follows (dollars in thousands):
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024 |
Acquired assets and liabilities |  | Purchase price |  | Purchase price |
Land |  | $ | 13,107 |  | (1) | $ | 1,694 |  |
Building |  | 160,301 |  |  | 15,665 |  |
Tenant Improvements |  | 2,293 |  |  | 374 |  |
In-place Leases |  | 14,739 |  |  | 1,616 |  |
Leasing Costs |  | 14,416 |  |  | 2,265 |  |
Customer Relationships |  | 5,636 |  |  | 418 |  |
Above Market Leases |  | 905 |  | (2) | 90 |  | (4)
Below Market Leases |  | (3,492) |  | (3) | — |  |
Total Purchase Price |  | $ | 207,905 |  |  | $ | 22,122 |  |
(1)The Dallas-Fort Worth, Texas property that we acquired is subject to a ground lease, therefore there is no land asset included on the condensed consolidated balance sheets. (2)This amount includes $838 of loans receivable included in Other assets on the condensed consolidated balance sheets related to sale-leaseback acquisitions. (3)This amount includes $1,627 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets related to sale-leaseback acquisitions. (4)This amount includes $90 of loans receivable included in Other assets on the condensed consolidated balance sheets related to sale-leaseback acquisitions. Future Lease Payments Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the three months ending December 31, 2025 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
Year | Tenant Lease Payments
Three Months Ending December 31, 2025 | $ | 34,130 |
2026 | 135,367 |
2027 | 121,280 |
2028 | 108,355 |
2029 | 100,747 |
2030 | 89,233 |
Thereafter | 556,776 |
In accordance with the lease terms, substantially all operating expenses are required to be paid by the tenant directly, or reimbursed to us from the tenant; however, we would be required to pay operating expenses on the respective properties in the event the tenants fail to pay them. Lease Revenue Reconciliation The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and nine months ended September 30, 2025 and 2024, respectively (dollars in thousands):
|  | For the three months ended September 30,
Lease revenue reconciliation |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fixed lease payments |  | $ | 35,464 |  |  | $ | 34,663 |  |  | $ | 801 |  |  | 2.3 | %
Variable lease payments |  | 5,377 |  |  | 4,572 |  |  | 805 |  |  | 17.6 | %
|  | $ | 40,841 |  |  | $ | 39,235 |  |  | $ | 1,606 |  |  | 4.1 | %
|  | For the nine months ended September 30,
Lease revenue reconciliation |  | 2025 |  | 2024 |  | $ Change |  | % Change
Fixed lease payments |  | $ | 102,240 |  |  | $ | 99,536 |  |  | $ | 2,704 |  |  | 2.7 | %
Variable lease payments |  | 15,635 |  |  | 12,477 |  |  | 3,158 |  |  | 25.3 | %
|  | $ | 117,875 |  |  | $ | 112,013 |  |  | $ | 5,862 |  |  | 5.2 | %
Sales-Type Leases During the nine months ended September 30, 2025, we had one lease classified as a sales-type lease. We recorded a sales-type lease receivable of $18.5 million in the condensed consolidated balance sheets, net of $0.02 million in allowance for credit loss. For the three and nine months ended September 30, 2025, the interest income earned from sales-type leases of $0.0 million and $0.5 million, respectively, was included in other income in the condensed consolidated statements of operations. There was no sales-type lease activity in the three and nine months ended September 30, 2024. In developing the expected credit loss, we reviewed the tenant’s credit rating, which is AA- stable, performed a collectability analysis, and confirmed they were current on payments as of September 30, 2025. On April 1, 2025, the tenant exercised their purchase option provided in their lease agreement with us. The sale transaction was completed on April 30, 2025, resulting in the realization of the sales-type lease receivable from the condensed consolidated balance sheets. Refer to see Note 5, “Real Estate Dispositions, Held for Sale and Impairment Charges” for additional detail. Intangible Assets The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of September 30, 2025 and December 31, 2024, respectively, excluding real estate held for sale (dollars in thousands):
|  | September 30, 2025 |  | December 31, 2024
|  | Lease Intangibles |  | Accumulated Amortization |  | Lease Intangibles |  | Accumulated Amortization
In-place leases |  | $ | 110,755 |  |  | $ | (68,791) |  |  | $ | 96,392 |  |  | $ | (64,830) |
Leasing costs |  | 105,412 |  |  | (53,671) |  |  | 89,093 |  |  | (48,963) |
Customer relationships |  | 65,725 |  |  | (39,092) |  |  | 60,377 |  |  | (36,962) |
|  | $ | 281,892 |  |  | $ | (161,554) |  |  | $ | 245,862 |  |  | $ | (150,755) |
|  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion |  | Deferred Rent Receivable/(Liability) |  | Accumulated (Amortization)/Accretion
Above market leases |  | $ | 11,843 |  |  | $ | (10,012) |  |  | $ | 13,718 |  |  | $ | (11,582) |
Below market leases and deferred revenue |  | (58,731) |  |  | 39,602 |  |  | (56,616) |  |  | 34,620 |
Total amortization expense related to in-place leases, leasing costs and customer relationship lease intangible assets was $4.5 million and $11.7 million for the three and nine months ended September 30, 2025, respectively, and $3.6 million and $12.9 million for the three and nine months ended September 30, 2024, respectively, and is included in depreciation and amortization expense in the condensed consolidated statements of operations and comprehensive income. Total amortization related to above-market lease values was $0.1 million and $0.4 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2024, respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income. Total amortization related to below-market lease values was $1.7 million and $5.0 million for the three and nine months ended September 30, 2025, respectively, and $1.7 million and $5.5 million for the three and nine months ended September 30, 2024, respectively, and is included in lease revenue in the condensed consolidated statements of operations and comprehensive income. We acquired 19 industrial properties during the nine months ended September 30, 2025, and acquired six industrial properties during the nine months ended September 30, 2024. The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the nine months ended September 30, 2025 and 2024, were as follows:
Intangible Assets & Liabilities |  | September 30, 2025 |  | September 30, 2024
In-place leases |  | 18.2 |  | 21.3
Leasing costs |  | 18.2 |  | 21.3
Customer relationships |  | 22.9 |  | 25.1
Above market leases |  | 19.7 |  | 25.1
Below market leases |  | 18.4 |  | 0.0
All intangible assets & liabilities |  | 19.4 |  | 22.2

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