INVESTMENT IN REAL ESTATE

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

INVESTMENT IN REAL ESTATE

3. INVESTMENT IN REAL ESTATE

As of June 30, 2022 and December 31, 2021, the Company’s consolidated investment in real estate properties consisted of 240 and 193 industrial buildings, respectively.

	As of
(in thousands)	June 30, 2022		December 31, 2021
Land	$	1,530,840	$	1,127,147
Building and improvements		4,715,986		3,510,401
Intangible lease assets		461,749		342,538
Construction in progress		140,534		27,075
Investment in real estate properties		6,849,109		5,007,161
Less accumulated depreciation and amortization		(306,198)		(186,269)
Net investment in real estate properties	$	6,542,911	$	4,820,892

Intangible Lease Assets and Liabilities

Intangible lease assets and liabilities as of June 30, 2022 and December 31, 2021 included the following:

	As of June 30, 2022						As of December 31, 2021
			Accumulated						Accumulated
(in thousands)	Gross		Amortization		Net		Gross		Amortization		Net
Intangible lease assets (1)	$	449,105	$	(112,975)	$	336,130	$	332,176	$	(74,001)	$	258,175
Above-market lease assets (1)		12,644		(2,743)		9,901		10,362		(1,838)		8,524
Below-market lease liabilities		(123,805)		21,261		(102,544)		(89,056)		12,624		(76,432)

(1) Included in net investment in real estate properties on the condensed consolidated balance sheets.

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 Three Months Ended				For the Six Months Ended
	June 30,				June 30,
(in thousands)	2022		2021		2022		2021
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$	4,757	$	1,225	$	9,476	$	1,536
Above-market lease amortization		(500)		(207)		(905)		(391)
Below-market lease amortization		4,660		965		8,636		1,862
Real Estate-Related Depreciation and Amortization:
Depreciation expense	$	42,581	$	10,132	$	80,050	$	18,290
Intangible lease asset amortization		20,698		6,250		38,974		11,951