Dispositions and Impairment

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Impairment

Dispositions and Impairment

The Company did not have any dispositions during the six months ended June 30, 2026. The following table summarizes the Company's dispositions during the six months ended June 30, 2025:

Sale of real estate (dollars in $000s)	June 30, 2025
Number of buildings	2
Building square feet	731,127
Net proceeds from sale of real estate	$	73,502
Net book value	$	17,467
Gain on sale of real estate(1)(2)	$	56,035

(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.

(2)    For the six months ended June 30, 2025, excludes a net casualty loss of $80, which represents the Company's insurance deductible relating to the fire at the warehouse facility located in McDonough, Georgia that occurred on May 10, 2025.

The Company had one property classified as held for sale at June 30, 2026. The Company did not have any properties classified as held for sale at December 31, 2025. Assets and liabilities of the properties held for sale as of June 30, 2026 consisted of the following:

	June 30, 2026
Assets:
Real estate, at cost	$	20,338
Real estate, intangible assets	3,132
Accumulated depreciation and amortization	(11,773)
Rent Receivable - Deferred	3,669
Other	27
	$	15,393
Liabilities:
Accounts payable and other liabilities	$	12
Prepaid rent	240
	$	252

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 six months ended June 30, 2026 and June 30, 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 six months ended June 30, 2026, the Company recorded an estimated loss of $336, 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 $2,225. 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 six month period ended June 30, 2026.