
Rental Property (in thousands)	June 30, 2024		December 31, 2023
Land	$	716,613	$	698,633
Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively	4,438,474		4,330,799
Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively	41,210		39,145
Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively	365,204		369,724
Construction in progress	137,403		98,854
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively	421,560		435,722
Total rental property, net	$	6,120,464	$	5,972,877

The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions.


Market(1)	Date Acquired	Square Feet	Number of Buildings	Purchase Price (in thousands)
Cincinnati, OH	March 18, 2024	697,500	1	$	50,073
Three months ended March 31, 2024		697,500	1	50,073
Milwaukee, WI	April 8, 2024	150,002	1	16,062
Portland, OR	April 15, 2024	99,136	1	17,058
Louisville, IN	April 16, 2024	592,800	1	52,352
Portland, OR(2)	June 6, 2024	—	—	8,178
El Paso, TX	June 10, 2024	254,103	1	32,182
Chicago, IL	June 24, 2024	947,436	5	87,560
Columbus, OH	June 26, 2024	150,207	1	20,408
Three Months ended June 30, 2024		2,193,684	10	233,800

Six months ended June 30, 2024		2,891,184	11	$	283,873

(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.

The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above.


	Six Months Ended June 30, 2024
Acquired Assets and Liabilities	Purchase Price (in thousands)		Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land	$	25,628	N/A
Buildings	211,995		N/A
Tenant improvements	2,997		N/A
Building and land improvements	10,255		N/A
Construction in progress	1,783		N/A
Other assets	196		N/A

Deferred leasing intangibles - In-place leases	23,919		5.3
Deferred leasing intangibles - Tenant relationships	14,934		9.2
Deferred leasing intangibles - Above market leases	51		1.7
Deferred leasing intangibles - Below market leases	(7,885)		6.1





Total purchase price	$	283,873

The following table summarizes the Company’s dispositions during the six months ended June 30, 2024. All of the dispositions were sold to third parties and were accounted for under the full accrual method.


Sales of rental property, net (dollars in thousands)	Six months ended June 30, 2024
Number of buildings	7

Building square feet (in millions)	1.1



Proceeds from sales of rental property, net	$	75,706
Net book value	$	52,620
Gain on the sales of rental property, net(1)	$	23,086

The following table summarizes the results of operations for the three and six months ended June 30, 2024 and 2023 for the buildings sold during the six months ended June 30, 2024, which are included in the Company’s Consolidated Statements of Operations prior to the date of sale.


	Three months ended June 30,				Six months ended June 30,
Sales of rental property, net (dollars in thousands)	2024		2023		2024		2023
Sold buildings contribution to net income (loss)(1)	$	(93)	$	1,111	$	319	$	1,664

The following table summarizes the Company’s loss on impairment for assets held and used during the three and six months ended June 30, 2024. The Company did not recognize a loss on impairment during the three and six months ended June 30, 2023.


Market(1)	Buildings	Event or Change in Circumstance Leading to Impairment Evaluation(2)	Valuation Technique Utilized to Estimate Fair Value		Fair Value(3)		Loss on Impairment
					(in thousands)
Salt Lake City, UT	1	Change in estimated hold period	Discounted cash flows	(4)	$	21,827	$	4,967

Three and six months ended June 30, 2024							$	4,967

(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 tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.

(3)The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

(4)Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%.

During the six months ended June 30, 2024, the approximately $3.0 million receivable at December 31, 2023 from the insurance coverage related to the involuntary conversion event that occurred in December 2023 was relieved and exchanged for improvements made to the building and included as non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. During the three and six months ended June 30, 2024, the Company recognized a gain on involuntary conversion of approximately $5.7 million.

The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.


	June 30, 2024						December 31, 2023
Deferred Leasing Intangibles (in thousands)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Above market leases	$	76,670	$	(37,203)	$	39,467	$	79,946	$	(35,698)	$	44,248
Other intangible lease assets	709,454		(327,361)		382,093		715,870		(324,396)		391,474
Total deferred leasing intangible assets	$	786,124	$	(364,564)	$	421,560	$	795,816	$	(360,094)	$	435,722

Below market leases	$	60,250	$	(26,796)	$	33,454	$	56,521	$	(26,613)	$	29,908
Total deferred leasing intangible liabilities	$	60,250	$	(26,796)	$	33,454	$	56,521	$	(26,613)	$	29,908

The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2024 and 2023.


	Three months ended June 30,				Six months ended June 30,
Deferred Leasing Intangibles Amortization (in thousands)	2024		2023		2024		2023
Net increase (decrease) to rental income related to above and below market lease amortization	$	(840)	$	57	$	(543)	$	181
Amortization expense related to other intangible lease assets	$	25,142	$	21,858	$	47,216	$	44,303