v3.25.0.1
Rental Property (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Real Estate Properties
The following table summarizes the components of rental property, net as of December 31, 2024 and 2023.

Rental Property (in thousands)December 31, 2024December 31, 2023
Land$771,794 $698,633 
Buildings, net of accumulated depreciation of $738,348 and $622,941, respectively
4,634,634 

4,330,799 
Tenant improvements, net of accumulated depreciation of $42,092 and $36,920, respectively
44,987 39,145 
Building and land improvements, net of accumulated depreciation of $305,426 and $261,985, respectively
396,883 369,724 
Construction in progress218,616 98,854 
Deferred leasing intangibles, net of accumulated amortization of $386,627 and $360,094, respectively
428,865 435,722 
Total rental property, net$6,495,779 $5,972,877 
Schedule of rental property acquired
The following tables summarize the acquisitions of the Company during the years ended December 31, 2024 and 2023. The Company accounted for all of its acquisitions as asset acquisitions.

Year ended December 31, 2024
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 
Reno, NV(2)
July 25, 2024— — 1,896 
Reno, NV(3)
August 8, 2024— — 8,959 
LaGrange, GASeptember 9, 2024323,368 1 34,870 
Boston, MASeptember 12, 2024290,471 5 78,127 
Three months ended September 30, 2024613,839 6 123,852 
Minneapolis, MN October 10, 2024360,000 1 43,288 
Minneapolis, MN October 15, 2024126,000 1 23,331 
Minneapolis, MNOctober 30, 202496,096 1 13,896 
Philadelphia, PA October 31, 202469,492 1 12,443 
Phoenix, AZNovember 7, 202480,000 1 14,707 
Kansas City, MONovember 12, 2024676,000 2 55,651 
Chicago, ILDecember 3, 2024725,917 5 73,230 
Charlotte, NCDecember 5, 202486,749 1 12,981 
Salt Lake City, UTDecember 10, 2024172,847 1 34,615 
Charlotte, NC(3)
December 13, 2024— — 8,926 
Sacramento, CA December 30, 202455,064 1 9,536 
Three months ended December 31, 20242,448,165 15 302,604 
Year ended December 31, 20245,953,188 32 $710,329 
(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.
(3) The Company acquired a vacant land parcel through a consolidated joint venture.

Year ended December 31, 2023
Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Central New Jersey, NJApril 24, 2023101,381 1 $26,660 
Greensboro, NCMay 5, 2023133,622 1 14,004 
Three and Six months ended June 30, 2023235,003 2 40,664 
Portland, OR July 18, 2023121,426 2 20,685 
Allentown, PAJuly 24, 2023222,042 3 34,859 
Philadelphia, PA July 24, 2023152,625 1 15,031 
Sacramento, CAAugust 7, 202396,658 1 13,725 
Chicago, ILAugust 10, 2023400,088 1 41,348 
Tampa, FL(2)
August 30, 2023— — 9,572 
Indianapolis, INSeptember 18, 2023258,000 1 21,306 
Riverside, CASeptember 25, 2023157,146 2 36,095 
Dallas, TXSeptember 29, 2023120,900 1 21,288 
Three months ended September 30, 20231,528,885 12 213,909 
Greenville, SC(3)
October 5, 2023— — 18,735 
Greenville, SCOctober 5, 2023233,433 1 18,735 
Reno, NVOctober 19, 2023165,000 1 29,971 
Three months ended December 31, 2023398,433 2 67,441 
Year ended December 31, 20232,162,321 16 $322,014 
(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 vacant land parcels.
(3) The Company acquired one building under development.

On December 13, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of two industrial real estate properties located in Concord, North Carolina. The Company determined to account for its investment in the joint venture under the voting interest model of consolidation. See Note 2 for further
discussion of this determination. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture.
On August 8, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of an industrial real estate property located in Reno, Nevada. The Company determined to account for its investment in the joint venture under the voting interest model of consolidation. See Note 2 for further discussion of this determination. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture.
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 years ended December 31, 2024 and 2023 for the acquired assets and liabilities in connection with the acquisitions identified in the tables above.

Year ended December 31, 2024Year ended December 31, 2023
Acquired Assets and LiabilitiesPurchase price (in thousands)Weighted average amortization period (years) of intangibles at acquisitionPurchase price (in thousands)Weighted average amortization period (years) of intangibles at acquisition
Land$84,965 N/A$56,055 N/A
Buildings504,551 N/A217,420 N/A
Tenant improvements8,726 N/A1,407 N/A
Building and land improvements26,207 N/A12,988 N/A
Construction in progress3,603 N/A16,187 N/A
Deferred leasing intangibles - in-place leases60,659 6.416,914 5.1
Deferred leasing intangibles - tenant relationships32,784 10.16,870 8.9
Deferred leasing intangibles - above market leases934 2.7523 2.7
Other assets243 N/A— N/A
Operating lease right-of-use assets3,554 N/A— N/A
Tenant prepaid rent— N/A(511)N/A
Deferred leasing intangibles - below market leases(12,343)6.2(5,839)6.4
Operating lease liabilities(3,554)N/A— N/A
Total purchase price$710,329  $322,014  
Disposal Groups, Including Discontinued Operations
The following table summarizes the Company’s dispositions for the years ended December 31, 2024, 2023, and 2022. All of the dispositions were sold to third parties and were accounted for under the full accrual method.

Year ended December 31,
Sales of rental property, net (dollars in thousands)202420232022
Number of buildings10108
Number of land parcels — — 1 
Building square feet (in millions)$1.6 2.01.8
2024 dispositions contribution to net income (loss)(1)
$(6,183)$3,964 $3,465 
2023 dispositions contribution to net income(1)
$— $2,354 $5,926 
2022 dispositions contribution to net income(1)
$— $— $1,008 
Proceeds from sales of rental property, net$126,479 $105,602 $135,348 
Net book value$94,206 $51,502 $77,861 
Gain on the sales of rental property, net$32,273 $54,100 $57,487 
(1) Exclusive of any loss on impairment, gain on involuntary conversion, and gain on the sales of rental property, net.
Impaired Assets to be Disposed of by Method Other than Sale [Table Text Block]
The following table summarizes the Company’s loss on impairment for assets held and used during the years ended December 31, 2024 and 2022. The Company did not recognize a loss on impairment during the year ended December 31, 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, UT1 Change in estimated hold period
(4)
Discounted cash flows
(5)
$21,827 $4,967 
Year ended December 31, 2024$4,967 
Hartford, CT1Change in estimated hold period
(6)
Discounted cash flows
(7)
$834 $1,783 
Year ended December 31, 2022$1,783 
(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)This property was sold during the year ended December 31, 2024.
(5)Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%.
(6)This property was sold during the year ended December 31, 2023.
(7)Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.0% and exit capitalization rate of 8.5%.
Schedule of Finite-Lived Intangible Assets
The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2024 and 2023.

December 31, 2024December 31, 2023
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$76,232 $(39,335)$36,897 $79,946 $(35,698)$44,248 
Other intangible lease assets739,260 (347,292)391,968 715,870 (324,396)391,474 
Total deferred leasing intangible assets$815,492 $(386,627)$428,865 $795,816 $(360,094)$435,722 
Below market leases$64,703 $(31,368)$33,335 $56,521 $(26,613)$29,908 
Total deferred leasing intangible liabilities$64,703 $(31,368)$33,335 $56,521 $(26,613)$29,908 

The following table summarizes the amortization expense and the net increase to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2024, 2023 and 2022.

 Year ended December 31,
Deferred Leasing Intangibles Amortization (in thousands)202420232022
Net increase to rental income related to above and below market lease amortization$579 $865 $329 
Amortization expense related to other intangible lease assets$91,254 $89,036 $95,901 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2024.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
2025$80,029 $2,433 
2026$68,191 $1,245 
2027$55,652 $521 
2028$47,572 $446 
2029$39,488 $131 
Below Market Lease, Future Amortization Income
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2024.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
2025$80,029 $2,433 
2026$68,191 $1,245 
2027$55,652 $521 
2028$47,572 $446 
2029$39,488 $131