v3.24.2
Rental Property (Tables)
 6 Months Ended
Jun. 30, 2024
Real Estate [Abstract]  
Schedule of Real Estate Properties
The following table summarizes the components of rental property, net as of June 30, 2024 and December 31, 2023.

Rental Property (in thousands)June 30, 2024December 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 progress137,403 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 
Asset Acquisition
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 AcquiredSquare FeetNumber of BuildingsPurchase Price (in thousands)
Cincinnati, OH March 18, 2024697,500 1 $50,073 
Three months ended March 31, 2024697,500 1 50,073 
Milwaukee, WIApril 8, 2024150,002 1 16,062 
Portland, ORApril 15, 202499,136 1 17,058 
Louisville, INApril 16, 2024592,800 1 52,352 
Portland, OR(2)
June 6, 2024— — 8,178 
El Paso, TXJune 10, 2024254,103 1 32,182 
Chicago, IL June 24, 2024947,436 5 87,560 
Columbus, OHJune 26, 2024150,207 1 20,408 
Three Months ended June 30, 20242,193,684 10 233,800 
Six months ended June 30, 20242,891,184 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.
(2) The Company acquired a vacant land parcel.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition
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 LiabilitiesPurchase Price (in thousands)Weighted Average Amortization Period (years) of Intangibles at Acquisition
Land$25,628 N/A
Buildings211,995 N/A
Tenant improvements2,997 N/A
Building and land improvements10,255 N/A
Construction in progress1,783 N/A
Other assets196 N/A
Deferred leasing intangibles - In-place leases23,919 5.3
Deferred leasing intangibles - Tenant relationships14,934 9.2
Deferred leasing intangibles - Above market leases51 1.7
Deferred leasing intangibles - Below market leases(7,885)6.1
Total purchase price$283,873  
Schedule of Finite-Lived Intangible Assets and Below Market Leases
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, 2024December 31, 2023
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$76,670 $(37,203)$39,467 $79,946 $(35,698)$44,248 
Other intangible lease assets709,454 (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)2024202320242023
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