INVESTMENT IN REAL ESTATE

9 Months Ended

Sep. 30, 2022

Real Estate [Abstract]

INVESTMENT IN REAL ESTATE

4. INVESTMENT IN REAL ESTATE

As of September 30, 2022 and December 31, 2021, our consolidated investment in real estate properties consisted of 241 and 193 industrial buildings, respectively.

	As of
(in thousands)	September 30, 2022		December 31, 2021
Land	$	1,549,884	$	1,127,147
Building and improvements		4,810,786		3,510,401
Intangible lease assets		470,788		342,538
Construction in progress		195,075		27,075
Investment in real estate properties		7,026,533		5,007,161
Less accumulated depreciation and amortization		(380,337)		(186,269)
Net investment in real estate properties	$	6,646,196	$	4,820,892

Intangible Lease Assets and Liabilities

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

	As of September 30, 2022						As of December 31, 2021
			Accumulated						Accumulated
(in thousands)	Gross		Amortization		Net		Gross		Amortization		Net
Intangible lease assets (1)	$	457,918	$	(136,123)	$	321,795	$	332,176	$	(74,001)	$	258,175
Above-market lease assets (1)		12,870		(3,302)		9,568		10,362		(1,838)		8,524
Below-market lease liabilities		(123,805)		26,883		(96,922)		(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 Nine Months Ended
	September 30,				September 30,
(in thousands)	2022		2021		2022		2021
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$	4,298	$	3,298	$	13,774	$	4,834
Above-market lease amortization		(559)		(374)		(1,464)		(765)
Below-market lease amortization		5,622		2,038		14,258		3,900
Real Estate-Related Depreciation and Amortization:
Depreciation expense	$	50,433	$	23,438	$	130,483	$	41,728
Intangible lease asset amortization		23,147		13,507		62,121		25,458