v3.26.1
Real Estate Investments
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Real Estate Investments Real Estate Investments
Real Estate Portfolio
As of June 30, 2026, the Company owned 2,825 properties, with a total GLA of approximately 59.6 million square feet and net real estate investments of $9.24 billion. The Company owned 2,674 properties, with a total GLA of approximately 55.5 million square feet and net real estate investments of $8.57 billion as of December 31, 2025.
Acquisitions
The following table summarizes the acquisitions completed by the Company during the periods presented (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Number of properties acquired8291167137
Purchase price allocation, including acquisition and closing costs:
Land$155,049 $61,185 $274,288 $147,298 
Building and improvements225,242 216,657 447,335 431,530 
Lease intangibles and other assets, net72,973 51,333 135,976 108,543 
Total purchase price, including acquisition and closing costs$453,264 $329,175 $857,599 $687,371 

The 2026 and 2025 acquisitions were funded as cash purchases and there was no material contingent consideration associated with these acquisitions. The weighted average amortization period for the acquired lease intangibles and other assets, net was 13.8 years and 13.6 years for the three months ended June 30, 2026 and 2025, respectively and 13.7 years and 14.6 years for the six months ended June 30, 2026 and 2025, respectively. None of the Company’s acquisitions have caused any new or existing tenants to comprise 10% or more of the Company’s total annualized contractual base rent at June 30, 2026 and 2025.
Development and Developer Funding Platform
The following table summarizes the Company’s development and Developer Funding Platform (“DFP”) activity during the periods presented:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Number of projects commenced5175
Number of ongoing projects10141014
Number of projects delivered14510
Dispositions
The following table summarizes the Company’s disposition activity during the periods presented (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Number of properties sold144215
Net proceeds$28,858 $5,775 $38,923 $8,158 
Gain on sale of assets, net$2,014 $1,510 $3,711 $2,282 
Assets Held for Sale
The Company classified four properties as real estate held for sale as of June 30, 2026, and did not classify any properties as real estate held for sale as of December 31, 2025. Real estate held for sale, net in the condensed consolidated balance sheets is comprised of the following (in thousands):
June 30, 2026
Land$2,653 
Building6,294 
Accumulated depreciation(311)
$8,636 
Lease intangibles, net$684 
Total real estate held for sale, net$9,320 

Subsequent to June 30, 2026, one additional property was classified as real estate held for sale.
Provisions for Impairment
As a result of the Company’s review of real estate investments, it recognized the following provision for impairment for the periods presented (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Number of properties impaired53107
Provision for impairment$5,900 $2,961 $7,300 $7,292 
Estimated fair value of impaired properties at time of impairment$10,043 $3,172 $18,433 $7,658