v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
    Lessor
    We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred.
    For the year ended December 31, 2025, we recognized $959.5 million of rental income related to operating lease payments, of which $787.0 million was for fixed lease payments and $172.5 million was for variable lease payments. For the year ended December 31, 2024, we recognized $897.9 million of rental income related to operating lease payments, of which $739.2 million was for fixed lease payments and $158.7 million was for variable lease payments. For the year ended December 31, 2023, we recognized $762.1 million of rental income related to operating lease payments, of which $626.7 million was for fixed lease payments and $135.3 million was for variable lease payments.
    The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2025 (in thousands):
For the year ending December 31, 
2026$725,795 
2027636,870 
2028532,493 
2029413,044 
2030308,333 
Thereafter754,215 
Total$3,370,750 
The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles.
Lessee
We lease office space as part of conducting our day-to-day business. As of December 31, 2025, our office space leases have current remaining lease terms of approximately two years with options to renew for an additional term of three to five years each. As of December 31, 2025, we also have a ground lease which we assumed in the acquisition of 2970 East 50th Street in March 2022 that has a current remaining lease term of approximately 35.0 years and four additional ten-year options to renew.
As of December 31, 2025, total ROU assets and lease liabilities were approximately $6.8 million and $8.3 million, respectively. As of December 31, 2024, total ROU assets and lease liabilities were approximately $7.9 million and $9.7 million, respectively.
    The tables below present financial and supplemental information associated with our leases.
Year Ended December 31,
Lease Cost(1) (in thousands)
202520242023
Operating lease cost$1,591 $1,629 $1,766 
Variable lease cost96 186 142 
Sublease income(105)(87)— 
Total lease cost$1,582 $1,728 $1,908 
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
Year Ended December 31,
Other Information (in thousands)202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$1,813 $2,297 $2,308 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $2,084 $— 

Lease Term and Discount RateDecember 31, 2025December 31, 2024
Weighted-average remaining lease term(1)
46.2 years40.2 years
Weighted-average discount rate(2)
4.13 %4.10 %
(1)Includes the impact of extension options that we are reasonably certain to exercise.
(2)Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.
    The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2025 (in thousands):
2026$1,624 
20271,798 
2028542 
2029164 
2030164 
Thereafter19,560 
Total undiscounted lease payments$23,852 
Less imputed interest(15,569)
Total lease liabilities$8,283 
Leases Leases
    Lessor
    We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred.
    For the year ended December 31, 2025, we recognized $959.5 million of rental income related to operating lease payments, of which $787.0 million was for fixed lease payments and $172.5 million was for variable lease payments. For the year ended December 31, 2024, we recognized $897.9 million of rental income related to operating lease payments, of which $739.2 million was for fixed lease payments and $158.7 million was for variable lease payments. For the year ended December 31, 2023, we recognized $762.1 million of rental income related to operating lease payments, of which $626.7 million was for fixed lease payments and $135.3 million was for variable lease payments.
    The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2025 (in thousands):
For the year ending December 31, 
2026$725,795 
2027636,870 
2028532,493 
2029413,044 
2030308,333 
Thereafter754,215 
Total$3,370,750 
The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles.
Lessee
We lease office space as part of conducting our day-to-day business. As of December 31, 2025, our office space leases have current remaining lease terms of approximately two years with options to renew for an additional term of three to five years each. As of December 31, 2025, we also have a ground lease which we assumed in the acquisition of 2970 East 50th Street in March 2022 that has a current remaining lease term of approximately 35.0 years and four additional ten-year options to renew.
As of December 31, 2025, total ROU assets and lease liabilities were approximately $6.8 million and $8.3 million, respectively. As of December 31, 2024, total ROU assets and lease liabilities were approximately $7.9 million and $9.7 million, respectively.
    The tables below present financial and supplemental information associated with our leases.
Year Ended December 31,
Lease Cost(1) (in thousands)
202520242023
Operating lease cost$1,591 $1,629 $1,766 
Variable lease cost96 186 142 
Sublease income(105)(87)— 
Total lease cost$1,582 $1,728 $1,908 
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
Year Ended December 31,
Other Information (in thousands)202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$1,813 $2,297 $2,308 
Right-of-use assets obtained in exchange for new operating lease liabilities$— $2,084 $— 

Lease Term and Discount RateDecember 31, 2025December 31, 2024
Weighted-average remaining lease term(1)
46.2 years40.2 years
Weighted-average discount rate(2)
4.13 %4.10 %
(1)Includes the impact of extension options that we are reasonably certain to exercise.
(2)Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.
    The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2025 (in thousands):
2026$1,624 
20271,798 
2028542 
2029164 
2030164 
Thereafter19,560 
Total undiscounted lease payments$23,852 
Less imputed interest(15,569)
Total lease liabilities$8,283