Dispositions and Impairment

3 Months Ended

Mar. 31, 2026

Discontinued Operations and Disposal Groups [Abstract]

The Company did not have any dispositions during the three months ended March 31, 2026. The following table summarizes the Company's dispositions during the three months ended March 31, 2025.


Sale of real estate (dollars in $000s)	March 31, 2025
Number of buildings	1
Building square feet	241,997
Net proceeds from sale of real estate	$	34,118
Net book value	$	9,483
Gain on sale of real estate(1)	$	24,635

(1) Gain on sale of real estate is a component of Gain on sale or disposal of, and recovery, on real estate, net, in the unaudited Condensed Consolidated Statements of Operations.

The Company did not have any properties classified as held for sale at March 31, 2026 or December 31, 2025.

The Company regularly evaluates its real estate assets for indicators of impairment. Such indicators may include, prolonged property vacancy, tenant financial deterioration, changes in the expected holding period of an asset, an anticipated sale or transfer of a property in the near term, and adverse changes in economic conditions. An asset is considered impaired when its carrying value exceeds its estimated fair value and the Company does not expect to recover its carrying value.

No impairment charges were recorded during the three months ended March 31, 2026 and March 31, 2025.

On May 10, 2025, the Company experienced a fire at a warehouse facility located in McDonough, Georgia, which resulted in damage to certain property, plant and equipment. The affected assets primarily included a portion of the roof and a small portion of the exterior wall of the building. During the three months ended March 31, 2026, the Company recorded an estimated loss of $257, representing a portion of the net book value of damaged property, offset by $2,561 in insurance proceeds received resulting in a net casualty gain of $2,304. The realized gain represents the insurance proceeds received in excess of the estimated casualty losses, net of the non-reimbursable portion of the Company's insurance deductible, and is included in Gain on sale or disposal of, and recovery on, real estate, net in the unaudited Condensed Consolidated Statements of Operations for the three month period ended March 31, 2026. As of March 31, 2026, the amounts of the actual loss and the insurance proceeds remain subject to adjustment by the insurance carrier.