v3.26.1
Real Estate and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Components of Investments in Real Estate
The following table sets forth the components of our investments in real estate as of June 30, 2026 and December 31, 2025, respectively, excluding real estate held for sale (dollars in thousands):
June 30, 2026December 31, 2025
Real estate:
Land (1)$153,385 $150,873 
Building and improvements1,207,539 1,183,036 
Tenant improvements57,798 56,536 
Accumulated depreciation(381,606)(359,513)
Real estate, net$1,037,116 $1,030,932 
(1)This amount includes $2,711 of land value subject to land lease agreements which we may purchase at our option for a nominal fee.
Schedule of Acquired Properties The acquisitions are summarized below (dollars in thousands):
Six Months Ended June 30, 2026
LocationAggregate Number of Properties (unaudited)Acquisition DateAggregate Square Footage (unaudited)Weighted Average Remaining Lease Term at Time of AcquisitionAggregate Purchase PriceAggregate Capitalized Acquisition Expenses
Newport News, VA1May 20, 2026153,890 5.9 years$23,004 $254 
1153,890 5.9 years$23,004 $254 

Six Months Ended June 30, 2025
LocationAggregate Number of Properties (unaudited)Acquisition DateAggregate Square Footage (unaudited)Weighted Average Remaining Lease Term at Time of AcquisitionAggregate Purchase PriceAggregate Capitalized Acquisition Expenses
Houston, TX5February 19, 2025215,474 10.0 years$29,457 $207 
Dallas, TX1March 28, 2025140,304 11.3 years44,268 268 
Germantown, WI1May 9, 2025303,991 19.4 years62,851 151 
Harrison Township, MI3June 25, 2025215,102 10.0 years16,491 241 
10874,871 14.3 years$153,067 $867 
Schedule of Fair Value of Assets Acquired and Liabilities Assumed
We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the six months ended June 30, 2026 and 2025 as follows (dollars in thousands):

Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Acquired assets and liabilitiesPurchase pricePurchase price
Land$1,819 $10,640 (1)
Building16,500 117,074 
Tenant Improvements1,262 1,145 
In-place Leases1,254 10,376 
Leasing Costs544 11,595 
Customer Relationships1,741 4,285 
Above Market Leases— 67 
Below Market Leases(116)(2,115)(2)
Total Purchase Price$23,004 $153,067 

(1)The Dallas-Fort Worth, Texas property that we acquired is subject to a ground lease, therefore there is no land asset included on the condensed consolidated balance sheets.
(2)This amount includes $250 of prepaid rent included in Other liabilities on the condensed consolidated balance sheets related to sale-leaseback acquisitions.
Schedule of Future Operating Lease Payments from Tenants Under Non-Cancelable Leases
Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for the six months ending December 31, 2026 and each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):

YearTenant Lease Payments
Six Months Ending December 31, 2026$70,782 
2027127,283 
2028117,676 
2029111,603 
2030103,090 
203194,893 
Thereafter500,849 
Schedule of Allocation of Lease Revenue
The table below sets forth the allocation of lease revenue between fixed contractual payments and variable lease payments for the three and six months ended June 30, 2026 and 2025, respectively (dollars in thousands):

For the three months ended June 30,
Lease revenue reconciliation20262025$ Change% Change
Fixed lease payments$38,911 $34,328 $4,583 13.4 %
Variable lease payments5,078 5,205 (127)(2.4)%
$43,989 $39,533 $4,456 11.3 %

For the six months ended June 30,
Lease revenue reconciliation20262025$ Change% Change
Fixed lease payments$75,637 $66,775 $8,862 13.3 %
Variable lease payments10,261 10,259 2 — %
$85,898 $77,034 $8,864 11.5 %
Schedule of Carrying Value of Intangible Assets, Liabilities and Accumulated Amortization
The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of June 30, 2026 and December 31, 2025, respectively, excluding real estate held for sale (dollars in thousands):

June 30, 2026December 31, 2025
Lease Intangibles Accumulated Amortization Lease IntangiblesAccumulated Amortization
In-place leases$111,214 $(72,768)$109,960 $(69,932)
Leasing costs107,670 (58,534)105,468 (55,214)
Customer relationships66,931 (41,356)65,190 (39,893)
$285,815 $(172,658)$280,618 $(165,039)
Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion Deferred Rent Receivable/(Liability)Accumulated (Amortization)/Accretion
Above market leases$11,843 $(10,364)$11,843 $(10,135)
Below market leases and deferred revenue(60,362)43,477 (57,930)40,739 
Schedule of Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the six months ended June 30, 2026 and 2025, were as follows:
Intangible Assets & LiabilitiesJune 30, 2026June 30, 2025
In-place leases5.913.9
Leasing costs5.913.9
Customer relationships5.918.6
Above market leases0.019.4
Below market leases5.910.7
All intangible assets & liabilities5.915.1