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Real Estate and Intangible Assets (Tables)
 9 Months Ended
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, 2025December 31, 2024
Real estate:
Land (1)$152,453 $139,743 
Building and improvements1,191,240 1,017,534 
Tenant improvements56,664 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 EndedAggregate Square FootageWeighted Average Remaining Lease Term at Time of AcquisitionAggregate Purchase PriceAggregate 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, 2025Nine Months Ended September 30, 2024
Acquired assets and liabilitiesPurchase pricePurchase price
Land$13,107 (1)$1,694 
Building160,301 15,665 
Tenant Improvements2,293 374 
In-place Leases14,739 1,616 
Leasing Costs14,416 2,265 
Customer Relationships5,636 418 
Above Market Leases905 (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):

YearTenant Lease Payments
Three Months Ending December 31, 2025$34,130 
2026135,367 
2027121,280 
2028108,355 
2029100,747 
203089,233 
Thereafter556,776 
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 reconciliation20252024$ Change% Change
Fixed lease payments$35,464 $34,663 $801 2.3 %
Variable lease payments5,377 4,572 805 17.6 %
$40,841 $39,235 $1,606 4.1 %

For the nine months ended September 30,
Lease revenue reconciliation20252024$ Change% Change
Fixed lease payments$102,240 $99,536 $2,704 2.7 %
Variable lease payments15,635 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, 2025December 31, 2024
Lease Intangibles Accumulated Amortization Lease IntangiblesAccumulated Amortization
In-place leases$110,755 $(68,791)$96,392 $(64,830)
Leasing costs105,412 (53,671)89,093 (48,963)
Customer relationships65,725 (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 & LiabilitiesSeptember 30, 2025September 30, 2024
In-place leases18.221.3
Leasing costs18.221.3
Customer relationships22.925.1
Above market leases19.725.1
Below market leases18.40.0
All intangible assets & liabilities19.422.2