v3.26.1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Schedule of Gain (Loss) on Investments in Real Estate-Related Securities The table below presents the effects of the changes in fair value of the Company’s real estate-related securities in the Company’s condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2026 and 2025 (in thousands):
Gain (Loss) on Investments in Real Estate-Related Securities
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Unrealized gain (loss)$15,858 $(2,271)$16,967 $(4,565)
Realized gain (loss)1,352 (539)2,302 (702)
Total gain (loss) on real estate-related securities$17,210 $(2,810)$19,269 $(5,267)
Schedule of Other Assets
Other assets included the following (in thousands):
June 30, 2026December 31, 2025
Prepaid insurance$3,954 $1,267 
Prepaid property taxes3,833 3,477 
Deferred tax assets (1)
29,123 25,318 
Operating lease right-of-use assets, net21,746 27,030 
Other10,290 
(2)
10,764 
(3)
Other assets$68,946 $67,856 
(1)Includes the effects of a valuation allowance of $19.0 million and $18.0 million as of June 30, 2026 and December 31, 2025, respectively.
(2)Includes $4.5 million related to a deposit related to the acquisition of 405 Colorado, which was acquired in July 2026.
(3)Included $6.0 million related to a deposit on the forward purchase of a third building at the Tortona Logistics property, which was acquired in March 2026.
Schedule of Information Regarding Ground Leases
The table below provides additional information regarding the Company’s ground leases:
June 30, 2026December 31, 2025
Operating lease right-of-use assets, net of accumulated amortization (1)
$21,746 $27,030 
Operating lease liabilities (2)
$19,046 $20,903 
Financing lease right-of-use assets, net of accumulated amortization (3)
$15,281 $15,348 
Financing lease liabilities (4)
$17,549 $17,523 

(1)Recorded to other assets in the Company’s condensed consolidated balance sheets
(2)Recorded to other liabilities in the Company’s condensed consolidated balance sheets
(3)Recorded to financing lease right-of-use asset, net, in the Company’s condensed consolidated balance sheets
(4)Recorded to financing lease liability in the Company’s condensed consolidated balance sheets
The following table details the costs associated with the Company’s operating and financing leases (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Operating lease costs (1)
$656 $152 $1,321 $322 
Financing lease costs
Amortization of financing lease assets (1)
$33 $33 $66 $66 
Interest expense on lease liabilities (2)
147 147 295 294 
Total lease costs$836 $332 $1,682 $682 

(1) Recorded to property operating expenses in the Company’s condensed consolidated statements of operations and comprehensive income (loss)
(2) Recorded to interest expense in the Company’s condensed consolidated statements of operations and comprehensive income
Schedule of Operating Lease, Liability, to be Paid, Maturity
The tables below provide additional information regarding the Company’s lease liabilities for the period from July 1, 2026 through December 31, 2026 and for each of the years ending December 31, 2027 through December 31, 2031 and for the period thereafter (in thousands):
Lease Payments
Operating LeasesFinancing Leases
July 1, 2026 through December 31, 2026$528 $270 
20271,149 540 
20281,149 540 
20291,149 540 
20301,149 540 
20311,149 540 
Thereafter128,134 68,192 
Total$134,407 $71,162 
Ground Lease Liability$19,046 $17,549 
Undiscounted Excess Amount$115,361 $53,613 
Schedule of Finance Lease, Liability, to be Paid, Maturity
The tables below provide additional information regarding the Company’s lease liabilities for the period from July 1, 2026 through December 31, 2026 and for each of the years ending December 31, 2027 through December 31, 2031 and for the period thereafter (in thousands):
Lease Payments
Operating LeasesFinancing Leases
July 1, 2026 through December 31, 2026$528 $270 
20271,149 540 
20281,149 540 
20291,149 540 
20301,149 540 
20311,149 540 
Thereafter128,134 68,192 
Total$134,407 $71,162 
Ground Lease Liability$19,046 $17,549 
Undiscounted Excess Amount$115,361 $53,613