Real Estate and Intangible Assets (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Real Estate [Abstract] |
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| Schedule of Components of Investments in Real Estate |
The following table sets forth the components of our investments in real estate as of December 31, 2025 and 2024, respectively, excluding real estate held for sale as of December 31, 2025 (dollars in thousands):
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December 31, 2025 |
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December 31, 2024 |
| Real estate: |
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| Land (1) |
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$ |
150,873 |
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$ |
139,743 |
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| Building and improvements |
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1,183,036 |
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1,017,534 |
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| Tenant improvements |
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56,536 |
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54,516 |
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| Accumulated depreciation |
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(359,513) |
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(319,646) |
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| Real estate, net |
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$ |
1,030,932 |
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$ |
892,147 |
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| Schedule of Properties Acquired |
During the years ended December 31, 2025 and 2024, we acquired 19 and seven industrial properties, respectively, which are summarized below (dollars in thousands):
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Year ended December 31, 2025 |
| Location |
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Aggregate Number of Properties (unaudited) |
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Acquisition Date |
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Aggregate Square Footage (unaudited) |
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Weighted Average Remaining Lease Term at Time of Acquisition |
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Aggregate Purchase Price |
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Aggregate Capitalized Acquisition Expenses |
| Houston, TX |
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5 |
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February 19, 2025 |
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215,474 |
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10.0 years |
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$ |
29,457 |
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$ |
207 |
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| Dallas, TX |
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1 |
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March 28, 2025 |
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140,304 |
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11.3 years |
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44,268 |
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268 |
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| Germantown, WI |
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1 |
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May 9, 2025 |
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303,991 |
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19.4 years |
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62,851 |
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151 |
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| Harrison Township, MI |
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3 |
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June 25, 2025 |
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215,102 |
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10.0 years |
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16,491 |
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241 |
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| Cartersville, GA |
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1 |
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September 30, 2025 |
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117,430 |
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20.0 years |
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12,195 |
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56 |
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| Ossian, IN |
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1 |
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September 30, 2025 |
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263,756 |
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20.0 years |
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19,531 |
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56 |
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| Ligonier, IN |
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1 |
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September 30, 2025 |
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159,277 |
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20.0 years |
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10,641 |
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56 |
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| Caro, MI |
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4 |
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September 30, 2025 |
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86,751 |
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20.0 years |
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5,823 |
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58 |
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| Chesterfield, MI |
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1 |
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September 30, 2025 |
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39,701 |
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20.0 years |
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4,747 |
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57 |
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| Cass City, MI |
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1 |
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September 30, 2025 |
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26,321 |
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20.0 years |
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1,901 |
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55 |
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19 |
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1,568,107 |
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15.9 years |
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$ |
207,905 |
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$ |
1,205 |
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Year ended December 31, 2024 |
| Location |
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Aggregate Number of Properties (unaudited) |
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Acquisition Date |
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Aggregate Square Footage (unaudited) |
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Weighted Average Remaining Lease Term at Time of Acquisition |
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Aggregate Purchase Price |
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Aggregate Capitalized Acquisition Expenses |
| Warfordsburg, PA |
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5 |
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May 7, 2024 |
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142,125 |
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25.1 years |
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$ |
11,954 |
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$ |
267 |
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| Midland, TX |
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1 |
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August 29, 2024 |
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50,102 |
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15.0 years |
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10,168 |
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168 |
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| St. Clair, MO |
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1 |
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November 15, 2024 |
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124,500 |
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20.0 years |
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5,235 |
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135 |
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7 |
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316,727 |
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20.8 years |
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$ |
27,357 |
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$ |
570 |
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| Schedule of Fair Value of Acquired Assets and Liabilities Assumed |
We determined the fair value of assets acquired and liabilities assumed related to the properties acquired during the years ended December 31, 2025 and 2024, respectively, as follows (dollars in thousands):
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Year ended December 31, 2025 |
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Year ended December 31, 2024 |
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| Acquired assets and liabilities |
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Purchase price |
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Purchase price |
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| Land |
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$ |
13,107 |
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(1) |
$ |
2,862 |
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| Building |
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160,301 |
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18,919 |
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| Tenant Improvements |
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2,293 |
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613 |
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| In-place Leases |
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14,739 |
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1,921 |
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| Leasing Costs |
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14,416 |
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2,580 |
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| Customer Relationships |
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5,636 |
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527 |
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| Above Market Leases |
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905 |
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(2) |
90 |
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(2) |
| Below Market Leases |
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(3,492) |
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(3) |
(155) |
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(3) |
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| Total Purchase Price |
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$ |
207,905 |
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$ |
27,357 |
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(1)The Dallas-Fort Worth, Texas property that we acquired is subject to a ground lease, therefore there is no land asset included on the condensed consolidated balance sheets.
(2)This amount includes $838 and $90 of loans receivable included in Other assets on the consolidated balance sheets, respectively.
(3)This amount includes $1,627 and $155 of prepaid rent included in Other liabilities on the consolidated balance sheets, respectively.
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| Schedule of Future Operating Lease Payments from Tenants under Non-Cancelable Leases |
Future operating lease payments from tenants under non-cancelable leases, excluding tenant reimbursement of expenses, for each of the five succeeding fiscal years and thereafter is as follows (dollars in thousands):
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| Year |
Tenant Lease Payments |
| 2026 |
$ |
136,229 |
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| 2027 |
122,492 |
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| 2028 |
110,932 |
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| 2029 |
103,668 |
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| 2030 |
92,241 |
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| Thereafter |
571,121 |
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| Schedule of Lease Revenue Reconciliation |
The table below sets forth the allocation of lease revenue between fixed contractual lease payments and variable lease payments for the years ended December 31, 2025, 2024, and 2023, respectively (dollars in thousands):
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For the year ended December 31, |
| Lease revenue reconciliation |
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2025 |
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2024 |
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2023 |
| Fixed lease payments |
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$ |
140,545 |
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$ |
132,272 |
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$ |
130,551 |
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| Variable lease payments |
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20,791 |
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17,116 |
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17,033 |
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$ |
161,336 |
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$ |
149,388 |
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$ |
147,584 |
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| Schedule of Carrying Value of Intangible Assets, Liabilities and Accumulated Amortization |
The following table summarizes the carrying value of intangible assets, liabilities and the accumulated amortization for each intangible asset and liability class as of December 31, 2025 and 2024, excluding real estate held for sale (dollars in thousands):
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December 31, 2025 |
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December 31, 2024 |
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Lease Intangibles |
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Accumulated Amortization |
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Lease Intangibles |
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Accumulated Amortization |
| In-place leases |
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$ |
109,960 |
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$ |
(69,932) |
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$ |
96,392 |
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$ |
(64,830) |
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| Leasing costs |
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105,468 |
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(55,214) |
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89,093 |
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(48,963) |
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| Customer relationships |
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65,190 |
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(39,893) |
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60,377 |
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(36,962) |
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$ |
280,618 |
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$ |
(165,039) |
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$ |
245,862 |
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$ |
(150,755) |
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Deferred Rent Receivable/(Liability) |
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Accumulated (Amortization)/Accretion |
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Deferred Rent Receivable/(Liability) |
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Accumulated (Amortization)/Accretion |
| Above market leases |
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$ |
11,843 |
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$ |
(10,135) |
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$ |
13,718 |
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$ |
(11,582) |
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| Below market leases and deferred revenue |
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(57,930) |
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40,739 |
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(56,616) |
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34,620 |
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| Schedule of Weighted Average Amortization Period for Intangible Assets Acquired and Liabilities Assumed |
The weighted average amortization periods in years for the intangible assets acquired and liabilities assumed during the years ended December 31, 2025 and 2024, respectively, were as follows:
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| Intangible Assets & Liabilities |
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2025 |
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2024 |
| In-place leases |
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18.2 |
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20.9 |
| Leasing costs |
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18.2 |
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20.9 |
| Customer relationships |
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22.9 |
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26.9 |
| Above market leases |
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19.7 |
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25.1 |
| Below market leases |
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18.4 |
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20.1 |
| All intangible assets & liabilities |
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19.4 |
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22.3 |
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| Schedule of Estimated Aggregate Amortization Expense |
The estimated aggregate amortization expense to be recorded for in-place leases, leasing costs, and customer relationships for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2025 (dollars in thousands):
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| Year |
Estimated Amortization Expense
of In-Place Leases, Leasing
Costs, and Customer
Relationships |
| 2026 |
$ |
17,921 |
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| 2027 |
14,927 |
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| 2028 |
12,272 |
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| 2029 |
11,399 |
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| 2030 |
9,163 |
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| Thereafter |
49,897 |
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$ |
115,579 |
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| Schedule of Estimated Aggregate Rental Income |
The estimated aggregate rental income to be recorded for the amortization of both above and below market leases for each of the five succeeding fiscal years and thereafter is as follows, excluding real estate held for sale as of December 31, 2025 (dollars in thousands):
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| Year |
Net Increase to Rental Income
Related to Above and Below
Market Leases (1) |
| 2026 |
$ |
3,893 |
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| 2027 |
2,601 |
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| 2028 |
2,563 |
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| 2029 |
2,544 |
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| 2030 |
1,049 |
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| Thereafter |
2,744 |
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$ |
15,394 |
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(1)Does not include ground lease amortization of $89.
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