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Real Estate and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2025
Real Estate [Abstract] |
Schedule of Components of Investments in 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.
Schedule of Acquired Properties | 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.
Schedule of Fair Value of Assets Acquired and Liabilities Assumed | 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.
Schedule of Future Operating Lease Payments from Tenants Under Non-Cancelable Leases | 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 |
Schedule of Allocation of Lease Revenue | 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 | %
Schedule of Carrying Value of Intangible Assets, Liabilities and Accumulated Amortization | 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 |
Schedule of Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed | 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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