TERRENO REALTY CORP, 10-K filed on 2/5/2025
Annual Report
v3.25.0.1
Cover - USD ($)
 12 Months Ended
Dec. 31, 2024
Feb. 03, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Current Fiscal Year End Date --12-31    
Document Period End Date Dec. 31, 2024    
Document Transition Report false    
Entity File Number 001-34603    
Entity Registrant Name Terreno Realty Corporation    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 27-1262675    
Entity Address, Street 10500 NE 8th Street    
Entity Address, Suite Suite 1910    
Entity Address, City Bellevue    
Entity Address, State WA    
Entity Address, Postal Zip Code 98004    
City Area Code 415    
Local Phone Number 655-4580    
Title of each class Common Stock, $0.01 par value per share    
Trading Symbol(s) TRNO    
Name of each exchange on which registered NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 5,612,026,380
Entity Common Stock, Shares Outstanding   99,777,658  
Documents Incorporated by Reference
Documents Incorporated by Reference
Part III of this Annual Report on Form 10-K incorporates by reference portions of Terreno Realty Corporation’s Proxy Statement for its 2025 Annual Meeting of Stockholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than 120 days after the end of its 2024 fiscal year pursuant to Regulation 14A. 		   
Entity Central Index Key 0001476150    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Auditor Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Firm ID 42
Auditor Location Seattle, Washington
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Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Investments in real estate    
Land $ 2,586,471 $ 1,995,494
Buildings and improvements 2,107,312 1,561,532
Construction in progress 219,652 343,485
Intangible assets 208,475 147,329
Total investments in properties 5,121,910 4,047,840
Accumulated depreciation and amortization (466,553) (384,480)
Net investments in properties 4,655,357 3,663,360
Properties held for sale, net 6,258 0
Net investments in real estate 4,661,615 3,663,360
Cash and cash equivalents 18,070 165,400
Restricted cash 282 836
Other assets, net 90,189 75,081
Total assets 4,770,156 3,904,677
Liabilities    
Credit facility 82,000 0
Term loans payable, net 199,380 199,145
Senior unsecured notes, net 472,953 572,418
Mortgage loan payable, net 69,104 0
Security deposits 39,758 32,934
Intangible liabilities, net 116,542 84,718
Dividends payable 48,871 39,052
Accounts payable and other liabilities 79,216 61,783
Total liabilities 1,107,824 990,050
Commitments and contingencies (Note 11)
Stockholders’ equity    
Common stock: $0.01 par value, 400,000,000 shares authorized, and 99,238,003 and 87,487,098 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively. 994 876
Additional paid-in capital 3,597,148 2,849,961
Common stock held in deferred compensation plan: 497,190 and 508,663 shares at December 31, 2024 and December 31, 2023, respectively. (31,097) (31,788)
Retained earnings 95,287 95,578
Total stockholders’ equity 3,662,332 2,914,627
Total liabilities and equity $ 4,770,156 $ 3,904,677
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 400,000,000 400,000,000
Common stock, shares issued (in shares) 99,238,003 87,487,098
Common stock, shares outstanding (in shares) 99,238,003 87,487,098
Common Shares Held in Deferred Compensation Plan    
Common stock held in deferred compensation plan (in shares) 497,190,000 508,663
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Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES      
Rental revenues and tenant expense reimbursements $ 382,621 $ 323,590 $ 276,212
Total revenues 382,621 323,590 276,212
COSTS AND EXPENSES      
Property operating expenses 98,090 79,085 68,903
Depreciation and amortization 93,916 73,219 65,763
General and administrative 42,587 37,935 31,192
Acquisition costs and other 72 218 1,465
Total costs and expenses 234,665 190,457 167,323
OTHER INCOME (EXPENSE)      
Interest and other income 12,083 4,964 809
Interest expense, including amortization (20,921) (24,796) (23,850)
Gain on sales of real estate investments 45,379 38,156 112,166
Total other income 36,541 18,324 89,125
Net income 184,497 151,457 198,014
Allocation to participating securities (791) (712) (854)
Net income available to common stockholders - basic 183,706 150,745 197,160
Net income available to common stockholders - diluted $ 183,706 $ 150,745 $ 197,160
EARNINGS PER COMMON SHARE - BASIC AND DILUTED:      
Net income available to common stockholders - basic (in dollars per share) $ 1.92 $ 1.81 $ 2.61
Net income available to common stockholders - diluted (in dollars per share) $ 1.92 $ 1.81 $ 2.61
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 95,524,549 83,169,028 75,498,107
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares) 95,842,137 83,371,099 75,586,480
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Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid- in Capital
Common Shares Held in Deferred Compensation Plan
Deferred Compensation Plan
 Retained Earnings
Beginning balance at Dec. 31, 2021 $ 2,057,963 $ 752 $ 2,069,604   $ (15,197) $ 2,804
Beginning balance (in shares) at Dec. 31, 2021   75,068,575        
Beginning balance (in shares) at Dec. 31, 2021       275,727    
Increase (Decrease) in Stockholders' Equity            
Net income 198,014         198,014
Issuance of common stock, net of issuance costs $ 77,294 $ 13 77,281      
Issuance of common stock, net of issuance costs (in shares) 1,286,125 1,444,156        
Forfeiture of common stock related to employee awards (in shares)   (29,391)        
Common shares acquired related to employee awards $ (1,045)   (1,045)      
Common shares acquired related to employee awards (in shares)   (14,823)        
Issuance of restricted stock (in shares)   136,903        
Stock-based compensation 10,171   10,171      
Common stock dividends (112,546)         (112,546)
Deposits to (withdrawals from) deferred compensation plan, net of withdrawals     11,265   (11,265)  
Deposits to (withdrawals from) deferred compensation plan, net of withdrawals (in shares)   141,938   141,938    
Ending balance at Dec. 31, 2022 2,229,851 $ 765 2,167,276   (26,462) 88,272
Ending Balance (in shares) at Dec. 31, 2022   76,463,482        
Ending balance (in shares) at Dec. 31, 2022       417,665    
Increase (Decrease) in Stockholders' Equity            
Net income 151,457         151,457
Issuance of common stock, net of issuance costs $ 665,517 $ 111 665,406      
Issuance of common stock, net of issuance costs (in shares) 5,152,279 11,012,883        
Forfeiture of common stock related to employee awards (in shares)   (6,989)        
Common shares acquired related to employee awards $ (1,513)   (1,513)      
Common shares acquired related to employee awards (in shares)   (23,854)        
Issuance of restricted stock (in shares)   132,574        
Stock-based compensation 13,466   13,466      
Common stock dividends (144,151)         (144,151)
Deposits to (withdrawals from) deferred compensation plan, net of withdrawals     5,326   (5,326)  
Deposits to (withdrawals from) deferred compensation plan, net of withdrawals (in shares)   90,998   90,998    
Ending balance at Dec. 31, 2023 $ 2,914,627 $ 876 2,849,961   (31,788) 95,578
Ending Balance (in shares) at Dec. 31, 2023 87,487,098 87,487,098        
Ending balance (in shares) at Dec. 31, 2023       508,663    
Increase (Decrease) in Stockholders' Equity            
Net income $ 184,497         184,497
Issuance of common stock, net of issuance costs 736,414 $ 118 736,296      
Issuance of common stock, net of issuance costs (in shares)   11,665,929        
Forfeiture of common stock related to employee awards (in shares)   (16,836)        
Common shares acquired related to employee awards (3,344)   (3,344)      
Common shares acquired related to employee awards (in shares)   (48,041)        
Issuance of restricted stock (in shares)   138,380        
Stock-based compensation 14,926   14,926      
Common stock dividends (184,788)         (184,788)
Deposits to (withdrawals from) deferred compensation plan, net of withdrawals     (691)   691  
Deposits to (withdrawals from) deferred compensation plan, net of withdrawals (in shares)   (11,473)   (11,473,000)    
Ending balance at Dec. 31, 2024 $ 3,662,332 $ 994 $ 3,597,148   $ (31,097) $ 95,287
Ending Balance (in shares) at Dec. 31, 2024 99,238,003 99,238,003        
Ending balance (in shares) at Dec. 31, 2024       497,190,000    
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Consolidated Statements of Equity (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]                      
Issuance of common stock, net of issuance costs                 $ 6,314 $ 5,830 $ 1,557
Common stock dividends (in dollars per share) $ 0.49 $ 0.49 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.40 $ 0.40 $ 1.88 $ 1.70 $ 1.48
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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income $ 184,497 $ 151,457 $ 198,014
Adjustments to reconcile net income to net cash provided by operating activities      
Straight-line rents (9,306) (8,469) (9,353)
Amortization of lease intangibles (17,284) (13,922) (16,271)
Depreciation and amortization 93,916 73,219 65,763
Gain on sales of real estate investments (45,379) (38,156) (112,166)
Deferred financing cost and mortgage fair value adjustment amortization 1,762 1,545 1,371
Stock-based compensation 14,926 13,466 10,171
Changes in assets and liabilities      
Other assets (2,331) (6,599) (1,368)
Accounts payable and other liabilities 11,886 7,136 7,049
Net cash provided by operating activities 232,687 179,677 143,210
CASH FLOWS FROM INVESTING ACTIVITIES      
Cash paid for property acquisitions (814,515) (466,840) (407,558)
Proceeds from sales of real estate investments, net 71,899 73,077 162,145
Additions to construction in progress (126,428) (123,570) (25,638)
Additions to buildings, improvements and leasing costs (46,433) (53,055) (66,611)
Net cash used in investing activities (915,477) (570,388) (337,662)
CASH FLOWS FROM FINANCING ACTIVITIES      
Issuance of common stock 742,728 671,347 78,851
Issuance costs on issuance of common stock (5,704) (5,038) (1,163)
Repurchase of common stock related to employee awards (3,344) (1,513) (1,045)
Borrowings on credit facility 110,000 82,000 208,000
Payments on credit facility (28,000) (82,000) (208,000)
Borrowings on term loans payable 0 0 100,000
Payments on senior unsecured notes (100,000) 0 (50,000)
Payment of deferred financing costs (5,805) (80) (1,498)
Dividends paid to common stockholders (174,969) (135,852) (107,411)
Net cash provided by financing activities 534,906 528,864 17,734
Net decrease in cash and cash equivalents and restricted cash (147,884) 138,153 (176,718)
Cash and cash equivalents and restricted cash at beginning of year 166,236 28,083 204,801
Cash and cash equivalents and restricted cash at end of year 18,352 166,236 28,083
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Cash paid for interest, net of capitalized interest 20,898 31,713 25,219
Supplemental disclosures of non-cash transactions      
Accounts payable related to capital improvements 34,509 26,912 18,158
Non-cash issuance of common stock to the deferred compensation plan 691    
Non-cash issuance of common stock to the deferred compensation plan   (5,326) (11,265)
Lease liability arising from recognition of right-of-use asset 2,264 0 1,192
Reconciliation of cash paid for property acquisitions      
Acquisition of properties 937,908 512,531 422,298
Assumption of mortgage loans payable (72,879) 0 0
Unamortized mortgage fair value adjustment 3,650 0 0
Assumption of other assets and liabilities (54,164) (45,691) (14,740)
Net cash paid for property acquisitions $ 814,515 $ 466,840 $ 407,558
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Organization
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, the “Company”) acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these notes to the consolidated financial statements are unaudited. As of December 31, 2024, the Company owned 299 buildings (including one building held for sale) aggregating approximately 19.3 million square feet, 47 improved land parcels consisting of approximately 150.6 acres, six properties under development or redevelopment and approximately 22.4 acres of land for future development.
The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2010.
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Basis of Presentation. The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Capitalization of Costs. The Company capitalizes costs directly related to the development, redevelopment, renovation and expansion of its investment in real estate. Costs associated with such projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the development, redevelopment, renovation or expansion project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. Costs incurred for maintaining and repairing properties, which do not extend their useful lives, are expensed as incurred.
Interest is capitalized based on actual capital expenditures from the period when development, redevelopment, renovation or expansion commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period.
Investments in Real Estate. Investments in real estate, including tenant improvements, leasehold improvements and leasing costs, are stated at cost, less accumulated depreciation, unless circumstances indicate that the cost cannot be recovered, in which case, an adjustment to the carrying value of the property is made to reduce it to its estimated fair value. The Company also reviews the impact of above and below-market leases, in-place leases and lease origination costs for acquisitions and records an intangible asset or liability accordingly.
Impairment. Carrying values for financial reporting purposes are reviewed for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Examples of such events or changes in circumstances may include classifying an asset to be held for sale, changing the intended hold period or when an asset remains vacant significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact how impairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash flows. If the asset carrying value is not supported on an undiscounted future cash flow basis, then the asset carrying value is measured against the lower of cost or the present value of expected cash flows over the expected hold period. An impairment charge to earnings is recognized for the excess of the asset’s carrying value over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold, impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions, among other things, regarding current and future economic and market conditions and the availability of capital. The Company determines the estimated fair values based on its assumptions regarding
rental rates, lease-up and holding periods, as well as sales prices. When available, current market information is used to determine capitalization and rental growth rates. If available, current comparative sales values may also be used to establish fair value. When market information is not readily available, the inputs are based on the Company’s understanding of market conditions and the experience of the Company’s management team. Actual results could differ significantly from the Company’s estimates. The discount rates used in the fair value estimates represent a rate commensurate with the indicated holding period with a premium layered on for risk. There were no impairment charges recorded to the carrying values of the Company’s properties during the years ended December 31, 2024, 2023 or 2022.
Property Acquisitions. In accordance with Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not considered a business. To be a business, the set of acquired activities and assets must include inputs and one or more substantive processes that together contribute to the ability to create outputs. The Company has determined that its real estate property acquisitions will generally be accounted for as asset acquisitions under the clarified definition. Upon acquisition of a property the Company estimates the fair value of acquired tangible assets (consisting generally of land, buildings and improvements) and intangible assets and liabilities (consisting generally of the above and below-market leases and the origination value of all in-place leases). The Company determines fair values using Level 3 inputs such as replacement cost, estimated cash flow projections and other valuation techniques and applying appropriate discount and capitalization rates based on available market information. Mortgage loans assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the date of acquisition. Acquisition-related costs associated with asset acquisitions are capitalized to individual tangible and intangible assets and liabilities assumed on a relative fair value basis and acquisition-related costs associated with business combinations are expensed as incurred.
The fair value of the tangible assets is determined by valuing the property as if it were vacant. Land values are derived from current comparative sales values, when available, or management’s estimates of the fair value based on market conditions and the experience of the Company’s management team. Building and improvement values are calculated as replacement cost less depreciation, or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods. The fair value of the above and below-market leases is based on the present value of the difference between the contractual amounts to be received pursuant to the acquired leases (using a discount rate that reflects the risks associated with the acquired leases) and the Company’s estimate of the market lease rates measured over a period equal to the remaining term of the leases plus the term of any below-market fixed rate renewal options. The above and below-market lease values are amortized to rental revenues over the remaining initial term plus the term of any below-market fixed rate renewal options that are considered bargain renewal options of the respective leases. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $17.3 million, $13.9 million and $16.3 million for the years ended December 31, 2024, 2023 and 2022, respectively. The origination value of in-place leases is based on costs to execute similar leases, including commissions and other related costs. The origination value of in-place leases also includes real estate taxes, insurance and an estimate of lost rental revenue at market rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The remaining weighted average lease term related to these intangible assets and liabilities as of December 31, 2024 was 7.0 years. As of December 31, 2024 and 2023, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands):
 December 31, 2024December 31, 2023
 GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
In-place leases$203,386 $(111,927)$91,459 $143,444 $(93,476)$49,968 
Above-market leases5,089 (3,723)1,366 3,885 (3,463)422 
Below-market leases(185,995)69,453 (116,542)(137,047)52,329 (84,718)
Total$22,480 $(46,197)$(23,717)$10,282 $(44,610)$(34,328)
Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2024 is as follows (dollars in thousands):
2025$3,339 
2026807 
2027(1,039)
2028(1,626)
2029(2,947)
Thereafter(22,251)
Total$(23,717)
Depreciation and Useful Lives of Real Estate and Intangible Assets. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities.
DescriptionStandard Depreciable Life
LandNot depreciated
Building40 years
Building Improvements
5-40 years
Tenant ImprovementsShorter of lease term or useful life
Leasing CostsLease term
In-place LeasesLease term
Above/Below-Market LeasesLease term
Held for Sale Assets. The Company considers a property to be held for sale when it meets the criteria established under Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment (See “Note 5 - Held for Sale/Disposed Assets”). Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale.
Cash and Cash Equivalents. Cash and cash equivalents consists of cash held in a major banking institution and other highly liquid short-term investments with original maturities of three months or less. Cash equivalents are generally invested in U.S. government securities, government agency securities or money market accounts.
Restricted Cash. Restricted cash includes cash held in escrow in connection with property acquisitions and reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations.
The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands):
For the Year Ended December 31,
202420232022
Beginning
Cash and cash equivalents at beginning of year
$165,400 $26,393 $204,404 
Restricted cash836 1,690 397 
Cash and cash equivalents and restricted cash166,236 28,083 204,801 
Ending
Cash and cash equivalents at end of year
18,070 165,400 26,393 
Restricted cash282 836 1,690 
Cash and cash equivalents and restricted cash18,352 166,236 28,083 
Net (decrease) increase in cash and cash equivalents and restricted cash$(147,884)$138,153 $(176,718)
Revenue Recognition. The Company records rental revenue from operating leases on a straight-line basis over the term of the leases and maintains an allowance for estimated losses that may result from the inability of its tenants to make required payments. If tenants fail to make contractual lease payments that are greater than the Company’s allowance for doubtful
accounts, security deposits and letters of credit, then the Company may have to recognize additional doubtful account charges in future periods. The Company monitors the liquidity and creditworthiness of its tenants on an ongoing basis by reviewing their financial condition periodically as appropriate. Each period the Company reviews its outstanding accounts receivable, including straight-line rents, for doubtful accounts and provides allowances as needed. The Company also records lease termination fees when a tenant has executed a definitive termination agreement with the Company and the payment of the termination fee is not subject to any conditions that must be met or waived before the fee is due to the Company. If a tenant remains in the leased space following the execution of a definitive termination agreement, the applicable termination will be deferred and recognized over the term of such tenant’s occupancy. Tenant expense reimbursement income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as revenues during the same period the related expenses are incurred.
As of December 31, 2024 and 2023, approximately $62.9 million and $56.1 million, respectively, of straight-line rent and accounts receivable, net of allowances of approximately $3.4 million and $1.2 million as of December 31, 2024 and 2023, respectively, were included as a component of other assets in the accompanying consolidated balance sheets.
Deferred Financing Costs. Costs incurred in connection with financings are capitalized and amortized to interest expense using the effective interest method over the term of the related loan. Deferred financing costs associated with the Company’s revolving credit facility are classified as an asset, as a component of other assets in the accompanying consolidated balance sheets, and deferred financing costs associated with debt liabilities are reported as a direct deduction from the carrying amount of the debt liability in the accompanying consolidated balance sheets. Deferred financing costs related to the revolving credit facility and debt liabilities are carried at cost, net of deferred financing costs and net of accumulated amortization in the aggregate of approximately $15.2 million and $13.5 million as of December 31, 2024 and 2023, respectively.
Mortgage Fair Value Adjustment. Mortgage fair value adjustment represents the excess of the principal debt assumed over the fair value of debt assumed in connection with property acquisitions. The adjustment is being amortized to interest expense over the term of the related debt instrument using the effective interest method. As of December 31, 2024, the net unamortized fair value mortgage adjustment was approximately $3.6 million and were included as a component of mortgage loans payable in the accompanying consolidated balance sheets.
Income Taxes. The Company elected to be taxed as a REIT under the Code and operates as such beginning with its taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT.
ASC 740-10, Income Taxes (“ASC 740-10”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. As of December 31, 2024 and 2023, the Company did not have any unrecognized tax benefits and does not believe that there will be any material changes in unrecognized tax positions over the next 12 months. The Company’s tax returns are subject to examination by federal, state and local tax jurisdictions, which as of December 31, 2024, include years 2020 to 2023 for federal purposes.
Stock-Based Compensation and Other Long-Term Incentive Compensation. The Company follows the provisions of ASC 718, Compensation-Stock Compensation, to account for its stock-based compensation plan, which requires that the compensation cost relating to stock-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) provides for the grant of restricted stock awards, performance share awards, unrestricted shares or any combination of the foregoing. Stock-based compensation is recognized as a general and administrative expense in the accompanying consolidated statements of operations and measured at the fair value of the award on the date of grant. The Company estimates the forfeiture rate based on historical experience as well as expected behavior. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the stock-based award.
In addition, the Company has awarded long-term incentive target awards (the “Performance Share awards”) under its Amended and Restated Long-Term Incentive Plan (as amended and restated, the “Amended LTIP”), which the Company amended and restated on January 8, 2019, to its executives that may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period, which is generally three years. The amount that may be earned is variable depending on the relative total shareholder return of the Company’s common stock as compared to the total shareholder return of the MSCI U.S. REIT Index (RMS) and the FTSE Nareit Equity Industrial Index over the pre-established performance measurement period. Under the Amended LTIP, each participant’s Performance Share award granted will be expressed as a number of shares of common stock and settled in shares of common stock. The grant date fair value of the Performance Share awards will be determined using a Monte Carlo simulation model on the date of grant and recognized on a straight-line basis over the performance period.
Fair Value of Financial Instruments. ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) (See “Note 8 - Fair Value Measurements”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3).
Segment Disclosure. ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company acquires, owns and operates industrial real estate in six major coastal U.S. markets. The Company invests in several types of industrial real estate, including warehouse/distribution, flex, transshipment, and improved land. The Company’s assets engage in leasing activities that generate revenues and incur operating expenses. Lease terms typically range from three to ten years. As each of the Company’s assets has similar economic characteristics, the assets have been aggregated into one reportable segment.
The accounting policies for the reportable segment are the same as those described above. The Chief Operating Decision Maker (“CODM”) assesses segment performance and decides how to allocate resources based on net income, which is reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.
The CODM is the CEO and President. The CODM reviews net income on an individual asset level and on a consolidated level. The CODM uses this information to monitor budget versus actual results, to evaluate returns on assets and to determine how to reinvest profits.
The revenue, costs and expenses, and net income for the reportable segment are the same as those presented on the Consolidated Statements of Operations.
New Accounting Standards. In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topics 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves current segment disclosures and requires additional disclosures of segment expenses. The Company adopted the provisions of ASU 2023-07 as of December 31, 2024 which did not materially impact the Company’s consolidated financial statements, and the required segment disclosures are included above.
v3.25.0.1
Concentration of Credit Risk
 12 Months Ended
Dec. 31, 2024
Risks and Uncertainties [Abstract]  
Concentration of Credit Risk Concentration of Credit Risk
Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, the Company’s management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
As of December 31, 2024, the Company owned 65 buildings aggregating approximately 3.8 million square feet and 13 improved land parcels consisting of approximately 62.3 acres located in New York City/Northern New Jersey, which accounted for a combined percentage of approximately 27.9% of its annualized base rent. Such annualized base rent is based on contractual monthly base rent per the leases, for all buildings and improved land parcels, excluding any partial or full rent abatements as of December 31, 2024, multiplied by 12.
Other real estate companies compete with the Company in its real estate markets. This results in competition for tenants to occupy space. The existence of competing properties could have a material impact on the Company’s ability to lease space and on the level of rent that can be achieved. The Company had no tenant that accounted for greater than 10% of the Company's annualized base rent for the years ended 2024, 2023 and 2022.
v3.25.0.1
Investments in Real Estate
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Investments in Real Estate Investments in Real Estate
During the year ended December 31, 2024, the Company acquired eight industrial properties and one portfolio of industrial properties. This included the assumption of a mortgage loan with a total contractual principal amount of approximately $72.9 million which bears interest at a contractual fixed interest rate of 3.9% and matures in March 2028. Upon acquisition, this mortgage loan was recorded at fair value in the amount of $69.2 million using an effective interest rate of 5.6%. The unamortized fair value adjustment was approximately $3.6 million as of December 31, 2024. The mortgage loan payable is secured by a property and requires a monthly interest payment until maturity and is generally non-recourse. The total aggregate initial investment, including acquisition costs, was approximately $937.9 million, of which $523.2 million was recorded to land, $356.3 million to buildings and improvements, and $58.4 million to intangible assets. Additionally, the Company assumed $54.3 million in liabilities.
The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2024:
Property NameLocationAcquisition DateNumber of
Buildings		Square
Feet
Purchase Price
(in thousands)1
13045 SE 32nd Street
Bellevue, WAJanuary 5, 20241 16,000 $6,500 
181 LombardyBrooklyn, NYMarch 22, 20241 24,000 12,000 
FleetAlexandria, VAApril 15, 20244 357,000 84,300 
Multi-market portfolio of industrial properties3
VariousMay 2, 202428 1,237,600 364,500 
3000 V Street NE
Washington, D.C.August 1, 20241 26,000 7,600 
48-29 31st PlQueens, NYDecember 5, 20241 17,000 7,600 
280 Richards Street2
Brooklyn, NYDecember 11, 20241 312,000 156,300 
Doral Air LogisticsDoral, FLDecember 27, 20243 495,000 195,600 
49-15 Maspeth AvenueQueens, NYDecember 27, 20241 33,000 50,100 
Total/Weighted Average41 2,517,600 $884,500 
1Excludes intangible liabilities and unamortized mortgage fair value adjustments, if any. The total aggregate initial investment was approximately $937.9 million, including $11.2 million in capitalized closing costs and acquisition costs and $49.5 million in assumed intangible liabilities, $3.7 million in assumed unamortized fair value adjustment and $3.6 million in other credits related to near term capital expenditures, free rent and tenant improvements at multiple properties.
2280 Richards Street is encumbered by a mortgage loan payable with a total contractual principal amount of approximately $72.9 million which bears interest at a contractual fixed interest rate of 3.9% and matures in March 2028. The mortgage was assumed in an acquisition and was recorded at fair value in the amount of $69.2 million using an effective interest rate of 5.6%. The unamortized fair value adjustment as of December 31, 2024 was approximately $3.6 million.
3Includes 28 properties, including 12 buildings located in New York City aggregating approximately 481,500 square feet, 6 buildings located in Northern New Jersey aggregating approximately 343,200 square feet, 3 buildings located in the San Francisco Bay Area aggregating approximately 237,900 square feet and 7 buildings located in Los Angeles aggregating approximately 175,000 square feet.
The Company recorded revenues and net income for the year ended December 31, 2024 of approximately $26.0 million and $8.2 million, respectively, related to the 2024 acquisitions.
During the year ended December 31, 2023, the Company acquired seven industrial properties with a total initial investment, including acquisition costs, of approximately $512.5 million, of which $325.8 million was recorded to land, $156.6 million to buildings and improvements, and $30.1 million to intangible assets. Additionally, the Company assumed $46.3 million in liabilities.
The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2023:
Property NameLocationAcquisition DateNumber of
Buildings		Square
Feet		Improved Land Acreage
Purchase Price
(in thousands) 1
Countyline Phase IV2
Hialeah, FLFebruary 23, 2023— — 121.0 $173,600 
9th StreetLong Island City, NYMarch 6, 20231 45,000 — 23,000 
MortonNewark, CAMarch 30, 20234 603,000 — 186,000 
25th Place NEWashington DCMay 23, 20231 33,000 — 13,400 
East Garry Avenue3
Santa Ana, CASeptember 6, 2023— — 4.9 14,800 
Santa FeRedondo Beach, CAOctober 10, 20232 112,000 — 45,700 
Van DykeRed Hook, Brooklyn, NYOctober 11, 20231 96,000 — 27,500 
Total/Weighted Average9 889,000 125.9 $484,000 
1Excludes intangible liabilities. The total aggregate initial investment was approximately $512.5 million, including $6.1 million in capitalized closing costs and acquisition costs and $42.9 million in assumed intangible liabilities and $20.5 million in other credits related to near term capital expenditures, free rent and tenant improvements at various properties.
2Countyline Phase IV is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion.
3East Garry Avenue is a 4.9-acre property that was placed into redevelopment upon acquisition. The property is expected to contain one approximately 92,000 square foot LEED-certified industrial distribution building at completion.
The Company recorded revenues and net income for the year ended December 31, 2023 of approximately $14.8 million and $4.9 million, respectively, related to the 2023 acquisitions.
The above assets and liabilities were recorded at fair value, which uses Level 3 inputs. The properties were acquired from unrelated third parties using existing cash on hand, proceeds from property sales, the issuance of common stock and borrowings on the revolving credit facility.
As of December 31, 2024, the Company had six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 0.9 million square feet. Additionally, the Company owned approximately 22.4 acres of land for future development that, upon completion, will consist of two buildings aggregating approximately 0.4 million square feet. The following table summarizes certain information with respect to the properties under development or redevelopment and the land for future development as of December 31, 2024:
Property NameLocation
Total Expected
Investment
(in thousands) 1
(unaudited)
Estimated Post-Development Square Feet
Properties under development or redevelopment:
Countyline Phase IV2
Countyline Building 32Hialeah, FL$40,100 164,300
Countyline Building 33Hialeah, FL39,000 158,000
Countyline Building 34Hialeah, FL55,900 219,900
Paterson Plank IIICarlstadt, NJ35,200 47,300
East Garry AvenueSanta Ana, CA41,000 91,500 
139th Street3
Gardena, CA104,600 223,000
Total$315,800 904,000
Land entitled for future development:
Countyline Phase IV2
Countyline Phase IV LandHialeah, FL117,100 433,200
Total$117,100 433,200
1Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties include the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.
2Collectively, “Countyline Phase IV”, a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Countyline, immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion.
3This redevelopment property was initially acquired in 2017 for a total initial investment, including closing costs and acquisition costs, of approximately $39.9 million. The property was in the operating portfolio until January 2024 when redevelopment commenced. The amount spent to date includes the total initial investment and capital expenditures incurred prior to redevelopment and excludes accumulated depreciation recorded since acquisition. The Company expects a total incremental investment of approximately $64.0 million.
During 2024, the Company completed development or redevelopment of six properties. The following table summarizes certain information with respect to the completed development or redevelopment properties as of December 31, 2024:
Property NameLocation
Total Expected
Investment
(in thousands) 1
(unaudited)
Post-Development
Square Feet		Post-Development AcreageCompletion Quarter
Countyline Building 31Hialeah, FL$42,100 161,787— Q4 2024
Countyline Building 38Hialeah, FL88,500 506,215 — Q2 2024
Countyline Building 39Hialeah, FL43,800 178,201— Q3 2024
Countyline Building 40Hialeah, FL43,800 186,107— Q2 2024
147th StreetHawthorne, CA15,600 31,378— Q4 2024
Maple IIIRancho Dominguez, CA28,300 — 2.8Q4 2024
Total/Weighted Average$262,100 1,063,6882.8 
1Total investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.
The Company capitalized interest associated with development, redevelopment and expansion activities of approximately $11.0 million, $8.5 million and $2.6 million during the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Held for Sale/Disposed Assets
 12 Months Ended
Dec. 31, 2024
Held For Sale/Disposed Assets [Abstract]  
Held for Sale/Disposed Assets Held for Sale/Disposed Assets
As of December 31, 2024, the Company had entered into an agreement with a third-party purchaser to sell one building located in the San Francisco Bay Area market for a sales price of approximately $16.9 million (net book value of approximately $6.3 million). The sale of the property was subject to various closing conditions.
During the year ended December 31, 2024, the Company sold four properties for a total aggregate sales price of approximately $74.4 million, resulting in a total aggregate gain of approximately $45.4 million. The following table sets forth the markets in which the industrial properties were sold during 2024:
MarketNumber of PropertiesTotal Sales PriceTotal Gain
New York City/Northern New Jersey1 $29,800 $17,200 
Miami1 20,600 14,500 
San Francisco Bay Area1 13,000 8,000 
Seattle1 11,000 5,700 
Total4 $74,400 $45,400 
During the year ended December 31, 2023, the Company sold four properties for a total aggregate sales price of approximately $77.1 million, resulting in a total aggregate gain of approximately $38.2 million. The following table sets forth the markets in which the industrial properties were sold during 2023:
MarketNumber of PropertiesTotal Sales PriceTotal Gain
New York City/Northern New Jersey2 $43,200 $21,900 
Los Angeles1 15,900 6,600 
Washington, D.C.1 18,000 9,700 
Total4 $77,100 $38,200 
During the year ended December 31, 2022, the Company sold four properties for a total aggregate sales price of approximately $168.3 million, resulting in a total aggregate gain of approximately $112.2 million. The following table sets forth the markets in which the industrial properties were sold during 2022:
MarketNumber of PropertiesTotal Sales PriceTotal Gain
New York City/Northern New Jersey3 $159,700 $107,100 
Seattle1 8,600 5,100 
Total4 $168,300 $112,200 
v3.25.0.1
Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes the components of the Company’s indebtedness as of December 31, 2024 and 2023 (dollars in thousands):
December 31, 2024December 31, 2023Margin Above SOFR
Interest Rate 1
Contractual Maturity Date
Unsecured Debt:
Credit Facility$82,000 $— 
1.1% 2
5.4 %1/15/2029
5-Year Term Loan
100,000 100,000 
1.3% 2
5.6 %1/15/2027
5-Year Term Loan
100,000 100,000 
1.3% 2
5.8 %1/15/2028
$100M 7-Year Unsecured 3, 4
— 100,000 n/a3.8 %7/14/2024
$50M 10-Year Unsecured 3
50,000 50,000 n/a4.0 %7/7/2026
$50M 12-Year Unsecured 3
50,000 50,000 n/a4.7 %10/31/2027
$100M 7-Year Unsecured 3
100,000 100,000 n/a2.4 %7/15/2028
$100M 10-Year Unsecured 3
100,000 100,000 n/a3.1 %12/3/2029
$125M 9-Year Unsecured 3
125,000 125,000 n/a2.4 %8/17/2030
$50M 10-Year Unsecured 3
50,000 50,000 n/a2.8 %7/15/2031
Total Unsecured Debt757,000 775,000 
Secured Debt:
280 Richards Street72,879 — n/a3.9 %3/1/2028
Total Secured Debt72,879 — 
Total Unsecured and Secured Debt829,879 775,000 
Less: Unamortized fair value adjustment and debt issuance costs(6,442)(3,437)
Total$823,437 $771,563 
1Reflects the contractual interest rate under the terms of each loan as of December 31, 2024. Excludes the effects of unamortized debt issuance costs.
2The interest rates on these loans are comprised of the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of December 31, 2024) for the revolving credit facility and 1.25% to 1.75% (1.25% as of December 31, 2024) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment.
3Collectively, the “Senior Unsecured Notes”.
4In July 2024, the Company repaid the $100.0 million tranche of its 7-year Senior Unsecured Notes using existing cash on hand. The notes bore interest at 3.8% and had an original maturity date of July 14, 2024.

On September 24, 2024, the Company entered into the Third Amendment to the Sixth Amended and Restated Senior Credit Agreement (as amended, the “Amended Facility”) in order to, among other things, (i) increase the borrowing capacity of the revolving credit facility by $200.0 million to $600.0 million and (ii) extend the maturity date of the revolving credit facility from August 2025 to January 2029. The Amended Facility consists of a $600.0 million revolving credit facility that matures in January 2029, a $100.0 million term loan that matures in January 2027 and a $100.0 million term loan that matures in January 2028. As of December 31, 2024, there were $82.0 million of borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans. As of December 31, 2023, there were no borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans.

The aggregate amount of the Amended Facility may be increased by up to an additional $450.0 million to a maximum aggregate amount not to exceed $1.25 billion, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Amended Facility are limited to the lesser of (i) the sum of the $600.0 million revolving credit facility, the $100.0 million term loan maturing in January 2027 and the $100.0 million term loan maturing in January 2028, or (ii) 60.0% of the value of the unencumbered properties. Interest on the Amended Facility, including the term loans, is generally to be paid based upon, at the Company’s option, either (i) SOFR plus the applicable SOFR margin or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, thirty-day SOFR plus the applicable SOFR margin for SOFR rate loans under the Amended Facility plus 1.25%, or 1.25% per annum. The applicable SOFR margin will range from 1.10% to 1.55% (1.10% as of December 31, 2024) for the revolving credit facility and 1.25% to 1.75% (1.25% as of December 31, 2024) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s
consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. The Amended Facility requires quarterly payments of an annual facility fee in an amount ranging from 0.15% to 0.30%, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value.
The Amended Facility and the Senior Unsecured Notes are guaranteed by the Company and by substantially all of the current and to-be-formed subsidiaries of the Company that own an unencumbered property. The Amended Facility and the Senior Unsecured Notes are not secured by the Company’s properties or by interests in the subsidiaries that hold such properties. The Amended Facility and the Senior Unsecured Notes include a series of financial and other covenants with which the Company must comply. The Company was in compliance with the covenants under the Amended Facility and the Senior Unsecured Notes as of December 31, 2024 and 2023.
As of December 31, 2024, the Company had one mortgage loan payable totaling approximately $69.1 million, net of deferred financing costs of $0.2 million and unamortized fair value adjustment of approximately $3.6 million, which bore interest at a weighted average fixed annual rate of 3.9%. The mortgage loan payable is collateralized by one property, is non-recourse and requires monthly interest payments until it matures in March 2028. As of December 31, 2024 the total gross book value of the property securing the debt was approximately $179.3 million. As of December 31, 2023, the Company had no mortgage loans.
The scheduled principal payments of the Company’s debt as of December 31, 2024 were as follows (dollars in thousands):
Credit
Facility		Term LoanSenior
Unsecured
Notes		Mortgage
Loan
Payable		Total Debt
2025$—$—$—

$—$—
2026——50,000—50,000
2027—100,00050,000—150,000
2028—100,000100,00072,879272,879
202982,000—100,000—182,000
Thereafter——175,000—175,000
Subtotal82,000200,000475,00072,879829,879
Unamortized fair value adjustment———(3,590)(3,590)
Total Debt82,000200,000475,00069,289826,289
Deferred financing costs, net—(620)(2,047)(185)(2,852)
Total Debt, net$82,000$199,380$472,953$69,104$823,437
Weighted average interest rate5.4%5.7%3.0%3.9%4.0%
v3.25.0.1
Leasing
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leasing Leasing
The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of December 31, 2024. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes property operating expense reimbursements (dollars in thousands):
2025$314,663 
2026284,612 
2027230,841 
2028176,657 
2029130,700 
Thereafter350,450 
Total$1,487,923 
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3).
Financial Instruments Disclosed at Fair Value. As of December 31, 2024 and 2023, the fair values of cash and cash equivalents, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these investments or liabilities based on Level 1 inputs. The fair values of the Company’s mortgage loan and Senior Unsecured Notes were estimated by calculating the present value of principal and interest payments, based on borrowing rates available to the Company, which are Level 2 inputs, adjusted with a credit spread, as applicable, and assuming the loans are outstanding through maturity. The fair value of the Company’s Amended Facility approximated its carrying value because the variable interest rates approximate market borrowing rates available to the Company, which are Level 2 inputs.
The following table sets forth the carrying value and the estimated fair value of the Company’s debt as of December 31, 2024 and 2023 (dollars in thousands):
 Fair Value Measurement Using 
Total Fair ValueQuoted Price in
Active Markets
for Identical
Assets and
Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Carrying Value
Liabilities
Debt at:
December 31, 2024$773,456 $— $773,456 $— $823,437 
December 31, 2023$721,269 $— $721,269 $— $771,563 
v3.25.0.1
Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The Company’s authorized capital stock consists of 400,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The Company has an at-the-market equity offering program (the "$500 Million ATM Program") pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million (approximately $438.3 million remaining as of December 31, 2024) in amounts and at times to be determined by the Company from time to time. Prior to the implementation of the $500 Million ATM Program, the Company had two previous at-the-market equity offering programs (the "Previous $500 Million ATM Program" and the "$300 Million ATM Program"), which were substantially utilized as of August 27, 2024 and September 5, 2023, respectively, and are no longer active. Actual sales under the $500 Million ATM Program, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Company’s common stock, determinations by the Company of the appropriate sources of funding for the Company and potential uses of funding available to the Company. During the year ended December 31, 2024, the Company issued an aggregate of 5,329,544 shares of common stock at a weighted average offering price of $66.62 per share under the $500 Million ATM Program and the Previous $500 Million ATM Program, resulting in net proceeds of approximately $349.9 million and paying total compensation to the applicable sales agents of approximately $5.1 million. During the year ended December 31, 2023, the Company issued an aggregate of 5,152,279 shares of common stock at a weighted average offering price of $61.15 per share under the Previous $500 Million ATM Program and the $300 Million ATM Program, resulting in net proceeds of approximately $310.5 million and paying total compensation to the applicable sales agents of approximately $4.6 million. During the year ended December 31, 2022, the Company issued an aggregate of 1,286,125 shares of common stock at a weighted average offering price of $61.31 per share under the $300 Million ATM Program, resulting in net proceeds of approximately $77.7 million, and paying total compensation to the applicable sales agents of approximately $1.1 million.
On March 27, 2024, the Company completed a public offering of 6,325,000 shares of common stock at a price per share of $62.00, which included the underwriters’ full exercise of their option to purchase an additional 825,000 shares. The net proceeds of the offering were approximately $387.1 million after deducting the underwriting discount and offering costs of approximately $5.0 million. The Company used the net proceeds for acquisitions.
On February 13, 2023, the Company completed a public offering of 5,750,000 shares of common stock at a price per share of $62.50, which included the underwriters’ full exercise of their option to purchase an additional 750,000 shares. The net proceeds of the offering were approximately $355.9 million after deducting the underwriting discount and offering costs of approximately $3.5 million. The Company used the net proceeds for acquisitions.
In connection with the Annual Meeting of Stockholders on May 7, 2024, the Company granted a total of 11,385 unrestricted shares of the Company's common stock to its independent directors under the 2019 Plan with a grant date fair value per share of $54.90. The grant date fair value of the common stock was determined using the closing price of the Company’s common stock on the date of the grant. The Company recognized approximately $0.6 million in compensation costs for the year ended December 31, 2024 related to this issuance.
The Company has a share repurchase program authorizing the Company to repurchase up to 3,000,000 shares of its outstanding common stock from time to time through December 31, 2026. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. As of December 31, 2024, the Company had not repurchased any shares of common stock pursuant to its share repurchase program.
The Company has a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which certain of their cash and equity-based compensation may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the years ended December 31, 2024, 2023 and 2022, 0, 96,874 and 150,867 shares of common stock, respectively, were deposited into the Deferred Compensation Plan. During the years ended December 31, 2024, 2023 and 2022, 11,473, 5,876 and 8,929 shares of common stock, respectively, were withdrawn from the Deferred Compensation Plan.
As of December 31, 2024, there were 1,898,961 shares of common stock authorized for issuance as restricted stock grants, unrestricted stock awards or Performance Share awards under the 2019 Plan, of which 367,561 were remaining and available for issuance. The grant date fair value per share of restricted stock awards issued during the period from February 16, 2010 (commencement of operations) to December 31, 2024 ranged from $14.20 to $78.33. The fair value of the restricted stock that was granted during the year ended December 31, 2024 was approximately $8.8 million and the vesting period for the restricted stock is typically between three and five years. As of December 31, 2024, the Company had approximately $14.4 million of total unrecognized compensation costs related to restricted stock issuances, which is expected to be recognized over a remaining weighted average period of approximately 3.2 years. The Company recognized compensation costs of approximately $6.8 million, $6.3 million and $4.9 million for the years ended December 31, 2024, 2023 and 2022, respectively, related to the restricted stock issuances.
The following is a summary of the total restricted shares granted to the Company’s executive officers and employees with the related weighted average grant date fair value share prices for the years ended December 31, 2024, 2023 and 2022:
Restricted Stock Activity:
SharesWeighted Average Grant
Date Fair Value
Non-vested shares outstanding as of December 31, 2021289,186 $55.90 
Granted136,903 66.35 
Forfeited(29,391)59.69 
Vested(40,066)56.06 
Non-vested shares outstanding as of December 31, 2022356,632 $59.58 
Granted132,574 61.58 
Forfeited(6,989)66.95 
Vested(63,160)53.64 
Non-vested shares outstanding as of December 31, 2023419,057 $60.99 
Granted138,380 63.48 
Forfeited(16,836)66.98 
Vested(114,213)55.39 
Non-vested shares outstanding as of December 31, 2024426,388 $63.06 
The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2024:
Non-vested Shares Vesting ScheduleNumber of Shares
202597,728 
202679,848 
2027104,572 
202873,070 
202971,170 
Thereafter— 
Total Non-vested Shares426,388 
Long-Term Incentive Plan:
As of December 31, 2024, there were three open performance measurement periods for the Performance Share awards: January 1, 2022 to December 31, 2024, January 1, 2023 to December 31, 2025, and January 1, 2024 to December 31, 2026. During the year ended December 31, 2024, the Company did not issue any shares of common stock related to the Performance Share awards for the performance period from January 1, 2022 to December 31, 2024.
The following table summarizes certain information with respect to the Performance Share awards granted on or after January 1, 2019 and includes the forfeiture of certain of the Performance Share awards during 2024 (dollars in thousands):
Performance Share Period
Fair Value on Date of Grant 1
Expense for the Year Ended December 31,
202420232022
January 1, 2020 - December 31, 2022$4,882 $— $— $1,168 
January 1, 2021 - December 31, 20234,820 — 1,608 1,393 
January 1, 2022 - December 31, 20245,618 1,744 1,928 1,929 
January 1, 2023 - December 31, 20258,583 2,670 3,012 — 
January 1, 2024 - December 31, 20269,261 3,070 — 
Total$33,164 $7,484 $6,548 $4,490 
1     Reflects the fair value on date of grant for all performance shares outstanding at December 31, 2024.
Dividends:
The following tables set forth the cash dividends paid or payable per share during the years ended December 31, 2024 and 2023:
For the Three Months EndedSecurityDividend per ShareDeclaration DateRecord DateDate Paid
March 31, 2024Common Stock$0.45 February 6, 2024March 28, 2024April 5, 2024
June 30, 2024Common Stock$0.45 May 7, 2024June 28, 2024July 12, 2024
September 30, 2024Common Stock$0.49 August 6, 2024September 30, 2024October 11, 2024
December 31, 2024Common Stock$0.49 November 5, 2024December 13, 2024January 7, 2025
For the Three Months EndedSecurityDividend per ShareDeclaration DateRecord DateDate Paid
March 31, 2023Common Stock$0.40 February 7, 2023March 31, 2023April 6, 2023
June 30, 2023Common Stock$0.40 May 2, 2023June 30, 2023July 14, 2023
September 30, 2023Common Stock$0.45 August 1, 2023September 29, 2023October 13, 2023
December 31, 2023Common Stock$0.45 October 31, 2023December 15, 2023January 5, 2024
v3.25.0.1
Net Income (Loss) Per Share
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
Pursuant to ASC 260-10-45, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share allocates earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s non-vested shares of restricted stock are considered participating securities since these share-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. The Company had no antidilutive securities or dilutive restricted stock awards outstanding for the three months and years ended December 31, 2024, 2023, and 2022.
In accordance with the Company’s policies of determining whether instruments granted in share-based payment transactions are participating securities and accounting for earnings per share, the net income (loss) per common share is adjusted for earnings distributed through declared dividends (if any) and allocated to all participating securities (weighted average common shares outstanding and unvested restricted shares outstanding) under the two-class method. Under this method, allocations were made 429,748, 393,059 and 322,866 of weighted average unvested restricted shares outstanding for the years ended December 31, 2024, 2023 and 2022, respectively.
Performance Share awards which may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period are included as contingently issuable shares in the calculation of diluted weighted average common shares of stock outstanding assuming the reporting period is the end of the measurement period, and the effect is dilutive. Diluted shares related to the Performance Share awards were 317,588, 202,071 and 88,373 for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation. The Company is not involved in any material litigation nor, to its knowledge, is any material litigation threatened against it. In the normal course of business, from time to time, the Company may be involved in legal actions relating to the ownership and operations of its properties. Management does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material effect on the consolidated financial position, results of operations or cash flows of the Company.
Contractual Commitments. As of February 4, 2025, the Company did not have any outstanding contracts or non-binding letters of intent to acquire industrial properties.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On January 7, 2025, the Company sold one industrial property in Union City, CA, which was held for sale as of December 31, 2024, for a total sales price of approximately $16.9 million (net book value of approximately $6.3 million).
On January 16, 2025, the Company sold one industrial property in South San Francisco, CA for a total sales price of approximately $8.0 million (net book value of approximately $6.0 million).
On February 4, 2025, the Company’s board of directors declared a cash dividend in the amount of $0.49 per share of its common stock payable on April 4, 2025 to the stockholders of record as of the close of business on March 27, 2025.
v3.25.0.1
Schedule III Real Estate Investments and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III Real Estate Investments and Accumulated Depreciation
Schedule III
Real Estate Investments and Accumulated Depreciation
As of December 31, 2024
(in thousands)
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
Los Angeles
104th Street1 Los Angeles, CA$— $3,701 $976 $175 $3,701 $1,151 $4,852 $215 20171951
5401 West 104th St1 Los Angeles, CA— 15,721 1,463 164 15,721 1,627 17,348 99 20221951
139th Street— Carson, CA— — 15,783 340 — 16,123 16,123 9,150 20171965/2003
630 Glasgow1 Inglewood, CA— 2,245 1,855 846 2,245 2,701 4,946 1,044 20111988
747 Glasgow1 Inglewood, CA— 1,759 1,555 475 1,759 2,030 3,789 765 20141981
1150 & 1250 W. Trenton Ave2 Orange, CA— 7,491 2,488 — 7,491 2,488 9,979 237 20211980 & 1971
13020 & 13030 Cerise2 Hawthorne, CA— 6,986 1,371 2,002 6,986 3,373 10,359 240 20211956 & 1958
13025 Cerise1 Hawthorne, CA— 6,864 1,330 103 6,864 1,433 8,297 125 20211955
1201 Foothill Boulevard1 Azusa, CA— 3,091 941 1 3,091 942 4,033 17 20241987
1335 Foothill Boulevard1 Azusa, CA— 3,368 2,774 139 3,368 2,913 6,281 46 20241987
1355-1365 Foothill Boulevard1 Azusa, CA— 5,145 2,729 151 5,145 2,880 8,025 47 20241987
16009-16019 Foothill Boulevard1 Irwindale, CA— 4,983 2,512 59 4,983 2,571 7,554 43 20241985
16033-16037 Foothill Boulevard1 Irwindale, CA— 4,075 2,567 59 4,075 2,626 6,701 44 20241985
16057-16059 Foothill Boulevard1 Irwindale, CA— 3,982 2,297 59 3,982 2,356 6,338 39 20241985
14611 Broadway1 Gardena, CA— 4,757 1,243 1,612 4,757 2,855 7,612 1,595 20131962
4857 W 147th St1 Hawthorne, CA— 6,185 8,817 846 6,185 9,663 15,848 31 20221967
3660 Fee Ana— Anaheim, CA— 14,213 1,147 1,211 14,213 2,358 16,571 236 20221966/1993
19601 Hamilton1 Torrance, CA— 7,409 4,072 1,882 7,409 5,954 13,363 2,394 20111985
735-751 Todd Avenue1 Azusa, CA— 6,176 1,478 76 6,176 1,554 7,730 25 20241987
8320-8400 Isis Avenue1 Los Angeles, CA— 14,963 3,429 230 14,963 3,659 18,622 264 20221979
332 Hindry Avenue1 Inglewood, CA— 6,977 2,800 412 6,977 3,212 10,189 227 20221983
709 Hindry1 Inglewood, CA— 2,105 2,972 663 2,105 3,635 5,740 872 20161984
Acacia1 Compton, CA— 5,143 1,985 511 5,143 2,496 7,639 633 20171972
Anderson5 Los Angeles, CA— 17,095 1,271 5,330 17,095 6,601 23,696 1,009 20191912-1987
Aviation— Inglewood, CA— 9,544 498 1,685 9,544 2,183 11,727 292 20202013
Ceres Ave2 Los Angeles, CA— 4,825 2,833 107 4,825 2,940 7,765 250 20212015
Dominguez— Los Angeles, CA— 11,370 1,535 3,597 11,370 5,132 16,502 1,506 2017
3091 East Coronado St— Anaheim, CA— 7,140 464 239 7,140 703 7,843 109 20222017
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
Garfield5 Commerce, CA— 27,539 22,694 7,507 27,539 30,201 57,740 12,284 20122002
Gladwick1 Rancho Dominguez, CA— 11,636 5,998 341 11,636 6,339 17,975 932 20202009
Gramercy Place1 Torrance, CA— 4,846 1,503 455 4,846 1,958 6,804 270 20212015
Hawthorne8 Hawthorne, CA— 17,226 10,069 3,103 17,226 13,172 30,398 2,987 20171952/1986
Las Hermanas1 Compton, CA— 3,330 751 888 3,330 1,639 4,969 811 20141970
Lynwood3 Lynwood, CA— 43,885 — — 43,885 — 43,885 — 20171988
McLaren1 Irvine, CA— 7,459 668 — 7,459 668 8,127 96 20201982
Manhattan Beach1 Redondo Beach, CA— 7,874 5,641 1,936 7,874 7,577 15,451 2,593 20121963/1970
Maple— Rancho Dominguez, CA— 9,371 607 745 9,371 1,352 10,723 336 20201978
Maple II— Rancho Dominguez, CA— 14,102 183 495 14,102 678 14,780 273 2021
Maple III— Rancho Dominguez, CA— 24,728 1,637 2,016 24,728 3,653 28,381 4 2022
Porter1 Los Angeles, CA— 3,791 399 85 3,791 484 4,275 47 20201911 & 1968
San Pedro— Gardena, CA— 7,598 1,523 360 7,598 1,883 9,481 305 2021
Santa Fe2 Redondo Beach, CA— 37,049 5,560 87 37,049 5,647 42,696 192 20231968
Shoemaker— Santa Fe Springs, CA— 4,759 1,099 281 4,759 1,380 6,139 355 20181986/1997
Slauson— Santa Fe Springs, CA— 4,679 697 972 4,679 1,669 6,348 362 20191967/1973
19500 South Alameda St— Rancho Dominguez, CA— 30,176 2,364 292 30,176 2,656 32,832 201 20221982/1985
South Main2 Carson, CA— 16,371 7,045 17,452 16,371 24,497 40,868 9,464 2012/20142016
South Main III1 Gardena, CA— 11,521 12,467 1,079 11,521 13,546 25,067 2,942 20172016
Telegraph Springs2 Santa Fe Springs, CA— 7,063 7,236 747 7,063 7,983 15,046 1,873 20172007
Vermont1 Torrance, CA— 10,173 7,105 1,338 10,173 8,443 18,616 1,563 20181978
Walnut II1 Compton, CA— 6,097 5,069 986 6,097 6,055 12,152 1,366 20181969
New York City/Northern New Jersey
17 Madison1 Fairfield, NJ— 974 1,647 802 974 2,449 3,423 1,011 20131979
144-02 158th Street1 Jamaica, Queens, NY— 11,175 4,533 199 11,175 4,732 15,907 72 20241981
145-07 156th Street1 Jamaica, Queens, NY— 1,408 730 6 1,408 736 2,144 11 20241963
145-20 157th Street1 Jamaica, Queens, NY— 14,598 7,707 83 14,598 7,790 22,388 121 20241969
145-45 156th Street1 Jamaica, Queens, NY— 7,909 3,968 — 7,909 3,968 11,877 62 20241981
149-39 Guy R. Brewer Boulevard1 Jamaica, Queens, NY— 3,603 2,127 1 3,603 2,128 5,731 33 20241966
149-40 182nd Street1 Jamaica, Queens, NY— 4,066 1,450 10 4,066 1,460 5,526 23 20241989
154-09 146th Avenue1 Jamaica, Queens, NY— 9,478 1,782 19 9,478 1,801 11,279 29 20241994
156-15 146th Avenue1 Jamaica, Queens, NY— 1,675 226 93 1,675 319 1,994 7 20241983
179-02 150th Avenue1 Jamaica, Queens, NY— 17,837 8,625 9 17,837 8,634 26,471 135 20241970
179-15 149th Road1 Jamaica, Queens, NY— 3,894 1,382 1 3,894 1,383 5,277 22 20241969
182-09 149th Road1 Jamaica, Queens, NY— 10,350 4,042 30 10,350 4,072 14,422 64 20241982
182-17 150th Avenue1 Jamaica, Queens, NY— 25,274 2,841 275 25,274 3,116 28,390 48 20241984
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
181 Lombardy1 Brooklyn, NY— 9,124 2,986 435 9,124 3,421 12,545 64 20241940
195 Anderson Avenue1 Moonachie, NJ— 3,577 1,336 — 3,577 1,336 4,913 22 20241968
1C Terminal Way1 Avenel, NJ— 8,671 2,619 252 8,671 2,871 11,542 43 20241966
2AB Terminal Way1 Avenel, NJ— 11,778 10,531 17 11,778 10,548 22,326 168 20241970
2C Terminal Way1 Avenel, NJ— 6,466 5,208 10 6,466 5,218 11,684 83 20241966
22 Madison1 Fairfield, NJ— 1,365 1,607 1,209 1,365 2,816 4,181 799 20151979
280 Richards Street1 Red Hook, Brooklyn, NY72,879 86,446 79,653 — 86,446 79,653 166,099 83 20242021
48th 3rd and 286 Central1 Kearny, NJ— 12,061 1,664 1,768 12,061 3,432 15,493 529 20191978/1983
48-29 31st Pl1 Long Island City, Queens, NY— 5,750 1,946 81 5,750 2,027 7,777 2 20241965
49-15 Maspeth Ave1 Maspeth, Queens, NY— 42,560 7,258 — 42,560 7,258 49,818 7 20241966
4AB Engelhard1 Avenel, NJ— 13,164 8,894 16 13,164 8,910 22,074 142 20241966
8AB Engelhard1 Avenel, NJ— 11,688 10,763 900 11,688 11,663 23,351 181 20241966
9th Street1 Long Island City, NY— 18,410 5,116 5,271 18,410 10,387 28,797 734 20231939
49th Street1 Queens, NY— 21,674 2,999 1,435 21,674 4,434 26,108 1,423 20191966
50 Kero2 Carlstadt, NJ— 10,343 3,876 4,558 10,343 8,434 18,777 2,268 20171970
51 Kero— Carlstadt, NJ— 3,236 589 619 3,236 1,208 4,444 111 20191956-1966
74th North Bergen1 North Bergen, NJ— 2,933 1,817 1,204 2,933 3,021 5,954 1,032 20161973
81 N. Hackensack— Kearny, NJ— 25,901 — 1,263 25,901 1,263 27,164 465 2019
85 Doremus— Newark, NJ— 5,918 513 26 5,918 539 6,457 122 2018
87 Doremus— Newark, NJ— 21,595 550 764 21,595 1,314 22,909 68 2022N/A
127 Doremus— Newark, NJ— 12,111 430 520 12,111 950 13,061 127 2022N/A
97 Third Street— Kearny, NJ— 25,580 1,566 1,690 25,580 3,256 28,836 600 20211970
190 Morgan1 Brooklyn, NY— 4,363 249 1,137 4,363 1,386 5,749 246 20211969
341 Michele1 Carlstadt, NJ— 2,372 4,798 1,312 2,372 6,110 8,482 2,107 20131973
422 Frelinghuysen— Newark, NJ— 7,682 — 3,136 7,682 3,136 10,818 977 2017
465 Meadow1 Carlstadt, NJ— 713 1,618 346 713 1,964 2,677 608 20131972
550 Delancy1 Newark, NJ— 9,230 4,855 2,400 9,230 7,255 16,485 2,837 20131987
620 Division1 Elizabeth, NJ— 6,491 3,568 7,746 6,491 11,314 17,805 4,664 20111980
629 Henry1 Elizabeth, NJ— 13,734 1,690 394 13,734 2,084 15,818 174 20222004
900 Hart1 Piscataway, NJ— 3,202 3,866 1,951 3,202 5,817 9,019 2,094 20141983
901 North— Elizabeth, NJ— 8,035 913 1,100 8,035 2,013 10,048 872 20162016
228 North Ave1 Elizabeth, NJ— 40,671 5,218 1,683 40,671 6,901 47,572 884 20211975
256 Patterson Plank1 Carlstadt, NJ— 9,478 1,284 1,766 9,478 3,050 12,528 468 20211960
293 Roanoke Avenue— Newark, NJ— 11,395 2,217 398 11,395 2,615 14,010 313 2022N/A
Avenue A4 Carlstadt, NJ— 7,516 4,660 1,642 7,516 6,302 13,818 1,887 20171951/1957
Belleville1 Kearny, NJ— 12,845 18,041 1,847 12,845 19,888 32,733 6,984 20112006
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
Commerce1 Carlstadt, NJ— 1,656 1,544 443 1,656 1,987 3,643 360 20181969
Dell1 Carlstadt, NJ— 6,641 771 888 6,641 1,659 8,300 642 20111972
Ethel2 Piscataway, NJ— 2,748 3,801 2,667 2,748 6,468 9,216 2,262 20131981/1984
Interstate2 South Brunswick, NJ— 13,686 12,135 13,923 13,686 26,058 39,744 10,105 2010/20131999/2014
JFK Airgate4 Queens, NY— 18,282 32,933 9,605 18,282 42,538 60,820 15,573 20131986/1991
Manor1 East Rutherford, NJ— 4,076 5,262 3,827 4,076 9,089 13,165 2,405 20151968
Morgan2 Brooklyn, NY— 71,051 10,888 7,320 71,051 18,208 89,259 3,508 20191960/1980 & 1967
New Dutch1 Fairfield, NJ— 4,773 2,004 — 4,773 2,004 6,777 551 20171976
Paterson Plank1 Carlstadt, NJ— 4,127 455 1,472 4,127 1,927 6,054 393 20161998
Stockton— Newark, NJ— 12,327 1,282 536 12,327 1,818 14,145 843 2017
Terminal Way2 Avenel, NJ— 3,537 3,598 1,350 3,537 4,948 8,485 1,615 20141950/1968
Van Dyke1 Red Hook, Brooklyn, NY— 21,170 3,200 5,303 21,170 8,503 29,673 218 20231921
Whelan1 East Rutherford, NJ— 6,366 5,704 616 6,366 6,320 12,686 1,137 20192005
Wilson1 Newark, NJ— 2,016 484 1,001 2,016 1,485 3,501 609 20161970
Woodside1 Queens, NY— 23,987 3,796 4,107 23,987 7,903 31,890 2,056 20182018
San Francisco Bay Area
1200-1220 San Mateo Avenue1 South San Francisco, CA— 24,488 7,126 1,615 24,488 8,741 33,229 128 20241972
20th Street1 Oakland, CA— 18,092 6,730 2,011 18,092 8,741 26,833 1,600 20191970 & 2003
20269-20281 Mack Street1 Hayward, CA— 8,758 2,395 9 8,758 2,404 11,162 43 20241977
238/242 Lawrence2 South San Francisco, CA— 6,674 2,655 2,534 6,674 5,189 11,863 2,466 20101986
240 Littlefield1 South San Francisco, CA— 5,107 3,293 2,862 5,107 6,155 11,262 1,976 20132013
299 Lawrence1 South San Francisco, CA— 1,352 1,198 600 1,352 1,798 3,150 840 20101968
3528 Arden Road1 Hayward, CA— 15,272 10,100 26 15,272 10,126 25,398 168 20241999
631 Brennan1 San Jose, CA— 1,932 2,245 1,060 1,932 3,305 5,237 1,311 20121975
3660 Thomas Road1 Santa Clara, CA— 43,053 13,887 1,652 43,053 15,539 58,592 1,247 20221973
Ahern2 Union City, CA— 3,246 2,749 2,220 3,246 4,969 8,215 2,095 20101986
Berryessa— San Jose, CA— 23,057 2,574 827 23,057 3,401 26,458 233 2021
Burroughs3 San Leandro, CA— 5,400 7,092 1,736 5,400 8,828 14,228 2,986 20141966
Caribbean3 Sunnyvale, CA— 17,483 14,493 4,359 17,483 18,852 36,335 6,689 20121980/1981
Carlton Court1 South San Francisco, CA— 2,036 1,475 854 2,036 2,329 4,365 790 20121981
Clawiter1 Hayward, CA— 5,964 1,159 189 5,964 1,348 7,312 427 20111967
East Gish— San Jose, CA— 6,759 726 2 6,759 728 7,487 92 20211959
Edison3 San Leandro, CA— 14,797 2,806 3,386 14,797 6,192 20,989 766 20211975
Foley Street2 Hayward, CA— 5,023 3,281 677 5,023 3,958 8,981 451 20211976 & 1972
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
Hotchkiss1 Fremont, CA— 4,163 3,152 1,259 4,163 4,411 8,574 792 20171997
Hotchkiss II1 Fremont, CA— 3,042 3,081 586 3,042 3,667 6,709 694 20181997
Merced4 San Leandro, CA— 25,621 9,318 7,597 25,621 16,915 42,536 3,177 20181958
Michele1 South San Francisco, CA— 2,710 2,540 792 2,710 3,332 6,042 812 20161979
Minnesota and Tennessee2 San Francisco, CA— 34,738 13,141 3,872 34,738 17,013 51,751 2,440 20191963
Morton4 Newark, CA— 65,640 115,039 514 65,640 115,553 181,193 5,412 20232020
Old Bayshore— San Jose, CA— 10,244 1,609 415 10,244 2,024 12,268 353 20201955
San Clemente1 Hayward, CA— 5,126 3,938 1,186 5,126 5,124 10,250 883 20181982
Teagarden5 San Leandro, CA— 19,172 15,221 733 19,172 15,954 35,126 1,153 20221970/1972
Starlite1 South San Francisco, CA— 3,738 144 2,373 3,738 2,517 6,255 238 20201966 & 1972
West 140th2 San Leandro, CA— 9,578 6,297 4,572 9,578 10,869 20,447 2,699 20161959
Whitney3 San Leandro, CA— 13,821 9,016 2,723 13,821 11,739 25,560 2,541 20181974
Wicks1 San Leandro, CA— 2,224 298 114 2,224 412 2,636 104 20181976
Central Pacific Business Park I1 Union City, CA— 6,629 11,088 1,790 6,629 12,878 19,507 3,913 20141989
Central Pacific Business Park II4 Union City, CA— 13,642 23,658 7,980 13,642 31,638 45,280 10,852 20152015
Seattle
1st Ave2 Seattle, WA— 29,441 30,537 8,942 29,441 39,479 68,920 5,497 20181937 & 1967
13045 SE 32nd Street1 Bellevue, WA— 5,982 536 886 5,982 1,422 7,404 51 20241979
33rd Place2 Bellevue, WA— 10,655 3,930 144 10,655 4,074 14,729 355 20221968-2009
6th Ave South1 Seattle, WA— 7,215 8,670 480 7,215 9,150 16,365 1,446 20201960
68th Kent2 Kent, WA— 7,465 2,263 210 7,465 2,473 9,938 261 20211976
84th Kent— Kent, WA— 4,552 136 310 4,552 446 4,998 187 20201963 & 2000
117th Place NE1 Kirkland, WA— 23,846 9,842 1,329 23,846 11,171 35,017 1,226 20211978
917 Valley1 Puyallup, WA— 2,203 4,551 373 2,203 4,924 7,127 787 20192006
3401 Lind1 Renton, WA— 2,999 6,707 1,451 2,999 8,158 11,157 2,386 20141984/2012
4225 2nd Avenue1 Seattle, WA— 4,236 4,049 2,283 4,236 6,332 10,568 1,877 20151957
4930 3rd Avenue South1 Seattle, WA— 3,984 2,424 1,202 3,984 3,626 7,610 1,098 20161964
12119 East Marginal— Tukwila, WA— 4,950 1,740 — 4,950 1,740 6,690 198 20201996
17600 West Valley Highway1 Tukwila, WA— 3,361 5,260 1,916 3,361 7,176 10,537 2,925 20121986
Auburn 4001 Auburn, WA— 4,415 5,234 1,194 4,415 6,428 10,843 1,084 20192000
Auburn 13071 Auburn, WA— 4,253 5,034 743 4,253 5,777 10,030 1,859 20142002
Dawson1 Seattle, WA— 3,902 278 654 3,902 932 4,834 330 20171964
East Valley1 Renton, WA— 2,693 2,959 381 2,693 3,340 6,033 621 20181991
East Marginal— Renton, WA— 2,618 380 198 2,618 578 3,196 170 20191991
Hudson1 Seattle, WA— 4,471 912 323 4,471 1,235 5,706 204 20202006
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
Kent 1881 Kent, WA— 3,251 4,719 3,065 3,251 7,784 11,035 2,970 20101979
Kent 1901 Kent, WA— 4,560 5,561 1,522 4,560 7,083 11,643 2,099 20151992/1999
Kent 1921 Kent, WA— 12,752 20,642 533 12,752 21,175 33,927 3,290 2020
Kent 2021 Kent, WA— 5,761 9,114 4,528 5,761 13,642 19,403 4,190 20151981
Kent 2161 Kent, WA— 3,672 5,408 1,145 3,672 6,553 10,225 2,198 20141996
Kent Corporate Park4 Kent, WA— 5,032 6,916 2,677 5,032 9,593 14,625 3,493 20151980/1981
Lucile1 Seattle, WA— 4,498 3,504 1,738 4,498 5,242 9,740 1,544 20171976
Lund1 Auburn, WA— 2,573 4,399 596 2,573 4,995 7,568 1,250 20161999
Occidental Avenue3 Seattle, WA— 12,550 3,300 1,261 12,550 4,561 17,111 556 20211988
Olympic1 Tukwila, WA— 1,499 1,431 742 1,499 2,173 3,672 924 20151978
MLK 9801— Seattle, WA— 14,388 1,360 429 14,388 1,789 16,177 140 2021
MLK 9845— Seattle, WA— 14,436 531 95 14,436 626 15,062 120 2021
MLK 9600— Seattle, WA— 20,849 1,395 812 20,849 2,207 23,056 722 20211957
NE 91st2 Redmond, WA— 7,944 1,866 — 7,944 1,866 9,810 133 20221986/1987
SeaTac 8th Avenue1 Burien, WA— 2,501 4,020 2,339 2,501 6,359 8,860 2,364 20131988
SE 32nd Street1 Bellevue, WA— 9,059 2,081 1,549 9,059 3,630 12,689 910 20201982
SW 16th Street— Renton, WA— 6,251 2,001 1,307 6,251 3,308 9,559 216 20211962
SW 34th1 Renton, WA— 2,912 3,289 540 2,912 3,829 6,741 1,350 20141996/2010
Valley Corporate2 Kent, WA— 5,264 9,096 3,095 5,264 12,191 17,455 4,948 20111987
Woodinville1 Woodinville, WA— 12,490 12,244 2 12,490 12,246 24,736 1,010 20211996
Woodinville II2 Woodinville, WA— 20,941 12,949 182 20,941 13,131 34,072 1,029 20211999
Willows— Redmond, WA— 3,067 581 179 3,067 760 3,827 81 20211970
8660 Willows Road— Redmond, WA— 18,034 2,180 1,422 18,034 3,602 21,636 337 20221987
Miami
26th Street1 Miami, FL— 3,444 4,558 1,272 3,444 5,830 9,274 2,066 20121973
48th Avenue2 Miami Gardens, FL— 4,322 2,187 1,053 4,322 3,240 7,562 1,039 20111987
70th Avenue1 Miami, FL— 1,434 2,333 469 1,434 2,802 4,236 1,030 20111999
70th Avenue II1 Miami, FL— 2,152 3,418 1,025 2,152 4,443 6,595 1,181 20161969
70th Avenue III1 Miami, FL— 2,543 3,167 848 2,543 4,015 6,558 1,005 20161974
70th Avenue IV1 Miami, FL— 1,119 1,456 727 1,119 2,183 3,302 492 20171969
70th Avenue V1 Miami, FL— 5,036 3,419 2,431 5,036 5,850 10,886 1,084 20171974
73rd Street2 Miami, FL— 6,130 13,932 493 6,130 14,425 20,555 1,159 20212022
74th Avenue1 Miami, FL— 2,327 3,538 965 2,327 4,503 6,830 1,219 20161986
81st Street2 Medley, FL— 2,938 5,242 2,077 2,938 7,319 10,257 2,400 20151996/2003
94th Avenue1 Doral, FL— 3,000 3,580 3,072 3,000 6,652 9,652 984 20171989
107th Avenue1 Medley, FL— 2,787 2,036 933 2,787 2,969 5,756 1,224 20132001
101st Road1 Medley, FL— 2,647 3,258 1,074 2,647 4,332 6,979 1,642 20132012
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
131st Street1 Medley, FL— 2,903 5,729 1,408 2,903 7,137 10,040 2,176 20141999
7045 NW 46th St1 Miami, FL— 2,517 2,261 210 2,517 2,471 4,988 193 20221986
8050 NW 90th St— Medley, FL— 18,612 2,067 3,478 18,612 5,545 24,157 549 2022N/A
12950 SW South River1 Medley, FL— 1,971 4,029 840 1,971 4,869 6,840 1,264 20162000
Americas Gateway5 Doral, FL— 9,088 9,552 5,529 9,088 15,081 24,169 5,796 20131978/1982
Americas Gateway 51 Doral, FL— 2,064 4,326 355 2,064 4,681 6,745 445 20132022
Countyline #24 & #252 Hialeah, FL— 15,552 27,898 6,636 15,552 34,534 50,086 4,464 20212021 & 2021
Countyline #261 Hialeah, FL— 11,826 24,407 4,958 11,826 29,365 41,191 3,388 20212021
Countyline #27 & #282 Hialeah, FL— 18,595 49,052 9,847 18,595 58,899 77,494 6,764 20212021 & 2021
Countyline #29 & #302 Hialeah, FL— 19,370 52,925 6,530 19,370 59,455 78,825 4,526 20222022
Countyline 311 Hialeah, FL— 13,425 28,576 870 13,425 29,446 42,871 145 20232024
Countyline 381 Hialeah, FL— 36,898 67,304 — 36,898 67,304 104,202 1,623 20232024
Countyline 391 Hialeah, FL— 14,647 29,337 — 14,647 29,337 43,984 316 20232024
Countyline 401 Hialeah, FL— 12,151 28,265 — 12,151 28,265 40,416 650 20232024
Countyline 411 Hialeah, FL— 14,044 31,261 469 14,044 31,730 45,774 1,118 20232023
Doral Air Logistics Center3 Doral, FL— 70,197 117,640 — 70,197 117,640 187,837 124 20242022
Miami International Trade Center4 Medley, FL— 5,063 10,958 3,671 5,063 14,629 19,692 3,942 20151996
Washington, D.C.
25th Place NE1 Washington, D.C.— 7,845 4,932 336 7,845 5,268 13,113 210 20232023
75th Ave5 Landover, MD— 10,658 18,615 6,766 10,658 25,381 36,039 7,832 20141987/1990
2920 V Street1 Washington, D.C.— 2,248 1,670 1,600 2,248 3,270 5,518 775 20171958
3000 V Street NE1 Washington, D.C.— 5,171 2,745 594 5,171 3,339 8,510 27 20241960
3601 Pennsy1 Landover, MD— 2,331 4,375 1,757 2,331 6,132 8,463 2,300 20131996
4230 Forbes1 Lanham, MD— 1,736 2,395 1,387 1,736 3,782 5,518 1,223 20132003
4501 46th Street— Bladensburg, MD— 9,576 1,984 1,029 9,576 3,013 12,589 252 20211955
Business Parkway1 Lanham, MD— 3,038 3,007 210 3,038 3,217 6,255 726 20162002
Eisenhower3 Alexandria, VA— 36,755 23,768 2,506 36,755 26,274 63,029 2,241 20211974
Fleet4 Alexandria, VA— 52,000 29,858 383 52,000 30,241 82,241 576 20241977
Hampton Overlook3 Capitol Heights, MD— 4,602 7,521 2,579 4,602 10,100 14,702 2,585 20161989/1990
Pickett1 Alexandria, VA— 6,256 2,850 702 6,256 3,552 9,808 429 20211963
Tuxedo— Hyattsville, MD— 6,867 1,266 1,104 6,867 2,370 9,237 280 20211962
    Initial Cost
to Company		Costs
Capitalized
Subsequent
to
Acquisition
Gross Amount Carried
at December 31, 2024
   
Property NameNo. of
Bldgs.		LocationEncumbrancesLandBuildings &
Improvements		LandBuildings &
Improvements		TotalAccumulated
Depreciation		Year
Acquired		Year
Constructed
V Street6 Washington, D.C.— 67,132 41,299 20,732 67,132 62,031 129,163 19,719 20151955/1963
Subtotal298 72,879 2,586,471 1,720,864 386,448 2,586,471 2,107,312 4,693,783 350,903 
Unamortized fair value adjustment(3,590)
Unamortized net deferred financing costs(185)
Intangible assets208,475 115,650 
Total298 — — $69,104 — $2,586,471 — $1,720,864 — $386,448 — $2,586,471 — $2,107,312 — $4,902,258 — $466,553 
Assets held for sale1 — 2,467 4,527 721 2,467 5,248 7,715 1,457 
Terreno Realty Corporation
Schedule III
Real Estate Investments and Accumulated Depreciation – (Continued)
As of December 31, 2024
(in thousands)
A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2024 and 2023 is as follows:
 
2024
2023
Investment in Properties
Balance at beginning of year$4,047,840 $3,398,774 
Acquisition of properties937,908512,531 
Disposition of properties(31,755)(43,854)
Construction in progress129,564139,974 
Properties held for sale(7,715)— 
Improvements, net of write-offs46,068 40,415 
Balance at end of year$5,121,910 $4,047,840 
 
2024
2023
Accumulated Depreciation
Balance at beginning of year$384,480 $323,631 
Amortization of lease intangible assets20,368 15,008
Depreciation expense71,704 56,765
Accumulated depreciation on properties held for sale(1,457)— 
Disposition of properties and write-offs(8,542)(10,924)
Balance at end of year$466,553 $384,480 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 184,497 $ 151,457 $ 198,014
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cyber Risk Management and Strategy
We rely on information technology in our operations, and any material failures, inadequacies, interruptions, security failures, social engineering attacks or cyber-attacks could harm our business. Management of cybersecurity risks is a component of our overall risk management strategy, which is overseen by our senior management team and our board of directors. We rely on a managed IT service provider with a longstanding relationship with the Company to help manage cybersecurity risks. Our managed IT service provider conducts testing of our controls and environment, including penetration testing, to identify and remediate cybersecurity risks.

We have an employee education program that is designed to raise awareness of cybersecurity threats to reduce our vulnerability as well as to encourage consideration of cybersecurity risks across functions. Before contracting with certain third parties, such as our local property managers, or purchasing third party technology or other solutions that involve exposure to sensitive company or tenant information, we conduct diligence on those third parties, which includes a security review. We maintain back-ups and disaster recovery plans to restore our information in the event of an incident.
Additionally, as a public company, we are subject to Sarbanes-Oxley Act (“SOX”) requirements and must undergo independent audits of information technology general controls in support of internal control over financial reporting.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We rely on information technology in our operations, and any material failures, inadequacies, interruptions, security failures, social engineering attacks or cyber-attacks could harm our business. Management of cybersecurity risks is a component of our overall risk management strategy, which is overseen by our senior management team and our board of directors. We rely on a managed IT service provider with a longstanding relationship with the Company to help manage cybersecurity risks. Our managed IT service provider conducts testing of our controls and environment, including penetration testing, to identify and remediate cybersecurity risks.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance Related to Cybersecurity Risks
Our third-party managed IT service provider reports to our Chief Financial Officer, Chief Accounting Officer, and Chief Operating Officer on cybersecurity matters, including cybersecurity risks. These senior executives are involved in management of information security procedures and periodically brief the board of directors on information security matters.

Our board of directors plays an important role in our risk oversight and discharges its duties both as a full board and through its committees. Our board is involved in risk oversight through its direct decision-making authority with respect to certain significant matters and review of our overall business strategy, as well as indirectly through the further oversight of management delegated to each of the board’s committees. Our board of directors relies on management to bring significant matters impacting our company to its attention but has processes for receiving information regarding such matters and providing oversight.

As reflected in the audit committee charter, the audit committee oversees our processes and policies relating to certain risk assessment and risk management matters, including with respect to cybersecurity risks. The audit committee administers its risk oversight function by receiving periodic reports from members of senior management on areas of material risk to our company. Our audit committee discusses our cybersecurity program at least annually, receives updates on relevant developments and considers steps that our management has taken to monitor and seek to mitigate any risk exposures.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
As reflected in the audit committee charter, the audit committee oversees our processes and policies relating to certain risk assessment and risk management matters, including with respect to cybersecurity risks. The audit committee administers its risk oversight function by receiving periodic reports from members of senior management on areas of material risk to our company. Our audit committee discusses our cybersecurity program at least annually, receives updates on relevant developments and considers steps that our management has taken to monitor and seek to mitigate any risk exposures.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our third-party managed IT service provider reports to our Chief Financial Officer, Chief Accounting Officer, and Chief Operating Officer on cybersecurity matters, including cybersecurity risks. These senior executives are involved in management of information security procedures and periodically brief the board of directors on information security matters.
Cybersecurity Risk Role of Management [Text Block]
Our third-party managed IT service provider reports to our Chief Financial Officer, Chief Accounting Officer, and Chief Operating Officer on cybersecurity matters, including cybersecurity risks. These senior executives are involved in management of information security procedures and periodically brief the board of directors on information security matters.

Our board of directors plays an important role in our risk oversight and discharges its duties both as a full board and through its committees. Our board is involved in risk oversight through its direct decision-making authority with respect to certain significant matters and review of our overall business strategy, as well as indirectly through the further oversight of management delegated to each of the board’s committees. Our board of directors relies on management to bring significant matters impacting our company to its attention but has processes for receiving information regarding such matters and providing oversight.

As reflected in the audit committee charter, the audit committee oversees our processes and policies relating to certain risk assessment and risk management matters, including with respect to cybersecurity risks. The audit committee administers its risk oversight function by receiving periodic reports from members of senior management on areas of material risk to our company. Our audit committee discusses our cybersecurity program at least annually, receives updates on relevant developments and considers steps that our management has taken to monitor and seek to mitigate any risk exposures.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our third-party managed IT service provider reports to our Chief Financial Officer, Chief Accounting Officer, and Chief Operating Officer on cybersecurity matters, including cybersecurity risks. These senior executives are involved in management of information security procedures and periodically brief the board of directors on information security matters.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our third-party managed IT service provider reports to our Chief Financial Officer, Chief Accounting Officer, and Chief Operating Officer on cybersecurity matters, including cybersecurity risks. These senior executives are involved in management of information security procedures and periodically brief the board of directors on information security matters.

Our board of directors plays an important role in our risk oversight and discharges its duties both as a full board and through its committees. Our board is involved in risk oversight through its direct decision-making authority with respect to certain significant matters and review of our overall business strategy, as well as indirectly through the further oversight of management delegated to each of the board’s committees. Our board of directors relies on management to bring significant matters impacting our company to its attention but has processes for receiving information regarding such matters and providing oversight.

As reflected in the audit committee charter, the audit committee oversees our processes and policies relating to certain risk assessment and risk management matters, including with respect to cybersecurity risks. The audit committee administers its risk oversight function by receiving periodic reports from members of senior management on areas of material risk to our company. Our audit committee discusses our cybersecurity program at least annually, receives updates on relevant developments and considers steps that our management has taken to monitor and seek to mitigate any risk exposures.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation. The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates
Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Capitalization of Costs
Capitalization of Costs. The Company capitalizes costs directly related to the development, redevelopment, renovation and expansion of its investment in real estate. Costs associated with such projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the development, redevelopment, renovation or expansion project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. Costs incurred for maintaining and repairing properties, which do not extend their useful lives, are expensed as incurred.
Interest is capitalized based on actual capital expenditures from the period when development, redevelopment, renovation or expansion commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period.
Investments in Real Estate
Investments in Real Estate. Investments in real estate, including tenant improvements, leasehold improvements and leasing costs, are stated at cost, less accumulated depreciation, unless circumstances indicate that the cost cannot be recovered, in which case, an adjustment to the carrying value of the property is made to reduce it to its estimated fair value. The Company also reviews the impact of above and below-market leases, in-place leases and lease origination costs for acquisitions and records an intangible asset or liability accordingly.
Impairment
Impairment. Carrying values for financial reporting purposes are reviewed for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Examples of such events or changes in circumstances may include classifying an asset to be held for sale, changing the intended hold period or when an asset remains vacant significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact how impairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash flows. If the asset carrying value is not supported on an undiscounted future cash flow basis, then the asset carrying value is measured against the lower of cost or the present value of expected cash flows over the expected hold period. An impairment charge to earnings is recognized for the excess of the asset’s carrying value over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold, impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions, among other things, regarding current and future economic and market conditions and the availability of capital. The Company determines the estimated fair values based on its assumptions regarding
rental rates, lease-up and holding periods, as well as sales prices. When available, current market information is used to determine capitalization and rental growth rates. If available, current comparative sales values may also be used to establish fair value. When market information is not readily available, the inputs are based on the Company’s understanding of market conditions and the experience of the Company’s management team. Actual results could differ significantly from the Company’s estimates. The discount rates used in the fair value estimates represent a rate commensurate with the indicated holding period with a premium layered on for risk.
Property Acquisitions
Property Acquisitions. In accordance with Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not considered a business. To be a business, the set of acquired activities and assets must include inputs and one or more substantive processes that together contribute to the ability to create outputs. The Company has determined that its real estate property acquisitions will generally be accounted for as asset acquisitions under the clarified definition. Upon acquisition of a property the Company estimates the fair value of acquired tangible assets (consisting generally of land, buildings and improvements) and intangible assets and liabilities (consisting generally of the above and below-market leases and the origination value of all in-place leases). The Company determines fair values using Level 3 inputs such as replacement cost, estimated cash flow projections and other valuation techniques and applying appropriate discount and capitalization rates based on available market information. Mortgage loans assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the date of acquisition. Acquisition-related costs associated with asset acquisitions are capitalized to individual tangible and intangible assets and liabilities assumed on a relative fair value basis and acquisition-related costs associated with business combinations are expensed as incurred.
The fair value of the tangible assets is determined by valuing the property as if it were vacant. Land values are derived from current comparative sales values, when available, or management’s estimates of the fair value based on market conditions and the experience of the Company’s management team. Building and improvement values are calculated as replacement cost less depreciation, or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods. The fair value of the above and below-market leases is based on the present value of the difference between the contractual amounts to be received pursuant to the acquired leases (using a discount rate that reflects the risks associated with the acquired leases) and the Company’s estimate of the market lease rates measured over a period equal to the remaining term of the leases plus the term of any below-market fixed rate renewal options. The above and below-market lease values are amortized to rental revenues over the remaining initial term plus the term of any below-market fixed rate renewal options that are considered bargain renewal options of the respective leases.
Depreciation and Useful Lives of Real Estate and Intangible Assets
Depreciation and Useful Lives of Real Estate and Intangible Assets. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities.
DescriptionStandard Depreciable Life
LandNot depreciated
Building40 years
Building Improvements
5-40 years
Tenant ImprovementsShorter of lease term or useful life
Leasing CostsLease term
In-place LeasesLease term
Above/Below-Market LeasesLease term
Held for Sale Assets
Held for Sale Assets. The Company considers a property to be held for sale when it meets the criteria established under Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment (See “Note 5 - Held for Sale/Disposed Assets”). Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale.
Cash and Cash Equivalents
Cash and Cash Equivalents. Cash and cash equivalents consists of cash held in a major banking institution and other highly liquid short-term investments with original maturities of three months or less. Cash equivalents are generally invested in U.S. government securities, government agency securities or money market accounts.
Restricted Cash
Restricted Cash. Restricted cash includes cash held in escrow in connection with property acquisitions and reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations.
Revenue Recognition
Revenue Recognition. The Company records rental revenue from operating leases on a straight-line basis over the term of the leases and maintains an allowance for estimated losses that may result from the inability of its tenants to make required payments. If tenants fail to make contractual lease payments that are greater than the Company’s allowance for doubtful
accounts, security deposits and letters of credit, then the Company may have to recognize additional doubtful account charges in future periods. The Company monitors the liquidity and creditworthiness of its tenants on an ongoing basis by reviewing their financial condition periodically as appropriate. Each period the Company reviews its outstanding accounts receivable, including straight-line rents, for doubtful accounts and provides allowances as needed. The Company also records lease termination fees when a tenant has executed a definitive termination agreement with the Company and the payment of the termination fee is not subject to any conditions that must be met or waived before the fee is due to the Company. If a tenant remains in the leased space following the execution of a definitive termination agreement, the applicable termination will be deferred and recognized over the term of such tenant’s occupancy. Tenant expense reimbursement income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as revenues during the same period the related expenses are incurred.
Deferred Financing Costs Deferred Financing Costs. Costs incurred in connection with financings are capitalized and amortized to interest expense using the effective interest method over the term of the related loan. Deferred financing costs associated with the Company’s revolving credit facility are classified as an asset, as a component of other assets in the accompanying consolidated balance sheets, and deferred financing costs associated with debt liabilities are reported as a direct deduction from the carrying amount of the debt liability in the accompanying consolidated balance sheets. Deferred financing costs related to the revolving credit facility and debt liabilities are carried at cost, net of deferred financing costs and net of accumulated amortization
Mortgage Fair Value Adjustment Mortgage Fair Value Adjustment. Mortgage fair value adjustment represents the excess of the principal debt assumed over the fair value of debt assumed in connection with property acquisitions. The adjustment is being amortized to interest expense over the term of the related debt instrument using the effective interest method.
Income Taxes
Income Taxes. The Company elected to be taxed as a REIT under the Code and operates as such beginning with its taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT.
ASC 740-10, Income Taxes (“ASC 740-10”), provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. As of December 31, 2024 and 2023, the Company did not have any unrecognized tax benefits and does not believe that there will be any material changes in unrecognized tax positions over the next 12 months. The Company’s tax returns are subject to examination by federal, state and local tax jurisdictions, which as of December 31, 2024, include years 2020 to 2023 for federal purposes.
Stock-Based Compensation and Other Long-Term Incentive Compensation
Stock-Based Compensation and Other Long-Term Incentive Compensation. The Company follows the provisions of ASC 718, Compensation-Stock Compensation, to account for its stock-based compensation plan, which requires that the compensation cost relating to stock-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) provides for the grant of restricted stock awards, performance share awards, unrestricted shares or any combination of the foregoing. Stock-based compensation is recognized as a general and administrative expense in the accompanying consolidated statements of operations and measured at the fair value of the award on the date of grant. The Company estimates the forfeiture rate based on historical experience as well as expected behavior. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the stock-based award.
In addition, the Company has awarded long-term incentive target awards (the “Performance Share awards”) under its Amended and Restated Long-Term Incentive Plan (as amended and restated, the “Amended LTIP”), which the Company amended and restated on January 8, 2019, to its executives that may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period, which is generally three years. The amount that may be earned is variable depending on the relative total shareholder return of the Company’s common stock as compared to the total shareholder return of the MSCI U.S. REIT Index (RMS) and the FTSE Nareit Equity Industrial Index over the pre-established performance measurement period. Under the Amended LTIP, each participant’s Performance Share award granted will be expressed as a number of shares of common stock and settled in shares of common stock. The grant date fair value of the Performance Share awards will be determined using a Monte Carlo simulation model on the date of grant and recognized on a straight-line basis over the performance period.
Fair Value of Financial Instruments
Fair Value of Financial Instruments. ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) (See “Note 8 - Fair Value Measurements”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3).
Segment Disclosure
Segment Disclosure. ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company acquires, owns and operates industrial real estate in six major coastal U.S. markets. The Company invests in several types of industrial real estate, including warehouse/distribution, flex, transshipment, and improved land. The Company’s assets engage in leasing activities that generate revenues and incur operating expenses. Lease terms typically range from three to ten years. As each of the Company’s assets has similar economic characteristics, the assets have been aggregated into one reportable segment.
The accounting policies for the reportable segment are the same as those described above. The Chief Operating Decision Maker (“CODM”) assesses segment performance and decides how to allocate resources based on net income, which is reported on the Consolidated Statements of Operations. The measure of segment assets is reported on the Consolidated Balance Sheets as total assets.
The CODM is the CEO and President. The CODM reviews net income on an individual asset level and on a consolidated level. The CODM uses this information to monitor budget versus actual results, to evaluate returns on assets and to determine how to reinvest profits.
The revenue, costs and expenses, and net income for the reportable segment are the same as those presented on the Consolidated Statements of Operations.
New Accounting Standards
New Accounting Standards. In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topics 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves current segment disclosures and requires additional disclosures of segment expenses. The Company adopted the provisions of ASU 2023-07 as of December 31, 2024 which did not materially impact the Company’s consolidated financial statements, and the required segment disclosures are included above.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Intangible Assets and Liabilities As of December 31, 2024 and 2023, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands):
 December 31, 2024December 31, 2023
 GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
In-place leases$203,386 $(111,927)$91,459 $143,444 $(93,476)$49,968 
Above-market leases5,089 (3,723)1,366 3,885 (3,463)422 
Below-market leases(185,995)69,453 (116,542)(137,047)52,329 (84,718)
Total$22,480 $(46,197)$(23,717)$10,282 $(44,610)$(34,328)
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2024 is as follows (dollars in thousands):
2025$3,339 
2026807 
2027(1,039)
2028(1,626)
2029(2,947)
Thereafter(22,251)
Total$(23,717)
Schedule of Depreciation and Useful Lives of Real Estate and Intangible Assets The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities.
DescriptionStandard Depreciable Life
LandNot depreciated
Building40 years
Building Improvements
5-40 years
Tenant ImprovementsShorter of lease term or useful life
Leasing CostsLease term
In-place LeasesLease term
Above/Below-Market LeasesLease term
Schedule of Cash and Cash Equivalents and Restricted Cash
The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands):
For the Year Ended December 31,
202420232022
Beginning
Cash and cash equivalents at beginning of year
$165,400 $26,393 $204,404 
Restricted cash836 1,690 397 
Cash and cash equivalents and restricted cash166,236 28,083 204,801 
Ending
Cash and cash equivalents at end of year
18,070 165,400 26,393 
Restricted cash282 836 1,690 
Cash and cash equivalents and restricted cash18,352 166,236 28,083 
Net (decrease) increase in cash and cash equivalents and restricted cash$(147,884)$138,153 $(176,718)
Schedule of Cash and Cash Equivalents and Restricted Cash
The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands):
For the Year Ended December 31,
202420232022
Beginning
Cash and cash equivalents at beginning of year
$165,400 $26,393 $204,404 
Restricted cash836 1,690 397 
Cash and cash equivalents and restricted cash166,236 28,083 204,801 
Ending
Cash and cash equivalents at end of year
18,070 165,400 26,393 
Restricted cash282 836 1,690 
Cash and cash equivalents and restricted cash18,352 166,236 28,083 
Net (decrease) increase in cash and cash equivalents and restricted cash$(147,884)$138,153 $(176,718)
v3.25.0.1
Investments in Real Estate (Tables)
 12 Months Ended
Dec. 31, 2024
Real Estate [Abstract]  
Schedule of Properties Under and Completed Redevelopment
The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2024:
Property NameLocationAcquisition DateNumber of
Buildings		Square
Feet
Purchase Price
(in thousands)1
13045 SE 32nd Street
Bellevue, WAJanuary 5, 20241 16,000 $6,500 
181 LombardyBrooklyn, NYMarch 22, 20241 24,000 12,000 
FleetAlexandria, VAApril 15, 20244 357,000 84,300 
Multi-market portfolio of industrial properties3
VariousMay 2, 202428 1,237,600 364,500 
3000 V Street NE
Washington, D.C.August 1, 20241 26,000 7,600 
48-29 31st PlQueens, NYDecember 5, 20241 17,000 7,600 
280 Richards Street2
Brooklyn, NYDecember 11, 20241 312,000 156,300 
Doral Air LogisticsDoral, FLDecember 27, 20243 495,000 195,600 
49-15 Maspeth AvenueQueens, NYDecember 27, 20241 33,000 50,100 
Total/Weighted Average41 2,517,600 $884,500 
1Excludes intangible liabilities and unamortized mortgage fair value adjustments, if any. The total aggregate initial investment was approximately $937.9 million, including $11.2 million in capitalized closing costs and acquisition costs and $49.5 million in assumed intangible liabilities, $3.7 million in assumed unamortized fair value adjustment and $3.6 million in other credits related to near term capital expenditures, free rent and tenant improvements at multiple properties.
2280 Richards Street is encumbered by a mortgage loan payable with a total contractual principal amount of approximately $72.9 million which bears interest at a contractual fixed interest rate of 3.9% and matures in March 2028. The mortgage was assumed in an acquisition and was recorded at fair value in the amount of $69.2 million using an effective interest rate of 5.6%. The unamortized fair value adjustment as of December 31, 2024 was approximately $3.6 million.
3Includes 28 properties, including 12 buildings located in New York City aggregating approximately 481,500 square feet, 6 buildings located in Northern New Jersey aggregating approximately 343,200 square feet, 3 buildings located in the San Francisco Bay Area aggregating approximately 237,900 square feet and 7 buildings located in Los Angeles aggregating approximately 175,000 square feet.
The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2023:
Property NameLocationAcquisition DateNumber of
Buildings		Square
Feet		Improved Land Acreage
Purchase Price
(in thousands) 1
Countyline Phase IV2
Hialeah, FLFebruary 23, 2023— — 121.0 $173,600 
9th StreetLong Island City, NYMarch 6, 20231 45,000 — 23,000 
MortonNewark, CAMarch 30, 20234 603,000 — 186,000 
25th Place NEWashington DCMay 23, 20231 33,000 — 13,400 
East Garry Avenue3
Santa Ana, CASeptember 6, 2023— — 4.9 14,800 
Santa FeRedondo Beach, CAOctober 10, 20232 112,000 — 45,700 
Van DykeRed Hook, Brooklyn, NYOctober 11, 20231 96,000 — 27,500 
Total/Weighted Average9 889,000 125.9 $484,000 
1Excludes intangible liabilities. The total aggregate initial investment was approximately $512.5 million, including $6.1 million in capitalized closing costs and acquisition costs and $42.9 million in assumed intangible liabilities and $20.5 million in other credits related to near term capital expenditures, free rent and tenant improvements at various properties.
2Countyline Phase IV is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion.
3East Garry Avenue is a 4.9-acre property that was placed into redevelopment upon acquisition. The property is expected to contain one approximately 92,000 square foot LEED-certified industrial distribution building at completion.
The following table summarizes certain information with respect to the properties under development or redevelopment and the land for future development as of December 31, 2024:
Property NameLocation
Total Expected
Investment
(in thousands) 1
(unaudited)
Estimated Post-Development Square Feet
Properties under development or redevelopment:
Countyline Phase IV2
Countyline Building 32Hialeah, FL$40,100 164,300
Countyline Building 33Hialeah, FL39,000 158,000
Countyline Building 34Hialeah, FL55,900 219,900
Paterson Plank IIICarlstadt, NJ35,200 47,300
East Garry AvenueSanta Ana, CA41,000 91,500 
139th Street3
Gardena, CA104,600 223,000
Total$315,800 904,000
Land entitled for future development:
Countyline Phase IV2
Countyline Phase IV LandHialeah, FL117,100 433,200
Total$117,100 433,200
1Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties include the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.
2Collectively, “Countyline Phase IV”, a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Countyline, immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion.
3This redevelopment property was initially acquired in 2017 for a total initial investment, including closing costs and acquisition costs, of approximately $39.9 million. The property was in the operating portfolio until January 2024 when redevelopment commenced. The amount spent to date includes the total initial investment and capital expenditures incurred prior to redevelopment and excludes accumulated depreciation recorded since acquisition. The Company expects a total incremental investment of approximately $64.0 million.
The following table summarizes certain information with respect to the completed development or redevelopment properties as of December 31, 2024:
Property NameLocation
Total Expected
Investment
(in thousands) 1
(unaudited)
Post-Development
Square Feet		Post-Development AcreageCompletion Quarter
Countyline Building 31Hialeah, FL$42,100 161,787— Q4 2024
Countyline Building 38Hialeah, FL88,500 506,215 — Q2 2024
Countyline Building 39Hialeah, FL43,800 178,201— Q3 2024
Countyline Building 40Hialeah, FL43,800 186,107— Q2 2024
147th StreetHawthorne, CA15,600 31,378— Q4 2024
Maple IIIRancho Dominguez, CA28,300 — 2.8Q4 2024
Total/Weighted Average$262,100 1,063,6882.8 
1Total investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.
v3.25.0.1
Held for Sale/Disposed Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Held For Sale/Disposed Assets [Abstract]  
Schedule of Industrial Properties the Company Disposed The following table sets forth the markets in which the industrial properties were sold during 2024:
MarketNumber of PropertiesTotal Sales PriceTotal Gain
New York City/Northern New Jersey1 $29,800 $17,200 
Miami1 20,600 14,500 
San Francisco Bay Area1 13,000 8,000 
Seattle1 11,000 5,700 
Total4 $74,400 $45,400 
The following table sets forth the markets in which the industrial properties were sold during 2023:
MarketNumber of PropertiesTotal Sales PriceTotal Gain
New York City/Northern New Jersey2 $43,200 $21,900 
Los Angeles1 15,900 6,600 
Washington, D.C.1 18,000 9,700 
Total4 $77,100 $38,200 
The following table sets forth the markets in which the industrial properties were sold during 2022:
MarketNumber of PropertiesTotal Sales PriceTotal Gain
New York City/Northern New Jersey3 $159,700 $107,100 
Seattle1 8,600 5,100 
Total4 $168,300 $112,200 
v3.25.0.1
Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Debt Outstanding The following table summarizes the components of the Company’s indebtedness as of December 31, 2024 and 2023 (dollars in thousands):
December 31, 2024December 31, 2023Margin Above SOFR
Interest Rate 1
Contractual Maturity Date
Unsecured Debt:
Credit Facility$82,000 $— 
1.1% 2
5.4 %1/15/2029
5-Year Term Loan
100,000 100,000 
1.3% 2
5.6 %1/15/2027
5-Year Term Loan
100,000 100,000 
1.3% 2
5.8 %1/15/2028
$100M 7-Year Unsecured 3, 4
— 100,000 n/a3.8 %7/14/2024
$50M 10-Year Unsecured 3
50,000 50,000 n/a4.0 %7/7/2026
$50M 12-Year Unsecured 3
50,000 50,000 n/a4.7 %10/31/2027
$100M 7-Year Unsecured 3
100,000 100,000 n/a2.4 %7/15/2028
$100M 10-Year Unsecured 3
100,000 100,000 n/a3.1 %12/3/2029
$125M 9-Year Unsecured 3
125,000 125,000 n/a2.4 %8/17/2030
$50M 10-Year Unsecured 3
50,000 50,000 n/a2.8 %7/15/2031
Total Unsecured Debt757,000 775,000 
Secured Debt:
280 Richards Street72,879 — n/a3.9 %3/1/2028
Total Secured Debt72,879 — 
Total Unsecured and Secured Debt829,879 775,000 
Less: Unamortized fair value adjustment and debt issuance costs(6,442)(3,437)
Total$823,437 $771,563 
1Reflects the contractual interest rate under the terms of each loan as of December 31, 2024. Excludes the effects of unamortized debt issuance costs.
2The interest rates on these loans are comprised of the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of December 31, 2024) for the revolving credit facility and 1.25% to 1.75% (1.25% as of December 31, 2024) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment.
3Collectively, the “Senior Unsecured Notes”.
4In July 2024, the Company repaid the $100.0 million tranche of its 7-year Senior Unsecured Notes using existing cash on hand. The notes bore interest at 3.8% and had an original maturity date of July 14, 2024.
Schedule of Principal Payments
The scheduled principal payments of the Company’s debt as of December 31, 2024 were as follows (dollars in thousands):
Credit
Facility		Term LoanSenior
Unsecured
Notes		Mortgage
Loan
Payable		Total Debt
2025$—$—$—

$—$—
2026——50,000—50,000
2027—100,00050,000—150,000
2028—100,000100,00072,879272,879
202982,000—100,000—182,000
Thereafter——175,000—175,000
Subtotal82,000200,000475,00072,879829,879
Unamortized fair value adjustment———(3,590)(3,590)
Total Debt82,000200,000475,00069,289826,289
Deferred financing costs, net—(620)(2,047)(185)(2,852)
Total Debt, net$82,000$199,380$472,953$69,104$823,437
Weighted average interest rate5.4%5.7%3.0%3.9%4.0%
v3.25.0.1
Leasing (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Minimum Future Cash Rentals on Tenant Operating Leases
The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of December 31, 2024. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes property operating expense reimbursements (dollars in thousands):
2025$314,663 
2026284,612 
2027230,841 
2028176,657 
2029130,700 
Thereafter350,450 
Total$1,487,923 
v3.25.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Value and Fair Value of Senior Secured Loan and Debt
The following table sets forth the carrying value and the estimated fair value of the Company’s debt as of December 31, 2024 and 2023 (dollars in thousands):
 Fair Value Measurement Using 
Total Fair ValueQuoted Price in
Active Markets
for Identical
Assets and
Liabilities
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Carrying Value
Liabilities
Debt at:
December 31, 2024$773,456 $— $773,456 $— $823,437 
December 31, 2023$721,269 $— $721,269 $— $771,563 
v3.25.0.1
Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Total Restricted Shares Granted
The following is a summary of the total restricted shares granted to the Company’s executive officers and employees with the related weighted average grant date fair value share prices for the years ended December 31, 2024, 2023 and 2022:
Restricted Stock Activity:
SharesWeighted Average Grant
Date Fair Value
Non-vested shares outstanding as of December 31, 2021289,186 $55.90 
Granted136,903 66.35 
Forfeited(29,391)59.69 
Vested(40,066)56.06 
Non-vested shares outstanding as of December 31, 2022356,632 $59.58 
Granted132,574 61.58 
Forfeited(6,989)66.95 
Vested(63,160)53.64 
Non-vested shares outstanding as of December 31, 2023419,057 $60.99 
Granted138,380 63.48 
Forfeited(16,836)66.98 
Vested(114,213)55.39 
Non-vested shares outstanding as of December 31, 2024426,388 $63.06 
Schedule of Vesting Schedule of the Total Non-vested Shares of Restricted Stock Outstanding
The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2024:
Non-vested Shares Vesting ScheduleNumber of Shares
202597,728 
202679,848 
2027104,572 
202873,070 
202971,170 
Thereafter— 
Total Non-vested Shares426,388 
Schedule of Certain Information With Respect to the Performance Share Awards
The following table summarizes certain information with respect to the Performance Share awards granted on or after January 1, 2019 and includes the forfeiture of certain of the Performance Share awards during 2024 (dollars in thousands):
Performance Share Period
Fair Value on Date of Grant 1
Expense for the Year Ended December 31,
202420232022
January 1, 2020 - December 31, 2022$4,882 $— $— $1,168 
January 1, 2021 - December 31, 20234,820 — 1,608 1,393 
January 1, 2022 - December 31, 20245,618 1,744 1,928 1,929 
January 1, 2023 - December 31, 20258,583 2,670 3,012 — 
January 1, 2024 - December 31, 20269,261 3,070 — 
Total$33,164 $7,484 $6,548 $4,490 
1     Reflects the fair value on date of grant for all performance shares outstanding at December 31, 2024.
Schedule of Cash Dividends Paid or Payable Per Share The following tables set forth the cash dividends paid or payable per share during the years ended December 31, 2024 and 2023:
For the Three Months EndedSecurityDividend per ShareDeclaration DateRecord DateDate Paid
March 31, 2024Common Stock$0.45 February 6, 2024March 28, 2024April 5, 2024
June 30, 2024Common Stock$0.45 May 7, 2024June 28, 2024July 12, 2024
September 30, 2024Common Stock$0.49 August 6, 2024September 30, 2024October 11, 2024
December 31, 2024Common Stock$0.49 November 5, 2024December 13, 2024January 7, 2025
For the Three Months EndedSecurityDividend per ShareDeclaration DateRecord DateDate Paid
March 31, 2023Common Stock$0.40 February 7, 2023March 31, 2023April 6, 2023
June 30, 2023Common Stock$0.40 May 2, 2023June 30, 2023July 14, 2023
September 30, 2023Common Stock$0.45 August 1, 2023September 29, 2023October 13, 2023
December 31, 2023Common Stock$0.45 October 31, 2023December 15, 2023January 5, 2024
v3.25.0.1
Organization (Details)
ft² in Millions
 12 Months Ended
Dec. 31, 2024
a
ft²
property
segment
Real Estate  
Number of markets | segment 6
Number of properties (property) 298
Building  
Real Estate  
Number of properties (property) 299
Building | Held for Sale  
Real Estate  
Number of properties (property) 1
Improved Land Parcels  
Real Estate  
Number of properties (property) 47
Area of real estate property | ft² 19.3
Area of land (acre) | a 150.6
Redevelopment Property  
Real Estate  
Number of properties (property) 6
Land Entitled for Future Development  
Real Estate  
Area of land (acre) | a 22.4
v3.25.0.1
Significant Accounting Policies - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
market
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Property, Plant and Equipment      
Property impairment charges $ 0 $ 0 $ 0
Amortization of above and below-market leases $ 17,300,000 13,900,000 $ 16,300,000
Remaining weighted average lease term related to these intangible assets and liabilities (years) 7 years    
Straight-line rent and accounts receivables, net of allowances $ 62,900,000 56,100,000  
Straight-line rent and accounts receivable, allowances 3,400,000 1,200,000  
Deferred financing cost accumulated amortization 15,200,000 $ 13,500,000  
Unamortized discount, net $ 3,590,000    
Performance measurement period (years) 3 years    
Number of reportable segments | segment 1    
Number of market operations (market) | market 6    
Mortgage Loan Payable      
Property, Plant and Equipment      
Unamortized discount, net $ 3,590,000    
Minimum      
Property, Plant and Equipment      
Lease term (years) 3 years    
Maximum      
Property, Plant and Equipment      
Lease term (years) 10 years    
v3.25.0.1
Significant Accounting Policies - Schedule of Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets    
Finite-lived intangible assets, gross $ 208,475 $ 147,329
Below-market leases, gross (185,995) (137,047)
Finite-lived intangible assets (liabilities), gross 22,480 10,282
Below-market leases, accumulated amortization 69,453 52,329
Finite-lived intangible assets (liabilities), accumulated amortization (46,197) (44,610)
Below-market leases, net (116,542) (84,718)
Total (23,717) (34,328)
In-place leases    
Finite-Lived Intangible Assets    
Finite-lived intangible assets, gross 203,386 143,444
Finite-lived intangible assets, accumulated amortization (111,927) (93,476)
Finite-lived intangible assets, net 91,459 49,968
Above-market leases    
Finite-Lived Intangible Assets    
Finite-lived intangible assets, gross 5,089 3,885
Finite-lived intangible assets, accumulated amortization (3,723) (3,463)
Finite-lived intangible assets, net $ 1,366 $ 422
v3.25.0.1
Significant Accounting Policies - Schedule of Expected Amortization (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]    
2025 $ 3,339  
2026 807  
2027 (1,039)  
2028 (1,626)  
2029 (2,947)  
Thereafter (22,251)  
Total $ (23,717) $ (34,328)
v3.25.0.1
Significant Accounting Policies - Schedule of Depreciation and Useful Lives of Real Estate and Intangible Assets (Details)
Dec. 31, 2024
Building  
Finite-Lived Intangible Assets  
Standard Depreciable Life 40 years
Building Improvements | Minimum  
Finite-Lived Intangible Assets  
Standard Depreciable Life 5 years
Building Improvements | Maximum  
Finite-Lived Intangible Assets  
Standard Depreciable Life 40 years
v3.25.0.1
Significant Accounting Policies - Schedule of the Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents        
Cash and cash equivalents $ 18,070 $ 165,400 $ 26,393 $ 204,404
Restricted cash 282 836 1,690 397
Cash and cash equivalents and restricted cash 18,352 166,236 28,083 $ 204,801
Net (decrease) increase in cash and cash equivalents and restricted cash $ (147,884) $ 138,153 $ (176,718)  
v3.25.0.1
Concentration of Credit Risk (Details)
ft² in Millions
 12 Months Ended
Dec. 31, 2024
a
ft²
property
Real Estate Properties  
Number of properties (property) 298
Santa Fe | Revenue Benchmark | Customer Concentration Risk  
Real Estate Properties  
Concentration risk (percentage) 27.90%
Office Building | Santa Fe  
Real Estate Properties  
Number of properties (property) 65
Area of real estate property | ft² 3.8
Improved Land Parcels | Santa Fe  
Real Estate Properties  
Number of properties (property) 13
Area of real estate property | a 62.3
v3.25.0.1
Investments in Real Estate - Narrative (Details)
$ in Thousands, ft² in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
a
ft²
property
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
Investment in Properties      
Unamortized discount, net $ 3,590    
Rental revenues and tenant expense reimbursements 382,621 $ 323,590 $ 276,212
Net income $ 184,497 151,457 198,014
Number of properties (property) | property 298    
Capitalized interest associated with redevelopment activities $ 11,000 8,500 $ 2,600
Building      
Investment in Properties      
Number of properties (property) | property 299    
Building | Scenario, Plan      
Investment in Properties      
Number of properties acquired (property) | property 2    
Area of real estate property acquired (square feet) | ft² 0.4    
Redevelopment Property      
Investment in Properties      
Number of properties (property) | property 6    
Land Entitled for Future Development      
Investment in Properties      
Area of land (acre) | a 22.4    
Completed Redevelopments      
Investment in Properties      
Number of properties (property) | property 6    
Building | Redevelopment Property      
Investment in Properties      
Number of properties (property) | property 9    
Asset Acquisitions 2024      
Investment in Properties      
Unamortized discount, net $ 3,700    
Rental revenues and tenant expense reimbursements 26,000    
Net income 8,200    
Capitalized interest associated with redevelopment activities $ 11,200    
Asset Acquisitions 2024 | Industrial Building      
Investment in Properties      
Number of properties acquired (property) | property 8    
Fixed interest rate (percent) 3.90%    
Effective interest rate (percent) 5.60%    
Unamortized discount, net $ 3,600    
Asset acquisitions, assets acquired and liabilities assumed, net 937,900    
Finite-lived intangible assets acquired 58,400    
Asset acquisition, liabilities 54,300    
Asset acquisition, intangible liabilities $ (49,500)    
Area of real estate property (square feet) | ft² 0.9    
Asset Acquisitions 2024 | Industrial Building | Reported Value Measurement      
Investment in Properties      
Asset acquisition, long-term debt $ 72,900    
Asset Acquisitions 2024 | Industrial Building | Estimate of Fair Value Measurement      
Investment in Properties      
Asset acquisition, long-term debt 69,200    
Asset Acquisitions 2024 | Land | Industrial Building      
Investment in Properties      
Asset acquisition, property additions 523,200    
Asset Acquisitions 2024 | Building | Industrial Building      
Investment in Properties      
Asset acquisition, property additions $ 356,300    
Asset Acquisitions 2023      
Investment in Properties      
Rental revenues and tenant expense reimbursements   14,800  
Net income   4,900  
Capitalized interest associated with redevelopment activities   $ 6,100  
Asset Acquisitions 2023 | Industrial Building      
Investment in Properties      
Number of properties acquired (property) | property   7  
Asset acquisitions, assets acquired and liabilities assumed, net   $ 512,500  
Finite-lived intangible assets acquired   30,100  
Asset acquisition, liabilities   42,900  
Asset acquisition, intangible liabilities   (46,300)  
Asset Acquisitions 2023 | Land | Industrial Building      
Investment in Properties      
Asset acquisition, property additions   325,800  
Asset Acquisitions 2023 | Building | Industrial Building      
Investment in Properties      
Asset acquisition, property additions   $ 156,600  
v3.25.0.1
Investments in Real Estate - Schedule of Wholly Owned Industrial Properties Acquired (Details)
 12 Months Ended
Dec. 27, 2024
USD ($)
ft²
property
Dec. 11, 2024
USD ($)
ft²
property
Dec. 05, 2024
USD ($)
ft²
property
Aug. 01, 2024
USD ($)
ft²
property
May 02, 2024
USD ($)
ft²
property
Apr. 15, 2024
USD ($)
ft²
property
Mar. 22, 2024
USD ($)
ft²
property
Jan. 05, 2024
USD ($)
ft²
property
Oct. 11, 2023
USD ($)
ft²
a
property
Oct. 10, 2023
USD ($)
ft²
a
property
Sep. 06, 2023
USD ($)
a
ft²
property
May 23, 2023
USD ($)
ft²
a
property
Mar. 30, 2023
USD ($)
ft²
a
property
Mar. 06, 2023
USD ($)
ft²
a
property
Feb. 23, 2023
USD ($)
a
ft²
property
Dec. 31, 2024
USD ($)
ft²
property
Dec. 31, 2023
USD ($)
ft²
a
property
Dec. 31, 2022
USD ($)
Real Estate Properties                                    
Number of properties (property) | property                               298    
Capitalized interest associated with redevelopment activities                               $ 11,000,000.0 $ 8,500,000 $ 2,600,000
Unamortized discount, net                               3,590,000    
Assumption of mortgage loans payable                               72,879,000 0 $ 0
Mortgage Loan Payable                                    
Real Estate Properties                                    
Unamortized discount, net                               3,590,000    
Asset Acquisitions 2024                                    
Real Estate Properties                                    
Capitalized interest associated with redevelopment activities                               11,200,000    
Unamortized discount, net                               $ 3,700,000    
Asset Acquisitions 2024 | Industrial Building                                    
Real Estate Properties                                    
Area of real estate property (square feet) | ft²                               900,000    
Asset acquisitions, assets acquired and liabilities assumed, net                               $ 937,900,000    
Asset acquisition, intangible liabilities                               49,500,000    
Unamortized discount, net                               3,600,000    
Capital expenditures in other credits                               $ 3,600,000    
Fixed interest rate (percent)                               3.90%    
Effective interest rate (percent)                               5.60%    
Number of properties acquired (property) | property                               8    
Asset Acquisitions 2024 | Wholly Owned Properties | Industrial Building                                    
Real Estate Properties                                    
Number of properties (property) | property                               41    
Area of real estate property (square feet) | ft²                               2,517,600    
Purchase price                               $ 884,500,000    
Asset Acquisitions 2023                                    
Real Estate Properties                                    
Capitalized interest associated with redevelopment activities                                 6,100,000  
Asset Acquisitions 2023 | Industrial Building                                    
Real Estate Properties                                    
Asset acquisitions, assets acquired and liabilities assumed, net                                 512,500,000  
Asset acquisition, intangible liabilities                                 46,300,000  
Capital expenditures in other credits                                 $ 20,500,000  
Number of properties acquired (property) | property                                 7  
Asset Acquisitions 2023 | Wholly Owned Properties | Industrial Building                                    
Real Estate Properties                                    
Number of properties (property) | property                                 9  
Area of real estate property (square feet) | ft²                                 889,000  
Improved land (acre) | a                                 125.9  
Purchase price                                 $ 484,000,000  
13045 SE 32nd Street | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property               1                    
Area of real estate property (square feet) | ft²               16,000                    
Purchase price               $ 6,500,000                    
181 Lombardy | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property             1                      
Area of real estate property (square feet) | ft²             24,000                      
Purchase price             $ 12,000,000                      
Fleet | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property           4                        
Area of real estate property (square feet) | ft²           357,000                        
Purchase price           $ 84,300,000                        
Multi-market portfolio of industrial properties | Asset Acquisitions 2024                                    
Real Estate Properties                                    
Number of properties (property) | property                               28    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | NEW YORK                                    
Real Estate Properties                                    
Area of real estate property (square feet) | ft²                               481,500    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | NEW YORK | Building                                    
Real Estate Properties                                    
Number of properties (property) | property                               12    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | NEW JERSEY                                    
Real Estate Properties                                    
Area of real estate property (square feet) | ft²                               343,200    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | NEW JERSEY | Building                                    
Real Estate Properties                                    
Number of properties (property) | property                               6    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | South San Francisco                                    
Real Estate Properties                                    
Area of real estate property (square feet) | ft²                               237,900    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | South San Francisco | Building                                    
Real Estate Properties                                    
Number of properties (property) | property                               3    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | Los Angeles                                    
Real Estate Properties                                    
Area of real estate property (square feet) | ft²                               175,000    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | Los Angeles | Building                                    
Real Estate Properties                                    
Number of properties (property) | property                               7    
Multi-market portfolio of industrial properties | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property         28                          
Area of real estate property (square feet) | ft²         1,237,600                          
Purchase price         $ 364,500,000                          
3000 V Street NE | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property       1                            
Area of real estate property (square feet) | ft²       26,000                            
Purchase price       $ 7,600,000                            
48-29 31st Pl | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property     1                              
Area of real estate property (square feet) | ft²     17,000                              
Purchase price     $ 7,600,000                              
280 Richards Street | Asset Acquisitions 2024                                    
Real Estate Properties                                    
Assumption of mortgage loans payable                               $ 69,200,000    
Effective interest rate (percent)                               5.60%    
280 Richards Street | Asset Acquisitions 2024 | Industrial Building                                    
Real Estate Properties                                    
Asset acquisition, long-term debt                               $ 72,900,000    
Fixed interest rate (percent)                               3.90%    
280 Richards Street | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property   1                                
Area of real estate property (square feet) | ft²   312,000                                
Purchase price   $ 156,300,000                                
Doral Air Logistics | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property 3                                  
Area of real estate property (square feet) | ft² 495,000                                  
Purchase price $ 195,600,000                                  
49-15 Maspeth Ave | Asset Acquisitions 2024 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property 1                                  
Area of real estate property (square feet) | ft² 33,000                                  
Purchase price $ 50,100,000                                  
Countyline Phase IV | Asset Acquisitions 2023 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property                             0      
Area of real estate property (square feet) | ft²                             0      
Improved land (acre) | a                             121.0      
Purchase price                             $ 173,600,000      
9th Street | Asset Acquisitions 2023 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property                           1        
Area of real estate property (square feet) | ft²                           45,000        
Improved land (acre) | a                           0        
Purchase price                           $ 23,000,000        
Morton | Asset Acquisitions 2023 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property                         4          
Area of real estate property (square feet) | ft²                         603,000          
Improved land (acre) | a                         0          
Purchase price                         $ 186,000,000          
25th Place NE | Asset Acquisitions 2023 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property                       1            
Area of real estate property (square feet) | ft²                       33,000            
Improved land (acre) | a                       0            
Purchase price                       $ 13,400,000            
East Garry Avenue | Industrial Building                                    
Real Estate Properties                                    
Area of real estate property (square feet) | ft²                                 92,000  
Improved land (acre) | a                                 4.9  
East Garry Avenue | Asset Acquisitions 2023 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property                     0              
Area of real estate property (square feet) | ft²                     0              
Improved land (acre) | a                     4.9              
Purchase price                     $ 14,800,000              
Santa Fe | Asset Acquisitions 2023 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property                   2                
Area of real estate property (square feet) | ft²                   112,000                
Improved land (acre) | a                   0                
Purchase price                   $ 45,700,000                
Van Dyke | Asset Acquisitions 2023 | Wholly Owned Properties                                    
Real Estate Properties                                    
Number of properties (property) | property                 1                  
Area of real estate property (square feet) | ft²                 96,000                  
Improved land (acre) | a                 0                  
Purchase price                 $ 27,500,000                  
Industrial Distribution in Miami's Countyline | Industrial Building                                    
Real Estate Properties                                    
Area of real estate property (square feet) | ft²                                 2,200,000  
Improved land (acre) | a                                 121  
Redevelopment Adjacent to Florida Turnpike and Southern I 75 | Industrial Building                                    
Real Estate Properties                                    
Number of properties (property) | property                                 7  
Redevelopment Adjacent to Florida Turnpike and Southern I 75 | Industrial Building | Scenario, Plan                                    
Real Estate Properties                                    
Number of properties acquired (property) | property                                 10  
v3.25.0.1
Investments in Real Estate - Schedule of Under and Redevelopment Properties (Details) - 12 months ended Dec. 31, 2024
$ in Thousands
USD ($)
property
ft²
a
USD ($)
Real Estate Properties        
Number of properties (property) | property 298      
Redevelopment Property        
Real Estate Properties        
Number of properties (property) | property 6      
Redevelopment Property | Properties Under Development | Scenario, Plan        
Real Estate Properties        
Total expected investment $ 315,800      
Area of land (acre) | ft²   904,000    
Redevelopment Property | Countyline Building 32 | Scenario, Plan        
Real Estate Properties        
Total expected investment 40,100      
Area of land (acre) | ft²   164,300    
Redevelopment Property | Countyline Building 33 | Scenario, Plan        
Real Estate Properties        
Total expected investment 39,000      
Area of land (acre) | ft²   158,000    
Redevelopment Property | Countyline Building 34 | Scenario, Plan        
Real Estate Properties        
Total expected investment 55,900      
Area of land (acre) | ft²   219,900    
Redevelopment Property | Paterson Plank III | Scenario, Plan        
Real Estate Properties        
Total expected investment 35,200      
Area of land (acre) | ft²   47,300    
Redevelopment Property | East Garry Avenue | Scenario, Plan        
Real Estate Properties        
Total expected investment 41,000      
Area of land (acre) | ft²   91,500    
Redevelopment Property | 139th Street | Scenario, Plan        
Real Estate Properties        
Total expected investment 104,600      
Area of land (acre) | ft²   223,000    
Acquisition costs 39,900      
Total incremental investment       $ 64,000
Redevelopment Property | Country Line Buildings        
Real Estate Properties        
Asset acquisition, consideration transferred 262,100      
Area of land (acre)   1,063,688 2.8  
Redevelopment Property | Countyline Building 31        
Real Estate Properties        
Asset acquisition, consideration transferred 42,100      
Area of land (acre) | ft²   161,787    
Redevelopment Property | Countyline Building 38        
Real Estate Properties        
Asset acquisition, consideration transferred 88,500      
Area of land (acre) | ft²   506,215    
Redevelopment Property | Countyline Building 39        
Real Estate Properties        
Asset acquisition, consideration transferred 43,800      
Area of land (acre) | ft²   178,201    
Redevelopment Property | Countyline Building 40        
Real Estate Properties        
Asset acquisition, consideration transferred 43,800      
Area of land (acre) | ft²   186,107    
Redevelopment Property | 147th Street        
Real Estate Properties        
Asset acquisition, consideration transferred 15,600      
Area of land (acre) | ft²   31,378    
Redevelopment Property | Maple III        
Real Estate Properties        
Asset acquisition, consideration transferred 28,300      
Area of land (acre)   0 2.8  
Land | Land For Future Development | Scenario, Plan        
Real Estate Properties        
Total expected investment 117,100      
Area of land (acre) | ft²   433,200    
Land | Countyline Phase IV Land | Scenario, Plan        
Real Estate Properties        
Total expected investment $ 117,100      
Area of land (acre) | ft²   433,200    
Industrial Building | Industrial Distribution in Miami's Countyline        
Real Estate Properties        
Area of land (acre) | a     121  
Area of real estate property (square feet) | ft²   2,200,000    
Industrial Building | Redevelopment Adjacent to Florida Turnpike and Southern I 75        
Real Estate Properties        
Number of properties (property) | property 7      
Industrial Building | Redevelopment Adjacent to Florida Turnpike and Southern I 75 | Scenario, Plan        
Real Estate Properties        
Number of properties acquired (property) | property 10      
v3.25.0.1
Held for Sale/Disposed Assets - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 298    
Net investments in properties $ 4,655,357 $ 3,663,360  
Held for Sale | San Francisco Bay Area      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 1    
Proceeds from sale of real estate $ 16,900    
Net investments in properties $ 6,300    
Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 4 4 4
Proceeds from sale of real estate $ 74,400 $ 77,100 $ 168,300
Gain on sale of real estate $ 45,400 $ 38,200 $ 112,200
Disposed of by Sale | San Francisco Bay Area      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 1    
Proceeds from sale of real estate $ 13,000    
Gain on sale of real estate $ 8,000    
v3.25.0.1
Held for Sale/Disposed Assets - Schedule of Industrial Properties the Company Disposed (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
property
Dec. 31, 2022
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 298    
Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 4 4 4
Total Sales Price $ 74,400 $ 77,100 $ 168,300
Total Gain $ 45,400 $ 38,200 $ 112,200
New York City/Northern New Jersey | Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 1 2 3
Total Sales Price $ 29,800 $ 43,200 $ 159,700
Total Gain $ 17,200 $ 21,900 $ 107,100
Miami | Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 1    
Total Sales Price $ 20,600    
Total Gain $ 14,500    
San Francisco Bay Area | Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 1    
Total Sales Price $ 13,000    
Total Gain $ 8,000    
Seattle | Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property 1   1
Total Sales Price $ 11,000   $ 8,600
Total Gain $ 5,700   $ 5,100
Los Angeles | Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property   1  
Total Sales Price   $ 15,900  
Total Gain   $ 6,600  
Washington, D.C. | Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations      
Number of properties (property) | property   1  
Total Sales Price   $ 18,000  
Total Gain   $ 9,700  
v3.25.0.1
Debt - Narrative (Details)
 12 Months Ended
Sep. 24, 2024
USD ($)
Dec. 31, 2024
USD ($)
loan
Dec. 31, 2023
USD ($)
loan
Debt Instrument      
Debt existing   $ 829,879,000 $ 775,000,000
Credit facility   82,000,000 0
Debt outstanding   823,437,000 771,563,000
Debt issuance costs, net   2,852,000  
Unamortized discount, net   3,590,000  
Asset Acquisitions 2024      
Debt Instrument      
Unamortized discount, net   3,700,000  
Industrial Building | Asset Acquisitions 2024      
Debt Instrument      
Unamortized discount, net   $ 3,600,000  
Fixed interest rate (percent)   3.90%  
Industrial Building | 280 Richards Street | Asset Acquisitions 2024      
Debt Instrument      
Fixed interest rate (percent)   3.90%  
Credit Facility      
Debt Instrument      
Credit facility, maximum   $ 1,250,000,000  
Additional borrowing capacity   $ 450,000,000.0  
Line of Credit      
Debt Instrument      
Debt instrument, basis spread on variable adjustment rate (percent)   0.10%  
Line of Credit | Minimum      
Debt Instrument      
Basis spread on variable rate (percent)   1.10%  
Line of Credit | Maximum      
Debt Instrument      
Basis spread on variable rate (percent)   1.55%  
Amended Facility Maturing August 2025 | Credit Facility      
Debt Instrument      
Line of credit facility, increase to maximum borrowing capacity $ 200,000,000    
Credit facility, maximum   $ 600,000,000  
Credit facility   $ 82,000,000 0
Unencumbered properties (percent)   60.00%  
Amended Facility Maturing August 2025 | Credit Facility | Federal Funds Rate      
Debt Instrument      
Variable rate threshold (percent)   0.50%  
Amended Facility Maturing August 2025 | Credit Facility | SOFR      
Debt Instrument      
Variable rate threshold (percent)   1.25%  
Amended Facility Maturing August 2025 | Credit Facility | Minimum      
Debt Instrument      
Credit facility, facility fee (percent)   0.15%  
Amended Facility Maturing August 2025 | Credit Facility | Maximum      
Debt Instrument      
Credit facility, facility fee (percent)   0.30%  
Unsecured Debt      
Debt Instrument      
Debt existing   $ 757,000,000 775,000,000
Unsecured Debt | 5-Year Term Loan      
Debt Instrument      
Debt existing   $ 100,000,000 100,000,000
Basis spread on variable rate (percent)   1.25%  
Unsecured Debt | 5-Year Term Loan | Minimum      
Debt Instrument      
Basis spread on variable rate (percent)   1.25%  
Unsecured Debt | 5-Year Term Loan | Maximum      
Debt Instrument      
Basis spread on variable rate (percent)   1.75%  
Term Loan      
Debt Instrument      
Debt existing   $ 200,000,000 $ 200,000,000.0
Debt outstanding   199,380,000  
Debt issuance costs, net   620,000  
Unamortized discount, net   0  
Mortgage Loan Payable      
Debt Instrument      
Debt existing   $ 72,879,000  
Number of mortgage loans | loan   1 0
Debt outstanding   $ 69,104,000  
Debt issuance costs, net   185,000  
Unamortized discount, net   3,590,000  
Mortgages      
Debt Instrument      
Secured debt book value, net   $ 179,300,000  
v3.25.0.1
Debt - Schedule of Debt (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument    
Total Unsecured and Secured Debt $ 829,879,000 $ 775,000,000
Less: Unamortized fair value adjustment and debt issuance costs (6,442,000) (3,437,000)
Total Debt, net $ 823,437,000 771,563,000
Line of Credit    
Debt Instrument    
Debt instrument, basis spread on variable adjustment rate (percent) 0.10%  
Minimum | Line of Credit    
Debt Instrument    
Basis spread on variable rate (percent) 1.10%  
Maximum | Line of Credit    
Debt Instrument    
Basis spread on variable rate (percent) 1.55%  
Line of Credit    
Debt Instrument    
Total Unsecured and Secured Debt $ 82,000,000 0
Basis spread on variable rate (percent) 1.10%  
Effective interest rate (percent) 5.40%  
Unsecured Debt    
Debt Instrument    
Total Unsecured and Secured Debt $ 757,000,000 775,000,000
Unsecured Debt | 5-Year Term Loan    
Debt Instrument    
Debt term (years) 5 years  
Total Unsecured and Secured Debt $ 100,000,000 100,000,000
Basis spread on variable rate (percent) 1.25%  
Effective interest rate (percent) 5.60%  
Unsecured Debt | 5-Year Term Loan | Minimum    
Debt Instrument    
Basis spread on variable rate (percent) 1.25%  
Unsecured Debt | 5-Year Term Loan | Maximum    
Debt Instrument    
Basis spread on variable rate (percent) 1.75%  
Unsecured Debt | 5-Year Term Loan    
Debt Instrument    
Debt term (years) 5 years  
Total Unsecured and Secured Debt $ 100,000,000 100,000,000
Basis spread on variable rate (percent) 1.30%  
Effective interest rate (percent) 5.80%  
Unsecured Debt | $100M 7-Year Unsecured    
Debt Instrument    
Debt term (years) 7 years  
Total Unsecured and Secured Debt $ 0 100,000,000
Effective interest rate (percent) 3.80%  
Unsecured Debt | $50M 10-Year Unsecured    
Debt Instrument    
Debt instrument, face amount $ 50,000,000  
Debt term (years) 10 years  
Total Unsecured and Secured Debt $ 50,000,000 50,000,000
Effective interest rate (percent) 4.00%  
Unsecured Debt | $50M 12-Year Unsecured    
Debt Instrument    
Debt instrument, face amount $ 50,000,000  
Debt term (years) 12 years  
Total Unsecured and Secured Debt $ 50,000,000 50,000,000
Effective interest rate (percent) 4.70%  
Unsecured Debt | $100M 7-Year Unsecured    
Debt Instrument    
Debt instrument, face amount $ 100,000,000  
Debt term (years) 7 years  
Total Unsecured and Secured Debt $ 100,000,000 100,000,000
Effective interest rate (percent) 2.40%  
Unsecured Debt | $100M 10-Year Unsecured    
Debt Instrument    
Debt instrument, face amount $ 100,000,000  
Debt term (years) 10 years  
Total Unsecured and Secured Debt $ 100,000,000 100,000,000
Effective interest rate (percent) 3.10%  
Unsecured Debt | $125M 10-Year Unsecured    
Debt Instrument    
Debt instrument, face amount $ 125,000,000  
Debt term (years) 9 years  
Total Unsecured and Secured Debt $ 125,000,000 125,000,000
Effective interest rate (percent) 2.40%  
Unsecured Debt | $50M 9-Year Unsecured    
Debt Instrument    
Debt instrument, face amount $ 50,000,000  
Debt term (years) 10 years  
Total Unsecured and Secured Debt $ 50,000,000 50,000,000
Effective interest rate (percent) 2.80%  
Secured Debt    
Debt Instrument    
Total Unsecured and Secured Debt $ 72,879,000 0
Secured Debt | March 2028 Senior Unsecured Notes    
Debt Instrument    
Total Unsecured and Secured Debt $ 72,879,000 $ 0
Effective interest rate (percent) 3.90%  
v3.25.0.1
Debt - Schedule of Principal Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Maturities of Long-term Debt    
2025 $ 0  
2026 50,000  
2027 150,000  
2028 272,879  
2029 182,000  
Thereafter 175,000  
Subtotal 829,879 $ 775,000
Unamortized fair value adjustment (3,590)  
Total Debt 826,289  
Deferred financing costs, net (2,852)  
Total Debt, net $ 823,437 771,563
Weighted average interest rate 4.00%  
Credit Facility    
Maturities of Long-term Debt    
2025 $ 0  
2026 0  
2027 0  
2028 0  
2029 82,000  
Thereafter 0  
Subtotal 82,000  
Unamortized fair value adjustment 0  
Total Debt 82,000  
Deferred financing costs, net 0  
Total Debt, net $ 82,000  
Weighted average interest rate 5.40%  
Term Loan    
Maturities of Long-term Debt    
2025 $ 0  
2026 0  
2027 100,000  
2028 100,000  
2029 0  
Thereafter 0  
Subtotal 200,000 $ 200,000
Unamortized fair value adjustment 0  
Total Debt 200,000  
Deferred financing costs, net (620)  
Total Debt, net $ 199,380  
Weighted average interest rate 5.70%  
Senior Unsecured Notes    
Maturities of Long-term Debt    
2025 $ 0  
2026 50,000  
2027 50,000  
2028 100,000  
2029 100,000  
Thereafter 175,000  
Subtotal 475,000  
Unamortized fair value adjustment 0  
Total Debt 475,000  
Deferred financing costs, net (2,047)  
Total Debt, net $ 472,953  
Weighted average interest rate 3.00%  
Mortgage Loan Payable    
Maturities of Long-term Debt    
2025 $ 0  
2026 0  
2027 0  
2028 72,879  
2029 0  
Thereafter 0  
Subtotal 72,879  
Unamortized fair value adjustment (3,590)  
Total Debt 69,289  
Deferred financing costs, net (185)  
Total Debt, net $ 69,104  
Weighted average interest rate 3.90%  
v3.25.0.1
Leasing (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity  
2025 $ 314,663
2026 284,612
2027 230,841
2028 176,657
2029 130,700
Thereafter 350,450
Total $ 1,487,923
v3.25.0.1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Liabilities    
Debt, fair value $ 773,456 $ 721,269
Debt, carrying value 823,437 771,563
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)    
Liabilities    
Debt, fair value 0 0
Significant Other Observable Inputs (Level 2)    
Liabilities    
Debt, fair value 773,456 721,269
Significant Unobservable Inputs (Level 3)    
Liabilities    
Debt, fair value $ 0 $ 0
v3.25.0.1
Stockholders' Equity - Narrative (Details)
 12 Months Ended 179 Months Ended
Aug. 27, 2024
USD ($)
May 07, 2024
$ / shares
shares
Mar. 27, 2024
USD ($)
$ / shares
shares
Feb. 13, 2023
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
period
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
period
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award                
Common stock, shares authorized (in shares) | shares         400,000,000 400,000,000   400,000,000
Common stock, par value (in dollars per share) | $ / shares         $ 0.01 $ 0.01   $ 0.01
Preferred stock, authorized (in shares) | shares         100,000,000     100,000,000
Preferred stock, par value (in dollars per share) | $ / shares         $ 0.01     $ 0.01
Number of shares issued (in shares) | shares         5,329,544      
Weighted average offering price (in dollars per share) | $ / shares         $ 66.62 $ 61.15 $ 61.31  
Issuance of common stock (in shares) | shares           5,152,279 1,286,125  
Underwriting discount and offering costs         $ 6,314,000 $ 5,830,000 $ 1,557,000  
Shares repurchase program, authorized repurchase amount (in shares) | shares         3,000,000     3,000,000
Withdraw from deferred compensation plan (in shares) | shares         11,473 5,876 8,929  
Restricted Stock                
Share-based Compensation Arrangement by Share-based Payment Award                
Granted (in shares) | shares         138,380 132,574 136,903  
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares         $ 63.48 $ 61.58 $ 66.35  
Expense         $ 6,800,000 $ 6,300,000 $ 4,900,000  
Fair value of the restricted stock granted         8,800,000      
Unrecognized compensation costs related to restricted stock issuances         $ 14,400,000     $ 14,400,000
Remaining weighted average period (years)         3 years 2 months 12 days      
Minimum | Restricted Stock                
Share-based Compensation Arrangement by Share-based Payment Award                
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares               $ 14.20
Vesting period for the restricted stock (years)         3 years      
Maximum | Restricted Stock                
Share-based Compensation Arrangement by Share-based Payment Award                
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares               $ 78.33
Vesting period for the restricted stock (years)         5 years      
Common Shares Held in Deferred Compensation Plan                
Share-based Compensation Arrangement by Share-based Payment Award                
Deposits to deferred compensation plan (in shares) | shares         0 96,874 150,867  
2019 Plan                
Share-based Compensation Arrangement by Share-based Payment Award                
Common stock, shares authorized (in shares) | shares         1,898,961     1,898,961
Granted (in shares) | shares   11,385            
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares   $ 54.90            
Expense         $ 600,000      
Remaining balance of shares available (in shares) | shares         367,561     367,561
Long Term Incentive Plan                
Share-based Compensation Arrangement by Share-based Payment Award                
Number of shares issued (in shares) | shares         0      
Number of measurement periods | period         3     3
$500 Million ATM Program                
Share-based Compensation Arrangement by Share-based Payment Award                
Common stock aggregate offering price         $ 500,000,000.0      
Common stock remaining offering price         438,300,000     $ 438,300,000
Net proceeds form offerings         349,900,000 $ 310,500,000    
Total compensation to the applicable sales agents         $ 5,100,000 4,600,000    
Previous At Market Equity Offering Program 500 Million                
Share-based Compensation Arrangement by Share-based Payment Award                
Common stock aggregate offering price $ 500,000,000              
$300 Million ATM Program                
Share-based Compensation Arrangement by Share-based Payment Award                
Common stock aggregate offering price $ 300,000,000           $ 300,000,000  
Net proceeds form offerings             77,700,000  
Total compensation to the applicable sales agents             $ 1,100,000  
Previous At Market Equity Offering Program 300 Million                
Share-based Compensation Arrangement by Share-based Payment Award                
Net proceeds form offerings           310,500,000    
Total compensation to the applicable sales agents           $ 4,600,000    
IPO | Common Stock                
Share-based Compensation Arrangement by Share-based Payment Award                
Number of shares issued (in shares) | shares     6,325,000 5,750,000        
Net proceeds form offerings     $ 387,100,000 $ 355,900,000        
Shares issued, price per share (in dollars per share) | $ / shares     $ 62.00 $ 62.50        
Underwriting discount and offering costs     $ 5,000,000 $ 3,500,000        
Over-Allotment Option | Common Stock                
Share-based Compensation Arrangement by Share-based Payment Award                
Number of shares issued (in shares) | shares     825,000 750,000        
v3.25.0.1
Stockholders' Equity - Schedule of Restricted Stock Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Non-vested shares outstanding at end of period (in shares) 426,388    
Restricted Stock      
Shares      
Non-vested shares outstanding at beginning of period (in shares) 419,057 356,632 289,186
Granted (in shares) 138,380 132,574 136,903
Forfeited (in shares) (16,836) (6,989) (29,391)
Vested (in shares) (114,213) (63,160) (40,066)
Non-vested shares outstanding at end of period (in shares) 426,388 419,057 356,632
Weighted Average Grant Date Fair Value      
Non-vested shares outstanding at beginning of period (in dollars per share) $ 60.99 $ 59.58 $ 55.90
Granted (in dollars per share) 63.48 61.58 66.35
Forfeited (in dollars per share) 66.98 66.95 59.69
Vested (in dollars per share) 55.39 53.64 56.06
Non-vested shares outstanding at end of period (in dollars per share) $ 63.06 $ 60.99 $ 59.58
v3.25.0.1
Stockholders' Equity - Schedule of Vesting Schedule of the Total Non-Vested Shares of Restricted Stock Outstanding (Details)
Dec. 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award  
Total non-vested shares (in shares) 426,388
2025  
Share-based Compensation Arrangement by Share-based Payment Award  
Total non-vested shares (in shares) 97,728
2026  
Share-based Compensation Arrangement by Share-based Payment Award  
Total non-vested shares (in shares) 79,848
2027  
Share-based Compensation Arrangement by Share-based Payment Award  
Total non-vested shares (in shares) 104,572
2028  
Share-based Compensation Arrangement by Share-based Payment Award  
Total non-vested shares (in shares) 73,070
2029  
Share-based Compensation Arrangement by Share-based Payment Award  
Total non-vested shares (in shares) 71,170
Thereafter  
Share-based Compensation Arrangement by Share-based Payment Award  
Total non-vested shares (in shares) 0
v3.25.0.1
Stockholders' Equity - Schedule of Certain Information With Respect to the Performance Share Awards (Details) - Performance Shares - Amended Long Term Incentive Plan - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award      
Fair Value on Date of Grant $ 33,164    
Expense 7,484 $ 6,548 $ 4,490
January 1, 2020 - December 31, 2022      
Share-based Compensation Arrangement by Share-based Payment Award      
Fair Value on Date of Grant 4,882    
Expense 0 0 1,168
January 1, 2021 - December 31, 2023      
Share-based Compensation Arrangement by Share-based Payment Award      
Fair Value on Date of Grant 4,820    
Expense 0 1,608 1,393
January 1, 2022 - December 31, 2024      
Share-based Compensation Arrangement by Share-based Payment Award      
Fair Value on Date of Grant 5,618    
Expense 1,744 1,928 1,929
January 1, 2023 - December 31, 2025      
Share-based Compensation Arrangement by Share-based Payment Award      
Fair Value on Date of Grant 8,583    
Expense 2,670 3,012 $ 0
January 1, 2024 - December 31, 2026      
Share-based Compensation Arrangement by Share-based Payment Award      
Fair Value on Date of Grant 9,261    
Expense $ 3,070 $ 0  
v3.25.0.1
Stockholders' Equity - Schedule of Cash Dividends Paid or Payable Per Share (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Equity [Abstract]                      
Dividend per share, common stock (in dollars per share) $ 0.49 $ 0.49 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.40 $ 0.40 $ 1.88 $ 1.70 $ 1.48
v3.25.0.1
Net Income (Loss) Per Share (Details) - shares
 3 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share            
Weighted average unvested restricted shares outstanding (in shares)       429,748 393,059 322,866
Restricted Stock            
Antidilutive Securities Excluded from Computation of Earnings Per Share            
Dilutive restricted stock awards outstanding securities not participate in losses (in shares) 0 0 0 0 0 0
Performance Shares            
Antidilutive Securities Excluded from Computation of Earnings Per Share            
Dilutive restricted stock awards outstanding securities not participate in losses (in shares)       317,588 202,071 88,373
v3.25.0.1
Subsequent Events (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Feb. 04, 2025
$ / shares
Jan. 16, 2025
USD ($)
property
Jan. 07, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
$ / shares
Sep. 30, 2024
$ / shares
Jun. 30, 2024
$ / shares
Mar. 31, 2024
$ / shares
Dec. 31, 2023
USD ($)
property
$ / shares
Sep. 30, 2023
$ / shares
Jun. 30, 2023
$ / shares
Mar. 31, 2023
$ / shares
Dec. 31, 2024
USD ($)
property
$ / shares
Dec. 31, 2023
USD ($)
property
$ / shares
Dec. 31, 2022
USD ($)
property
$ / shares
Subsequent Event                            
Number of properties (property) | property       298               298    
Net investments in properties       $ 4,655,357       $ 3,663,360       $ 4,655,357 $ 3,663,360  
Dividends per share, common stock (in dollars per share) | $ / shares       $ 0.49 $ 0.49 $ 0.45 $ 0.45 $ 0.45 $ 0.45 $ 0.40 $ 0.40 $ 1.88 $ 1.70 $ 1.48
Subsequent Event                            
Subsequent Event                            
Dividends per share, common stock (in dollars per share) | $ / shares $ 0.49                          
Disposed of by Sale                            
Subsequent Event                            
Number of properties (property) | property       4       4       4 4 4
Proceeds from sale of real estate                       $ 74,400 $ 77,100 $ 168,300
San Francisco Bay Area | Disposed of by Sale                            
Subsequent Event                            
Number of properties (property) | property       1               1    
Proceeds from sale of real estate                       $ 13,000    
San Francisco Bay Area | Disposed of by Sale | Subsequent Event                            
Subsequent Event                            
Number of properties (property) | property     1                      
Proceeds from sale of real estate     $ 16,900                      
San Francisco Bay Area | Held for Sale                            
Subsequent Event                            
Number of properties (property) | property       1               1    
Proceeds from sale of real estate                       $ 16,900    
Net investments in properties       $ 6,300               $ 6,300    
South San Francisco | Disposed of by Sale | Subsequent Event                            
Subsequent Event                            
Number of properties (property) | property   1                        
Proceeds from sale of real estate   $ 8,000                        
Net investments in properties   $ 6,000                        
v3.25.0.1
Schedule III Real Estate Investments and Accumulated Depreciation - Property Holdings (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 298    
Encumbrances $ 69,104    
Initial Cost to Company, Land 2,586,471    
Initial Cost to Company, Buildings & Improvements 1,720,864    
Costs Capitalized Subsequent to Acquisition 386,448    
Gross Amount Carried, Land 2,586,471    
Gross Amount Carried, Building & Improvements 2,107,312    
Total 4,902,258    
Accumulated Depreciation 466,553 $ 384,480 $ 323,631
Unamortized net deferred financing costs $ (6,442) $ (3,437)  
Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 298    
Encumbrances $ 72,879    
Initial Cost to Company, Land 2,586,471    
Initial Cost to Company, Buildings & Improvements 1,720,864    
Costs Capitalized Subsequent to Acquisition 386,448    
Gross Amount Carried, Land 2,586,471    
Gross Amount Carried, Building & Improvements 2,107,312    
Total 4,693,783    
Accumulated Depreciation 350,903    
Unamortized fair value adjustment (3,590)    
Unamortized net deferred financing costs $ (185)    
Real estate investment property, excluding unamortized net deferred financing costs | Assets held for sale      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,467    
Initial Cost to Company, Buildings & Improvements 4,527    
Costs Capitalized Subsequent to Acquisition 721    
Gross Amount Carried, Land 2,467    
Gross Amount Carried, Building & Improvements 5,248    
Total 7,715    
Accumulated Depreciation 1,457    
Intangible assets      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Total 208,475    
Accumulated Depreciation $ 115,650    
104th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,701    
Initial Cost to Company, Buildings & Improvements 976    
Costs Capitalized Subsequent to Acquisition 175    
Gross Amount Carried, Land 3,701    
Gross Amount Carried, Building & Improvements 1,151    
Total 4,852    
Accumulated Depreciation $ 215    
5401 West 104th St | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 15,721    
Initial Cost to Company, Buildings & Improvements 1,463    
Costs Capitalized Subsequent to Acquisition 164    
Gross Amount Carried, Land 15,721    
Gross Amount Carried, Building & Improvements 1,627    
Total 17,348    
Accumulated Depreciation 99    
139th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 0    
Initial Cost to Company, Buildings & Improvements 15,783    
Costs Capitalized Subsequent to Acquisition 340    
Gross Amount Carried, Land 0    
Gross Amount Carried, Building & Improvements 16,123    
Total 16,123    
Accumulated Depreciation $ 9,150    
630 Glasgow | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,245    
Initial Cost to Company, Buildings & Improvements 1,855    
Costs Capitalized Subsequent to Acquisition 846    
Gross Amount Carried, Land 2,245    
Gross Amount Carried, Building & Improvements 2,701    
Total 4,946    
Accumulated Depreciation $ 1,044    
747 Glasgow | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,759    
Initial Cost to Company, Buildings & Improvements 1,555    
Costs Capitalized Subsequent to Acquisition 475    
Gross Amount Carried, Land 1,759    
Gross Amount Carried, Building & Improvements 2,030    
Total 3,789    
Accumulated Depreciation $ 765    
1150 & 1250 W. Trenton Ave | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 7,491    
Initial Cost to Company, Buildings & Improvements 2,488    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 7,491    
Gross Amount Carried, Building & Improvements 2,488    
Total 9,979    
Accumulated Depreciation $ 237    
13020 & 13030 Cerise | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 6,986    
Initial Cost to Company, Buildings & Improvements 1,371    
Costs Capitalized Subsequent to Acquisition 2,002    
Gross Amount Carried, Land 6,986    
Gross Amount Carried, Building & Improvements 3,373    
Total 10,359    
Accumulated Depreciation $ 240    
13025 Cerise | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,864    
Initial Cost to Company, Buildings & Improvements 1,330    
Costs Capitalized Subsequent to Acquisition 103    
Gross Amount Carried, Land 6,864    
Gross Amount Carried, Building & Improvements 1,433    
Total 8,297    
Accumulated Depreciation $ 125    
1201 Foothill Boulevard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,091    
Initial Cost to Company, Buildings & Improvements 941    
Costs Capitalized Subsequent to Acquisition 1    
Gross Amount Carried, Land 3,091    
Gross Amount Carried, Building & Improvements 942    
Total 4,033    
Accumulated Depreciation $ 17    
1335 Foothill Boulevard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,368    
Initial Cost to Company, Buildings & Improvements 2,774    
Costs Capitalized Subsequent to Acquisition 139    
Gross Amount Carried, Land 3,368    
Gross Amount Carried, Building & Improvements 2,913    
Total 6,281    
Accumulated Depreciation $ 46    
1355-1365 Foothill Boulevard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,145    
Initial Cost to Company, Buildings & Improvements 2,729    
Costs Capitalized Subsequent to Acquisition 151    
Gross Amount Carried, Land 5,145    
Gross Amount Carried, Building & Improvements 2,880    
Total 8,025    
Accumulated Depreciation $ 47    
16009-16019 Foothill Boulevard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,983    
Initial Cost to Company, Buildings & Improvements 2,512    
Costs Capitalized Subsequent to Acquisition 59    
Gross Amount Carried, Land 4,983    
Gross Amount Carried, Building & Improvements 2,571    
Total 7,554    
Accumulated Depreciation $ 43    
16033-16037 Foothill Boulevard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,075    
Initial Cost to Company, Buildings & Improvements 2,567    
Costs Capitalized Subsequent to Acquisition 59    
Gross Amount Carried, Land 4,075    
Gross Amount Carried, Building & Improvements 2,626    
Total 6,701    
Accumulated Depreciation $ 44    
16057-16059 Foothill Boulevard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,982    
Initial Cost to Company, Buildings & Improvements 2,297    
Costs Capitalized Subsequent to Acquisition 59    
Gross Amount Carried, Land 3,982    
Gross Amount Carried, Building & Improvements 2,356    
Total 6,338    
Accumulated Depreciation $ 39    
14611 Broadway | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,757    
Initial Cost to Company, Buildings & Improvements 1,243    
Costs Capitalized Subsequent to Acquisition 1,612    
Gross Amount Carried, Land 4,757    
Gross Amount Carried, Building & Improvements 2,855    
Total 7,612    
Accumulated Depreciation $ 1,595    
4857 W 147th St | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,185    
Initial Cost to Company, Buildings & Improvements 8,817    
Costs Capitalized Subsequent to Acquisition 846    
Gross Amount Carried, Land 6,185    
Gross Amount Carried, Building & Improvements 9,663    
Total 15,848    
Accumulated Depreciation 31    
3660 Fee Ana | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 14,213    
Initial Cost to Company, Buildings & Improvements 1,147    
Costs Capitalized Subsequent to Acquisition 1,211    
Gross Amount Carried, Land 14,213    
Gross Amount Carried, Building & Improvements 2,358    
Total 16,571    
Accumulated Depreciation $ 236    
19601 Hamilton | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 7,409    
Initial Cost to Company, Buildings & Improvements 4,072    
Costs Capitalized Subsequent to Acquisition 1,882    
Gross Amount Carried, Land 7,409    
Gross Amount Carried, Building & Improvements 5,954    
Total 13,363    
Accumulated Depreciation $ 2,394    
735-751 Todd Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,176    
Initial Cost to Company, Buildings & Improvements 1,478    
Costs Capitalized Subsequent to Acquisition 76    
Gross Amount Carried, Land 6,176    
Gross Amount Carried, Building & Improvements 1,554    
Total 7,730    
Accumulated Depreciation $ 25    
8320-8400 Isis Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 14,963    
Initial Cost to Company, Buildings & Improvements 3,429    
Costs Capitalized Subsequent to Acquisition 230    
Gross Amount Carried, Land 14,963    
Gross Amount Carried, Building & Improvements 3,659    
Total 18,622    
Accumulated Depreciation $ 264    
332 Hindry Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,977    
Initial Cost to Company, Buildings & Improvements 2,800    
Costs Capitalized Subsequent to Acquisition 412    
Gross Amount Carried, Land 6,977    
Gross Amount Carried, Building & Improvements 3,212    
Total 10,189    
Accumulated Depreciation $ 227    
709 Hindry | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,105    
Initial Cost to Company, Buildings & Improvements 2,972    
Costs Capitalized Subsequent to Acquisition 663    
Gross Amount Carried, Land 2,105    
Gross Amount Carried, Building & Improvements 3,635    
Total 5,740    
Accumulated Depreciation $ 872    
Acacia | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,143    
Initial Cost to Company, Buildings & Improvements 1,985    
Costs Capitalized Subsequent to Acquisition 511    
Gross Amount Carried, Land 5,143    
Gross Amount Carried, Building & Improvements 2,496    
Total 7,639    
Accumulated Depreciation $ 633    
Anderson | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 5    
Initial Cost to Company, Land $ 17,095    
Initial Cost to Company, Buildings & Improvements 1,271    
Costs Capitalized Subsequent to Acquisition 5,330    
Gross Amount Carried, Land 17,095    
Gross Amount Carried, Building & Improvements 6,601    
Total 23,696    
Accumulated Depreciation 1,009    
Aviation | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 9,544    
Initial Cost to Company, Buildings & Improvements 498    
Costs Capitalized Subsequent to Acquisition 1,685    
Gross Amount Carried, Land 9,544    
Gross Amount Carried, Building & Improvements 2,183    
Total 11,727    
Accumulated Depreciation $ 292    
Ceres Ave | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 4,825    
Initial Cost to Company, Buildings & Improvements 2,833    
Costs Capitalized Subsequent to Acquisition 107    
Gross Amount Carried, Land 4,825    
Gross Amount Carried, Building & Improvements 2,940    
Total 7,765    
Accumulated Depreciation 250    
Dominguez | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 11,370    
Initial Cost to Company, Buildings & Improvements 1,535    
Costs Capitalized Subsequent to Acquisition 3,597    
Gross Amount Carried, Land 11,370    
Gross Amount Carried, Building & Improvements 5,132    
Total 16,502    
Accumulated Depreciation 1,506    
3091 East Coronado St | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 7,140    
Initial Cost to Company, Buildings & Improvements 464    
Costs Capitalized Subsequent to Acquisition 239    
Gross Amount Carried, Land 7,140    
Gross Amount Carried, Building & Improvements 703    
Total 7,843    
Accumulated Depreciation $ 109    
Garfield | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 5    
Initial Cost to Company, Land $ 27,539    
Initial Cost to Company, Buildings & Improvements 22,694    
Costs Capitalized Subsequent to Acquisition 7,507    
Gross Amount Carried, Land 27,539    
Gross Amount Carried, Building & Improvements 30,201    
Total 57,740    
Accumulated Depreciation $ 12,284    
Gladwick | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 11,636    
Initial Cost to Company, Buildings & Improvements 5,998    
Costs Capitalized Subsequent to Acquisition 341    
Gross Amount Carried, Land 11,636    
Gross Amount Carried, Building & Improvements 6,339    
Total 17,975    
Accumulated Depreciation $ 932    
Gramercy Place | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,846    
Initial Cost to Company, Buildings & Improvements 1,503    
Costs Capitalized Subsequent to Acquisition 455    
Gross Amount Carried, Land 4,846    
Gross Amount Carried, Building & Improvements 1,958    
Total 6,804    
Accumulated Depreciation $ 270    
Hawthorne | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 8    
Initial Cost to Company, Land $ 17,226    
Initial Cost to Company, Buildings & Improvements 10,069    
Costs Capitalized Subsequent to Acquisition 3,103    
Gross Amount Carried, Land 17,226    
Gross Amount Carried, Building & Improvements 13,172    
Total 30,398    
Accumulated Depreciation $ 2,987    
Las Hermanas | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,330    
Initial Cost to Company, Buildings & Improvements 751    
Costs Capitalized Subsequent to Acquisition 888    
Gross Amount Carried, Land 3,330    
Gross Amount Carried, Building & Improvements 1,639    
Total 4,969    
Accumulated Depreciation $ 811    
Lynwood | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 43,885    
Initial Cost to Company, Buildings & Improvements 0    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 43,885    
Gross Amount Carried, Building & Improvements 0    
Total 43,885    
Accumulated Depreciation $ 0    
McLaren | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 7,459    
Initial Cost to Company, Buildings & Improvements 668    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 7,459    
Gross Amount Carried, Building & Improvements 668    
Total 8,127    
Accumulated Depreciation $ 96    
Manhattan Beach | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 7,874    
Initial Cost to Company, Buildings & Improvements 5,641    
Costs Capitalized Subsequent to Acquisition 1,936    
Gross Amount Carried, Land 7,874    
Gross Amount Carried, Building & Improvements 7,577    
Total 15,451    
Accumulated Depreciation 2,593    
Maple | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 9,371    
Initial Cost to Company, Buildings & Improvements 607    
Costs Capitalized Subsequent to Acquisition 745    
Gross Amount Carried, Land 9,371    
Gross Amount Carried, Building & Improvements 1,352    
Total 10,723    
Accumulated Depreciation 336    
Maple II | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 14,102    
Initial Cost to Company, Buildings & Improvements 183    
Costs Capitalized Subsequent to Acquisition 495    
Gross Amount Carried, Land 14,102    
Gross Amount Carried, Building & Improvements 678    
Total 14,780    
Accumulated Depreciation 273    
Maple III | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 24,728    
Initial Cost to Company, Buildings & Improvements 1,637    
Costs Capitalized Subsequent to Acquisition 2,016    
Gross Amount Carried, Land 24,728    
Gross Amount Carried, Building & Improvements 3,653    
Total 28,381    
Accumulated Depreciation $ 4    
Porter | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,791    
Initial Cost to Company, Buildings & Improvements 399    
Costs Capitalized Subsequent to Acquisition 85    
Gross Amount Carried, Land 3,791    
Gross Amount Carried, Building & Improvements 484    
Total 4,275    
Accumulated Depreciation 47    
San Pedro | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 7,598    
Initial Cost to Company, Buildings & Improvements 1,523    
Costs Capitalized Subsequent to Acquisition 360    
Gross Amount Carried, Land 7,598    
Gross Amount Carried, Building & Improvements 1,883    
Total 9,481    
Accumulated Depreciation $ 305    
Santa Fe | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 37,049    
Initial Cost to Company, Buildings & Improvements 5,560    
Costs Capitalized Subsequent to Acquisition 87    
Gross Amount Carried, Land 37,049    
Gross Amount Carried, Building & Improvements 5,647    
Total 42,696    
Accumulated Depreciation 192    
Shoemaker | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 4,759    
Initial Cost to Company, Buildings & Improvements 1,099    
Costs Capitalized Subsequent to Acquisition 281    
Gross Amount Carried, Land 4,759    
Gross Amount Carried, Building & Improvements 1,380    
Total 6,139    
Accumulated Depreciation 355    
Slauson | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 4,679    
Initial Cost to Company, Buildings & Improvements 697    
Costs Capitalized Subsequent to Acquisition 972    
Gross Amount Carried, Land 4,679    
Gross Amount Carried, Building & Improvements 1,669    
Total 6,348    
Accumulated Depreciation 362    
19500 South Alameda St | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 30,176    
Initial Cost to Company, Buildings & Improvements 2,364    
Costs Capitalized Subsequent to Acquisition 292    
Gross Amount Carried, Land 30,176    
Gross Amount Carried, Building & Improvements 2,656    
Total 32,832    
Accumulated Depreciation $ 201    
South Main | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 16,371    
Initial Cost to Company, Buildings & Improvements 7,045    
Costs Capitalized Subsequent to Acquisition 17,452    
Gross Amount Carried, Land 16,371    
Gross Amount Carried, Building & Improvements 24,497    
Total 40,868    
Accumulated Depreciation $ 9,464    
South Main III | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 11,521    
Initial Cost to Company, Buildings & Improvements 12,467    
Costs Capitalized Subsequent to Acquisition 1,079    
Gross Amount Carried, Land 11,521    
Gross Amount Carried, Building & Improvements 13,546    
Total 25,067    
Accumulated Depreciation $ 2,942    
Telegraph Springs | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 7,063    
Initial Cost to Company, Buildings & Improvements 7,236    
Costs Capitalized Subsequent to Acquisition 747    
Gross Amount Carried, Land 7,063    
Gross Amount Carried, Building & Improvements 7,983    
Total 15,046    
Accumulated Depreciation $ 1,873    
Vermont | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 10,173    
Initial Cost to Company, Buildings & Improvements 7,105    
Costs Capitalized Subsequent to Acquisition 1,338    
Gross Amount Carried, Land 10,173    
Gross Amount Carried, Building & Improvements 8,443    
Total 18,616    
Accumulated Depreciation $ 1,563    
Walnut II | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,097    
Initial Cost to Company, Buildings & Improvements 5,069    
Costs Capitalized Subsequent to Acquisition 986    
Gross Amount Carried, Land 6,097    
Gross Amount Carried, Building & Improvements 6,055    
Total 12,152    
Accumulated Depreciation $ 1,366    
17 Madison | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 974    
Initial Cost to Company, Buildings & Improvements 1,647    
Costs Capitalized Subsequent to Acquisition 802    
Gross Amount Carried, Land 974    
Gross Amount Carried, Building & Improvements 2,449    
Total 3,423    
Accumulated Depreciation $ 1,011    
144-02 158th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 11,175    
Initial Cost to Company, Buildings & Improvements 4,533    
Costs Capitalized Subsequent to Acquisition 199    
Gross Amount Carried, Land 11,175    
Gross Amount Carried, Building & Improvements 4,732    
Total 15,907    
Accumulated Depreciation $ 72    
145-07 156th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,408    
Initial Cost to Company, Buildings & Improvements 730    
Costs Capitalized Subsequent to Acquisition 6    
Gross Amount Carried, Land 1,408    
Gross Amount Carried, Building & Improvements 736    
Total 2,144    
Accumulated Depreciation $ 11    
145-20 157th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 14,598    
Initial Cost to Company, Buildings & Improvements 7,707    
Costs Capitalized Subsequent to Acquisition 83    
Gross Amount Carried, Land 14,598    
Gross Amount Carried, Building & Improvements 7,790    
Total 22,388    
Accumulated Depreciation $ 121    
145-45 156th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 7,909    
Initial Cost to Company, Buildings & Improvements 3,968    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 7,909    
Gross Amount Carried, Building & Improvements 3,968    
Total 11,877    
Accumulated Depreciation $ 62    
149-39 Guy R. Brewer Boulevard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,603    
Initial Cost to Company, Buildings & Improvements 2,127    
Costs Capitalized Subsequent to Acquisition 1    
Gross Amount Carried, Land 3,603    
Gross Amount Carried, Building & Improvements 2,128    
Total 5,731    
Accumulated Depreciation $ 33    
149-40 182nd Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,066    
Initial Cost to Company, Buildings & Improvements 1,450    
Costs Capitalized Subsequent to Acquisition 10    
Gross Amount Carried, Land 4,066    
Gross Amount Carried, Building & Improvements 1,460    
Total 5,526    
Accumulated Depreciation $ 23    
154-09 146th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 9,478    
Initial Cost to Company, Buildings & Improvements 1,782    
Costs Capitalized Subsequent to Acquisition 19    
Gross Amount Carried, Land 9,478    
Gross Amount Carried, Building & Improvements 1,801    
Total 11,279    
Accumulated Depreciation $ 29    
156-15 146th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,675    
Initial Cost to Company, Buildings & Improvements 226    
Costs Capitalized Subsequent to Acquisition 93    
Gross Amount Carried, Land 1,675    
Gross Amount Carried, Building & Improvements 319    
Total 1,994    
Accumulated Depreciation $ 7    
179-02 150th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 17,837    
Initial Cost to Company, Buildings & Improvements 8,625    
Costs Capitalized Subsequent to Acquisition 9    
Gross Amount Carried, Land 17,837    
Gross Amount Carried, Building & Improvements 8,634    
Total 26,471    
Accumulated Depreciation $ 135    
179-15 149th Road | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,894    
Initial Cost to Company, Buildings & Improvements 1,382    
Costs Capitalized Subsequent to Acquisition 1    
Gross Amount Carried, Land 3,894    
Gross Amount Carried, Building & Improvements 1,383    
Total 5,277    
Accumulated Depreciation $ 22    
182-09 149th Road | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 10,350    
Initial Cost to Company, Buildings & Improvements 4,042    
Costs Capitalized Subsequent to Acquisition 30    
Gross Amount Carried, Land 10,350    
Gross Amount Carried, Building & Improvements 4,072    
Total 14,422    
Accumulated Depreciation $ 64    
182-17 150th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 25,274    
Initial Cost to Company, Buildings & Improvements 2,841    
Costs Capitalized Subsequent to Acquisition 275    
Gross Amount Carried, Land 25,274    
Gross Amount Carried, Building & Improvements 3,116    
Total 28,390    
Accumulated Depreciation $ 48    
181 Lombardy | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 9,124    
Initial Cost to Company, Buildings & Improvements 2,986    
Costs Capitalized Subsequent to Acquisition 435    
Gross Amount Carried, Land 9,124    
Gross Amount Carried, Building & Improvements 3,421    
Total 12,545    
Accumulated Depreciation $ 64    
195 Anderson Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,577    
Initial Cost to Company, Buildings & Improvements 1,336    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 3,577    
Gross Amount Carried, Building & Improvements 1,336    
Total 4,913    
Accumulated Depreciation $ 22    
1C Terminal Way | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 8,671    
Initial Cost to Company, Buildings & Improvements 2,619    
Costs Capitalized Subsequent to Acquisition 252    
Gross Amount Carried, Land 8,671    
Gross Amount Carried, Building & Improvements 2,871    
Total 11,542    
Accumulated Depreciation $ 43    
2AB Terminal Way | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 11,778    
Initial Cost to Company, Buildings & Improvements 10,531    
Costs Capitalized Subsequent to Acquisition 17    
Gross Amount Carried, Land 11,778    
Gross Amount Carried, Building & Improvements 10,548    
Total 22,326    
Accumulated Depreciation $ 168    
2C Terminal Way | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,466    
Initial Cost to Company, Buildings & Improvements 5,208    
Costs Capitalized Subsequent to Acquisition 10    
Gross Amount Carried, Land 6,466    
Gross Amount Carried, Building & Improvements 5,218    
Total 11,684    
Accumulated Depreciation $ 83    
22 Madison | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,365    
Initial Cost to Company, Buildings & Improvements 1,607    
Costs Capitalized Subsequent to Acquisition 1,209    
Gross Amount Carried, Land 1,365    
Gross Amount Carried, Building & Improvements 2,816    
Total 4,181    
Accumulated Depreciation $ 799    
280 Richards Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Encumbrances $ 72,879    
Initial Cost to Company, Land 86,446    
Initial Cost to Company, Buildings & Improvements 79,653    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 86,446    
Gross Amount Carried, Building & Improvements 79,653    
Total 166,099    
Accumulated Depreciation $ 83    
48th 3rd and 286 Central | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 12,061    
Initial Cost to Company, Buildings & Improvements 1,664    
Costs Capitalized Subsequent to Acquisition 1,768    
Gross Amount Carried, Land 12,061    
Gross Amount Carried, Building & Improvements 3,432    
Total 15,493    
Accumulated Depreciation $ 529    
48-29 31st Pl | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,750    
Initial Cost to Company, Buildings & Improvements 1,946    
Costs Capitalized Subsequent to Acquisition 81    
Gross Amount Carried, Land 5,750    
Gross Amount Carried, Building & Improvements 2,027    
Total 7,777    
Accumulated Depreciation $ 2    
49-15 Maspeth Ave | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 42,560    
Initial Cost to Company, Buildings & Improvements 7,258    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 42,560    
Gross Amount Carried, Building & Improvements 7,258    
Total 49,818    
Accumulated Depreciation $ 7    
4AB Engelhard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 13,164    
Initial Cost to Company, Buildings & Improvements 8,894    
Costs Capitalized Subsequent to Acquisition 16    
Gross Amount Carried, Land 13,164    
Gross Amount Carried, Building & Improvements 8,910    
Total 22,074    
Accumulated Depreciation $ 142    
8AB Engelhard | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 11,688    
Initial Cost to Company, Buildings & Improvements 10,763    
Costs Capitalized Subsequent to Acquisition 900    
Gross Amount Carried, Land 11,688    
Gross Amount Carried, Building & Improvements 11,663    
Total 23,351    
Accumulated Depreciation $ 181    
9th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 18,410    
Initial Cost to Company, Buildings & Improvements 5,116    
Costs Capitalized Subsequent to Acquisition 5,271    
Gross Amount Carried, Land 18,410    
Gross Amount Carried, Building & Improvements 10,387    
Total 28,797    
Accumulated Depreciation $ 734    
49th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 21,674    
Initial Cost to Company, Buildings & Improvements 2,999    
Costs Capitalized Subsequent to Acquisition 1,435    
Gross Amount Carried, Land 21,674    
Gross Amount Carried, Building & Improvements 4,434    
Total 26,108    
Accumulated Depreciation $ 1,423    
50 Kero | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 10,343    
Initial Cost to Company, Buildings & Improvements 3,876    
Costs Capitalized Subsequent to Acquisition 4,558    
Gross Amount Carried, Land 10,343    
Gross Amount Carried, Building & Improvements 8,434    
Total 18,777    
Accumulated Depreciation 2,268    
51 Kero | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 3,236    
Initial Cost to Company, Buildings & Improvements 589    
Costs Capitalized Subsequent to Acquisition 619    
Gross Amount Carried, Land 3,236    
Gross Amount Carried, Building & Improvements 1,208    
Total 4,444    
Accumulated Depreciation $ 111    
74th North Bergen | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,933    
Initial Cost to Company, Buildings & Improvements 1,817    
Costs Capitalized Subsequent to Acquisition 1,204    
Gross Amount Carried, Land 2,933    
Gross Amount Carried, Building & Improvements 3,021    
Total 5,954    
Accumulated Depreciation 1,032    
81 N. Hackensack | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 25,901    
Initial Cost to Company, Buildings & Improvements 0    
Costs Capitalized Subsequent to Acquisition 1,263    
Gross Amount Carried, Land 25,901    
Gross Amount Carried, Building & Improvements 1,263    
Total 27,164    
Accumulated Depreciation 465    
85 Doremus | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 5,918    
Initial Cost to Company, Buildings & Improvements 513    
Costs Capitalized Subsequent to Acquisition 26    
Gross Amount Carried, Land 5,918    
Gross Amount Carried, Building & Improvements 539    
Total 6,457    
Accumulated Depreciation 122    
87 Doremus | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 21,595    
Initial Cost to Company, Buildings & Improvements 550    
Costs Capitalized Subsequent to Acquisition 764    
Gross Amount Carried, Land 21,595    
Gross Amount Carried, Building & Improvements 1,314    
Total 22,909    
Accumulated Depreciation 68    
127 Doremus | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 12,111    
Initial Cost to Company, Buildings & Improvements 430    
Costs Capitalized Subsequent to Acquisition 520    
Gross Amount Carried, Land 12,111    
Gross Amount Carried, Building & Improvements 950    
Total 13,061    
Accumulated Depreciation 127    
97 Third Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 25,580    
Initial Cost to Company, Buildings & Improvements 1,566    
Costs Capitalized Subsequent to Acquisition 1,690    
Gross Amount Carried, Land 25,580    
Gross Amount Carried, Building & Improvements 3,256    
Total 28,836    
Accumulated Depreciation $ 600    
190 Morgan | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,363    
Initial Cost to Company, Buildings & Improvements 249    
Costs Capitalized Subsequent to Acquisition 1,137    
Gross Amount Carried, Land 4,363    
Gross Amount Carried, Building & Improvements 1,386    
Total 5,749    
Accumulated Depreciation $ 246    
341 Michele | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,372    
Initial Cost to Company, Buildings & Improvements 4,798    
Costs Capitalized Subsequent to Acquisition 1,312    
Gross Amount Carried, Land 2,372    
Gross Amount Carried, Building & Improvements 6,110    
Total 8,482    
Accumulated Depreciation 2,107    
422 Frelinghuysen | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 7,682    
Initial Cost to Company, Buildings & Improvements 0    
Costs Capitalized Subsequent to Acquisition 3,136    
Gross Amount Carried, Land 7,682    
Gross Amount Carried, Building & Improvements 3,136    
Total 10,818    
Accumulated Depreciation $ 977    
465 Meadow | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 713    
Initial Cost to Company, Buildings & Improvements 1,618    
Costs Capitalized Subsequent to Acquisition 346    
Gross Amount Carried, Land 713    
Gross Amount Carried, Building & Improvements 1,964    
Total 2,677    
Accumulated Depreciation $ 608    
550 Delancy | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 9,230    
Initial Cost to Company, Buildings & Improvements 4,855    
Costs Capitalized Subsequent to Acquisition 2,400    
Gross Amount Carried, Land 9,230    
Gross Amount Carried, Building & Improvements 7,255    
Total 16,485    
Accumulated Depreciation $ 2,837    
620 Division | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,491    
Initial Cost to Company, Buildings & Improvements 3,568    
Costs Capitalized Subsequent to Acquisition 7,746    
Gross Amount Carried, Land 6,491    
Gross Amount Carried, Building & Improvements 11,314    
Total 17,805    
Accumulated Depreciation $ 4,664    
629 Henry | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 13,734    
Initial Cost to Company, Buildings & Improvements 1,690    
Costs Capitalized Subsequent to Acquisition 394    
Gross Amount Carried, Land 13,734    
Gross Amount Carried, Building & Improvements 2,084    
Total 15,818    
Accumulated Depreciation $ 174    
900 Hart | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,202    
Initial Cost to Company, Buildings & Improvements 3,866    
Costs Capitalized Subsequent to Acquisition 1,951    
Gross Amount Carried, Land 3,202    
Gross Amount Carried, Building & Improvements 5,817    
Total 9,019    
Accumulated Depreciation 2,094    
901 North | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 8,035    
Initial Cost to Company, Buildings & Improvements 913    
Costs Capitalized Subsequent to Acquisition 1,100    
Gross Amount Carried, Land 8,035    
Gross Amount Carried, Building & Improvements 2,013    
Total 10,048    
Accumulated Depreciation $ 872    
228 North Ave | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 40,671    
Initial Cost to Company, Buildings & Improvements 5,218    
Costs Capitalized Subsequent to Acquisition 1,683    
Gross Amount Carried, Land 40,671    
Gross Amount Carried, Building & Improvements 6,901    
Total 47,572    
Accumulated Depreciation $ 884    
256 Patterson Plank | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 9,478    
Initial Cost to Company, Buildings & Improvements 1,284    
Costs Capitalized Subsequent to Acquisition 1,766    
Gross Amount Carried, Land 9,478    
Gross Amount Carried, Building & Improvements 3,050    
Total 12,528    
Accumulated Depreciation 468    
293 Roanoke Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 11,395    
Initial Cost to Company, Buildings & Improvements 2,217    
Costs Capitalized Subsequent to Acquisition 398    
Gross Amount Carried, Land 11,395    
Gross Amount Carried, Building & Improvements 2,615    
Total 14,010    
Accumulated Depreciation $ 313    
Avenue A | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 7,516    
Initial Cost to Company, Buildings & Improvements 4,660    
Costs Capitalized Subsequent to Acquisition 1,642    
Gross Amount Carried, Land 7,516    
Gross Amount Carried, Building & Improvements 6,302    
Total 13,818    
Accumulated Depreciation $ 1,887    
Belleville | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 12,845    
Initial Cost to Company, Buildings & Improvements 18,041    
Costs Capitalized Subsequent to Acquisition 1,847    
Gross Amount Carried, Land 12,845    
Gross Amount Carried, Building & Improvements 19,888    
Total 32,733    
Accumulated Depreciation $ 6,984    
Commerce | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,656    
Initial Cost to Company, Buildings & Improvements 1,544    
Costs Capitalized Subsequent to Acquisition 443    
Gross Amount Carried, Land 1,656    
Gross Amount Carried, Building & Improvements 1,987    
Total 3,643    
Accumulated Depreciation $ 360    
Dell | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,641    
Initial Cost to Company, Buildings & Improvements 771    
Costs Capitalized Subsequent to Acquisition 888    
Gross Amount Carried, Land 6,641    
Gross Amount Carried, Building & Improvements 1,659    
Total 8,300    
Accumulated Depreciation $ 642    
Ethel | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 2,748    
Initial Cost to Company, Buildings & Improvements 3,801    
Costs Capitalized Subsequent to Acquisition 2,667    
Gross Amount Carried, Land 2,748    
Gross Amount Carried, Building & Improvements 6,468    
Total 9,216    
Accumulated Depreciation $ 2,262    
Interstate | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 13,686    
Initial Cost to Company, Buildings & Improvements 12,135    
Costs Capitalized Subsequent to Acquisition 13,923    
Gross Amount Carried, Land 13,686    
Gross Amount Carried, Building & Improvements 26,058    
Total 39,744    
Accumulated Depreciation $ 10,105    
JFK Airgate | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 18,282    
Initial Cost to Company, Buildings & Improvements 32,933    
Costs Capitalized Subsequent to Acquisition 9,605    
Gross Amount Carried, Land 18,282    
Gross Amount Carried, Building & Improvements 42,538    
Total 60,820    
Accumulated Depreciation $ 15,573    
Manor | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,076    
Initial Cost to Company, Buildings & Improvements 5,262    
Costs Capitalized Subsequent to Acquisition 3,827    
Gross Amount Carried, Land 4,076    
Gross Amount Carried, Building & Improvements 9,089    
Total 13,165    
Accumulated Depreciation $ 2,405    
Morgan | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 71,051    
Initial Cost to Company, Buildings & Improvements 10,888    
Costs Capitalized Subsequent to Acquisition 7,320    
Gross Amount Carried, Land 71,051    
Gross Amount Carried, Building & Improvements 18,208    
Total 89,259    
Accumulated Depreciation $ 3,508    
New Dutch | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,773    
Initial Cost to Company, Buildings & Improvements 2,004    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 4,773    
Gross Amount Carried, Building & Improvements 2,004    
Total 6,777    
Accumulated Depreciation $ 551    
Paterson Plank | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,127    
Initial Cost to Company, Buildings & Improvements 455    
Costs Capitalized Subsequent to Acquisition 1,472    
Gross Amount Carried, Land 4,127    
Gross Amount Carried, Building & Improvements 1,927    
Total 6,054    
Accumulated Depreciation 393    
Stockton | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 12,327    
Initial Cost to Company, Buildings & Improvements 1,282    
Costs Capitalized Subsequent to Acquisition 536    
Gross Amount Carried, Land 12,327    
Gross Amount Carried, Building & Improvements 1,818    
Total 14,145    
Accumulated Depreciation $ 843    
Terminal Way | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 3,537    
Initial Cost to Company, Buildings & Improvements 3,598    
Costs Capitalized Subsequent to Acquisition 1,350    
Gross Amount Carried, Land 3,537    
Gross Amount Carried, Building & Improvements 4,948    
Total 8,485    
Accumulated Depreciation $ 1,615    
Van Dyke | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 21,170    
Initial Cost to Company, Buildings & Improvements 3,200    
Costs Capitalized Subsequent to Acquisition 5,303    
Gross Amount Carried, Land 21,170    
Gross Amount Carried, Building & Improvements 8,503    
Total 29,673    
Accumulated Depreciation $ 218    
Whelan | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,366    
Initial Cost to Company, Buildings & Improvements 5,704    
Costs Capitalized Subsequent to Acquisition 616    
Gross Amount Carried, Land 6,366    
Gross Amount Carried, Building & Improvements 6,320    
Total 12,686    
Accumulated Depreciation $ 1,137    
Wilson | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,016    
Initial Cost to Company, Buildings & Improvements 484    
Costs Capitalized Subsequent to Acquisition 1,001    
Gross Amount Carried, Land 2,016    
Gross Amount Carried, Building & Improvements 1,485    
Total 3,501    
Accumulated Depreciation $ 609    
Woodside | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 23,987    
Initial Cost to Company, Buildings & Improvements 3,796    
Costs Capitalized Subsequent to Acquisition 4,107    
Gross Amount Carried, Land 23,987    
Gross Amount Carried, Building & Improvements 7,903    
Total 31,890    
Accumulated Depreciation $ 2,056    
1200-1220 San Mateo Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 24,488    
Initial Cost to Company, Buildings & Improvements 7,126    
Costs Capitalized Subsequent to Acquisition 1,615    
Gross Amount Carried, Land 24,488    
Gross Amount Carried, Building & Improvements 8,741    
Total 33,229    
Accumulated Depreciation $ 128    
20th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 18,092    
Initial Cost to Company, Buildings & Improvements 6,730    
Costs Capitalized Subsequent to Acquisition 2,011    
Gross Amount Carried, Land 18,092    
Gross Amount Carried, Building & Improvements 8,741    
Total 26,833    
Accumulated Depreciation $ 1,600    
20269-20281 Mack Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 8,758    
Initial Cost to Company, Buildings & Improvements 2,395    
Costs Capitalized Subsequent to Acquisition 9    
Gross Amount Carried, Land 8,758    
Gross Amount Carried, Building & Improvements 2,404    
Total 11,162    
Accumulated Depreciation $ 43    
238/242 Lawrence | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 6,674    
Initial Cost to Company, Buildings & Improvements 2,655    
Costs Capitalized Subsequent to Acquisition 2,534    
Gross Amount Carried, Land 6,674    
Gross Amount Carried, Building & Improvements 5,189    
Total 11,863    
Accumulated Depreciation $ 2,466    
240 Littlefield | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,107    
Initial Cost to Company, Buildings & Improvements 3,293    
Costs Capitalized Subsequent to Acquisition 2,862    
Gross Amount Carried, Land 5,107    
Gross Amount Carried, Building & Improvements 6,155    
Total 11,262    
Accumulated Depreciation $ 1,976    
299 Lawrence | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,352    
Initial Cost to Company, Buildings & Improvements 1,198    
Costs Capitalized Subsequent to Acquisition 600    
Gross Amount Carried, Land 1,352    
Gross Amount Carried, Building & Improvements 1,798    
Total 3,150    
Accumulated Depreciation $ 840    
3528 Arden Road | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 15,272    
Initial Cost to Company, Buildings & Improvements 10,100    
Costs Capitalized Subsequent to Acquisition 26    
Gross Amount Carried, Land 15,272    
Gross Amount Carried, Building & Improvements 10,126    
Total 25,398    
Accumulated Depreciation $ 168    
631 Brennan | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,932    
Initial Cost to Company, Buildings & Improvements 2,245    
Costs Capitalized Subsequent to Acquisition 1,060    
Gross Amount Carried, Land 1,932    
Gross Amount Carried, Building & Improvements 3,305    
Total 5,237    
Accumulated Depreciation $ 1,311    
3660 Thomas Road | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 43,053    
Initial Cost to Company, Buildings & Improvements 13,887    
Costs Capitalized Subsequent to Acquisition 1,652    
Gross Amount Carried, Land 43,053    
Gross Amount Carried, Building & Improvements 15,539    
Total 58,592    
Accumulated Depreciation $ 1,247    
Ahern | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 3,246    
Initial Cost to Company, Buildings & Improvements 2,749    
Costs Capitalized Subsequent to Acquisition 2,220    
Gross Amount Carried, Land 3,246    
Gross Amount Carried, Building & Improvements 4,969    
Total 8,215    
Accumulated Depreciation 2,095    
Berryessa | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 23,057    
Initial Cost to Company, Buildings & Improvements 2,574    
Costs Capitalized Subsequent to Acquisition 827    
Gross Amount Carried, Land 23,057    
Gross Amount Carried, Building & Improvements 3,401    
Total 26,458    
Accumulated Depreciation $ 233    
Burroughs | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 5,400    
Initial Cost to Company, Buildings & Improvements 7,092    
Costs Capitalized Subsequent to Acquisition 1,736    
Gross Amount Carried, Land 5,400    
Gross Amount Carried, Building & Improvements 8,828    
Total 14,228    
Accumulated Depreciation $ 2,986    
Caribbean | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 17,483    
Initial Cost to Company, Buildings & Improvements 14,493    
Costs Capitalized Subsequent to Acquisition 4,359    
Gross Amount Carried, Land 17,483    
Gross Amount Carried, Building & Improvements 18,852    
Total 36,335    
Accumulated Depreciation $ 6,689    
Carlton Court | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,036    
Initial Cost to Company, Buildings & Improvements 1,475    
Costs Capitalized Subsequent to Acquisition 854    
Gross Amount Carried, Land 2,036    
Gross Amount Carried, Building & Improvements 2,329    
Total 4,365    
Accumulated Depreciation $ 790    
Clawiter | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,964    
Initial Cost to Company, Buildings & Improvements 1,159    
Costs Capitalized Subsequent to Acquisition 189    
Gross Amount Carried, Land 5,964    
Gross Amount Carried, Building & Improvements 1,348    
Total 7,312    
Accumulated Depreciation 427    
East Gish | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 6,759    
Initial Cost to Company, Buildings & Improvements 726    
Costs Capitalized Subsequent to Acquisition 2    
Gross Amount Carried, Land 6,759    
Gross Amount Carried, Building & Improvements 728    
Total 7,487    
Accumulated Depreciation $ 92    
Edison | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 14,797    
Initial Cost to Company, Buildings & Improvements 2,806    
Costs Capitalized Subsequent to Acquisition 3,386    
Gross Amount Carried, Land 14,797    
Gross Amount Carried, Building & Improvements 6,192    
Total 20,989    
Accumulated Depreciation $ 766    
Foley Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 5,023    
Initial Cost to Company, Buildings & Improvements 3,281    
Costs Capitalized Subsequent to Acquisition 677    
Gross Amount Carried, Land 5,023    
Gross Amount Carried, Building & Improvements 3,958    
Total 8,981    
Accumulated Depreciation $ 451    
Hotchkiss | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,163    
Initial Cost to Company, Buildings & Improvements 3,152    
Costs Capitalized Subsequent to Acquisition 1,259    
Gross Amount Carried, Land 4,163    
Gross Amount Carried, Building & Improvements 4,411    
Total 8,574    
Accumulated Depreciation $ 792    
Hotchkiss II | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,042    
Initial Cost to Company, Buildings & Improvements 3,081    
Costs Capitalized Subsequent to Acquisition 586    
Gross Amount Carried, Land 3,042    
Gross Amount Carried, Building & Improvements 3,667    
Total 6,709    
Accumulated Depreciation $ 694    
Merced | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 25,621    
Initial Cost to Company, Buildings & Improvements 9,318    
Costs Capitalized Subsequent to Acquisition 7,597    
Gross Amount Carried, Land 25,621    
Gross Amount Carried, Building & Improvements 16,915    
Total 42,536    
Accumulated Depreciation $ 3,177    
Michele | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,710    
Initial Cost to Company, Buildings & Improvements 2,540    
Costs Capitalized Subsequent to Acquisition 792    
Gross Amount Carried, Land 2,710    
Gross Amount Carried, Building & Improvements 3,332    
Total 6,042    
Accumulated Depreciation $ 812    
Minnesota and Tennessee | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 34,738    
Initial Cost to Company, Buildings & Improvements 13,141    
Costs Capitalized Subsequent to Acquisition 3,872    
Gross Amount Carried, Land 34,738    
Gross Amount Carried, Building & Improvements 17,013    
Total 51,751    
Accumulated Depreciation $ 2,440    
Morton | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 65,640    
Initial Cost to Company, Buildings & Improvements 115,039    
Costs Capitalized Subsequent to Acquisition 514    
Gross Amount Carried, Land 65,640    
Gross Amount Carried, Building & Improvements 115,553    
Total 181,193    
Accumulated Depreciation 5,412    
Old Bayshore | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 10,244    
Initial Cost to Company, Buildings & Improvements 1,609    
Costs Capitalized Subsequent to Acquisition 415    
Gross Amount Carried, Land 10,244    
Gross Amount Carried, Building & Improvements 2,024    
Total 12,268    
Accumulated Depreciation $ 353    
San Clemente | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,126    
Initial Cost to Company, Buildings & Improvements 3,938    
Costs Capitalized Subsequent to Acquisition 1,186    
Gross Amount Carried, Land 5,126    
Gross Amount Carried, Building & Improvements 5,124    
Total 10,250    
Accumulated Depreciation $ 883    
Teagarden | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 5    
Initial Cost to Company, Land $ 19,172    
Initial Cost to Company, Buildings & Improvements 15,221    
Costs Capitalized Subsequent to Acquisition 733    
Gross Amount Carried, Land 19,172    
Gross Amount Carried, Building & Improvements 15,954    
Total 35,126    
Accumulated Depreciation $ 1,153    
Starlite | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,738    
Initial Cost to Company, Buildings & Improvements 144    
Costs Capitalized Subsequent to Acquisition 2,373    
Gross Amount Carried, Land 3,738    
Gross Amount Carried, Building & Improvements 2,517    
Total 6,255    
Accumulated Depreciation $ 238    
West 140th | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 9,578    
Initial Cost to Company, Buildings & Improvements 6,297    
Costs Capitalized Subsequent to Acquisition 4,572    
Gross Amount Carried, Land 9,578    
Gross Amount Carried, Building & Improvements 10,869    
Total 20,447    
Accumulated Depreciation $ 2,699    
Whitney | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 13,821    
Initial Cost to Company, Buildings & Improvements 9,016    
Costs Capitalized Subsequent to Acquisition 2,723    
Gross Amount Carried, Land 13,821    
Gross Amount Carried, Building & Improvements 11,739    
Total 25,560    
Accumulated Depreciation $ 2,541    
Wicks | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,224    
Initial Cost to Company, Buildings & Improvements 298    
Costs Capitalized Subsequent to Acquisition 114    
Gross Amount Carried, Land 2,224    
Gross Amount Carried, Building & Improvements 412    
Total 2,636    
Accumulated Depreciation $ 104    
Central Pacific Business Park I | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,629    
Initial Cost to Company, Buildings & Improvements 11,088    
Costs Capitalized Subsequent to Acquisition 1,790    
Gross Amount Carried, Land 6,629    
Gross Amount Carried, Building & Improvements 12,878    
Total 19,507    
Accumulated Depreciation $ 3,913    
Central Pacific Business Park II | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 13,642    
Initial Cost to Company, Buildings & Improvements 23,658    
Costs Capitalized Subsequent to Acquisition 7,980    
Gross Amount Carried, Land 13,642    
Gross Amount Carried, Building & Improvements 31,638    
Total 45,280    
Accumulated Depreciation $ 10,852    
1st Ave | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 29,441    
Initial Cost to Company, Buildings & Improvements 30,537    
Costs Capitalized Subsequent to Acquisition 8,942    
Gross Amount Carried, Land 29,441    
Gross Amount Carried, Building & Improvements 39,479    
Total 68,920    
Accumulated Depreciation $ 5,497    
13045 SE 32nd Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,982    
Initial Cost to Company, Buildings & Improvements 536    
Costs Capitalized Subsequent to Acquisition 886    
Gross Amount Carried, Land 5,982    
Gross Amount Carried, Building & Improvements 1,422    
Total 7,404    
Accumulated Depreciation $ 51    
33rd Place | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 10,655    
Initial Cost to Company, Buildings & Improvements 3,930    
Costs Capitalized Subsequent to Acquisition 144    
Gross Amount Carried, Land 10,655    
Gross Amount Carried, Building & Improvements 4,074    
Total 14,729    
Accumulated Depreciation $ 355    
6th Ave South | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 7,215    
Initial Cost to Company, Buildings & Improvements 8,670    
Costs Capitalized Subsequent to Acquisition 480    
Gross Amount Carried, Land 7,215    
Gross Amount Carried, Building & Improvements 9,150    
Total 16,365    
Accumulated Depreciation $ 1,446    
68th Kent | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 7,465    
Initial Cost to Company, Buildings & Improvements 2,263    
Costs Capitalized Subsequent to Acquisition 210    
Gross Amount Carried, Land 7,465    
Gross Amount Carried, Building & Improvements 2,473    
Total 9,938    
Accumulated Depreciation 261    
84th Kent | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 4,552    
Initial Cost to Company, Buildings & Improvements 136    
Costs Capitalized Subsequent to Acquisition 310    
Gross Amount Carried, Land 4,552    
Gross Amount Carried, Building & Improvements 446    
Total 4,998    
Accumulated Depreciation $ 187    
117th Place NE | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 23,846    
Initial Cost to Company, Buildings & Improvements 9,842    
Costs Capitalized Subsequent to Acquisition 1,329    
Gross Amount Carried, Land 23,846    
Gross Amount Carried, Building & Improvements 11,171    
Total 35,017    
Accumulated Depreciation $ 1,226    
917 Valley | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,203    
Initial Cost to Company, Buildings & Improvements 4,551    
Costs Capitalized Subsequent to Acquisition 373    
Gross Amount Carried, Land 2,203    
Gross Amount Carried, Building & Improvements 4,924    
Total 7,127    
Accumulated Depreciation $ 787    
3401 Lind | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,999    
Initial Cost to Company, Buildings & Improvements 6,707    
Costs Capitalized Subsequent to Acquisition 1,451    
Gross Amount Carried, Land 2,999    
Gross Amount Carried, Building & Improvements 8,158    
Total 11,157    
Accumulated Depreciation $ 2,386    
4225 2nd Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,236    
Initial Cost to Company, Buildings & Improvements 4,049    
Costs Capitalized Subsequent to Acquisition 2,283    
Gross Amount Carried, Land 4,236    
Gross Amount Carried, Building & Improvements 6,332    
Total 10,568    
Accumulated Depreciation $ 1,877    
4930 3rd Avenue South | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,984    
Initial Cost to Company, Buildings & Improvements 2,424    
Costs Capitalized Subsequent to Acquisition 1,202    
Gross Amount Carried, Land 3,984    
Gross Amount Carried, Building & Improvements 3,626    
Total 7,610    
Accumulated Depreciation 1,098    
12119 East Marginal | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 4,950    
Initial Cost to Company, Buildings & Improvements 1,740    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 4,950    
Gross Amount Carried, Building & Improvements 1,740    
Total 6,690    
Accumulated Depreciation $ 198    
17600 West Valley Highway | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,361    
Initial Cost to Company, Buildings & Improvements 5,260    
Costs Capitalized Subsequent to Acquisition 1,916    
Gross Amount Carried, Land 3,361    
Gross Amount Carried, Building & Improvements 7,176    
Total 10,537    
Accumulated Depreciation $ 2,925    
Auburn 400 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,415    
Initial Cost to Company, Buildings & Improvements 5,234    
Costs Capitalized Subsequent to Acquisition 1,194    
Gross Amount Carried, Land 4,415    
Gross Amount Carried, Building & Improvements 6,428    
Total 10,843    
Accumulated Depreciation $ 1,084    
Auburn 1307 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,253    
Initial Cost to Company, Buildings & Improvements 5,034    
Costs Capitalized Subsequent to Acquisition 743    
Gross Amount Carried, Land 4,253    
Gross Amount Carried, Building & Improvements 5,777    
Total 10,030    
Accumulated Depreciation $ 1,859    
Dawson | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,902    
Initial Cost to Company, Buildings & Improvements 278    
Costs Capitalized Subsequent to Acquisition 654    
Gross Amount Carried, Land 3,902    
Gross Amount Carried, Building & Improvements 932    
Total 4,834    
Accumulated Depreciation $ 330    
East Valley | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,693    
Initial Cost to Company, Buildings & Improvements 2,959    
Costs Capitalized Subsequent to Acquisition 381    
Gross Amount Carried, Land 2,693    
Gross Amount Carried, Building & Improvements 3,340    
Total 6,033    
Accumulated Depreciation 621    
East Marginal | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 2,618    
Initial Cost to Company, Buildings & Improvements 380    
Costs Capitalized Subsequent to Acquisition 198    
Gross Amount Carried, Land 2,618    
Gross Amount Carried, Building & Improvements 578    
Total 3,196    
Accumulated Depreciation $ 170    
Hudson | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,471    
Initial Cost to Company, Buildings & Improvements 912    
Costs Capitalized Subsequent to Acquisition 323    
Gross Amount Carried, Land 4,471    
Gross Amount Carried, Building & Improvements 1,235    
Total 5,706    
Accumulated Depreciation $ 204    
Kent 188 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,251    
Initial Cost to Company, Buildings & Improvements 4,719    
Costs Capitalized Subsequent to Acquisition 3,065    
Gross Amount Carried, Land 3,251    
Gross Amount Carried, Building & Improvements 7,784    
Total 11,035    
Accumulated Depreciation $ 2,970    
Kent 190 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,560    
Initial Cost to Company, Buildings & Improvements 5,561    
Costs Capitalized Subsequent to Acquisition 1,522    
Gross Amount Carried, Land 4,560    
Gross Amount Carried, Building & Improvements 7,083    
Total 11,643    
Accumulated Depreciation $ 2,099    
Kent 192 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 12,752    
Initial Cost to Company, Buildings & Improvements 20,642    
Costs Capitalized Subsequent to Acquisition 533    
Gross Amount Carried, Land 12,752    
Gross Amount Carried, Building & Improvements 21,175    
Total 33,927    
Accumulated Depreciation $ 3,290    
Kent 202 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,761    
Initial Cost to Company, Buildings & Improvements 9,114    
Costs Capitalized Subsequent to Acquisition 4,528    
Gross Amount Carried, Land 5,761    
Gross Amount Carried, Building & Improvements 13,642    
Total 19,403    
Accumulated Depreciation $ 4,190    
Kent 216 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,672    
Initial Cost to Company, Buildings & Improvements 5,408    
Costs Capitalized Subsequent to Acquisition 1,145    
Gross Amount Carried, Land 3,672    
Gross Amount Carried, Building & Improvements 6,553    
Total 10,225    
Accumulated Depreciation $ 2,198    
Kent Corporate Park | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 5,032    
Initial Cost to Company, Buildings & Improvements 6,916    
Costs Capitalized Subsequent to Acquisition 2,677    
Gross Amount Carried, Land 5,032    
Gross Amount Carried, Building & Improvements 9,593    
Total 14,625    
Accumulated Depreciation $ 3,493    
Lucile | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 4,498    
Initial Cost to Company, Buildings & Improvements 3,504    
Costs Capitalized Subsequent to Acquisition 1,738    
Gross Amount Carried, Land 4,498    
Gross Amount Carried, Building & Improvements 5,242    
Total 9,740    
Accumulated Depreciation $ 1,544    
Lund | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,573    
Initial Cost to Company, Buildings & Improvements 4,399    
Costs Capitalized Subsequent to Acquisition 596    
Gross Amount Carried, Land 2,573    
Gross Amount Carried, Building & Improvements 4,995    
Total 7,568    
Accumulated Depreciation $ 1,250    
Occidental Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 12,550    
Initial Cost to Company, Buildings & Improvements 3,300    
Costs Capitalized Subsequent to Acquisition 1,261    
Gross Amount Carried, Land 12,550    
Gross Amount Carried, Building & Improvements 4,561    
Total 17,111    
Accumulated Depreciation $ 556    
Olympic | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,499    
Initial Cost to Company, Buildings & Improvements 1,431    
Costs Capitalized Subsequent to Acquisition 742    
Gross Amount Carried, Land 1,499    
Gross Amount Carried, Building & Improvements 2,173    
Total 3,672    
Accumulated Depreciation 924    
MLK 9801 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 14,388    
Initial Cost to Company, Buildings & Improvements 1,360    
Costs Capitalized Subsequent to Acquisition 429    
Gross Amount Carried, Land 14,388    
Gross Amount Carried, Building & Improvements 1,789    
Total 16,177    
Accumulated Depreciation 140    
MLK 9845 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 14,436    
Initial Cost to Company, Buildings & Improvements 531    
Costs Capitalized Subsequent to Acquisition 95    
Gross Amount Carried, Land 14,436    
Gross Amount Carried, Building & Improvements 626    
Total 15,062    
Accumulated Depreciation 120    
MLK 9600 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 20,849    
Initial Cost to Company, Buildings & Improvements 1,395    
Costs Capitalized Subsequent to Acquisition 812    
Gross Amount Carried, Land 20,849    
Gross Amount Carried, Building & Improvements 2,207    
Total 23,056    
Accumulated Depreciation $ 722    
NE 91st | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 7,944    
Initial Cost to Company, Buildings & Improvements 1,866    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 7,944    
Gross Amount Carried, Building & Improvements 1,866    
Total 9,810    
Accumulated Depreciation $ 133    
SeaTac 8th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,501    
Initial Cost to Company, Buildings & Improvements 4,020    
Costs Capitalized Subsequent to Acquisition 2,339    
Gross Amount Carried, Land 2,501    
Gross Amount Carried, Building & Improvements 6,359    
Total 8,860    
Accumulated Depreciation $ 2,364    
SE 32nd Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 9,059    
Initial Cost to Company, Buildings & Improvements 2,081    
Costs Capitalized Subsequent to Acquisition 1,549    
Gross Amount Carried, Land 9,059    
Gross Amount Carried, Building & Improvements 3,630    
Total 12,689    
Accumulated Depreciation 910    
SW 16th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 6,251    
Initial Cost to Company, Buildings & Improvements 2,001    
Costs Capitalized Subsequent to Acquisition 1,307    
Gross Amount Carried, Land 6,251    
Gross Amount Carried, Building & Improvements 3,308    
Total 9,559    
Accumulated Depreciation $ 216    
SW 34th | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,912    
Initial Cost to Company, Buildings & Improvements 3,289    
Costs Capitalized Subsequent to Acquisition 540    
Gross Amount Carried, Land 2,912    
Gross Amount Carried, Building & Improvements 3,829    
Total 6,741    
Accumulated Depreciation $ 1,350    
Valley Corporate | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 5,264    
Initial Cost to Company, Buildings & Improvements 9,096    
Costs Capitalized Subsequent to Acquisition 3,095    
Gross Amount Carried, Land 5,264    
Gross Amount Carried, Building & Improvements 12,191    
Total 17,455    
Accumulated Depreciation $ 4,948    
Woodinville | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 12,490    
Initial Cost to Company, Buildings & Improvements 12,244    
Costs Capitalized Subsequent to Acquisition 2    
Gross Amount Carried, Land 12,490    
Gross Amount Carried, Building & Improvements 12,246    
Total 24,736    
Accumulated Depreciation $ 1,010    
Woodinville II | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 20,941    
Initial Cost to Company, Buildings & Improvements 12,949    
Costs Capitalized Subsequent to Acquisition 182    
Gross Amount Carried, Land 20,941    
Gross Amount Carried, Building & Improvements 13,131    
Total 34,072    
Accumulated Depreciation 1,029    
Willows | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 3,067    
Initial Cost to Company, Buildings & Improvements 581    
Costs Capitalized Subsequent to Acquisition 179    
Gross Amount Carried, Land 3,067    
Gross Amount Carried, Building & Improvements 760    
Total 3,827    
Accumulated Depreciation 81    
8660 Willows Road | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 18,034    
Initial Cost to Company, Buildings & Improvements 2,180    
Costs Capitalized Subsequent to Acquisition 1,422    
Gross Amount Carried, Land 18,034    
Gross Amount Carried, Building & Improvements 3,602    
Total 21,636    
Accumulated Depreciation $ 337    
26th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,444    
Initial Cost to Company, Buildings & Improvements 4,558    
Costs Capitalized Subsequent to Acquisition 1,272    
Gross Amount Carried, Land 3,444    
Gross Amount Carried, Building & Improvements 5,830    
Total 9,274    
Accumulated Depreciation $ 2,066    
48th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 4,322    
Initial Cost to Company, Buildings & Improvements 2,187    
Costs Capitalized Subsequent to Acquisition 1,053    
Gross Amount Carried, Land 4,322    
Gross Amount Carried, Building & Improvements 3,240    
Total 7,562    
Accumulated Depreciation $ 1,039    
70th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,434    
Initial Cost to Company, Buildings & Improvements 2,333    
Costs Capitalized Subsequent to Acquisition 469    
Gross Amount Carried, Land 1,434    
Gross Amount Carried, Building & Improvements 2,802    
Total 4,236    
Accumulated Depreciation $ 1,030    
70th Avenue II | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,152    
Initial Cost to Company, Buildings & Improvements 3,418    
Costs Capitalized Subsequent to Acquisition 1,025    
Gross Amount Carried, Land 2,152    
Gross Amount Carried, Building & Improvements 4,443    
Total 6,595    
Accumulated Depreciation $ 1,181    
70th Avenue III | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,543    
Initial Cost to Company, Buildings & Improvements 3,167    
Costs Capitalized Subsequent to Acquisition 848    
Gross Amount Carried, Land 2,543    
Gross Amount Carried, Building & Improvements 4,015    
Total 6,558    
Accumulated Depreciation $ 1,005    
70th Avenue IV | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,119    
Initial Cost to Company, Buildings & Improvements 1,456    
Costs Capitalized Subsequent to Acquisition 727    
Gross Amount Carried, Land 1,119    
Gross Amount Carried, Building & Improvements 2,183    
Total 3,302    
Accumulated Depreciation $ 492    
70th Avenue V | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,036    
Initial Cost to Company, Buildings & Improvements 3,419    
Costs Capitalized Subsequent to Acquisition 2,431    
Gross Amount Carried, Land 5,036    
Gross Amount Carried, Building & Improvements 5,850    
Total 10,886    
Accumulated Depreciation $ 1,084    
73rd Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 6,130    
Initial Cost to Company, Buildings & Improvements 13,932    
Costs Capitalized Subsequent to Acquisition 493    
Gross Amount Carried, Land 6,130    
Gross Amount Carried, Building & Improvements 14,425    
Total 20,555    
Accumulated Depreciation $ 1,159    
74th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,327    
Initial Cost to Company, Buildings & Improvements 3,538    
Costs Capitalized Subsequent to Acquisition 965    
Gross Amount Carried, Land 2,327    
Gross Amount Carried, Building & Improvements 4,503    
74th Avenue | Intangible assets      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Total 6,830    
Accumulated Depreciation $ 1,219    
81st Street      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 2,938    
Initial Cost to Company, Buildings & Improvements 5,242    
Costs Capitalized Subsequent to Acquisition 2,077    
Gross Amount Carried, Land 2,938    
Gross Amount Carried, Building & Improvements 7,319    
Total 10,257    
Accumulated Depreciation $ 2,400    
94th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,000    
Initial Cost to Company, Buildings & Improvements 3,580    
Costs Capitalized Subsequent to Acquisition 3,072    
Gross Amount Carried, Land 3,000    
Gross Amount Carried, Building & Improvements 6,652    
Total 9,652    
Accumulated Depreciation $ 984    
107th Avenue | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,787    
Initial Cost to Company, Buildings & Improvements 2,036    
Costs Capitalized Subsequent to Acquisition 933    
Gross Amount Carried, Land 2,787    
Gross Amount Carried, Building & Improvements 2,969    
Total 5,756    
Accumulated Depreciation $ 1,224    
101st Road | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,647    
Initial Cost to Company, Buildings & Improvements 3,258    
Costs Capitalized Subsequent to Acquisition 1,074    
Gross Amount Carried, Land 2,647    
Gross Amount Carried, Building & Improvements 4,332    
101st Road | Intangible assets      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Total 6,979    
Accumulated Depreciation $ 1,642    
131st Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,903    
Initial Cost to Company, Buildings & Improvements 5,729    
Costs Capitalized Subsequent to Acquisition 1,408    
Gross Amount Carried, Land 2,903    
Gross Amount Carried, Building & Improvements 7,137    
Total 10,040    
Accumulated Depreciation $ 2,176    
7045 NW 46th St | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,517    
Initial Cost to Company, Buildings & Improvements 2,261    
Costs Capitalized Subsequent to Acquisition 210    
Gross Amount Carried, Land 2,517    
Gross Amount Carried, Building & Improvements 2,471    
Total 4,988    
Accumulated Depreciation 193    
8050 NW 90th St | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 18,612    
Initial Cost to Company, Buildings & Improvements 2,067    
Costs Capitalized Subsequent to Acquisition 3,478    
Gross Amount Carried, Land 18,612    
Gross Amount Carried, Building & Improvements 5,545    
Total 24,157    
Accumulated Depreciation $ 549    
12950 SW South River | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,971    
Initial Cost to Company, Buildings & Improvements 4,029    
Costs Capitalized Subsequent to Acquisition 840    
Gross Amount Carried, Land 1,971    
Gross Amount Carried, Building & Improvements 4,869    
Total 6,840    
Accumulated Depreciation $ 1,264    
Americas Gateway | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 5    
Initial Cost to Company, Land $ 9,088    
Initial Cost to Company, Buildings & Improvements 9,552    
Costs Capitalized Subsequent to Acquisition 5,529    
Gross Amount Carried, Land 9,088    
Gross Amount Carried, Building & Improvements 15,081    
Total 24,169    
Accumulated Depreciation $ 5,796    
Americas Gateway 5 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,064    
Initial Cost to Company, Buildings & Improvements 4,326    
Costs Capitalized Subsequent to Acquisition 355    
Gross Amount Carried, Land 2,064    
Gross Amount Carried, Building & Improvements 4,681    
Total 6,745    
Accumulated Depreciation $ 445    
Countyline #24 & #25 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 15,552    
Initial Cost to Company, Buildings & Improvements 27,898    
Costs Capitalized Subsequent to Acquisition 6,636    
Gross Amount Carried, Land 15,552    
Gross Amount Carried, Building & Improvements 34,534    
Total 50,086    
Accumulated Depreciation $ 4,464    
Countyline #26 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 11,826    
Initial Cost to Company, Buildings & Improvements 24,407    
Costs Capitalized Subsequent to Acquisition 4,958    
Gross Amount Carried, Land 11,826    
Gross Amount Carried, Building & Improvements 29,365    
Total 41,191    
Accumulated Depreciation $ 3,388    
Countyline #27 & #28 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 18,595    
Initial Cost to Company, Buildings & Improvements 49,052    
Costs Capitalized Subsequent to Acquisition 9,847    
Gross Amount Carried, Land 18,595    
Gross Amount Carried, Building & Improvements 58,899    
Total 77,494    
Accumulated Depreciation $ 6,764    
Countyline #29 & #30 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 2    
Initial Cost to Company, Land $ 19,370    
Initial Cost to Company, Buildings & Improvements 52,925    
Costs Capitalized Subsequent to Acquisition 6,530    
Gross Amount Carried, Land 19,370    
Gross Amount Carried, Building & Improvements 59,455    
Total 78,825    
Accumulated Depreciation $ 4,526    
Countyline 31 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 13,425    
Initial Cost to Company, Buildings & Improvements 28,576    
Costs Capitalized Subsequent to Acquisition 870    
Gross Amount Carried, Land 13,425    
Gross Amount Carried, Building & Improvements 29,446    
Total 42,871    
Accumulated Depreciation $ 145    
Countyline 38 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 36,898    
Initial Cost to Company, Buildings & Improvements 67,304    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 36,898    
Gross Amount Carried, Building & Improvements 67,304    
Total 104,202    
Accumulated Depreciation $ 1,623    
Countyline 39 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 14,647    
Initial Cost to Company, Buildings & Improvements 29,337    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 14,647    
Gross Amount Carried, Building & Improvements 29,337    
Total 43,984    
Accumulated Depreciation $ 316    
Countyline 40 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 12,151    
Initial Cost to Company, Buildings & Improvements 28,265    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 12,151    
Gross Amount Carried, Building & Improvements 28,265    
Total 40,416    
Accumulated Depreciation $ 650    
Countyline 41 | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 14,044    
Initial Cost to Company, Buildings & Improvements 31,261    
Costs Capitalized Subsequent to Acquisition 469    
Gross Amount Carried, Land 14,044    
Gross Amount Carried, Building & Improvements 31,730    
Total 45,774    
Accumulated Depreciation $ 1,118    
Doral Air Logistics Center | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 70,197    
Initial Cost to Company, Buildings & Improvements 117,640    
Costs Capitalized Subsequent to Acquisition 0    
Gross Amount Carried, Land 70,197    
Gross Amount Carried, Building & Improvements 117,640    
Total 187,837    
Accumulated Depreciation $ 124    
Miami International Trade Center | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 5,063    
Initial Cost to Company, Buildings & Improvements 10,958    
Costs Capitalized Subsequent to Acquisition 3,671    
Gross Amount Carried, Land 5,063    
Gross Amount Carried, Building & Improvements 14,629    
Total 19,692    
Accumulated Depreciation $ 3,942    
25th Place NE | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 7,845    
Initial Cost to Company, Buildings & Improvements 4,932    
Costs Capitalized Subsequent to Acquisition 336    
Gross Amount Carried, Land 7,845    
Gross Amount Carried, Building & Improvements 5,268    
Total 13,113    
Accumulated Depreciation $ 210    
75th Ave | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 5    
Initial Cost to Company, Land $ 10,658    
Initial Cost to Company, Buildings & Improvements 18,615    
Costs Capitalized Subsequent to Acquisition 6,766    
Gross Amount Carried, Land 10,658    
Gross Amount Carried, Building & Improvements 25,381    
Total 36,039    
Accumulated Depreciation $ 7,832    
2920 V Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,248    
Initial Cost to Company, Buildings & Improvements 1,670    
Costs Capitalized Subsequent to Acquisition 1,600    
Gross Amount Carried, Land 2,248    
Gross Amount Carried, Building & Improvements 3,270    
Total 5,518    
Accumulated Depreciation $ 775    
3000 V Street NE | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 5,171    
Initial Cost to Company, Buildings & Improvements 2,745    
Costs Capitalized Subsequent to Acquisition 594    
Gross Amount Carried, Land 5,171    
Gross Amount Carried, Building & Improvements 3,339    
Total 8,510    
Accumulated Depreciation $ 27    
3601 Pennsy | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 2,331    
Initial Cost to Company, Buildings & Improvements 4,375    
Costs Capitalized Subsequent to Acquisition 1,757    
Gross Amount Carried, Land 2,331    
Gross Amount Carried, Building & Improvements 6,132    
Total 8,463    
Accumulated Depreciation $ 2,300    
4230 Forbes | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 1,736    
Initial Cost to Company, Buildings & Improvements 2,395    
Costs Capitalized Subsequent to Acquisition 1,387    
Gross Amount Carried, Land 1,736    
Gross Amount Carried, Building & Improvements 3,782    
Total 5,518    
Accumulated Depreciation 1,223    
4501 46th Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 9,576    
Initial Cost to Company, Buildings & Improvements 1,984    
Costs Capitalized Subsequent to Acquisition 1,029    
Gross Amount Carried, Land 9,576    
Gross Amount Carried, Building & Improvements 3,013    
Total 12,589    
Accumulated Depreciation $ 252    
Business Parkway | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 3,038    
Initial Cost to Company, Buildings & Improvements 3,007    
Costs Capitalized Subsequent to Acquisition 210    
Gross Amount Carried, Land 3,038    
Gross Amount Carried, Building & Improvements 3,217    
Total 6,255    
Accumulated Depreciation $ 726    
Eisenhower | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 36,755    
Initial Cost to Company, Buildings & Improvements 23,768    
Costs Capitalized Subsequent to Acquisition 2,506    
Gross Amount Carried, Land 36,755    
Gross Amount Carried, Building & Improvements 26,274    
Total 63,029    
Accumulated Depreciation $ 2,241    
Fleet | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 4    
Initial Cost to Company, Land $ 52,000    
Initial Cost to Company, Buildings & Improvements 29,858    
Costs Capitalized Subsequent to Acquisition 383    
Gross Amount Carried, Land 52,000    
Gross Amount Carried, Building & Improvements 30,241    
Total 82,241    
Accumulated Depreciation $ 576    
Hampton Overlook | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 3    
Initial Cost to Company, Land $ 4,602    
Initial Cost to Company, Buildings & Improvements 7,521    
Costs Capitalized Subsequent to Acquisition 2,579    
Gross Amount Carried, Land 4,602    
Gross Amount Carried, Building & Improvements 10,100    
Total 14,702    
Accumulated Depreciation $ 2,585    
Pickett | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 1    
Initial Cost to Company, Land $ 6,256    
Initial Cost to Company, Buildings & Improvements 2,850    
Costs Capitalized Subsequent to Acquisition 702    
Gross Amount Carried, Land 6,256    
Gross Amount Carried, Building & Improvements 3,552    
Total 9,808    
Accumulated Depreciation 429    
Tuxedo | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
Initial Cost to Company, Land 6,867    
Initial Cost to Company, Buildings & Improvements 1,266    
Costs Capitalized Subsequent to Acquisition 1,104    
Gross Amount Carried, Land 6,867    
Gross Amount Carried, Building & Improvements 2,370    
Total 9,237    
Accumulated Depreciation $ 280    
V Street | Real estate investment property, excluding unamortized net deferred financing costs      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation      
No. of Bldgs. | property 6    
Initial Cost to Company, Land $ 67,132    
Initial Cost to Company, Buildings & Improvements 41,299    
Costs Capitalized Subsequent to Acquisition 20,732    
Gross Amount Carried, Land 67,132    
Gross Amount Carried, Building & Improvements 62,031    
Total 129,163    
Accumulated Depreciation $ 19,719    
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Schedule III Real Estate Investments and Accumulated Depreciation - Activity for Real Estate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate    
Balance at beginning of year $ 4,047,840 $ 3,398,774
Acquisition of properties 937,908 512,531
Disposition of properties (31,755) (43,854)
Construction in progress 129,564 139,974
Properties held for sale (7,715) 0
Improvements, net of write-offs 46,068 40,415
Balance at end of year $ 5,121,910 $ 4,047,840
v3.25.0.1
Schedule III Real Estate Investments and Accumulated Depreciation - Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation    
Balance at beginning of year $ 384,480 $ 323,631
Amortization of lease intangible assets 20,368 15,008
Depreciation expense 71,704 56,765
Accumulated depreciation on properties held for sale (1,457) 0
Disposition of properties and write-offs (8,542) (10,924)
Balance at end of year $ 466,553 $ 384,480