v3.26.3
Asset Acquisitions
 9 Months Ended
Sep. 30, 2026
Asset Acquisition [Abstract]  
Asset Acquisitions Asset Acquisitions
The Company closed on the following acquisitions during the nine months ended September 30, 2026:
(in thousands, except number of properties)Property TypeNumber of
Properties		Real Estate
Acquisition Price
Date
January 30, 2026Industrial— $20,100 
(a)
February 18, 2026Retail12,018 
(b)
February 24, 2026Industrial117,538 
(b)
March 19, 2026Industrial161,195 
April 29, 2026Industrial16,990 
(b)
June 5, 2026Industrial118,382 
(b)
July 9, 2026Industrial165,000 
(c)
August 24, 2026Retail23,071 
(b)
September 24, 2026Industrial163,800 
9$258,094 
(d)
(a)Acquisition of an option to purchase land to be developed in connection with an industrial property. During July 2026, the Company entered into a corporate guaranty of up to $28.8 million in connection with this project (see Note 16).
(b)Acquisition of land to be developed in connection with a build-to-suit development.
(c)Acquisition of land by a consolidated VIE in connection with a build-to-suit development (see Note 2).
(d)Acquisition price excludes capitalized acquisition and development costs of $8.4 million.
The Company closed on the following acquisitions during the nine months ended September 30, 2025:
(in thousands, except number of properties)Property TypeNumber of
Properties		Real Estate
Acquisition Price
Date
January 28, 2025Retail1$9,871 
February 13, 2025Retail1495 
(e)
March 11, 2025Industrial141,088 
March 28, 2025Retail48,045 
April 24, 2025Industrial18,500 
(e)
May 16, 2025Industrial154,722 
June 4, 2025Industrial13,400 
(f)
June 5, 2025Retail11,100 
(e)
June 12, 2025Industrial113,700 
(e)
June 13, 2025Industrial120,334 
(g)
July 1, 2025Retail113,069 
July 2, 2025Retail18,265 
August 1, 2025Industrial118,272 
(g)
August 6, 2025Industrial153,803 
September 30, 2025Industrial164,325 
18 $318,989 
(h)
(e)Acquisition of land to be developed in connection with a build-to-suit development.
(f)Acquisition of land to be developed in connection with a build-to-suit development. The Company contributed these assets in exchange for preferred equity in a consolidated VIE (see Note 2).
(g)Acquisition of land by a consolidated VIE in connection with a build-to-suit development (see Note 2).
(h)Acquisition price excludes capitalized acquisition and development costs of $9.5 million.
The Company allocated the purchase price of these properties to the fair value of the assets acquired and liabilities assumed. The following table summarizes the purchase price allocation for completed real estate acquisitions:
(in thousands)For the Nine Months Ended
September 30,
20262025
Land$53,424 $18,917 
Land improvements5,365 7,951 
Buildings and improvements60,732 206,788 
Property under development138,537 68,972 
Acquired in-place leases (i)
8,439 21,140 
Acquired above-market leases (j)
— 1,947 
Acquired below-market leases (k)
— (424)
Right-of-use asset— 2,262 
Lease liability— (2,681)
Prepaid expenses and other assets— 3,606 
$266,497 $328,478 
(i)The weighted average amortization period for acquired in-place leases is 14 years and 12 years for acquisitions completed during the nine months ended September 30, 2026 and 2025, respectively.
(j)There were no acquisitions of above-market leases during the nine months ended September 30, 2026. The weighted average amortization period for acquired above-market leases is 15 years for acquisitions completed during the nine months ended September 30, 2025.
(k)There were no acquisitions of below-market leases during the nine months ended September 30, 2026. The weighted average amortization period for acquired below-market leases is 10 years for acquisitions completed during the nine months ended September 30, 2025.
The above acquisitions were funded using a combination of available cash on hand and unsecured revolving credit facility borrowings. All real estate acquisitions closed during the nine months ended September 30, 2026 and 2025 qualified as asset acquisitions and as such, acquisition costs were capitalized.