Investment Property (Tables)

6 Months Ended

Jun. 30, 2026

Investment property consisted of the following amounts as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025
Buildings and improvements (1)	$	4,287,550	$	4,250,871
Less: accumulated depreciation	(398,713)		(356,308)
Buildings and improvements, net	3,888,837		3,894,563
Land	1,080,049		1,033,885
Investment property, net	$	4,968,886	$	4,928,448

(1)Included in buildings and improvements was approximately $63.1 million and $86.5 million of construction-in-progress as of June 30, 2026 and December 31, 2025, respectively, primarily related to the Company’s development projects at several of the Company’s properties.

Schedule of Net Purchase Price for Acquisitions

The net purchase price for these acquisitions were allocated as follows (in thousands):


Property Name	Acquisition Date	Building and Improvements		Land		In-place Lease Intangibles		Out-of-Market Lease Intangibles, Net		Total
Tortona Logistics - Asset 3	3/17/2026	$	49,183	$	6,830	$	5,075	$	—	$	61,088
Junction One Retail Park	5/15/2026	$	38,921	$	25,054	$	6,585	$	432	$	70,992
Wicker Park	6/23/2026	$	22,156	$	40,834	$	12,473	$	(4,662)	$	70,801

Schedule of Acquired Finite-Lived Intangible Assets By Major Class

As of June 30, 2026, the cost basis and accumulated amortization related to lease intangibles are as follows (in thousands):


	Lease Intangibles
	In-Place Leases		Out-of-Market Lease Assets		Out-of-Market Lease Liabilities

Cost	$	575,302	$	28,828	$	(108,586)
Less: accumulated amortization	(210,228)		(12,501)		25,828
Net	$	365,074	$	16,327	$	(82,758)

As of December 31, 2025, the cost basis and accumulated amortization related to lease intangibles were as follows (in thousands):


	Lease Intangibles
	In-Place Leases		Out-of-Market Lease Assets		Out-of-Market Lease Liabilities

Cost	$	584,204	$	28,474	$	(107,964)
Less: accumulated amortization	(192,540)		(11,609)		25,407
Net	$	391,664	$	16,865	$	(82,557)

Schedule of Finite Lived Intangible Assets Future Amortization Expense

Anticipated amortization of the Company’s in-place leases and out-of-market leases, net 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 are as follows (in thousands):


	In-Place Lease		Out-of-Market Leases, Net
July 1, 2026 through December 31, 2026	$	31,786	$	(2,821)
2027	$	57,454	$	(4,907)
2028	$	51,046	$	(4,278)
2029	$	38,582	$	(3,742)
2030	$	31,199	$	(3,634)
2031	$	25,642	$	(3,576)

Schedule of Operating Lease Payments to be Received

The Company has entered into non-cancelable lease agreements with tenants for space. As of June 30, 2026, the approximate fixed future minimum rentals for the period from July 1, 2026 through December 31, 2026, for each of the years ending December 31, 2027 through 2031 and thereafter related to the Company’s commercial properties are as follows (in thousands):


	Fixed Future Minimum Rentals
July 1, 2026 through December 31, 2026	$	138,503
2027	274,320
2028	260,452
2029	228,088
2030	198,008
2031	169,374
Thereafter	768,618
Total	$	2,037,363