As of March 31, 2026 and December 31, 2025, our consolidated investment in real estate properties consisted of 271 and 269 industrial buildings, respectively. Additionally, investment in real estate properties included one building under construction as of December 31, 2025. We did not have any buildings under construction as of March 31, 2026.


	As of
(in thousands)	March 31, 2026 (1)		December 31, 2025
Land	$	1,401,716	$	1,397,895
Building and improvements	6,183,080		6,152,773
Intangible lease assets	597,466		591,393
Construction in progress	40,415		37,938
Investment in real estate properties	8,222,677		8,179,999
Less accumulated depreciation and amortization	(1,407,050)		(1,327,376)
Net investment in real estate properties	$	6,815,627	$	6,852,623

(1)Includes one property with an aggregate accounting basis of $15.3 million that met the criteria of held for sale as of March 31, 2026.

During the three months ended March 31, 2026, we acquired 100% of the following property, which was determined to be an asset acquisition:

($ in thousands)

Acquisition Date

Number of
Buildings

Total Purchase
Price (1)

2026 Acquisitions

1 North Avenue DC (2)

3/25/2026

26,761

(1)Total purchase price is equal to the total consideration paid plus any debt assumed at fair value.

(2)Includes debt assumed at fair value as of the acquisition date of $11.2 million, with a principal amount of $11.2 million.

During the three months ended March 31, 2026, we allocated the purchase price of our acquisitions to land, building and improvements, and intangible lease assets and liabilities as follows:


(in thousands)	For the Three Months Ended March 31, 2026
Land	$	3,821
Building and improvements	21,932
Intangible lease assets	2,171

Below-market lease liabilities	(1,163)
Total purchase price (1)	$	26,761

(1)Total purchase price is equal to the total consideration paid plus any debt assumed at fair value.

The weighted-average amortization period for the intangible lease assets and liabilities acquired in connection with our acquisition during the three months ended March 31, 2026, as of the date of acquisition, was 2.4 years.

Intangible lease assets and liabilities as of March 31, 2026 and December 31, 2025 included the following:


	As of March 31, 2026						As of December 31, 2025
(in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible lease assets (1)	$	583,877	$	(388,730)	$	195,147	$	577,804	$	(371,628)	$	206,176
Above-market lease assets (1)	13,589		(9,340)		4,249		13,589		(8,976)		4,613
Below-market lease liabilities	(143,694)		94,485		(49,209)		(142,531)		90,301		(52,230)

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

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 March 31,
(in thousands)	2026		2025
Increase (Decrease) to Rental Revenue:
Straight-line rent adjustments	$	1,679	$	2,929
Above-market lease amortization	(364)		(418)
Below-market lease amortization	4,184		5,697
Real Estate-Related Depreciation and Amortization:
Depreciation expense	$	62,207	$	60,426
Intangible lease asset amortization	17,102		17,150