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REAL ESTATE PROPERTIES (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties
The Company’s Real estate properties and Development and value-add properties at December 31, 2025 and 2024 were as follows:
 December 31,
20252024
(In thousands)
Real estate properties:  
   Land                                                                  $951,787 888,140 
   Buildings and building improvements                                                                  4,173,416 3,815,850 
   Tenant and other improvements                                                                  829,609 761,061 
   Right of use assets — Ground leases (operating) (1)
34,976 38,393 
Development and value-add properties (2)
710,200 674,472 
 6,699,988 6,177,916 
Accumulated depreciation                                                                  (1,583,532)(1,415,576)
 $5,116,456 4,762,340 

(1)See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases.
(2)Value-add properties are defined in Note 1(e).
Real Estate Properties Acquired
A summary of real estate properties acquired for the years ended December 31, 2025, 2024 and 2023 follows:
REAL ESTATE PROPERTIES ACQUIREDLocation
Size
(unaudited)
Date Acquired
Cost (1)
  (Square feet) (In thousands)
2025
OPERATING PROPERTIES ACQUIRED
LifeScience Logistics CenterRaleigh, NC251,000 07/08/2025$47,150 
Lumley Logistics CenterRaleigh, NC67,000 07/15/202514,174 
McKinney Airport Trade CenterDallas, TX320,000 09/19/202560,641 
EastGroup Point at CheyenneLas Vegas, NV101,000 12/09/202521,134 
Total 2025 operating property acquisitions (2)
739,000 $143,099 
2024
OPERATING PROPERTIES ACQUIRED
Spanish Ridge Industrial ParkLas Vegas, NV231,000 01/23/2024$54,859 
147 ExchangeRaleigh, NC274,000 05/03/202452,945 
Hays Commerce Center 3 & 4Austin, TX179,000 08/19/202435,781 
Riverpoint Industrial ParkAtlanta, GA779,000 11/12/202487,576 
DFW Global Logistics Centre 5-8 (3)
Dallas, TX492,000 11/21/202475,852 
Akimel Gateway (3)
Phoenix, AZ519,000 12/26/202482,998 
Total 2024 operating property acquisitions (2)
2,474,000 $390,011 
2023
OPERATING PROPERTIES ACQUIRED
Craig Corporate CenterLas Vegas, NV156,000 04/18/2023$34,365 
Blue Diamond Business ParkLas Vegas, NV254,000 09/05/202352,973 
McKinney Logistics CenterDallas, TX193,000 10/02/202325,739 
Park at MyattNashville, TN171,000 11/03/202330,793 
Pelzer Point Commerce Center 1Greenville, SC213,000 12/21/202321,246 
Total 2023 operating property acquisitions (2)
987,000 $165,116 
(1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.
(2)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. Excludes acquired development land as detailed below.
(3)This operating property is located on land subject to a ground lease. See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases.
Sales of real estate properties [Table]
A summary of operating properties sold during the years ended December 31, 2025, 2024 and 2023 follows:
REAL ESTATE PROPERTIES SOLDLocation
Size (unaudited)
Date SoldNet Sales PriceBasisRecognized Gain
  (Square feet) (In thousands)
2025
Laura Alice Business CenterSan Francisco, CA12,000 06/02/2025$3,371 3,371 — 
2024
Interchange Business Park and
    Metro Airport Commerce Center
Jackson, MS159,000 03/05/2024$13,614 4,863 8,751 
2023
World Houston 23Houston, TX125,000 03/31/2023$9,327 4,518 4,809 
Ettie Business CenterSan Francisco, CA29,000 11/20/202311,638 8,845 2,793 
Los Angeles Corporate CenterLos Angeles, CA77,000 12/29/202316,006 5,643 10,363 
Total for 2023231,000 $36,971 19,006 17,965 
Development and value-add properties summary
A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2025 follows:
Actual or Estimated Building Size
(unaudited)
Cumulative Costs Incurred as of 12/31/2025
 
Projected Total Costs (1)
(unaudited)
(Square feet)(In thousands)
Lease-up1,935,000 $230,578 $266,300 
Under construction1,538,000 108,005 233,600 
Total lease-up and under construction3,473,000 338,583 $499,900 
Prospective development (primarily land)11,798,000 371,617 
Total Development and value-add properties as of December 31, 2025
15,271,000 $710,200 
Total Development and value-add properties transferred to Real estate
            properties during the year ended December 31, 2025
2,109,000 $279,082 (2)
(1)Included in these costs are development obligations of $94,201,000 and tenant improvement obligations of $9,552,000 on properties under development.
(2)Represents cumulative costs at the date of transfer.
Schedule of Future Minimum Rental Payments For Operating LeasesTableTextBlock
The following schedule indicates approximate future minimum ground lease payments, including renewal periods, for these properties by year as of December 31, 2025:
Years Ending December 31,(In thousands)
2026$2,951 
20272,968 
20283,040 
20293,101 
20303,148 
Thereafter                                                  149,219 
Total minimum payments                                                  164,427 
Imputed interest (1)
(127,355)
   Total ground lease liabilities                                                  $37,072 
(1)As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases and the Company’s estimated borrowing costs, to determine the imputed interest for its ground leases. The weighted-average discount rate for the Company's ground leases was 6.82% as of December 31, 2025 and 2024.