v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
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 three and six months ended June 30, 2026, we recognized rental income related to operating lease payments of $240.1 million and $478.4 million, respectively, consisting of fixed lease payments of $195.9 million and $392.0 million and variable lease payments of $44.2 million and $86.4 million. For the three and six months ended June 30, 2025, we recognized rental income related to operating lease payments of $236.6 million and $477.1 million, respectively, consisting of fixed lease payments of $194.7 million and $392.5 million and variable lease payments of $41.9 million and $84.6 million.
    The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2026 (in thousands):
Twelve Months Ended June 30, 
2027$728,326 
2028662,593 
2029554,916 
2030417,372 
2031293,085 
Thereafter691,397 
Total$3,347,689 
    The future minimum base rents in the table above exclude 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 June 30, 2026, 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 June 30, 2026, 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 years and four additional ten-year options to renew.
    As of June 30, 2026, total ROU assets and lease liabilities were approximately $6.3 million and $7.6 million, respectively. As of December 31, 2025, total ROU assets and lease liabilities were approximately $6.8 million and $8.3 million, respectively.
    The tables below present financial and supplemental information associated with our leases.
Three Months Ended June 30,Six Months Ended June 30,
Lease Cost(1) (in thousands)
2026202520262025
Operating lease cost$372 $401 $745 $805 
Variable lease cost17 15 23 48 
Sublease income— (31)— (63)
Total lease cost$389 $385 $768 $790 
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
Other Information (in thousands)2026202520262025
Cash paid for amounts included in the measurement of operating lease liabilities$437 $360 $872 $822 
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease term(1)
49.9 years46.2 years
Weighted-average discount rate(2)
4.12 %4.13 %
(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 June 30, 2026 (in thousands):
June 30, 2026
July 1, 2026 - December 31, 2026$752 
20271,798 
2028542 
2029164 
2030164 
Thereafter19,560 
Total undiscounted lease payments$22,980 
Less imputed interest(15,396)
Total lease liabilities$7,584 
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 three and six months ended June 30, 2026, we recognized rental income related to operating lease payments of $240.1 million and $478.4 million, respectively, consisting of fixed lease payments of $195.9 million and $392.0 million and variable lease payments of $44.2 million and $86.4 million. For the three and six months ended June 30, 2025, we recognized rental income related to operating lease payments of $236.6 million and $477.1 million, respectively, consisting of fixed lease payments of $194.7 million and $392.5 million and variable lease payments of $41.9 million and $84.6 million.
    The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2026 (in thousands):
Twelve Months Ended June 30, 
2027$728,326 
2028662,593 
2029554,916 
2030417,372 
2031293,085 
Thereafter691,397 
Total$3,347,689 
    The future minimum base rents in the table above exclude 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 June 30, 2026, 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 June 30, 2026, 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 years and four additional ten-year options to renew.
    As of June 30, 2026, total ROU assets and lease liabilities were approximately $6.3 million and $7.6 million, respectively. As of December 31, 2025, total ROU assets and lease liabilities were approximately $6.8 million and $8.3 million, respectively.
    The tables below present financial and supplemental information associated with our leases.
Three Months Ended June 30,Six Months Ended June 30,
Lease Cost(1) (in thousands)
2026202520262025
Operating lease cost$372 $401 $745 $805 
Variable lease cost17 15 23 48 
Sublease income— (31)— (63)
Total lease cost$389 $385 $768 $790 
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
Other Information (in thousands)2026202520262025
Cash paid for amounts included in the measurement of operating lease liabilities$437 $360 $872 $822 
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease term(1)
49.9 years46.2 years
Weighted-average discount rate(2)
4.12 %4.13 %
(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 June 30, 2026 (in thousands):
June 30, 2026
July 1, 2026 - December 31, 2026$752 
20271,798 
2028542 
2029164 
2030164 
Thereafter19,560 
Total undiscounted lease payments$22,980 
Less imputed interest(15,396)
Total lease liabilities$7,584