Leases

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Leases

Leases

Lessor

The Company, as Lessor, leases industrial and office space to tenants primarily under leases classified as non-cancelable operating leases that generally contain provisions for contractual base rents plus reimbursement for certain recoverable operating expenses including, without limitation, real estate taxes, insurance, common area maintenance (“Recoverable Operating Expenses”).

Total contractual base rent payments are recognized in rental income on a straight-line basis over the term of the related lease. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.

Estimated reimbursements from tenants for Recoverable Operating Expenses are recognized in rental income in the period that the expenses are incurred.

For its continuing operations properties, the Company recognized $70.6 million and $74.1 million of lease income related to operating lease payments for the nine months ended September 30, 2025 and September 30, 2024 respectively.

For its Office Discontinued Operations Properties, the Company recognized $72.6 million and $74.7 million of lease income related to operating lease payments for the nine months ended September 30, 2025 and September 30, 2024 respectively. These amounts are included within income from discontinued operations within the consolidated statements of operations.

The Company's current third-party tenant leases have expirations ranging from 2025 to 2038. The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of September 30, 2025 and (ii) excludes estimated reimbursements of Recoverable Operating Expenses:

	As of September 30, 2025
Expirations	Continuing Operations		Discontinued Operations
Remaining 2025	$	18,662	$	18,950
2026	74,517		75,679
2027	68,369		68,163
2028	60,649		60,516
2029	52,790		52,384
Thereafter	117,612		92,956
Total	$	392,599	$	368,648

Lessee - Ground Leases

All of the Company's ground leases are associated with Office Discontinued Operations Properties and, therefore, are not included in the amounts presented for continuing operations. As of September 30, 2025, the Company is the tenant under the following ground leases (i) three ground leases classified as operating leases, and (ii) two ground leases classified as financing leases. Each of these ground leases was assumed by the Company in connection with the acquisition of the applicable Office Discontinued Operations Property, and no incremental costs were incurred for such ground leases. All five ground leases are non-cancelable and contain no renewal options.

Lessee - Corporate Office Leases

As of September 30, 2025, the Operating Partnership or a wholly-owned subsidiary is the tenant (lessee) under the following two corporate office space leases, each of which is classified as a non-cancelable operating lease: (i) the El Segundo

Sublease described in Note 11, Related Party Transactions, above, and (ii) a lease for its office space in Chicago, Illinois (“Chicago Office Lease”).

For corporate office leases in which the Company is a lessee, the Company incurred costs of approximately $0.5 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively, which are included in “Corporate operating expenses to related parties” and “General and administrative expenses” as applicable, in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities for the corporate office leases was $0.5 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

The following table sets forth the weighted-average for the lease term and the discount rate for the office leases in which the Company is a lessee as of September 30, 2025:

	As of September 30, 2025
Lease Term and Discount Rate	Operating - Office Leases
Weighted-average remaining lease term in years	4.6
Weighted-average discount rate (1)	7.74%

(1)Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate at the commencement of each lease, the Company considered rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.

Lessee - Maturities of Lease Liabilities

The maturities of lease liabilities for the Company’s operating and financing leases as of September 30, 2025 were as follows:

	As of September 30, 2025
	Continuing Operations - Corporate Office Leases		Discontinued Operations - Ground Leases
	Operating Leases		Operating Leases		Financing Leases
2025	$	179	$	376	$	228
2026	476		1,503		375
2027	238		1,526		381
2028	243		1,596		386
2029	250		1,630		391
Thereafter	385		247,063		2,681
Total undiscounted lease payments	1,771		253,694		4,442
Less imputed interest	(285)		(210,003)		(1,817)
Total lease liabilities	$	1,486	$	43,691	$	2,625

Leases

Leases

Lessor

The Company, as Lessor, leases industrial and office space to tenants primarily under leases classified as non-cancelable operating leases that generally contain provisions for contractual base rents plus reimbursement for certain recoverable operating expenses including, without limitation, real estate taxes, insurance, common area maintenance (“Recoverable Operating Expenses”).

Total contractual base rent payments are recognized in rental income on a straight-line basis over the term of the related lease. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.

Estimated reimbursements from tenants for Recoverable Operating Expenses are recognized in rental income in the period that the expenses are incurred.

For its continuing operations properties, the Company recognized $70.6 million and $74.1 million of lease income related to operating lease payments for the nine months ended September 30, 2025 and September 30, 2024 respectively.

For its Office Discontinued Operations Properties, the Company recognized $72.6 million and $74.7 million of lease income related to operating lease payments for the nine months ended September 30, 2025 and September 30, 2024 respectively. These amounts are included within income from discontinued operations within the consolidated statements of operations.

The Company's current third-party tenant leases have expirations ranging from 2025 to 2038. The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of September 30, 2025 and (ii) excludes estimated reimbursements of Recoverable Operating Expenses:

	As of September 30, 2025
Expirations	Continuing Operations		Discontinued Operations
Remaining 2025	$	18,662	$	18,950
2026	74,517		75,679
2027	68,369		68,163
2028	60,649		60,516
2029	52,790		52,384
Thereafter	117,612		92,956
Total	$	392,599	$	368,648

Lessee - Ground Leases

All of the Company's ground leases are associated with Office Discontinued Operations Properties and, therefore, are not included in the amounts presented for continuing operations. As of September 30, 2025, the Company is the tenant under the following ground leases (i) three ground leases classified as operating leases, and (ii) two ground leases classified as financing leases. Each of these ground leases was assumed by the Company in connection with the acquisition of the applicable Office Discontinued Operations Property, and no incremental costs were incurred for such ground leases. All five ground leases are non-cancelable and contain no renewal options.

Lessee - Corporate Office Leases

As of September 30, 2025, the Operating Partnership or a wholly-owned subsidiary is the tenant (lessee) under the following two corporate office space leases, each of which is classified as a non-cancelable operating lease: (i) the El Segundo

Sublease described in Note 11, Related Party Transactions, above, and (ii) a lease for its office space in Chicago, Illinois (“Chicago Office Lease”).

For corporate office leases in which the Company is a lessee, the Company incurred costs of approximately $0.5 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively, which are included in “Corporate operating expenses to related parties” and “General and administrative expenses” as applicable, in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities for the corporate office leases was $0.5 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

The following table sets forth the weighted-average for the lease term and the discount rate for the office leases in which the Company is a lessee as of September 30, 2025:

	As of September 30, 2025
Lease Term and Discount Rate	Operating - Office Leases
Weighted-average remaining lease term in years	4.6
Weighted-average discount rate (1)	7.74%

(1)Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate at the commencement of each lease, the Company considered rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.

Lessee - Maturities of Lease Liabilities

The maturities of lease liabilities for the Company’s operating and financing leases as of September 30, 2025 were as follows:

	As of September 30, 2025
	Continuing Operations - Corporate Office Leases		Discontinued Operations - Ground Leases
	Operating Leases		Operating Leases		Financing Leases
2025	$	179	$	376	$	228
2026	476		1,503		375
2027	238		1,526		381
2028	243		1,596		386
2029	250		1,630		391
Thereafter	385		247,063		2,681
Total undiscounted lease payments	1,771		253,694		4,442
Less imputed interest	(285)		(210,003)		(1,817)
Total lease liabilities	$	1,486	$	43,691	$	2,625

Leases

Leases

Lessor

The Company, as Lessor, leases industrial and office space to tenants primarily under leases classified as non-cancelable operating leases that generally contain provisions for contractual base rents plus reimbursement for certain recoverable operating expenses including, without limitation, real estate taxes, insurance, common area maintenance (“Recoverable Operating Expenses”).

Total contractual base rent payments are recognized in rental income on a straight-line basis over the term of the related lease. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.

Estimated reimbursements from tenants for Recoverable Operating Expenses are recognized in rental income in the period that the expenses are incurred.

For its continuing operations properties, the Company recognized $70.6 million and $74.1 million of lease income related to operating lease payments for the nine months ended September 30, 2025 and September 30, 2024 respectively.

For its Office Discontinued Operations Properties, the Company recognized $72.6 million and $74.7 million of lease income related to operating lease payments for the nine months ended September 30, 2025 and September 30, 2024 respectively. These amounts are included within income from discontinued operations within the consolidated statements of operations.

The Company's current third-party tenant leases have expirations ranging from 2025 to 2038. The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of September 30, 2025 and (ii) excludes estimated reimbursements of Recoverable Operating Expenses:

	As of September 30, 2025
Expirations	Continuing Operations		Discontinued Operations
Remaining 2025	$	18,662	$	18,950
2026	74,517		75,679
2027	68,369		68,163
2028	60,649		60,516
2029	52,790		52,384
Thereafter	117,612		92,956
Total	$	392,599	$	368,648

Lessee - Ground Leases

All of the Company's ground leases are associated with Office Discontinued Operations Properties and, therefore, are not included in the amounts presented for continuing operations. As of September 30, 2025, the Company is the tenant under the following ground leases (i) three ground leases classified as operating leases, and (ii) two ground leases classified as financing leases. Each of these ground leases was assumed by the Company in connection with the acquisition of the applicable Office Discontinued Operations Property, and no incremental costs were incurred for such ground leases. All five ground leases are non-cancelable and contain no renewal options.

Lessee - Corporate Office Leases

As of September 30, 2025, the Operating Partnership or a wholly-owned subsidiary is the tenant (lessee) under the following two corporate office space leases, each of which is classified as a non-cancelable operating lease: (i) the El Segundo

Sublease described in Note 11, Related Party Transactions, above, and (ii) a lease for its office space in Chicago, Illinois (“Chicago Office Lease”).

For corporate office leases in which the Company is a lessee, the Company incurred costs of approximately $0.5 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively, which are included in “Corporate operating expenses to related parties” and “General and administrative expenses” as applicable, in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities for the corporate office leases was $0.5 million and $0.5 million for the nine months ended September 30, 2025 and 2024, respectively.

The following table sets forth the weighted-average for the lease term and the discount rate for the office leases in which the Company is a lessee as of September 30, 2025:

	As of September 30, 2025
Lease Term and Discount Rate	Operating - Office Leases
Weighted-average remaining lease term in years	4.6
Weighted-average discount rate (1)	7.74%

(1)Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate at the commencement of each lease, the Company considered rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.

Lessee - Maturities of Lease Liabilities

The maturities of lease liabilities for the Company’s operating and financing leases as of September 30, 2025 were as follows:

	As of September 30, 2025
	Continuing Operations - Corporate Office Leases		Discontinued Operations - Ground Leases
	Operating Leases		Operating Leases		Financing Leases
2025	$	179	$	376	$	228
2026	476		1,503		375
2027	238		1,526		381
2028	243		1,596		386
2029	250		1,630		391
Thereafter	385		247,063		2,681
Total undiscounted lease payments	1,771		253,694		4,442
Less imputed interest	(285)		(210,003)		(1,817)
Total lease liabilities	$	1,486	$	43,691	$	2,625