v3.26.3
Rental Property
 9 Months Ended
Sep. 30, 2026
Real Estate [Abstract]  
Rental Property Rental Property
The following table summarizes the components of rental property, net as of September 30, 2026 and December 31, 2025.

Rental Property (in thousands)September 30, 2026December 31, 2025
Land$853,182 $811,569 
Buildings, net of accumulated depreciation of $950,502 and $855,290, respectively
4,979,127 4,785,314 
Tenant improvements, net of accumulated depreciation of $50,567 and $43,997, respectively
47,584 45,922 
Building and land improvements, net of accumulated depreciation of $260,522 and $220,644, respectively
695,167 613,864 
Construction in progress138,885 148,371 
Deferred leasing intangibles, net of accumulated amortization of $477,696 and $425,502, respectively
398,436 394,967 
Total rental property, net$7,112,381 $6,800,007 
Acquisitions

The following table summarizes the Company’s acquisitions during the three and nine months ended September 30, 2026. The Company accounted for all of its acquisitions as asset acquisitions.

Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price (in thousands)
Kansas City, MOFebruary 9, 2026748,833 1 $80,713 
Three months ended March 31, 2026748,833 1 80,713 
Dallas, TX(2)
April 28, 2026— — 3,536 
Phoenix, AZ(2)
April 30, 2026— — 16,979 
Greenville, SCMay 26, 2026560,240 1 62,373 
Chicago, ILMay 26, 2026246,446 1 31,493 
Cleveland, OHJune 11, 2026280,614 1 34,726 
Indianapolis, INJune 17, 2026826,687 2 84,732 
Kansas City, MOJune 23, 2026574,732 1 55,493 
Greenville, SCJune 29, 2026141,960 1 18,322 
Three months ended June 30, 20262,630,679 7 307,654 
Chicago, ILSeptember 24, 2026442,987 1 44,518 
El Paso, TXSeptember 24, 2026652,090 1 63,416 
Three months ended September 30, 20261,095,077 2 107,934 
Nine months ended September 30, 20264,474,589 10 $496,301 
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) The Company acquired a vacant land parcel.

The following table summarizes the allocation of the consideration paid at the date of acquisition during the nine months ended September 30, 2026 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.

Nine Months Ended September 30, 2026
Acquired Assets and LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$51,954 
Buildings350,177 
Tenant improvements6,381 
Building and land improvements16,854 
Deferred leasing intangibles - in-place leases48,431 8.2
Deferred leasing intangibles - tenant relationships21,645 11.7
Deferred leasing intangibles - above market leases3,501 6.3
Deferred leasing intangibles - below market leases(2,642)7.0
Total purchase price$496,301 

Dispositions

The following table summarizes the Company’s dispositions during the nine months ended September 30, 2026. The dispositions were sold to third parties and were accounted for under the full accrual method.

Sales of rental property, net (dollars in thousands)Nine months ended September 30, 2026
Number of buildings7
Building square feet (in millions)2.0
Proceeds from sales of rental property, net$117,260 
Net book value$69,571 
Gain on the sales of rental property, net$47,689 
The following table summarizes the results of operations for the three and nine months ended September 30, 2026 and 2025 for the buildings sold during the nine months ended September 30, 2026, which is included in the Company’s Consolidated Statements of Operations prior to the date of sale.

Three months ended September 30,Nine months ended September 30,
Sales of rental property, net (dollars in thousands)2026202520262025
Sold buildings contribution to net income(1)
$(452)$1,443 $(630)$4,423 
(1) Exclusive of gain on the sales of rental property, net.

Variable Interest Entities

The buildings acquired through reverse like-kind exchanges agreements pursuant to Section 1031 of the Code during the year ended December 31, 2025, were completed during the three months ended March 31, 2026 and as such the Company is now the legal owner of the entities. Accordingly, these entities are no longer deemed variable interest entities as of September 30, 2026.

Deferred Leasing Intangibles

The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.

September 30, 2026December 31, 2025
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$74,570 $(45,534)$29,036 $71,657 $(41,824)$29,833 
Other intangible lease assets801,562 (432,162)369,400 748,812 (383,678)365,134 
Total deferred leasing intangible assets$876,132 $(477,696)$398,436 $820,469 $(425,502)$394,967 
Below market leases$58,791 $(36,010)$22,781 $59,664 $(34,098)$25,566 
Total deferred leasing intangible liabilities$58,791 $(36,010)$22,781 $59,664 $(34,098)$25,566 

The following table summarizes the impact to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and nine months ended September 30, 2026 and 2025.

Three months ended September 30,Nine months ended September 30,
Deferred Leasing Intangibles Amortization (in thousands)2026202520262025
Net increase to rental income related to above and below market lease amortization$305 $663 $1,131 $1,878 
Amortization expense related to other intangible lease assets$20,806 $21,438 $65,813 $63,469