As of December 31, 2025 and 2024, our consolidated investment in real estate properties consisted of 269 and 255 industrial buildings, respectively. Additionally, investment in real estate properties included one building under construction as of December 31, 2025 and one building in the pre-construction phase as of December 31, 2024.


	As of December 31,
(in thousands)	2025		2024
Land	$	1,397,895	$	1,346,285
Building and improvements (1)	6,152,773		5,822,340
Intangible lease assets	591,393		535,210
Construction in progress	37,938		56,747
Investment in real estate properties	8,179,999		7,760,582
Less accumulated depreciation and amortization	(1,327,376)		(1,020,764)
Net investment in real estate properties	$	6,852,623	$	6,739,818

During the years ended December 31, 2025 and 2024, we acquired 100% of the following properties, which were determined to be asset acquisitions:


($ in thousands)	Acquisition Date	Number of Buildings	Total Purchase Price (1)
2025 Acquisitions:
Philadelphia Commerce Center	4/17/2025	1	$	10,531
Creekside Commerce Center I & II	5/13/2025	2	54,614
Infill Phoenix Portfolio	7/30/2025	3	46,586
Lexington Valley Drive Industrial Center	8/27/2025	1	15,648
Cedardale Logistics Center	9/17/2025	1	80,131
North by Northwest Portfolio	12/11/2025	6	125,965
Total Acquisitions		14	$	333,475


($ in thousands)	Acquisition Date	Number of Buildings	Total Purchase Price (1)
2024 Acquisitions:
Plainfield Distribution Center I&II	4/8/2024	2	$	78,087
Baymeadow Commerce Center	5/9/2024	1	18,051
Nashville Logistics Center	6/27/2024	1	52,811
Miami Midway Park	10/1/2024	4	144,831
Coffee Creek Logistics Center	12/16/2024	1	21,252
Taunton Distribution Center	12/20/2024	1	44,404
Total Acquisitions		10	$	359,436

(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)	2025		2024
Land	$	48,896	$	76,011
Building and improvements (1)	260,454		263,587
Intangible lease assets	31,492		24,983
Above-market lease assets	801		460
Below-market lease liabilities	(8,168)		(5,605)
Total purchase price (2)	$	333,475	$	359,436

(2)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 periods 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 4.3 years and 3.1 years, respectively.

We did not sell any buildings during the year ended December 31, 2025. During the year ended December 31, 2024, we sold 12 industrial buildings for aggregate net proceeds of approximately $238.7 million and recorded a net gain on sale of approximately $56.9 million. We did not sell any buildings during the year ended December 31, 2023.

Intangible lease assets and liabilities as of December 31, 2025 and 2024 included the following:


	As of December 31, 2025						As of December 31, 2024
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible lease assets (1)	$	577,804	$	(371,628)	$	206,176	$	522,421	$	(307,499)	$	214,922
Above-market lease assets (1)	13,589		(8,976)		4,613		12,789		(7,353)		5,436
Below-market lease liabilities	(142,531)		90,301		(52,230)		(134,362)		72,955		(61,407)

(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 Assets		Above-Market Lease Assets		Below-Market Lease Liabilities
Year 1	$	55,594	$	1,477	$	(13,496)
Year 2	42,554		1,008		(10,268)
Year 3	31,429		664		(7,178)
Year 4	23,102		532		(5,438)
Year 5	16,156		427		(4,259)
Thereafter	37,341		505		(11,591)
Total	$	206,176	$	4,613	$	(52,230)

Future minimum base rental payments, which equal the cash basis of monthly contractual rent, owed to us from our 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	$	396,439
Year 2	359,849
Year 3	300,326
Year 4	233,092
Year 5	176,024
Thereafter	424,045
Total	$	1,889,775

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.

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)	2025		2024		2023
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$	13,537	$	15,583	$	16,190
Above-market lease amortization	(1,623)		(1,676)		(2,044)
Below-market lease amortization	17,346		18,786		22,257
Real Estate-Related Depreciation and Amortization:
Depreciation expense	$	240,860	$	221,556	$	208,991
Intangible lease asset amortization	64,129		70,316		85,120