v3.25.2
Real Estate and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Components of Investments in Real Estate
The following table sets forth the components of our investments in real estate as of June 30, 2025 and December 31, 2024, respectively, excluding real estate held for sale (dollars in thousands):
June 30, 2025December 31, 2024
Real estate:
Land (1)$149,988 $139,743 
Building and improvements1,141,648 1,017,534 
Tenant improvements55,516 54,516 
Accumulated depreciation(339,331)(319,646)
Real estate, net$1,007,821 $892,147 

(1)This amount includes $2,711 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.
Schedule of Acquired Properties
We acquired ten industrial properties during the six months ended June 30, 2025, and acquired five properties during the six months ended June 30, 2024. The acquisitions are summarized below (dollars in thousands):
Six Months EndedAggregate Square FootageWeighted Average Remaining Lease Term at Time of AcquisitionAggregate Purchase PriceAggregate Capitalized Acquisition Expenses
June 30, 2025(1)874,871 14.3 years$153,067 $867 
June 30, 2024(2)142,125 25.1 years$11,954 $267 

(1)On February 19, 2025, we acquired a five-property, 215,474 square foot portfolio in Houston, Texas for $29.5 million. These properties are fully leased to one tenant and had 10.0 years of remaining lease term at the time we acquired the portfolio. On March 28, 2025, we acquired a 140,304 square foot property in Dallas-Fort Worth, Texas for $44.3 million. The property is fully leased to one tenant and had 11.3 years of remaining lease term at the time we acquired the property. On May 9, 2025, we acquired a 303,991 square foot property in Germantown, Wisconsin for $62.9 million. The property is fully leased to one tenant and had 19.4 years of remaining lease term at the time we acquired the property. On June 25, 2025, we acquired a three-property, 215,102 square foot portfolio in Harrison Township, Michigan for $16.5 million. These properties are fully leased to one tenant and had 10.0 years of remaining lease term at the time we acquired the portfolio.
(2)On May 7, 2024, we acquired a five-property, 142,125 square foot portfolio in Warfordsburg, Pennsylvania for $12.0 million. These properties were fully leased to one tenant and had 25.1 years of remaining lease term at the time we acquired the portfolio.
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the six months ended June 30, 2025 and 2024 as follows (dollars in thousands):

Six Months Ended June 30, 2025Six Months Ended June 30, 2024
Acquired assets and liabilitiesPurchase pricePurchase price
Land$10,640 (1)$1,169 
Building117,074 7,990 
Tenant Improvements1,145 277 
In-place Leases10,376 917 
Leasing Costs11,595 1,386 
Customer Relationships4,285 125 
Above Market Leases67 90 (3)
Below Market Leases(2,115)(2)— 
Total Purchase Price$153,067 $11,954 

(1)The Dallas-Fort Worth, Texas property that we acquired is subject to a ground lease, therefore there is no land asset included on the condensed consolidated balance sheets.
(2)This amount includes $250 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets.
(3)This amount includes $90 of loans receivable included in Other assets on the condensed consolidated balance sheets.
Schedule of Future Operating Lease Payments from Tenants Under Non-Cancelable Leases
Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the six months ending December 31, 2025 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):

YearTenant Lease Payments
Six Months Ending December 31, 2025$65,974 
2026129,683 
2027115,101 
2028102,685 
202994,919 
203082,851 
Thereafter447,204 
Schedule of Allocation of Lease Revenue
The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and six months ended June 30, 2025 and 2024, respectively (dollars in thousands):

For the three months ended June 30,
Lease revenue reconciliation20252024$ Change% Change
Fixed lease payments$34,328 $33,084 $1,244 3.8 %
Variable lease payments5,205 3,973 1,232 31.0 %
$39,533 $37,057 $2,476 6.7 %

For the six months ended June 30,
Lease revenue reconciliation20252024$ Change% Change
Fixed lease payments$66,775 $64,874 $1,901 2.9 %
Variable lease payments10,259 7,905 2,354 29.8 %
$77,034 $72,779 $4,255 5.8 %
Schedule of Carrying Value of Intangible Assets, Liabilities and Accumulated Amortization
The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2025 and December 31, 2024, respectively, excluding real estate held for sale (dollars in thousands):

June 30, 2025December 31, 2024
Lease Intangibles Accumulated Amortization Lease IntangiblesAccumulated Amortization
In-place leases$106,392 $(67,206)$96,392 $(64,830)
Leasing costs100,601 (51,853)89,093 (48,963)
Customer relationships64,374 (38,066)60,377 (36,962)
$271,367 $(157,125)$245,862 $(150,755)
Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion
Above market leases$11,843 $(9,887)$13,718 $(11,582)
Below market leases and deferred revenue(58,482)37,863 (56,616)34,620 
Schedule of Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2025 and 2024, were as follows:
Intangible Assets & LiabilitiesJune 30, 2025June 30, 2024
In-place leases13.925.1
Leasing costs13.925.1
Customer relationships18.625.1
Above market leases19.425.1
Below market leases10.70.0
All intangible assets & liabilities15.125.1