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INVESTMENTS IN REAL ESTATE PROPERTIES
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
INVESTMENTS IN REAL ESTATE PROPERTIES INVESTMENTS IN REAL ESTATE PROPERTIES
The following table summarizes our consolidated investments in real estate properties:
As of December 31,
(in thousands)20252024 (1)
Land$1,066,129 $860,990 
Buildings and improvements5,417,468 4,276,419 
Intangible lease assets714,901 412,401 
Right of use asset13,637 13,637 
Investment in real estate properties7,212,135 5,563,447 
Accumulated depreciation and amortization(1,001,869)(832,044)
Net investment in real estate properties$6,210,266 $4,731,403 
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(1)Includes three properties with an aggregate accounting basis of $16.0 million that met the criteria of held for sale as of December 31, 2024.
Acquisitions
During the years ended December 31, 2025 and 2024, we acquired 100% of the following properties through asset acquisitions:
(in thousands)Property TypeAcquisition DateTotal Purchase Price (1)
2025 Acquisitions:
Richmond Airport Logistics Center IVIndustrial2/19/2025$2,307 
Argyle Forest Self StorageSelf-Storage3/24/202511,900 
Norfolk Self StorageSelf-Storage3/28/202516,685 
Foster Commerce Center IIndustrial4/30/202518,465 
Foster Commerce Center IIIndustrial4/30/202530,850 
ZaterraResidential5/14/2025137,715 
Chantilly Industrial CenterIndustrial5/14/202514,598 
Research Drive Logistics CenterIndustrial5/27/202528,220 
Constitution Drive Logistics CenterIndustrial5/27/202521,993 
Eden at LakeviewResidential7/30/2025112,291 
Junction Drive Distribution CenterIndustrial8/15/202513,792 
Jessup Industrial CenterIndustrial8/15/202519,040 
(in thousands)Property TypeAcquisition DateTotal Purchase Price (1)
Arlington Distribution CenterIndustrial8/20/202521,957 
Fort Worth Industrial CenterIndustrial8/20/202540,010 
Northlake Logistics CenterIndustrial8/20/202546,092 
Fort Worth Distribution CenterIndustrial8/20/202569,301 
Elkton Commerce CenterIndustrial9/8/202580,202 
Orchard Gateway Logistics CenterIndustrial9/12/202576,639 
Woodinville Distribution Center AIndustrial10/7/202574,662 
Woodinville Distribution Center BIndustrial10/7/202537,692 
North Laredo Industrial ParkIndustrial11/25/202565,429 
Nova IData Center12/15/2025237,602 
Nova IIData Center12/15/2025320,385 
206 Grove StreetIndustrial12/29/202532,533 
    Total 2025 acquisitions$1,530,360 
2024 Acquisitions:
Metro North Industrial CenterIndustrial5/8/2024$54,485 
CERU Boca RatonResidential5/15/2024139,718 
Sugar Land Commerce CenterIndustrial6/28/202435,903 
Metro Storage Sharon HillSelf-Storage7/31/202416,761 
Metro Storage Newtown SquareSelf-Storage7/31/202424,724 
Metro Storage TrevoseSelf-Storage7/31/202421,151 
Metro Storage SarasotaSelf-Storage7/31/202415,532 
Metro Storage Fort MyersSelf-Storage7/31/202412,766 
Metro Storage Pinellas ParkSelf-Storage7/31/20246,765 
Pima Street Logistics CenterIndustrial10/1/202418,044 
Mercury NoDaResidential11/13/202472,614 
The Artizia at LosoResidential11/19/202495,731 
EverlightResidential12/4/2024123,370 
Southpark Logistics Center IIndustrial12/20/202428,139 
Southpark Logistics Center IIIndustrial12/20/202428,744 
Southpark Logistics Center IIIIndustrial12/20/202416,034 
Grove City Logistics CenterIndustrial12/20/202420,405 
Whitestown Distribution Center IIndustrial12/20/202412,384 
Whitestown Distribution Center IIIndustrial12/20/202422,808 
Whitestown Distribution Center IIIIndustrial12/20/20248,023 
Greensfield Distribution CenterIndustrial12/20/20247,773 
Fairfield Commerce CenterIndustrial12/20/202415,074 
Ohio Logistics CenterIndustrial12/20/20247,542 
Richmond Airport Logistics Center IIndustrial12/20/202425,671 
Richmond Airport Logistics Center IIIndustrial12/20/202425,093 
Richmond Airport Logistics Center IIIIndustrial12/20/202416,587 
Total 2024 acquisitions$871,841 
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(1)Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2025 and 2024 acquisitions.
During the years ended December 31, 2025 and 2024, we allocated the purchase price of our acquisitions to land, building and improvements and intangible lease assets and liabilities as follows:
For the Year Ended December 31,
(in thousands)20252024
Land$216,278 $109,264 
Building and improvements1,148,620 736,575 
Intangible lease assets308,467 38,581 
Above-market lease assets5,693 1,777 
Below-market lease liabilities(148,698)(14,356)
Total purchase price (1)$1,530,360 $871,841 
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(1)Total purchase price is equal to the total consideration paid plus any debt assumed at fair value. There was no debt assumed in connection with the 2025 and 2024 acquisitions.
The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisitions during the years ended December 31, 2025 and 2024, as of the respective date of each acquisition, were 13.1 years and 4.8 years, respectively.
Consolidation of Joint Venture Partnership
In December 2024, we consolidated an entity that was previously accounted for as an investment in unconsolidated joint venture partnership as on the third anniversary of the joint venture formation we obtained the equivalent to kick-out rights that provided us a controlling financial interest without any additional investment. Because the entity does not meet the definition of a business, we consolidated the entity based on a cost accumulation model with the noncontrolling interest recognized at carryover basis equal to 15.0% of the entity’s net assets. No gain or loss was recognized upon consolidation. We have an 85.0% ownership in the entity, which owns one residential property. Prior to consolidation, the carrying value of the investment in the joint venture partnership was $22.9 million. The assets, liabilities and noncontrolling interests assumed upon consolidation were as follows:
(in thousands)Carrying Value
Upon Consolidation
Net investment in real estate properties$75,506 
Cash and cash equivalents2,322 
Restricted cash327 
Other assets1,052 
Accounts payable and accrued expenses(550)
Debt, net(51,471)
Other liabilities(297)
Noncontrolling interests(4,033)
Dispositions
During the year ended December 31, 2025, we sold four industrial properties and one office property for net proceeds of approximately $110.9 million and recorded a net gain on sale of $57.2 million.
During the year ended December 31, 2024, we sold one industrial property, one parcel of land and two partial retail properties for net proceeds of approximately $31.2 million and recorded a net gain on sale of $12.9 million.
During the year ended December 31, 2023, we sold one partial retail property for net proceeds of approximately $53.7 million and recorded a net gain on sale of $36.9 million.
Intangible Lease Assets and Liabilities
Intangible lease assets and liabilities as of December 31, 2025 and 2024 included the following:
As of December 31, 2025As of December 31, 2024
(in thousands)GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
Intangible lease assets (1)$683,988 $(305,427)$378,561 $387,069 $(276,382)$110,687 
Above-market lease assets (1)30,913 (22,604)8,309 25,332 (21,168)4,164 
Below-market lease liabilities(233,283)46,232 (187,051)(84,910)38,812 (46,098)
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(1)Included in net investment in real estate properties on the consolidated balance sheets.
The following table details the estimated net amortization of such intangible lease assets and liabilities as of December 31, 2025 for the next five years and thereafter:
Estimated Net Amortization
(in thousands)Intangible Lease AssetsAbove-Market Lease AssetsBelow-Market Lease Liabilities
Year 1$50,633 $1,854 $(17,629)
Year 245,161 1,709 (16,651)
Year 337,631 1,424 (15,576)
Year 432,507 986 (14,776)
Year 528,845 641 (13,715)
Thereafter183,784 1,695 (108,704)
Total$378,561 $8,309 $(187,051)
Rental Revenue Adjustments and Depreciation and Amortization Expense
The following table summarizes straight-line rent adjustments, amortization recognized as an increase (decrease) to rental revenues from above- and below-market lease assets and liabilities and real estate-related depreciation and amortization expense:
For the Year Ended December 31,
(in thousands)202520242023
Increase (decrease) to rental revenue:
Straight-line rent adjustments$5,486 $6,823 $3,384 
Above-market lease amortization(1,548)(1,014)(818)
Below-market lease amortization7,721 4,903 4,393 
Real estate-related depreciation and amortization:
Depreciation expense$160,340 $128,163 $126,102 
Intangible lease asset amortization36,468 24,614 23,883 
Future Minimum Rentals
Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our commercial customers under the terms of non-cancelable operating leases in effect as of December 31, 2025 were as follows for the next five years and thereafter:
(in thousands)As of December 31,
2025
Year 1$238,847 
Year 2228,108 
Year 3202,705 
Year 4173,742 
Year 5143,028 
Thereafter639,358 
Total$1,625,788 
The amounts above do not reflect future rental revenue from the renewal or replacement of existing leases and exclude reimbursements of operating expenses along with rental increases that are not fixed. Leases for our residential and self-storage customers are generally 12 months or less and are therefore excluded from the table above.