Schedule III - Real Estate and Accumulated Depreciation and Amortization

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III

Description	Location	Encumbrances		Land and Land Estates		Buildings and Improvements		Total		Accumulated Depreciation and Amortization(1)		Date Acquired/Constructed
WAREHOUSE/DISTRIBUTION PROPERTIES
Industrial	Chandler, AZ	$	—	$	10,733	$	69,759	$	80,492	$	16,731	2020
Industrial	Goodyear, AZ	—		5,247		36,115		41,362		11,688		2018
Industrial	Goodyear, AZ	38,610		11,970		50,072		62,042		13,652		2019
Industrial	Goodyear, AZ	—		1,614		16,222		17,836		3,950		2020
Industrial	Goodyear, AZ	—		11,732		52,840		64,572		8,991		2021
Industrial	Goodyear, AZ	—		7,552		29,635		37,187		4,437		2023
Industrial	Goodyear, AZ	—		9,448		43,026		52,474		5,762		2024
Industrial	Phoenix, AZ	—		8,027		78,258		86,285		15,460		2021
Industrial	Phoenix, AZ	—		5,366		50,442		55,808		7,830		2022
Industrial	Tolleson, AZ	—		3,311		16,013		19,324		4,413		2019
Industrial	Lakeland, FL	—		1,416		21,013		22,429		4,489		2021
Industrial	Ocala, FL	—		4,083		50,034		54,117		12,076		2020
Industrial	Plant City, FL	—		2,610		49,049		51,659		10,315		2021
Industrial	Ruskin, FL	—		4,493		14,614		19,107		876		2024
Industrial	Ruskin, FL	—		4,713		15,807		20,520		1,115		2023/2024
Industrial	Tampa, FL	—		2,160		11,109		13,269		9,337		1998
Industrial	Adairsville, GA	—		1,465		23,950		25,415		4,375		2021
Industrial	Adairsville, GA	—		2,728		41,181		43,909		2,565		2024
Industrial	Austell, GA	—		3,251		51,518		54,769		21,014		2019
Industrial	Cartersville, GA	—		2,497		42,242		44,739		7,605		2021
Industrial	Cartersville, GA	—		2,006		33,279		35,285		5,839		2021
Industrial	Cartersville, GA	—		2,378		25,861		28,239		1,595		2024
Industrial	Fairburn, GA	—		7,209		44,269		51,478		8,769		2021
Industrial	Lake City, GA	—		4,838		20,696		25,534		386		2020
Industrial	McDonough, GA	—		5,441		52,790		58,231		18,446		2017
Industrial	McDonough, GA	—		3,253		36,648		39,901		8,664		2019
Industrial	Pooler, GA	—		1,690		30,356		32,046		7,663		2020
Industrial	Rincon, GA	—		5,612		25,602		31,214		1,278		2024
Industrial	Savannah, GA	—		2,560		25,892		28,452		6,193		2020
Industrial	Savannah, GA	—		1,070		7,496		8,566		1,796		2020
Industrial	Savannah, GA	—		3,775		34,357		38,132		7,995		2020
Industrial	Union City, GA	—		2,536		22,982		25,518		6,575		2019
Industrial	Edwardsville, IL	—		4,593		34,817		39,410		13,163		2016
Industrial	Edwardsville, IL	—		3,649		41,709		45,358		14,066		2018
Industrial	Rantoul, IL	—		1,304		32,562		33,866		10,736		2014
Industrial	Lafayette, IN	—		662		15,814		16,476		6,385		2017
Industrial	Lebanon, IN	—		2,100		29,996		32,096		10,965		2017
Industrial	Whiteland, IN	—		741		14,684		15,425		2,673		2021
Industrial	Whiteland, IN	—		1,991		39,334		41,325		7,464		2021
Industrial	Whiteland, IN	—		695		14,143		14,838		2,571		2021
Industrial	Whitestown, IN	—		1,954		19,679		21,633		5,340		2019
Industrial	Whitestown, IN	—		1,162		11,825		12,987		2,546		2021
Industrial	Whitestown, IN	—		1,208		12,408		13,616		2,688		2021
Industrial	Whitestown, IN	—		8,335		80,054		88,389		14,781		2021
Industrial	Walton, KY	—		2,010		23,837		25,847		4,424		2022
Industrial	Walton, KY	—		4,197		41,043		45,240		6,928		2022
Industrial	Byhalia, MS	—		1,006		35,795		36,801		14,008		2011
Industrial	Byhalia, MS	—		1,751		31,452		33,203		13,921		2017
Industrial	Canton, MS	—		5,077		71,289		76,366		35,739		2015
Industrial	Olive Branch, MS	—		2,500		48,907		51,407		15,125		2018
Industrial	Olive Branch, MS	—		1,958		38,702		40,660		13,540		2018
Industrial	Olive Branch, MS	—		2,646		40,446		43,092		11,461		2019

Description	Location	Encumbrances	Land and Land Estates	Buildings and Improvements	Total	Accumulated Depreciation and Amortization(1)	Date Acquired/Constructed
Industrial	Olive Branch, MS	—	851	15,630	16,481	4,366	2019
Industrial	Shelby, NC	—	1,421	18,862	20,283	9,209	2011
Industrial	Statesville, NC	—	891	22,056	22,947	10,651	2006
Industrial	Erwin, NY	—	1,648	12,514	14,162	6,347	2012
Industrial	Long Island City, NY	11,336	—	42,759	42,759	36,519	2013
Industrial	Columbus, OH	—	2,251	25,349	27,600	4,874	2021
Industrial	Etna, OH	—	6,536	64,362	70,898	5,684	2023
Industrial	Etna, OH	—	4,002	24,683	28,685	1,178	2024
Industrial	Hebron, OH	—	1,803	15,147	16,950	5,098	1997
Industrial	Hebron, OH	—	2,052	14,332	16,384	6,444	2001
Industrial	Lockbourne, OH	—	2,800	21,481	24,281	3,903	2021
Industrial	Monroe, OH	—	544	14,120	14,664	4,027	2019
Industrial	Monroe, OH	—	3,123	61,672	64,795	17,107	2019
Industrial	Monroe, OH	—	3,950	89,183	93,133	24,129	2019
Industrial	Monroe, OH	—	1,109	16,477	17,586	3,292	2021
Industrial	Streetsboro, OH	—	2,441	25,351	27,792	15,090	2007
Industrial	Duncan, SC	—	1,615	27,988	29,603	8,248	2019
Industrial	Duncan, SC	—	1,406	14,282	15,688	3,884	2019
Industrial	Duncan, SC	—	1,257	13,439	14,696	3,668	2019
Industrial	Duncan, SC	—	2,819	24,509	27,328	4,763	2021
Industrial	Duncan, SC	—	1,169	23,206	24,375	4,482	2021
Industrial	Duncan, SC	—	1,016	18,479	19,495	3,505	2021
Industrial	Duncan, SC	—	1,705	28,019	29,724	5,351	2021
Industrial	Greer, SC	—	6,959	79,460	86,419	20,142	2019
Industrial	Greer, SC	—	1,329	22,393	23,722	4,328	2021
Industrial	Greer, SC	—	2,376	32,203	34,579	6,261	2021
Industrial	Greer, SC	—	2,484	62,479	64,963	9,395	2022
Industrial	Greer, SC	—	1,795	22,159	23,954	2,437	2023
Industrial	Greer, SC	—	6,765	66,649	73,414	4,665	2024
Industrial	Piedmont, SC	—	3,163	65,711	68,874	2,898	2024
Industrial	Spartanburg, SC	—	1,447	24,959	26,406	8,404	2018
Industrial	Spartanburg, SC	—	1,186	15,820	17,006	3,484	2020
Industrial	Antioch, TN	—	3,847	20,077	23,924	8,166	2007
Industrial	Cleveland, TN	—	1,871	30,206	32,077	11,247	2017
Industrial	Jackson, TN	—	1,454	49,134	50,588	17,368	2017
Industrial	Lewisburg, TN	—	173	10,865	11,038	3,959	2014
Industrial	Millington, TN	—	723	28,376	29,099	17,366	2005
Industrial	Smyrna, TN	—	1,793	93,940	95,733	34,015	2017
Industrial	Carrollton, TX	—	3,228	16,573	19,801	6,920	2018
Industrial	Dallas, TX	—	2,420	24,201	26,621	6,893	2019
Industrial	Deer Park, TX	—	6,489	28,470	34,959	5,795	2021
Industrial	Grand Prairie, TX	—	3,166	17,985	21,151	6,629	2017
Industrial	Houston, TX	—	15,055	57,949	73,004	22,832	2013
Industrial	Hutchins, TX	—	1,307	8,472	9,779	2,106	2020
Industrial	Lancaster, TX	—	3,847	25,037	28,884	5,488	2020
Industrial	Lancaster, TX	—	2,100	14,528	16,628	1,686	2023
Industrial	Missouri City, TX	—	14,555	5,895	20,450	5,895	2012
Industrial	Northlake, TX	—	4,500	71,636	76,136	17,863	2020
Industrial	Northlake, TX	—	3,938	37,189	41,127	8,456	2020
Industrial	Pasadena, TX	—	4,057	17,865	21,922	5,878	2018
Industrial	Pasadena, TX	—	2,202	17,135	19,337	4,063	2020
Industrial	Pasadena, TX	—	4,272	22,295	26,567	4,492	2021
Industrial	Pasadena, TX	—	1,792	9,089	10,881	1,814	2021

Description	Location	Encumbrances		Land and Land Estates		Buildings and Improvements		Total		Accumulated Depreciation and Amortization(1)		Date Acquired/Constructed
Industrial	Pasadena, TX	—		6,084		28,566		34,650		1,664		2024
Industrial	San Antonio, TX	—		1,311		36,644		37,955		13,398		2017
Industrial	Chester, VA	—		6,461		40,124		46,585		14,109		2018
Construction in progress								1,997
Deferred loan costs, net		(405)
		$	49,541	$	366,881	$	3,539,607	$	3,908,485	$	932,339

(1) Depreciation and amortization expense is calculated on a straight-line basis over the following lives:

Building and improvements	Up to 40 years
Land estates	Up to 51 years
Tenant improvements	Shorter of useful life or term of related lease

The initial cost includes the purchase price paid directly or indirectly by the Company. The total cost basis of the Company's properties at December 31, 2025 for federal income tax purposes was approximately $4.2 billion.

	2025		2024		2023
Reconciliation of real estate, at cost:
Balance at the beginning of year	$	4,176,294	$	3,774,239	$	3,691,066
Additions during year	57,951		564,602		164,489
Properties sold and impaired during the year	(287,864)		(170,467)		(174,466)
Other reclassifications	(37,896)		7,920		93,150
Balance at end of year	$	3,908,485	$	4,176,294	$	3,774,239
Reconciliation of accumulated depreciation and amortization:
Balance at the beginning of year	$	837,994	$	713,377	$	627,027
Depreciation and amortization expense	164,358		159,997		147,617
Accumulated depreciation and amortization of properties sold and impaired during year	(59,550)		(34,807)		(100,474)
Other reclassifications	(10,463)		(573)		39,207
Balance at end of year	$	932,339	$	837,994	$	713,377