| Schedule III |
Schedule III - Real Estate and Accumulated Depreciation as of December 31, 2025 ($ in thousands)
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Initial Cost |
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Costs Capitalized Subsequent to Acquisition |
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Gross Amounts at which Carried a the Close of Period |
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Description |
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Location |
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Number of Properties |
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Encumbrances |
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Land and Land Improvements |
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Buildings |
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Land and Land Improvements |
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Buildings |
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Land and Land Improvements |
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Buildings |
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Total |
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Accumulated Depreciation |
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Year Acquired |
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Industrial Properties |
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Industrial |
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Pennsylvania |
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1 |
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$ |
— |
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$ |
4,482 |
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$ |
48,383 |
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$ |
876 |
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$ |
9,454 |
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$ |
5,358 |
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$ |
57,837 |
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$ |
63,195 |
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$ |
(2,008 |
) |
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|
2023 |
|
Industrial |
|
Missouri |
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1 |
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— |
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15,388 |
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84,292 |
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500 |
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6,368 |
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15,888 |
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90,660 |
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106,548 |
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(1,659 |
) |
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2023 |
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Industrial |
|
Tennessee |
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1 |
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— |
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1,909 |
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29,875 |
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|
250 |
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3,921 |
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|
2,159 |
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33,796 |
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35,955 |
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(1,168 |
) |
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2023 |
|
Industrial |
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Wisconsin |
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1 |
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— |
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3,956 |
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49,365 |
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— |
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— |
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3,956 |
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49,365 |
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53,321 |
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(3,549 |
) |
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2023 |
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Industrial |
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Pennsylvania |
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1 |
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— |
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4,815 |
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11,459 |
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— |
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— |
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4,815 |
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11,459 |
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16,274 |
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(957 |
) |
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2024 |
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Industrial |
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Various |
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2 |
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— |
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5,600 |
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13,585 |
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— |
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1,000 |
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5,600 |
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14,585 |
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20,185 |
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(1,436 |
) |
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2024 |
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Industrial |
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Utah |
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3 |
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— |
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10,963 |
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26,748 |
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— |
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— |
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10,963 |
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26,748 |
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37,711 |
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(1,954 |
) |
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2024 |
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Industrial |
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Various |
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27 |
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— |
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59,644 |
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53,209 |
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— |
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— |
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59,644 |
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53,209 |
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112,853 |
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(6,119 |
) |
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2024 |
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Industrial |
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Various |
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22 |
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— |
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57,968 |
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86,919 |
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— |
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— |
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57,968 |
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86,919 |
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144,887 |
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(6,634 |
) |
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2024 |
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Industrial |
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Various |
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2 |
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— |
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2,775 |
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5,463 |
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— |
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— |
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2,775 |
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5,463 |
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8,238 |
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(433 |
) |
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2024 |
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Industrial |
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Georgia |
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3 |
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— |
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7,723 |
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16,813 |
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— |
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— |
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7,723 |
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16,813 |
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24,536 |
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(990 |
) |
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2024 |
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Industrial |
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Various |
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3 |
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— |
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47,265 |
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118,335 |
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— |
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— |
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47,265 |
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118,335 |
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165,600 |
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(5,167 |
) |
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2024 |
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Industrial |
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Various |
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2 |
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— |
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24,990 |
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39,499 |
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— |
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— |
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24,990 |
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39,499 |
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64,489 |
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(1,871 |
) |
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2024 |
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Industrial |
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Various |
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16 |
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— |
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59,635 |
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55,893 |
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— |
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— |
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59,635 |
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55,893 |
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115,528 |
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(3,161 |
) |
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2024 |
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Industrial |
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Various |
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2 |
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— |
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18,397 |
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65,962 |
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— |
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— |
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18,397 |
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65,962 |
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84,359 |
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(2,206 |
) |
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2024 |
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Industrial |
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Various |
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3 |
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— |
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9,440 |
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46,645 |
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— |
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|
— |
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9,440 |
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|
46,645 |
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|
56,085 |
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(1,654 |
) |
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|
2025 |
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Industrial |
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Various |
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3 |
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|
|
— |
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|
5,569 |
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|
17,150 |
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|
— |
|
|
|
— |
|
|
|
5,569 |
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|
|
17,150 |
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22,719 |
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|
(574 |
) |
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|
2025 |
|
Industrial |
|
Michigan |
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1 |
|
|
|
— |
|
|
|
4,853 |
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|
36,615 |
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— |
|
|
|
— |
|
|
|
4,853 |
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|
36,615 |
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41,468 |
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(1,133 |
) |
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|
2025 |
|
Industrial |
|
Florida |
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1 |
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|
|
— |
|
|
|
2,663 |
|
|
|
9,320 |
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|
— |
|
|
|
2,250 |
|
|
|
2,663 |
|
|
|
11,570 |
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|
14,233 |
|
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|
(238 |
) |
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|
2025 |
|
Industrial |
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Various |
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2 |
|
|
|
— |
|
|
|
8,113 |
|
|
|
19,736 |
|
|
|
— |
|
|
|
— |
|
|
|
8,113 |
|
|
|
19,736 |
|
|
|
27,849 |
|
|
|
(471 |
) |
|
|
2025 |
|
Industrial |
|
Various |
|
|
4 |
|
|
|
258,416 |
|
|
|
126,835 |
|
|
|
153,581 |
|
|
|
— |
|
|
|
— |
|
|
|
126,835 |
|
|
|
153,581 |
|
|
|
280,416 |
|
|
|
(1,840 |
) |
|
|
2025 |
|
Industrial |
|
Various |
|
|
2 |
|
|
|
89,084 |
|
|
|
10,879 |
|
|
|
105,667 |
|
|
|
— |
|
|
|
— |
|
|
|
10,879 |
|
|
|
105,667 |
|
|
|
116,546 |
|
|
|
(1,118 |
) |
|
|
2025 |
|
Industrial |
|
Various |
|
|
2 |
|
|
|
— |
|
|
|
14,586 |
|
|
|
8,336 |
|
|
|
— |
|
|
|
— |
|
|
|
14,586 |
|
|
|
8,336 |
|
|
|
22,922 |
|
|
|
(128 |
) |
|
|
2025 |
|
Industrial |
|
Missouri |
|
|
3 |
|
|
|
— |
|
|
|
16,806 |
|
|
|
56,091 |
|
|
|
— |
|
|
|
— |
|
|
|
16,806 |
|
|
|
56,091 |
|
|
|
72,897 |
|
|
|
(97 |
) |
|
|
2025 |
|
Industrial |
|
Illinois |
|
|
1 |
|
|
|
— |
|
|
|
6,759 |
|
|
|
10,822 |
|
|
|
— |
|
|
|
— |
|
|
|
6,759 |
|
|
|
10,822 |
|
|
|
17,581 |
|
|
|
(16 |
) |
|
|
2025 |
|
Industrial |
|
North Carolina |
|
|
3 |
|
|
|
111,100 |
|
|
|
28,608 |
|
|
|
120,262 |
|
|
|
— |
|
|
|
— |
|
|
|
28,608 |
|
|
|
120,262 |
|
|
|
148,870 |
|
|
|
(91 |
) |
|
|
2025 |
|
Total Industrial Properties |
|
|
112 |
|
|
|
458,600 |
|
|
|
560,621 |
|
|
|
1,290,025 |
|
|
|
1,626 |
|
|
|
22,993 |
|
|
|
562,247 |
|
|
|
1,313,018 |
|
|
|
1,875,265 |
|
|
|
(46,672 |
) |
|
|
|
|
|
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|
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|
|
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|
Retail Properties |
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|
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|
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Retail |
|
Washington |
|
|
6 |
|
|
|
— |
|
|
|
2,684 |
|
|
|
10,717 |
|
|
|
— |
|
|
|
— |
|
|
|
2,684 |
|
|
|
10,717 |
|
|
|
13,401 |
|
|
|
(723 |
) |
|
|
2024 |
|
Retail |
|
Kentucky |
|
|
7 |
|
|
|
— |
|
|
|
3,248 |
|
|
|
7,419 |
|
|
|
— |
|
|
|
— |
|
|
|
3,248 |
|
|
|
7,419 |
|
|
|
10,667 |
|
|
|
(592 |
) |
|
|
2024 |
|
Retail |
|
New Hampshire |
|
|
4 |
|
|
|
— |
|
|
|
1,861 |
|
|
|
4,934 |
|
|
|
— |
|
|
|
— |
|
|
|
1,861 |
|
|
|
4,934 |
|
|
|
6,795 |
|
|
|
(356 |
) |
|
|
2024 |
|
Retail |
|
Illinois |
|
|
3 |
|
|
|
— |
|
|
|
1,464 |
|
|
|
4,443 |
|
|
|
— |
|
|
|
— |
|
|
|
1,464 |
|
|
|
4,443 |
|
|
|
5,907 |
|
|
|
(289 |
) |
|
|
2024 |
|
Retail |
|
Alabama |
|
|
4 |
|
|
|
— |
|
|
|
1,158 |
|
|
|
5,676 |
|
|
|
— |
|
|
|
— |
|
|
|
1,158 |
|
|
|
5,676 |
|
|
|
6,834 |
|
|
|
(362 |
) |
|
|
2024 |
|
Retail |
|
Louisiana |
|
|
5 |
|
|
|
— |
|
|
|
3,898 |
|
|
|
7,845 |
|
|
|
— |
|
|
|
— |
|
|
|
3,898 |
|
|
|
7,845 |
|
|
|
11,743 |
|
|
|
(442 |
) |
|
|
2024 |
|
Retail |
|
South Carolina |
|
|
1 |
|
|
|
— |
|
|
|
346 |
|
|
|
2,023 |
|
|
|
— |
|
|
|
— |
|
|
|
346 |
|
|
|
2,023 |
|
|
|
2,369 |
|
|
|
(106 |
) |
|
|
2024 |
|
Retail |
|
Florida |
|
|
3 |
|
|
|
— |
|
|
|
3,398 |
|
|
|
5,350 |
|
|
|
— |
|
|
|
— |
|
|
|
3,398 |
|
|
|
5,350 |
|
|
|
8,748 |
|
|
|
(284 |
) |
|
|
2024 |
|
Retail |
|
Michigan |
|
|
3 |
|
|
|
— |
|
|
|
2,051 |
|
|
|
4,323 |
|
|
|
— |
|
|
|
— |
|
|
|
2,051 |
|
|
|
4,323 |
|
|
|
6,374 |
|
|
|
(210 |
) |
|
|
2024 |
|
Retail |
|
New Jersey |
|
|
3 |
|
|
|
— |
|
|
|
3,736 |
|
|
|
7,718 |
|
|
|
— |
|
|
|
— |
|
|
|
3,736 |
|
|
|
7,718 |
|
|
|
11,454 |
|
|
|
(256 |
) |
|
|
2024 |
|
Retail |
|
Minnesota |
|
|
1 |
|
|
|
— |
|
|
|
1,531 |
|
|
|
4,299 |
|
|
|
— |
|
|
|
— |
|
|
|
1,531 |
|
|
|
4,299 |
|
|
|
5,830 |
|
|
|
(184 |
) |
|
|
2024 |
|
Retail |
|
Pennsylvania |
|
|
2 |
|
|
|
— |
|
|
|
1,820 |
|
|
|
3,212 |
|
|
|
— |
|
|
|
— |
|
|
|
1,820 |
|
|
|
3,212 |
|
|
|
5,032 |
|
|
|
(122 |
) |
|
|
2024 |
|
Retail |
|
Washington |
|
|
7 |
|
|
|
— |
|
|
|
12,328 |
|
|
|
25,752 |
|
|
|
— |
|
|
|
— |
|
|
|
12,328 |
|
|
|
25,752 |
|
|
|
38,080 |
|
|
|
(902 |
) |
|
|
2024 |
|
Retail |
|
West Virginia |
|
|
4 |
|
|
|
— |
|
|
|
2,659 |
|
|
|
13,403 |
|
|
|
— |
|
|
|
— |
|
|
|
2,659 |
|
|
|
13,403 |
|
|
|
16,062 |
|
|
|
(479 |
) |
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
Florida |
|
|
2 |
|
|
|
— |
|
|
|
5,035 |
|
|
|
8,825 |
|
|
|
— |
|
|
|
— |
|
|
|
5,035 |
|
|
|
8,825 |
|
|
|
13,860 |
|
|
|
(327 |
) |
|
|
2024 |
|
Retail |
|
Connecticut |
|
|
1 |
|
|
|
— |
|
|
|
942 |
|
|
|
2,405 |
|
|
|
— |
|
|
|
— |
|
|
|
942 |
|
|
|
2,405 |
|
|
|
3,347 |
|
|
|
(85 |
) |
|
|
2025 |
|
Retail |
|
Texas |
|
|
8 |
|
|
|
— |
|
|
|
7,844 |
|
|
|
23,316 |
|
|
|
— |
|
|
|
— |
|
|
|
7,844 |
|
|
|
23,316 |
|
|
|
31,160 |
|
|
|
(445 |
) |
|
|
2025 |
|
Retail |
|
Missouri |
|
|
26 |
|
|
|
— |
|
|
|
16,298 |
|
|
|
36,189 |
|
|
|
— |
|
|
|
— |
|
|
|
16,298 |
|
|
|
36,189 |
|
|
|
52,487 |
|
|
|
(855 |
) |
|
|
2025 |
|
Retail |
|
Alabama |
|
|
6 |
|
|
|
— |
|
|
|
4,864 |
|
|
|
12,298 |
|
|
|
— |
|
|
|
— |
|
|
|
4,864 |
|
|
|
12,298 |
|
|
|
17,162 |
|
|
|
(113 |
) |
|
|
2025 |
|
Retail |
|
Ohio |
|
|
4 |
|
|
|
— |
|
|
|
2,295 |
|
|
|
9,868 |
|
|
|
— |
|
|
|
— |
|
|
|
2,295 |
|
|
|
9,868 |
|
|
|
12,163 |
|
|
|
(117 |
) |
|
|
2025 |
|
Retail |
|
Arizona |
|
|
4 |
|
|
|
— |
|
|
|
5,524 |
|
|
|
10,208 |
|
|
|
— |
|
|
|
— |
|
|
|
5,524 |
|
|
|
10,208 |
|
|
|
15,732 |
|
|
|
(107 |
) |
|
|
2025 |
|
Retail |
|
Various |
|
|
30 |
|
|
|
— |
|
|
|
17,823 |
|
|
|
45,570 |
|
|
|
— |
|
|
|
— |
|
|
|
17,823 |
|
|
|
45,570 |
|
|
|
63,393 |
|
|
|
(408 |
) |
|
|
2025 |
|
Retail |
|
Various |
|
|
18 |
|
|
|
— |
|
|
|
13,129 |
|
|
|
39,413 |
|
|
|
— |
|
|
|
— |
|
|
|
13,129 |
|
|
|
39,413 |
|
|
|
52,542 |
|
|
|
(109 |
) |
|
|
2025 |
|
Retail |
|
Kentucky |
|
|
1 |
|
|
|
— |
|
|
|
389 |
|
|
|
8,184 |
|
|
|
— |
|
|
|
— |
|
|
|
389 |
|
|
|
8,184 |
|
|
|
8,573 |
|
|
|
(14 |
) |
|
|
2025 |
|
Total Retail Properties |
|
|
153 |
|
|
|
— |
|
|
|
116,325 |
|
|
|
303,390 |
|
|
|
— |
|
|
|
— |
|
|
|
116,325 |
|
|
|
303,390 |
|
|
|
419,715 |
|
|
|
(7,887 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office / Headquarters Properties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office / Headquarters |
|
Ohio |
|
|
2 |
|
|
|
— |
|
|
|
5,606 |
|
|
|
143,869 |
|
|
|
— |
|
|
|
— |
|
|
|
5,606 |
|
|
|
143,869 |
|
|
|
149,475 |
|
|
|
(2,869 |
) |
|
|
2025 |
|
Office / Headquarters |
|
Georgia |
|
|
1 |
|
|
|
— |
|
|
|
8,946 |
|
|
|
70,793 |
|
|
|
— |
|
|
|
— |
|
|
|
8,946 |
|
|
|
70,793 |
|
|
|
79,739 |
|
|
|
(689 |
) |
|
|
2025 |
|
Office / Headquarters |
|
Wisconsin |
|
|
1 |
|
|
|
— |
|
|
|
6,712 |
|
|
|
22,930 |
|
|
|
— |
|
|
|
— |
|
|
|
6,712 |
|
|
|
22,930 |
|
|
|
29,642 |
|
|
|
(7 |
) |
|
|
2025 |
|
Total Office / Headquarters Properties |
|
|
4 |
|
|
|
— |
|
|
|
21,264 |
|
|
|
237,592 |
|
|
|
— |
|
|
|
— |
|
|
|
21,264 |
|
|
|
237,592 |
|
|
|
258,856 |
|
|
|
(3,565 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties Under Development |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Center |
|
Idaho |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
22,048 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
22,048 |
|
|
|
22,048 |
|
|
|
— |
|
|
|
2025 |
|
Data Center |
|
Wyoming |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
3,834 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,834 |
|
|
|
3,834 |
|
|
|
— |
|
|
|
2025 |
|
Industrial |
|
Kentucky |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
11,489 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,489 |
|
|
|
11,489 |
|
|
|
— |
|
|
|
2025 |
|
Data Center |
|
Minnesota |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
18,863 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,863 |
|
|
|
18,863 |
|
|
|
— |
|
|
|
2025 |
|
Industrial |
|
North Carolina |
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
66,491 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
66,491 |
|
|
|
66,491 |
|
|
|
— |
|
|
|
2025 |
|
Total Properties Under Development |
|
|
5 |
|
|
|
— |
|
|
|
— |
|
|
|
122,725 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
122,725 |
|
|
|
122,725 |
|
|
|
— |
|
|
|
|
Portfolio Total |
|
|
274 |
|
|
$ |
458,600 |
|
|
$ |
698,210 |
|
|
$ |
1,953,732 |
|
|
$ |
1,626 |
|
|
$ |
22,993 |
|
|
$ |
699,836 |
|
|
$ |
1,976,725 |
|
|
$ |
2,676,561 |
|
|
$ |
(58,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
Real Estate: |
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
1,154,280 |
|
|
$ |
98,488 |
|
Additions during the year: |
|
|
|
|
|
|
Land and land improvements |
|
|
478,284 |
|
|
|
344,138 |
|
Building and tenant improvements |
|
|
1,043,997 |
|
|
|
711,654 |
|
Balance at the end of the year |
|
$ |
2,676,561 |
|
|
$ |
1,154,280 |
|
|
|
|
|
|
|
|
Accumulated Depreciation: |
|
|
|
|
|
|
Balance at beginning of year |
|
$ |
(10,532 |
) |
|
$ |
(25 |
) |
Accumulated depreciation |
|
|
(47,592 |
) |
|
|
(10,507 |
) |
Balance at the end of the year |
|
$ |
(58,124 |
) |
|
$ |
(10,532 |
) |
|