SEGMENT FINANCIAL INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Total Assets by Business Segment

The following table reflects our total consolidated assets by segment as of March 31, 2026 and December 31, 2025:


	As of
(in thousands)	March 31, 2026 (1)		December 31, 2025
Assets:
Industrial real estate	$	7,582,470	$	7,651,472
Total segment assets	7,582,470		7,651,472
Corporate	182,664		146,955
Total assets	$	7,765,134	$	7,798,427

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(1)Industrial real estate segment 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.

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 three months ended March 31, 2026 and 2025.


	For the Three Months Ended March 31,
(in thousands)	2026		2025
Net loss attributable to common stockholders	$	(46,218)	$	(46,634)
Real estate-related depreciation and amortization	79,309		77,576
General and administrative expenses	4,881		4,868
Advisory fees	17,666		16,555
Acquisition costs and reimbursements	1,582		591
Equity in (income) loss from unconsolidated joint venture partnerships	(28)		24
Interest expense	70,511		69,888
Loss on financing obligations	6,548		835
Loss on financial assets	27		—
Loss on extinguishment of debt and financing obligations, net	—		161
Gain on derivative instruments	—		(12)

Other income and expenses	(462)		(1,665)
Net loss attributable to redeemable noncontrolling interests	(1,296)		(1,404)
Net loss attributable to noncontrolling interests	(16,057)		(10,592)
Net operating income	$	116,463	$	110,191

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 three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
(in thousands)	2026		2025
Rental revenues	$	140,715	$	133,919
Debt-related income	13,328		10,483
Rental expenses	(37,580)		(34,211)
Net operating income	$	116,463	$	110,191