SEGMENT FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Summary of Total Assets by Business Segment

The following table reflects our total consolidated assets by segment as of December 31, 2025 and 2024:

	For the Year Ended December 31,
(in thousands)	2025		2024
Assets:
Industrial real estate	$	7,651,472	$	7,355,177
Total segment assets	7,651,472		7,355,177
Corporate	146,955		225,834
Total assets	$	7,798,427	$	7,581,011

Schedule of Reconciliation of Net Income (Loss) Attributable to Common Stockholders to Net Operating Income

The following table is a reconciliation of our reported net income (loss) attributable to common stockholders to our net operating income for the years ended December 31, 2025, 2024 and 2023.

	For the Year Ended December 31,
(in thousands)	2025		2024		2023
Net loss attributable to common stockholders	$	(124,764)	$	(111,058)	$	(204,674)
Real estate-related depreciation and amortization	304,989		291,872		294,111
General and administrative expenses	16,799		17,194		15,313
Advisory fees	67,153		66,048		74,092
Acquisition costs and reimbursements	2,824		3,036		10,217
Equity in (income) loss from unconsolidated joint venture partnerships	(70)		(5,228)		118
Interest expense	278,808		259,302		190,382
Loss (gain) on financing obligations	7,823		(194)		(179)
Gain on extinguishment of debt and financing obligations, net	(53,940)		(31,250)		—
Gain on derivative instruments	(830)		(2,288)		(5,124)
Net gain on sale of real estate property	—		(56,923)		—
Other income and expenses	(5,219)		(8,633)		(10,191)
Net loss attributable to redeemable noncontrolling interests	(3,639)		(3,353)		(5,587)
Net (loss) income attributable to noncontrolling interests	(33,550)		(15,934)		38
Net operating income	$	456,384	$	402,591	$	358,516

Schedule of Consolidated Financial Results for the Industrial Real Estate Segment

The following table sets forth consolidated financial results for the industrial real estate segment for the years ended December 31, 2025, 2024 and 2023:

	For the Year Ended December 31,
(in thousands)	2025		2024		2023
Rental revenues	$	545,881	$	489,164	$	460,108
Debt-related income	46,448		36,744		9,987
Rental expenses	(135,945)		(123,317)		(111,579)
Net operating income	$	456,384	$	402,591	$	358,516