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Investments in Real Estate
 12 Months Ended
Dec. 31, 2025
Investments, All Other Investments [Abstract]  
Investments in Real Estate Investments in Real Estate
Acquisition Summary
We did not acquire any properties during the year ended December 31, 2025. The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2024:
PropertySubmarketDate of AcquisitionRentable Square FeetNumber of Buildings
Contractual Purchase Price(1)
(in thousands)
5000 & 5010 Azusa Canyon RoadLos Angeles - San Gabriel Valley1/31/2024233,984 2 $84,000 
Blackstone Industrial Assets(2)
Various3/28/20243,008,578 48 996,800 
4422 Airport DriveSan Bernardino - Inland Empire West4/5/202488,283 1 26,725 
1901 Rosslynn AvenueOrange County - North5/10/2024278,572 1 94,250 
16203-16233 Arrow HighwayLos Angeles - San Gabriel Valley5/23/2024134,542 4 48,500 
950 West 190th StreetLos Angeles - South Bay7/22/2024188,545 1 41,290 
12900 Alondra BoulevardLos Angeles - Mid-Counties9/20/202482,660 1 19,200 
13201 Dahlia StreetSan Bernardino - Inland Empire West10/15/2024278,650 1 70,061 
2501 Rosecrans AvenueLos Angeles - South Bay12/6/2024300,217 1 137,200 
Total 2024 Property Acquisitions4,594,031 60 $1,518,026 
(1)Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition related costs. Total capitalized closing costs and acquisition related costs, net of certain credits, not included in the gross contractual purchase price in the table above, were approximately $3.7 million.
(2)Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities.
The following table summarizes amounts allocated to each major class of asset and liability on a relative fair value basis for the acquisitions noted in the table above, as of the date of each acquisition (in thousands):
2024
Assets:
Land$1,020,690 
Buildings and improvements424,579 
Tenant improvements4,818 
Acquired lease intangible assets(1)
103,795 
Other acquired assets(2)
2,033 
   Total assets acquired
$1,555,915 
Liabilities:
Acquired lease intangible liabilities(3)
$32,119 
Other assumed liabilities(2)
17,803 
   Total liabilities assumed
$49,922 
Net assets acquired$1,505,993 
(1)Acquired lease intangible assets are comprised of $77.0 million of in-place lease intangibles with a weighted average amortization period of 4.6 years and $26.8 million of above-market lease intangibles with a weighted average amortization period of 4.2 years.
(2)Includes other working capital assets acquired and liabilities assumed at the time of acquisition, including prorations.
(3)Represents below-market lease intangibles with a weighted average amortization period of 11.7 years.
Dispositions
The following table summarizes information related to the properties that we sold during the years ended December 31, 2025, 2024, and 2023 (dollars in thousands).
PropertySubmarketDate of DispositionRentable Square Feet
Contractual Sales Price(1)
(in thousands)
Gain Recorded
(in thousands)
2025 Dispositions:
1055 Sandhill AvenueLos Angeles - South Bay3/28/2025127,775 $52,450 $13,157 
20 IconOrange - South4/03/2025102,299 50,875 30,625 
2270 Camino Vida RobleSan Diego - North County5/23/2025106,311 30,700 13,736 
1332 & 1336 Rocky Point DriveSan Diego - North County7/18/202551,081 14,715 7,670 
8542 Slauson AvenueLos Angeles - Central8/06/202524,679 17,300 6,380 
15715 Arrow HighwayLos Angeles - San Gabriel Valley9/04/202576,000 21,585 14,533 
600-650 South Grand AvenueOrange - South12/22/2025101,389 29,900 19,931 
589,534 217,525 106,032 
2024 Dispositions:
2360-2364 East Sturgis RoadVentura4/16/202449,641 $10,000 $6,261 
6423-6431 & 6407-6119 Alondra BoulevardLos Angeles - South Bay5/03/202430,224 7,600 5,077 
15401 Figueroa StreetLos Angeles - South Bay5/07/202438,584 10,225 4,203 
8210 Haskell AvenueLos Angeles - San Fernando Valley5/17/202426,229 9,200 727 
2553 Garfield AvenueLos Angeles - Central8/20/202425,615 7,275 1,745 
170,293 44,300 18,013 
2023 Dispositions:
8101-8117 Orion Ave.Los Angeles - San Fernando Valley3/28/202348,394 $17,000 $12,133 
3720-3750 W. Warner AvenueOrange County Airport12/05/202338,643 11,275 6,868 
Total87,037 $28,275 $19,001 
(1)Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.
Impairment of Real Estate
During the year ended December 31, 2025, we recognized impairment charges totaling $89.1 million related to seven properties that were originally planned for development. In the fourth quarter of 2025, management approved a change in strategy for these properties, resulting in a shortened expected holding period and a plan to pursue their sale rather than continue with future development for long-term ownership and operation. As the properties did not meet the criteria for classification as held for sale as of December 31, 2025, they remained held and used, and impairment charges were recognized to reduce their carrying values to estimated fair values. Estimated fair values were primarily based on quoted market values obtained from non‑binding offers or letters of intent received from third‑party buyers or, where applicable, contracted sales prices.
We expect the properties to be classified as held for sale in a subsequent period once the criteria for such classification under ASC 360 are met. Upon such classification, each asset will be measured at the lower of its then‑current carrying amount or fair value less estimated costs to sell, and depreciation will cease prospectively from the date of classification. To the extent fair value less costs to sell is below carrying value at that time, we would record an incremental write‑down for estimated selling costs (e.g., brokerage and closing costs) in that future period.