v3.25.1
Rental Property (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties
The following table summarizes the components of rental property, net as of March 31, 2025 and December 31, 2024.

Rental Property (in thousands)March 31, 2025December 31, 2024
Land$776,387 $771,794 
Buildings, net of accumulated depreciation of $769,777 and $738,348, respectively
4,639,358 4,634,634 
Tenant improvements, net of accumulated depreciation of $42,056 and $42,092, respectively
43,702 44,987 
Building and land improvements, net of accumulated depreciation of $317,513 and $305,426, respectively
488,122 396,883 
Construction in progress140,595 218,616 
Deferred leasing intangibles, net of accumulated amortization of $386,560 and $386,627, respectively
412,441 428,865 
Total rental property, net$6,500,605 $6,495,779 
Asset Acquisition
The following table summarizes the Company’s acquisitions during the three months ended March 31, 2025. The Company accounted for all of its acquisitions as asset acquisitions.

Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price (in thousands)
Minneapolis, MN January 9, 2025161,600 1$16,537 
Chicago, IL February 27, 2025231,964 226,748 
Three months ended March 31, 2025393,564 3 $43,285 
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition
The following table summarizes the allocation of the consideration paid at the date of acquisition during the three months ended March 31, 2025 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.

Three Months Ended March 31, 2025
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$6,025 N/A
Buildings29,635 N/A
Tenant improvements109 N/A
Building and land improvements1,318 N/A
Deferred leasing intangibles - in-place leases3,619 3.3
Deferred leasing intangibles - tenant relationships2,713 7.3
Deferred leasing intangibles - below market leases(134)2.5
Total purchase price$43,285  
Disposal Groups, Including Discontinued Operations
The following table summarizes the Company’s disposition during the three months ended March 31, 2025. The disposition was sold to a third party and was accounted for under the full accrual method.

Sale of rental property, net (dollars in thousands)Three months ended March 31, 2025
Number of buildings1
Building square feet (in millions)0.3
Proceeds from sale of rental property, net$63,834 
Net book value$13,921 
Gain on the sale of rental property, net$49,913 

The following table summarizes the results of operations for the three months ended March 31, 2025 and 2024 for the building sold during the three months ended March 31, 2025, which is included in the Company’s Consolidated Statements of Operations prior to the date of sale.

 Three months ended March 31,
Sale of rental property, net (dollars in thousands)20252024
Sold building contribution to net income (loss)(1)
$(144)$321 
(1) Exclusive of gain on the sale of rental property, net.
Schedule of Finite-Lived Intangible Assets and Below Market Leases
The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of March 31, 2025 and December 31, 2024.

March 31, 2025December 31, 2024
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$74,053 $(38,817)$35,236 $76,232 $(39,335)$36,897 
Other intangible lease assets724,948 (347,743)377,205 739,260 (347,292)391,968 
Total deferred leasing intangible assets$799,001 $(386,560)$412,441 $815,492 $(386,627)$428,865 
Below market leases$62,921 $(31,692)$31,229 $64,703 $(31,368)$33,335 
Total deferred leasing intangible liabilities$62,921 $(31,692)$31,229 $64,703 $(31,368)$33,335 
The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three months ended March 31, 2025 and 2024.

 Three months ended March 31,
Deferred Leasing Intangibles Amortization (in thousands)20252024
Net increase to rental income related to above and below market lease amortization$578 $297 
Amortization expense related to other intangible lease assets$21,094 $22,074