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Real Estate
 9 Months Ended
Sep. 30, 2025
Real Estate [Abstract]  
Real Estate Real Estate
Investment in Real Estate
The following table summarizes the Company’s gross investment in real estate (excluding the Office Discontinued Operations Properties) as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
Land$360,378 $341,702 
Building and improvements794,891 1,009,286 
In-place lease intangible assets
106,067 141,193 
Construction in progress2,601 962 
Total real estate$1,263,937 $1,493,143 
Depreciation expense for buildings and improvements for the three months ended September 30, 2025 and 2024 was $9.0 million and $8.2 million, respectively. Amortization expense for in-place lease intangible assets for the three months ended September 30, 2025 and 2024 was $4.0 million and $2.3 million, respectively.
Depreciation expense for buildings and improvements for the nine months ended September 30, 2025 and 2024 was $27.8 million and $25.1 million, respectively. Amortization expense for in-place lease intangible assets for the nine months ended September 30, 2025 and 2024 was $10.6 million and $7.9 million, respectively.
Acquisitions of Real Estate
During the three months ended September 30, 2025, the Company acquired three industrial outdoor storage asset properties, which were deemed as real estate acquisitions. The following is a summary of the acquisitions:
Property Location
Number of Properties
Usable Acres
Total Purchase Price
(in thousands) (1)
Acquired Properties
Port Charlotte, Florida19$10,590 
Fort Pierce, Florida135,400 
Smyrna, Georgia12741,116 
Total Acquired Properties
339$57,106 
(1)The Total Purchase Price is comprised of the following items in aggregate for all acquisitions: i) the contractual purchase price of $57.7 million, ii) capitalized acquisition related costs of $0.9 million, offset by iii) certain prorations and other closing adjustments of $1.5 million.
The aggregate purchase price allocation for all properties acquired during the period is as follows:
Assets acquired:
Land$38,559 
Building and improvements16,215 
In-place lease intangible assets6,198 
Total real estate60,972 
Above-market lease and other intangibles assets, net
15 
Total assets acquired60,987 
Liabilities acquired:
Below-market lease and other intangible liabilities, net
3,881 
Assets and liabilities acquired, net
$57,106 
Dispositions of Real Estate
The following tables summarize the Company’s total dispositions during the nine months ended September 30, 2025 and September 30, 2024:
2025 Dispositions (Continuing operations)
Office Segment Dispositions
Industrial Segment Dispositions
Total Dispositions
Square FeetGross Sales Price
Gain (Loss)
Three Months Ended March 31, 2025 (1)
2—2251,200$34,031 $(479)
Three Months Ended June 30, 2025 (2)
4—4655,500127,800 245 
Three Months Ended September 30, 2025 (3)
—33761,50071,584 6,641 
Total for the Nine Months Ended September 30, 2025
6391,668,200$233,415 $6,407 
(1)Consisted of Office segment properties located in Hunt Valley, MD and Fort Worth, TX.
(2)Consisted of Office segment properties located in Fort Mill, SC (2), North Huntingdon, PA, and Carmel, IN.
(3)Consisted of Industrial segment properties located in Sparks Glencoe, MD, Bellevue, OH, and Auburn Hills, MI.
2025 Dispositions
(Office Discontinued Operations Properties)
Office Segment Dispositions
Square FeetGross Sales Price
Gain (Loss)
Three Months Ended June 30, 2025 (1)
3181,000 $30,600 $(1,311)
Three Months Ended September 30, 2025 (2)
81,224,800 247,450 24,767 
Total for the Nine Months Ended September 30, 2025
111,405,800 $278,050 $23,456 
(1)Consisted of Office segment properties located in Cranberry Township, PA and Wake Forest, NC (2).
(2)Consisted of Office segment properties located in Andover, MA, Platteville, CO, Greenwood Village, CO, Birmingham, AL, Largo, FL and Redmond, WA (3).
2024 Dispositions
Office Segment Dispositions
Other Segment Dispositions
Total Dispositions
Square FeetGross Sales PriceGain (Loss)
Three Months Ended March 31, 2024 (1)
1341,233,100 $79,525 $9,177 
Three Months Ended June 30, 2024 (2)
—1156,600 8,650 (57)
Three Months Ended September 30, 2024 (3)
134338,446 39,800 16,125 
Total for the Nine Months Ended September 30, 2024
2791,628,146 $127,975 $25,245 
(1)Consisted of an Office segment property located in Johnston, IA and Other segment properties located in Columbia, MD; Jefferson City, MO and Houston, TX.
(2)Consisted of an Other segment property located in Mechanicsburg, PA.
(3)Consisted of an Office segment property located in San Antonia, TX, and Other segment properties located in Concord, NC, Beavercreek, OH, and Huntsville, AL
Real Estate Held for Sale
As described in Note 2, Basis of Presentation and Summary of Significant Accounting Policies, the Company generally classifies real estate assets that are subject to operating leases as held for sale when it believes it is probable that the disposition will occur within one year.
As of September 30, 2025, no Industrial segment properties met the criteria for classification as held for sale.
As of September 30, 2025, the 16 remaining Office Discontinued Operations Properties met the criteria for classification as held for sale and were classified as discontinued operations for all periods presented.
As of December 31, 2024, no properties met the criteria for classification as held for sale.
Real Estate Impairments
Where indicators of impairment exist, the Company evaluates the recoverability of its real estate assets by comparing (i) the carrying amounts of the assets and (ii) the estimated undiscounted cash flows (which requires estimates of future market and economic conditions, including assumptions related to estimated selling prices, anticipated hold periods, potential vacancies, capitalization rates, market rental income amounts subsequent to the expiration of current lease agreements, and property operating expenses). When the carrying amounts of the real estate assets are not recoverable based on the estimated undiscounted cash flows, the Company calculates an impairment charge in the amount the carrying value exceeds the estimated fair value of the real estate asset as of the measurement date.
During the three months ended September 30, 2025, the Company recorded real estate impairments from discontinued operations of $25.6 million related to eight Office Discontinued Operations Properties. The impairments resulted from shortened anticipated hold periods and estimated selling prices.
Real Estate and Acquired Lease Intangibles
The following table summarizes the Company’s allocation of acquired and contributed real estate asset value related to in-place leases, above- and below-market lease intangibles, and other intangibles, net of amortization (excluding the Office Discontinued Operations Properties) as of September 30, 2025 and December 31, 2024:
September 30, 2025December 31, 2024
In-place lease intangible assets
$106,067 $141,193 
In-place lease intangible assets - accumulated amortization
(49,866)(58,847)
In-place lease intangible assets, net (1)
$56,201 $82,346 
Above-market lease intangible assets
4,216 5,845 
Above-market lease intangible assets - accumulated amortization
(3,067)(3,444)
Above-market lease intangible assets, net
1,149 2,401 
Below-market lease intangible liabilities
(48,236)(46,533)
Below-market lease intangible liabilities - accumulated amortization12,092 6,701 
Below-market lease intangible liabilities, net (1)
$(36,144)$(39,832)
(1)The weighted average remaining amortization period of the Company’s in-place leases, above- and below-market lease intangibles and other intangibles was 7.6 years and 8.6 years as of September 30, 2025 and December 31, 2024, respectively.
The amortization of the intangible assets (excluding Office Discontinued Operations Properties) for the respective periods is as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Above and below market leases, net$(3,250)$(131)$(6,942)$(490)
In-place lease intangible assets$3,966 $2,260 $10,649 $7,856