v3.26.3
Leases
 9 Months Ended
Sep. 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 nine months ended September 30, 2026, we recognized rental income related to operating lease payments of $233.2 million and $711.6 million, respectively, consisting of fixed lease payments of $191.3 million and $583.3 million and variable lease payments of $41.9 million and $128.3 million. For the three and nine months ended September 30, 2025, we recognized rental income related to operating lease payments of $242.4 million and $719.5 million, respectively, consisting of fixed lease payments of $198.9 million and $591.4 million and variable lease payments of $43.5 million and $128.1 million.
    The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2026 (in thousands):
Twelve Months Ended September 30,
2027$665,972 
2028615,940 
2029523,028 
2030412,741 
2031306,623 
Thereafter776,278 
Total$3,300,582 
    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 September 30, 2026, our office space leases have remaining lease terms ranging from approximately two years to eight years. In addition, one lease includes an option to renew for an additional three-year term. We also have a ground lease with a remaining lease term of approximately 34 years and four options to renew for additional ten-year terms.
    As of September 30, 2026, total ROU assets and lease liabilities were approximately $9.1 million and $12.0 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 September 30,Nine Months Ended September 30,
Lease Cost(1) (in thousands)
2026202520262025
Operating lease cost$425 $404 $1,170 $1,209 
Variable lease cost3 28 26 76 
Sublease income— (32)— (95)
Total lease cost$428 $400 $1,196 $1,190 
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
Three Months Ended September 30,Nine Months Ended September 30,
Other Information (in thousands)2026202520262025
Cash paid for amounts included in the measurement of operating lease liabilities$436 $533 $1,308 $1,355 
Right-of-use assets obtained in connection with the remeasurement of the lease liability$3,059 $— $3,059 $— 
Lease Term and Discount RateSeptember 30, 2026December 31, 2025
Weighted-average remaining lease term(1)
34.7 years46.2 years
Weighted-average discount rate(2)
4.47 %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 September 30, 2026 (in thousands):
September 30, 2026
October 1, 2026 - December 31, 2026$400 
20271,722 
20281,031 
20291,179 
20301,210 
Thereafter23,174 
Total undiscounted lease payments$28,716 
Less imputed interest(16,714)
Total lease liabilities$12,002 
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 nine months ended September 30, 2026, we recognized rental income related to operating lease payments of $233.2 million and $711.6 million, respectively, consisting of fixed lease payments of $191.3 million and $583.3 million and variable lease payments of $41.9 million and $128.3 million. For the three and nine months ended September 30, 2025, we recognized rental income related to operating lease payments of $242.4 million and $719.5 million, respectively, consisting of fixed lease payments of $198.9 million and $591.4 million and variable lease payments of $43.5 million and $128.1 million.
    The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2026 (in thousands):
Twelve Months Ended September 30,
2027$665,972 
2028615,940 
2029523,028 
2030412,741 
2031306,623 
Thereafter776,278 
Total$3,300,582 
    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 September 30, 2026, our office space leases have remaining lease terms ranging from approximately two years to eight years. In addition, one lease includes an option to renew for an additional three-year term. We also have a ground lease with a remaining lease term of approximately 34 years and four options to renew for additional ten-year terms.
    As of September 30, 2026, total ROU assets and lease liabilities were approximately $9.1 million and $12.0 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 September 30,Nine Months Ended September 30,
Lease Cost(1) (in thousands)
2026202520262025
Operating lease cost$425 $404 $1,170 $1,209 
Variable lease cost3 28 26 76 
Sublease income— (32)— (95)
Total lease cost$428 $400 $1,196 $1,190 
(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.
Three Months Ended September 30,Nine Months Ended September 30,
Other Information (in thousands)2026202520262025
Cash paid for amounts included in the measurement of operating lease liabilities$436 $533 $1,308 $1,355 
Right-of-use assets obtained in connection with the remeasurement of the lease liability$3,059 $— $3,059 $— 
Lease Term and Discount RateSeptember 30, 2026December 31, 2025
Weighted-average remaining lease term(1)
34.7 years46.2 years
Weighted-average discount rate(2)
4.47 %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 September 30, 2026 (in thousands):
September 30, 2026
October 1, 2026 - December 31, 2026$400 
20271,722 
20281,031 
20291,179 
20301,210 
Thereafter23,174 
Total undiscounted lease payments$28,716 
Less imputed interest(16,714)
Total lease liabilities$12,002