STAG INDUSTRIAL, INC., 10-K filed on 2/11/2026
Annual Report
v3.25.4
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 10, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Fiscal Period Focus FY    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Document Transition Report false    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Current Fiscal Year End Date --12-31    
Entity File Number 1-34907    
Entity Registrant Name STAG INDUSTRIAL, INC.    
Entity Central Index Key 0001479094    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 27-3099608    
Entity Address, Address Line One One Federal Street    
Entity Address, Address Line Two 23rd Floor    
Entity Address, City or Town Boston,    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02110    
City Area Code 617    
Local Phone Number 574-4777    
Title of 12(b) Security Common Stock, $0.01 par value    
Trading Symbol STAG    
Security Exchange Name 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    
Entity Shell Company false    
Entity Public Float     $ 6,764
Entity Common Stock, Shares Outstanding   191,036,305  
Documents Incorporated by Reference [Text Block]
Portions of the registrant’s definitive Proxy Statement with respect to its 2026 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14 hereof as noted therein.
    
Auditor Name PricewaterhouseCoopers LLP    
Auditor Location Boston, Massachusetts    
Auditor Firm ID 238    
Document Financial Statement Error Correction [Flag] false    
v3.25.4
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Rental Property:    
Land $ 811,569,000 $ 771,794,000
Buildings and improvements, net of accumulated depreciation of $1,119,931 and $1,085,866, respectively 5,593,471,000 5,295,120,000
Deferred leasing intangibles, net of accumulated amortization of $425,502 and $386,627, respectively 394,967,000 428,865,000
Total rental property, net 6,800,007,000 6,495,779,000
Cash and cash equivalents 14,910,000 36,284,000
Restricted cash 85,973,000 1,109,000
Tenant accounts receivable 156,458,000 136,357,000
Prepaid expenses and other assets 104,484,000 96,189,000
Interest rate swaps 13,529,000 36,466,000
Operating lease right-of-use assets 32,708,000 31,151,000
Total assets 7,208,069,000 6,833,335,000
Liabilities:    
Unsecured credit facility 262,000,000 409,000,000
Unsecured term loans, net 1,021,341,000 1,021,848,000
Unsecured notes, net 1,966,994,000 1,594,092,000
Mortgage note, net 3,980,000 4,195,000
Accounts payable, accrued expenses and other liabilities 135,397,000 126,811,000
Interest rate swaps 1,310,000 0
Tenant prepaid rent and security deposits 59,225,000 56,173,000
Dividends and distributions payable 24,187,000 23,469,000
Deferred leasing intangibles, net of accumulated amortization of $34,098 and $31,368, respectively 25,566,000 33,335,000
Operating lease liabilities 37,040,000 35,304,000
Total liabilities 3,537,040,000 3,304,227,000
Commitments and contingencies (Note 11)
Equity:    
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at December 31, 2025 and December 31, 2024; none issued or outstanding 0 0
Common stock, par value $0.01 per share, 300,000,000 shares authorized at December 31, 2025 and December 31, 2024, 191,005,261 and 186,517,523 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 1,910,000 1,865,000
Additional paid-in capital 4,616,888,000 4,449,964,000
Cumulative dividends in excess of earnings (1,034,954,000) (1,029,757,000)
Accumulated other comprehensive income 11,853,000 35,579,000
Total stockholders’ equity 3,595,697,000 3,457,651,000
Noncontrolling Interest in Operating Partnerships 71,342,000 69,932,000
Noncontrolling interest in joint ventures 3,990,000 1,525,000
Total equity 3,671,029,000 3,529,108,000
Total liabilities and equity $ 7,208,069,000 $ 6,833,335,000
v3.25.4
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue      
Rental income $ 843,009 $ 762,892 $ 705,160
Other income 2,175 4,492 2,675
Total revenue 845,184 767,384 707,835
Expenses      
Property 171,825 154,828 139,596
General and administrative 51,933 49,202 47,491
Depreciation and amortization 301,797 293,077 278,447
Loss on impairment 888 4,967 0
Other expenses 1,798 2,332 4,693
Total expenses 528,241 504,406 470,227
Other income (expense)      
Interest and other income 385 44 68
Interest expense (132,160) (113,169) (94,575)
Debt extinguishment and modification expenses (1,503) (703) 0
Gain on involuntary conversion 1,855 11,843 0
Gain on the sales of rental property, net 93,750 32,273 54,100
Total other income (expense) (37,673) (69,712) (40,407)
Net income 279,270 193,266 197,201
Less: income attributable to noncontrolling interest in operating partnership 5,751 4,046 4,356
Net income attributable to STAG Industrial, Inc. 273,519 189,220 192,845
Less: amount allocated to participating securities 169 182 212
Net income attributable to common stockholders $ 273,350 $ 189,038 $ 192,633
Weighted average common shares outstanding — basic 186,844 182,160 180,221
Weighted average common shares outstanding — diluted 187,174 182,404 180,555
Net income per share attributable to common stockholders — basic $ 1.46 $ 1.04 $ 1.07
Net income per share attributable to common stockholders — diluted $ 1.46 $ 1.04 $ 1.07
v3.25.4
Consolidated Statements of Comprehensive Income (Loss) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Net income $ 279,270 $ 193,266 $ 197,201
Other comprehensive loss:      
Loss on interest rate swaps (24,225) (13,919) (21,774)
Other comprehensive loss (24,225) (13,919) (21,774)
Comprehensive income 255,045 179,347 175,427
Income attributable to noncontrolling interest (5,751) (4,046) (4,356)
Other comprehensive loss attributable to noncontrolling interest 499 291 481
Comprehensive income attributable to STAG Industrial, Inc. $ 249,793 $ 175,592 $ 171,552
v3.25.4
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Preferred Stock
Common Stock
Additional Paid-in Capital
Cumulative Dividends in Excess of Earnings
Accumulated Other Comprehensive Income (Loss)
Total Stockholders' Equity
Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling Interest in Joint Venture
Balance at Dec. 31, 2022 $ 3,458,181 $ 0 $ 1,792 $ 4,188,677 $ (876,145) $ 70,500 $ 3,384,824 $ 73,357 $ 0
Balance (in shares) at Dec. 31, 2022     179,248,980            
Increase (Decrease) in Stockholders' Equity                  
Proceeds from sales of common stock $ 69,456   $ 20 69,436     69,456    
Proceeds from sales of common stock (in shares)     1,967,009            
Dividend declared (in dollars per share) $ 1.47                
Dividends, Common Stock         265,337        
Dividends             265,337    
Distribution Made to Limited Partner, Cash Distributions Declared               2,672  
Dividends and Distributions, Net $ (268,009)                
Non-cash compensation activity, net 10,756     1,748     1,666 9,090  
Non-cash compensation activity (in shares)     102,704            
Non-cash compensation activity (in excess of earnings)     $ (1)   (83)        
Redemption of common units to common stock $ 0   $ (4) (6,997)     (7,001) (7,001)  
Redemption of common units to common stock (in shares) 0   372,174            
Rebalancing of noncontrolling interest in operating partnership $ 0     5,518     5,518 (5,518)  
Other comprehensive loss (21,774)         21,293 21,293 481  
Net income 197,201       192,845   192,845 4,356  
Balance at Dec. 31, 2023 3,445,811 0 $ 1,817 4,272,376 (948,720) 49,207 3,374,680 71,131 0
Balance (in shares) at Dec. 31, 2023     181,690,867            
Increase (Decrease) in Stockholders' Equity                  
Proceeds from sales of common stock $ 167,219   $ 43 167,176     167,219    
Proceeds from sales of common stock (in shares)     4,308,008            
Dividend declared (in dollars per share) $ 1.48                
Dividends, Common Stock         270,021        
Dividends             270,021    
Distribution Made to Limited Partner, Cash Distributions Declared               5,644  
Dividends and Distributions, Net $ (275,665)                
Non-cash compensation activity, net 10,871     3,724     3,489 7,382  
Non-cash compensation activity (in shares)     78,098            
Non-cash compensation activity (in excess of earnings)     $ (1)   (236)        
Redemption of common units to common stock $ 0   $ (4) (8,157)     (8,161) (8,161)  
Redemption of common units to common stock (in shares) 0   440,550            
Rebalancing of noncontrolling interest in operating partnership $ 0     (1,469)     (1,469) 1,469  
Proceeds from Noncontrolling Interests 1,525               1,525
Other comprehensive loss (13,919)         13,628 13,628 291  
Net income 193,266       189,220   189,220 4,046  
Balance at Dec. 31, 2024 3,529,108 0 $ 1,865 4,449,964 (1,029,757) 35,579 3,457,651 69,932 1,525
Balance (in shares) at Dec. 31, 2024     186,517,523            
Increase (Decrease) in Stockholders' Equity                  
Proceeds from sales of common stock $ 156,765   $ 42 156,723     156,765    
Proceeds from sales of common stock (in shares)     4,169,738            
Dividend declared (in dollars per share) $ 1.49                
Dividends, Common Stock         278,692        
Dividends             278,692    
Distribution Made to Limited Partner, Cash Distributions Declared               (5,998)  
Dividends and Distributions, Net $ (284,690)                
Non-cash compensation activity, net 12,336     2,922     2,898 9,438  
Non-cash compensation activity (in shares)     54,993            
Non-cash compensation activity (in excess of earnings)     $ 0   (24)        
Redemption of common units to common stock $ 0   $ (3) (4,855)     (4,858) (4,858)  
Redemption of common units to common stock (in shares) 0   263,007            
Rebalancing of noncontrolling interest in operating partnership $ 0     2,424     2,424 (2,424)  
Proceeds from Noncontrolling Interests 2,465               2,465
Other comprehensive loss (24,225)         (23,726) (23,726) (499)  
Net income 279,270       273,519   273,519 5,751  
Balance at Dec. 31, 2025 $ 3,671,029 $ 0 $ 1,910 $ 4,616,888 $ (1,034,954) $ 11,853 $ 3,595,697 $ 71,342 $ 3,990
Balance (in shares) at Dec. 31, 2025     191,005,261            
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income $ 279,270 $ 193,266 $ 197,201
Adjustment to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 301,797 293,077 278,447
Loss on impairment 888 4,967 0
Gain on involuntary conversion (1,855) (11,843) 0
Non-cash portion of interest expense 5,421 4,506 3,905
Amortization of above and below market leases, net (2,538) (602) (887)
Straight-line rent adjustments, net (19,432) (14,447) (16,648)
Debt extinguishment and modification expenses 30 36 0
Gain on the sales of rental property, net (93,750) (32,273) (54,100)
Non-cash compensation expense 12,719 11,740 11,486
Change in assets and liabilities:      
Tenant accounts receivable 1,156 4,607 1,915
Prepaid expenses and other assets (28,018) (27,425) (23,870)
Accounts payable, accrued expenses and other liabilities 4,648 22,748 (9,237)
Tenant prepaid rent and security deposits 3,052 11,935 2,880
Total adjustments 184,118 267,026 193,891
Net cash provided by operating activities 463,388 460,292 391,092
Cash flows from investing activities:      
Additions of land and buildings and improvements (398,417) (624,722) (303,991)
Acquisitions of land and buildings and improvements (204,517) (150,445) (107,856)
Acquisitions of other assets (167) (243) 0
Payment to acquire operating lease right-of-use assets (3,495) (3,554) 0
Proceeds from sale of rental property, net 164,235 126,479 105,602
Acquisitions of tenant prepaid rent 0 0 511
Acquisition deposits, net (350) (450) 3,850
Acquisitions of deferred leasing intangibles (58,086) (81,677) (18,462)
Acquisition of operating lease liabilities 3,495 3,554 0
Net cash used in investing activities (497,302) (731,058) (320,346)
Cash flows from financing activities:      
Proceeds from unsecured credit facility 1,394,000 1,976,000 1,167,000
Repayment of unsecured credit facility (1,541,000) (1,969,000) (940,000)
Proceeds from unsecured term loans 55,000 0 0
Repayment of unsecured term loans (55,000) 0 0
Proceeds from unsecured notes 550,000 450,000 0
Repayments of Unsecured Debt (175,000) (50,000) (100,000)
Repayment of mortgage notes (223) (215) (3,503)
Payment of loan fees and costs (4,908) (12,456) (270)
Dividends and distributions (283,971) (274,920) (267,567)
Proceeds from sales of common stock, net 156,690 167,278 69,485
Repurchase and retirement of share-based compensation (649) (1,047) (812)
Proceeds from (Payments to) Noncontrolling Interests 2,465 651 0
Net cash provided by (used in) financing activities 97,404 286,291 (75,667)
Increase (decrease) in cash and cash equivalents and restricted cash 63,490 15,525 (4,921)
Cash and cash equivalents and restricted cash—beginning of period 37,393 21,868 26,789
Cash and cash equivalents and restricted cash—end of period 100,883 37,393 21,868
Supplemental disclosure:      
Cash paid for interest, net of amounts capitalized of $3,612, $2,268, and $2,600 for 2025, 2024, and 2023, respectively 127,684 108,817 89,979
Supplemental schedule of non-cash investing and financing activities      
Acquisitions of land and buildings and improvements (780) (3,330) (66)
Acquisitions of deferred leasing intangibles (129) (357) (6)
Additions to building and other capital improvements from involuntary conversion (1,855) 14,810 0
Partial disposal due to involuntary conversion of building 0 0 2,968
Investing other receivables due to involuntary conversion of building 0 2,968 (2,968)
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities (657) (19,126) 2,836
Additions to building and other capital improvements from non-cash compensation 266 205 92
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities (296) (563) (30)
Contributions from noncontrolling interest in joint ventures 0 (874) 0
Dividends and distributions accrued $ 24,187 $ 23,469 $ 22,726
v3.25.4
Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Capitalized interest $ 3,612 $ 2,268 $ 2,600
v3.25.4
Statement of Financial Position, Classified (Parentheticals) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Building and building, accumulated amortization $ 1,119,931 $ 1,085,866
Deferred leasing intangibles assets, accumulated amortization 425,502 386,627
Deferred leasing intangibles liabilities, accumulated amortization $ 34,098 $ 31,368
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized 300,000,000 300,000,000
Common Stock, shares issued 191,005,261 186,517,523
Common stock, shares outstanding 191,005,261 186,517,523
v3.25.4
Organization and Description of Business
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Description of Business Organization and Description of Business
STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition, development, and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (“the Code”). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of December 31, 2025 and 2024, the Company owned 98.1% and 98.0%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires.
As of December 31, 2025, the Company owned 601 industrial buildings in 41 states with approximately 120.0 million rentable square feet (square feet unaudited herein and throughout the Notes).
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation

The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long-term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All majority-owned subsidiaries and joint ventures over which the Company has a controlling financial interest are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.

Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, “Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires enhanced disclosures regarding income statement expenses, including disaggregation of significant categories such as depreciation and amortization of real estate assets, property operating expenses and employee compensation, within relevant expense captions presented in the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating ASU 2024-03 to determine the impact on its financial statement disclosures.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (“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 and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

Rental Property and Deferred Leasing Intangibles

Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized.

The Company capitalizes costs directly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred, with depreciation commencing on the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development project ready for its intended use and cease when the development projects are
substantially completed and held available for occupancy. Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate of the Company’s unsecured indebtedness during the period.

For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets.

Using information available at the time of acquisition, the Company allocates the purchase price of properties acquired based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates and exit capitalization rates, and land value per square foot, as well as available market information, and therefore involves subjective analysis and uncertainty. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant.

The above and below market lease values are amortized into rental income over the remaining lease term. The value of in-place lease intangibles and tenant relationships are amortized over the remaining lease term (and expected renewal period of the respective lease for tenant relationships) as increases to depreciation and amortization expense. The remaining lease terms are adjusted for bargain renewal options or assumed exercises of early termination options, as applicable. If a tenant subsequently terminates its lease, any unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation and amortization expense over the shortened lease term.

The purchase price allocated to deferred leasing intangible assets are included in rental property, net on the accompanying Consolidated Balance Sheets, and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets under the liabilities section.

In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt on a basis which approximates the effective interest method.

The Company evaluates the carrying value of all tangible and intangible rental property assets and deferred leasing intangible liabilities (collectively, the “property”) held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the property. If such cash flows are less than the property’s carrying value, an impairment charge is recognized to the extent by which the property’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and is based in part on assumptions regarding anticipated hold period, future occupancy, rental rates, capital requirements, and exit capitalization rates that could differ from actual results. The discount rate used to present value the cash flows for determining fair value is also subjective.

Depreciation expense is computed using the straight-line method based on the following estimated useful lives.

Description Estimated Useful Life
Building40 Years
Building and land improvements (maximum)20 Years
Tenant improvementsShorter of useful life or terms of related lease
 
Fully depreciated or amortized tenant improvements, deferred leasing intangible assets, deferred leasing intangible liabilities, or other assets and the associated accumulated depreciation or amortization are written-off. The Company wrote-off fully depreciated or amortized tenant improvements, deferred leasing intangible assets, deferred leasing intangible liabilities, and
other assets of approximately $8.1 million, $50.2 million, $5.4 million, and $134.1 million respectively, for the year ended December 31, 2025 and approximately $4.6 million, $71.1 million, $4.1 million, and $0.1 million respectively, for the year ended December 31, 2024.

Leases

For leases in which the Company is the lessee, the Company recognizes a right-of-use asset and corresponding lease liability on the accompanying Consolidated Balance Sheets equal to the present value of the fixed lease payments. In determining the operating right-of-use asset and lease liability for the Company’s operating leases, the Company estimates an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. The Company utilizes a market-based approach to estimate the incremental borrowing rate for each individual lease. Additionally, since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as yields on outstanding public debt and other market based pricing on longer duration financing instruments.

Interest in Joint Ventures

The Company has equity interests in consolidated joint ventures that are primarily engaged in the development and eventual operation of industrial real estate properties. The Company evaluated the joint ventures under the variable interest entity (“VIE”) model of consolidation and determined that the joint ventures are not VIEs. Accordingly, the Company has determined to account for its investment in the joint ventures under the voting interest model of consolidation, as the Company has a majority voting interest and financial control. Control is determined using accounting standards related to the consolidation of joint ventures and VIEs. The evaluation of control includes a review of the entity’s governing documents and the Company’s rights and obligations. In determining whether the Company has a controlling financial interest in a joint venture, the Company considers various factors, including the percentage of voting interests owned, the ability to direct the activities that most significantly impact the entity’s economic performance, and the extent of the Company’s exposure to the entity’s returns. The Company also considers whether other parties hold substantive participating rights or protective rights that would preclude consolidation. The Company reevaluates its consolidation conclusions on an ongoing basis and upon occurrence of certain significant events under the accounting standards consolidation guidance.

The assets and liabilities of the consolidated joint ventures are included in the accompanying Consolidated Balance Sheets, and the joint ventures’ results of operations are included in the accompanying Consolidated Statements of Operations. The joint venture partners’ share of the joint ventures is reflected as noncontrolling interest in joint ventures in the accompanying consolidated financial statements. See Note 7 for further discussion of the noncontrolling interest in joint ventures.

The Company’s interest in the joint ventures is recognized under the hypothetical liquidation at book value model. Under this model, the Company’s earnings from and equity interest in the joint ventures are recorded based on its proportionate share of the joint ventures based on its ownership interest, after giving effect to incentive fees earned by the joint venture partner.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions.
Restricted Cash

Restricted cash may include tenant security deposits and cash held by qualified intermediaries to facilitate a like-kind exchange of real estate under Section 1031 of the Code. The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows as of December 31, 2025 and 2024.

Reconciliation of cash and cash equivalents and restricted cash (in thousands)December 31, 2025December 31, 2024
Cash and cash equivalents$14,910 $36,284 
Restricted cash85,973 1,109 
Total cash and cash equivalents and restricted cash$100,883 $37,393 

Deferred Costs

Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are written off upon maturity of the underlying debt.

Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows.

Goodwill

The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of approximately $4.9 million as of December 31, 2025 represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2025.

Use of Derivative Financial Instruments

The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in its derivative financial instruments by entering into transactions with various high-quality counterparties. The Company’s exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying Consolidated Balance Sheets.

Fair Value of Financial Instruments

Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. See Note 4 for the fair value of the Company’s indebtedness. See Note 5 for the fair value of the Company’s interest rate swaps. All other financial instruments noted are recorded at carrying value, which equates to their fair value.

The Company adopted fair value measurement provisions for its financial instruments recorded at fair value. The guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

Offering Costs

Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital on the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations.

Dividends

Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, and in the estimated useful lives and basis used to compute depreciation. In addition, the Company’s distributions may include a return of capital. To the extent that the Company makes distributions in excess of its current and accumulated earnings and profits, such distributions would generally be considered a return of capital for federal income tax purposes to the extent of the holder’s adjusted tax basis in its shares. A return of capital may not be taxable. A return of capital has the effect of reducing the holder’s adjusted tax basis in its investment, which may or may not be taxable to the holder. In January 2026, the Company announced a modification to its dividend policy. Beginning in 2026, ordinary dividends, if and when declared, will be declared and paid quarterly rather than monthly.

The following table summarizes the tax treatment of dividends per share of common stock for federal income tax purposes during years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
 202520242023
Federal Income Tax Treatment of Dividends per Common SharePer Share%Per Share%Per Share%
Ordinary income$1.385009 92.4 %$1.316017 89.9 %$1.243518 83.7 %
Return of capital— — %0.103508 7.1 %— — %
Unrecaptured section 1250 capital gain0.030187 2.0 %0.043793 3.0 %0.089829 6.0 %
Other capital gain0.084101 5.6 %— — %0.151665 10.3 %
Total(1)
$1.499297 100.0 %$1.463318 100.0 %$1.485012 100.0 %
(1)The December 2022 monthly common stock dividend of $0.121667 per share was included in the stockholder’s 2023 tax year. The December 2023 monthly common stock dividend of $0.1225 per share was partially included in the stockholder’s 2023 tax year in the amount of $0.015845 per share and the remainder was included in the stockholder’s 2024 tax year. The December 2024 monthly common stock dividend of $0.123333 per share was included in the stockholder’s 2025 tax year. The December 2025 monthly common stock dividend of $0.124167 per share was partially included in the stockholder’s 2025 tax year in the amount of $0.010127 per share and the remainder will be included in the stockholder’s 2026 tax year.
Revenue Recognition

All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income.

The Company determined that for all leases where the Company is the lessor, that the timing and pattern of transfer of the non-lease components and associated lease components are the same, and that the lease components, if accounted for separately, would be classified as an operating lease. Accordingly, the Company has made an accounting policy election to recognize the combined component in accordance with Accounting Standards Codification Topic 842 as rental income on the accompanying Consolidated Statements of Operations.

Rental income recognition commences when the tenant takes possession of or controls the physical use of the leased space and the leased space is substantially complete and ready for its intended use. In order to determine whether the leased space is substantially complete and ready for its intended use, the Company determines whether the Company or the tenant own the tenant improvements. When it is determined that the Company is the owner of the tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the finished space, which is generally when the Company owned tenant improvements are completed. In instances when it is determined that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the leased space.

The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis.

When the Company is the owner of tenant improvements or other capital items, the cost to construct the tenant improvements or other capital items, including costs paid for or reimbursed by the tenants, is recorded as capital assets. For these tenant improvements or other capital items, the costs funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as income over the shorter of the useful life of the capital asset or the term of the related lease.

Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured.

Gain on the Sales of Rental Property, net

The timing of the derecognition of a rental property and the corresponding recognition of gain on the sales of rental property, net is measured by various criteria related to the terms of the sale transaction and if the Company has lost control of the property and the acquirer has gained control of the property after the transaction. If the derecognition criteria is met, the full gain is recognized.

Incentive and Equity-Based Employee Compensation Plans

The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and performance units, respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur.

The Company provides supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively.
Related-Party Transactions

The Company did not have any related-party transactions during the years ended December 31, 2025, 2024 and 2023.

Taxes

Federal Income Taxes

The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.

The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS did not have any activity for the years ended December 31, 2025, 2024 and 2023.

State and Local Income, Excise, and Franchise Tax

The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of approximately $1.6 million, $2.0 million and $2.0 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively.

Uncertain Tax Positions

Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2025, 2024 and 2023, there were no liabilities for uncertain tax positions.

Earnings Per Share

The Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income per common share is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock outstanding and any dilutive securities for the period.

Segment Reporting

The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. This single segment of real estate operations derives its revenues from rental income from the tenants who occupy its buildings. Substantially all revenues, expenses, and assets are attributable to this single segment and are consistent with the amounts presented in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations. Total expenditures for additions to segment long-lived assets are consistent with the amounts presented in the accompanying Consolidated Statements of Cash Flows as additions of land and buildings and improvements.
The chief operating decision maker of the Company, which is its Chief Executive Officer, assesses performance of the segment and decides how to allocate resources based on net income that is reported on the accompanying Consolidated Statements of Operations.

Concentrations of Credit Risk

Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. The Company mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines.
Concentrations of credit risk may also arise when the Company enters into leases with multiple tenants concentrated in the same industry, or into a significant lease or multiple leases with a single tenant, or tenants are located in the same geographic region, or have similar economic features that would cause their inability to meet contractual obligations, including those to the Company, to be similarly affected. The Company regularly monitors its tenant base to assess potential concentrations of credit risk through financial statement review, tenant management calls, and press releases. Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.
v3.25.4
Rental Property
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Rental Property
The following table summarizes the components of rental property, net as of December 31, 2025 and 2024.

Rental Property (in thousands)December 31, 2025December 31, 2024
Land$811,569 $771,794 
Buildings, net of accumulated depreciation of $855,290 and $738,348, respectively
4,785,314 

4,634,634 
Tenant improvements, net of accumulated depreciation of $43,997 and $42,092, respectively
45,922 44,987 
Building and land improvements, net of accumulated depreciation of $220,644 and $305,426, respectively
613,864 396,883 
Construction in progress148,371 218,616 
Deferred leasing intangibles, net of accumulated amortization of $425,502 and $386,627, respectively
394,967 428,865 
Total rental property, net$6,800,007 $6,495,779 
Acquisitions

The following tables summarize the acquisitions of the Company during the years ended December 31, 2025 and 2024. The Company accounted for all of its acquisitions as asset acquisitions.

Year ended December 31, 2025
Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Minneapolis, MN January 9, 2025161,600 1 $16,537 
Chicago, IL February 27, 2025231,964 2 26,748 
Three months ended March 31, 2025393,564 3 43,285 
Louisville, KY(2)
May 7, 2025— — 5,497 
Chicago, ILJune 12, 2025183,200 1 18,399 
Three months ended June 30, 2025183,200 1 23,896 
Houston, TX(3)
September 15, 2025462,250 1 47,485 
Dayton, OH(4)
September 23, 2025— — 2,944 
Dayton, OH(3)
September 23, 2025524,160 1 54,043 
Three months ended September 30, 2025986,410 2 104,472 
Fresno, CAOctober 27, 2025408,198 1 49,154 
Kansas City, MONovember 19, 2025552,281 2 42,963 
Nashville, TNDecember 4, 202599,561 1 17,516 
Cincinnati, OHDecember 9, 2025215,670 1 22,577 
Chicago, ILDecember 17, 2025621,246 1 70,673 
Raleigh, NCDecember 22, 2025340,200 1 83,043 
Three months ended December 31, 20252,237,156 7285,926 
Year ended December 31, 20253,800,330 13 $457,579 
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) The Company acquired a vacant land parcel through a consolidated joint venture.
(3) These buildings were acquired through reverse like-kind exchange agreements pursuant to Section 1031 of the Code (“Reverse 1031 Exchanges”) with a third-party intermediary. See below under “Variable Interest Entities” for additional information.
(4) The Company acquired a vacant land parcel.
Year ended December 31, 2024
Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Cincinnati, OH March 18, 2024697,500 1 $50,073 
Three months ended March 31, 2024697,500 1 50,073 
Milwaukee, WIApril 8, 2024150,002 1 16,062 
Portland, ORApril 15, 202499,136 1 17,058 
Louisville, INApril 16, 2024592,800 1 52,352 
Portland, OR(2)
June 6, 2024— — 8,178 
El Paso, TXJune 10, 2024254,103 1 32,182 
Chicago, IL June 24, 2024947,436 5 87,560 
Columbus, OHJune 26, 2024150,207 1 20,408 
Three months ended June 30, 20242,193,684 10 233,800 
Reno, NV(2)
July 25, 2024— — 1,896 
Reno, NV(3)
August 8, 2024— — 8,959 
LaGrange, GASeptember 9, 2024323,368 1 34,870 
Boston, MASeptember 12, 2024290,471 5 78,127 
Three months ended September 30, 2024613,839 6 123,852 
Minneapolis, MN October 10, 2024360,000 1 43,288 
Minneapolis, MN October 15, 2024126,000 1 23,331 
Minneapolis, MNOctober 30, 202496,096 1 13,896 
Philadelphia, PA October 31, 202469,492 1 12,443 
Phoenix, AZNovember 7, 202480,000 1 14,707 
Kansas City, MONovember 12, 2024676,000 2 55,651 
Chicago, ILDecember 3, 2024725,917 5 73,230 
Charlotte, NCDecember 5, 202486,749 1 12,981 
Salt Lake City, UTDecember 10, 2024172,847 1 34,615 
Charlotte, NC(3)
December 13, 2024— — 8,926 
Sacramento, CA December 30, 202455,064 1 9,536 
Three months ended December 31, 20242,448,165 15 302,604 
Year ended December 31, 20245,953,188 32 $710,329 
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) The Company acquired a vacant land parcel.
(3) The Company acquired a vacant land parcel through a consolidated joint venture.

On May 7, 2025, the Company formed a joint venture with a third party, and the venture is primarily engaged in the development and eventual operation of an industrial real estate property located in Shepherdsville, Kentucky.

On December 13, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of two industrial real estate properties located in Concord, North Carolina.

On August 8, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of an industrial real estate property located in Reno, Nevada.

The Company accounts for its investment in the joint ventures under the voting interest model of consolidation. See Note 2 for further discussion of this determination. See Note 7 for further discussion of the third-parties’ noncontrolling interest in the joint ventures.
The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2025 and 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the tables above.

Year ended December 31, 2025Year ended December 31, 2024
Acquired Assets and LiabilitiesPurchase price (in thousands)Weighted average amortization period (years) of intangibles at acquisitionPurchase price (in thousands)Weighted average amortization period (years) of intangibles at acquisition
Land$45,786 N/A$84,965 N/A
Buildings315,431 N/A504,551 N/A
Tenant improvements5,843 N/A8,726 N/A
Building and land improvements30,568 N/A26,207 N/A
Construction in progress1,569 N/A3,603 N/A
Deferred leasing intangibles - in-place leases40,236 7.260,659 6.4
Deferred leasing intangibles - tenant relationships18,969 10.832,784 10.1
Deferred leasing intangibles - above market leases— N/A934 2.7
Other assets167 N/A243 N/A
Operating lease right-of-use assets3,495 N/A3,554 N/A
Deferred leasing intangibles - below market leases(990)5.0(12,343)6.2
Operating lease liabilities(3,495)N/A(3,554)N/A
Total purchase price$457,579  $710,329  

Dispositions

The following table summarizes the Company’s dispositions for the years ended December 31, 2025, 2024, and 2023. All of the dispositions were sold to third parties and were accounted for under the full accrual method.

Year ended December 31,
Sales of rental property, net (dollars in thousands)202520242023
Number of buildings111010
Building square feet (in millions)2.21.62.0
2025 dispositions contribution to net income(1)
$2,214 $6,338 $5,654 
2024 dispositions contribution to net income(1)
$— $(6,183)$3,964 
2023 dispositions contribution to net income(1)
$— $— $2,354 
Proceeds from sale of rental property, net$164,235 $126,479 $105,602 
Net book value$70,485 $94,206 $51,502 
Gain on the sales of rental property, net$93,750 $32,273 $54,100 
(1) Exclusive of any loss on impairment, gain on involuntary conversion, and gain on the sales of rental property, net.

Variable Interest Entities

In conjunction with the acquisition of the Houston, Texas and Dayton, Ohio buildings noted above, the Company entered into Reverse 1031 Exchanges with a third-party intermediary, which, for a maximum of 180 days, allows the Company to defer for tax purposes gains on the sale of other properties identified and sold within this period. Until the earlier of the termination of the exchange agreements or 180 days after the acquisition dates, the third-party intermediary is the legal owner of the entities that own these properties. The agreements that govern the operations of these entities provide the Company with the power to direct the activities that most significantly impact the entities’ economic performance. These entities are deemed a VIE as of December 31, 2025 because it does not have sufficient equity at risk to finance its activities without additional subordinated financial support from other parties. The Company has determined that it is the primary beneficiary of these VIEs as a result of having the power to direct the activities that most significantly impact its economic performance and the obligation to absorb losses, as well as the right to receive benefits that could be potentially significant to the VIEs. Accordingly, the Company has consolidated the entities and their operations as of the acquisition date. As of December 31, 2025, the VIEs had total assets, primarily consisting of real estate, and liabilities of approximately $100.6 million and $2.5 million, respectively.
Loss on Impairment

The following table summarizes the Company’s loss on impairment for assets held and used during the years ended December 31, 2025 and 2024. The Company did not recognize a loss on impairment during the year ended December 31, 2023.

Market(1)
Buildings
Event or Change in Circumstance Leading to Impairment Evaluation(2)
Valuation technique utilized to estimate fair value
Fair Value(3)
Loss on Impairment
(in thousands)
Lewiston, ME1Change in estimated hold period
(4)
Discounted cash flows
(5)
2,831$888 
Year ended December 31, 2025$888 
Salt Lake City, UT1Change in estimated hold period
(6)
Discounted cash flows
(7)
21,827$4,967 
Year ended December 31, 2024$4,967 
(1)As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2)The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.
(3)The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement.
(4)This property was sold during the year ended December 31, 2025.
(5)Level 3 inputs used to determine fair value for the property impaired: discount rate of 12.0% and exit capitalization rate of 10.0%.
(6)This property was sold during the year ended December 31, 2024.
(7)Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%.

Involuntary Conversion

In December 2023, the Company recorded an estimated loss on involuntary conversion of approximately $3.0 million for the year ended December 31, 2023 related to a tornado that damaged one of the Company’s buildings. An insurance policy provided coverage for these losses, and accordingly the loss on involuntary conversion was fully offset for the year ended December 31, 2023. As of December 31, 2023, the receivable from the insurance coverage was estimated to be approximately $3.0 million, which was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

During the year ended December 31, 2024, the approximately $3.0 million receivable from the insurance coverage was relieved and exchanged for improvements made to the building and included as a non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. During the years ended December 31, 2025 and December 31, 2024, the Company recognized a gain on involuntary conversion of approximately $1.9 million and $11.8 million, respectively. The Company did not recognize a gain or loss on involuntary conversion during the year ended December 31, 2023.

Deferred Leasing Intangibles

The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024.

December 31, 2025December 31, 2024
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$71,657 $(41,824)$29,833 $76,232 $(39,335)$36,897 
Other intangible lease assets748,812 (383,678)365,134 739,260 (347,292)391,968 
Total deferred leasing intangible assets$820,469 $(425,502)$394,967 $815,492 $(386,627)$428,865 
Below market leases$59,664 $(34,098)$25,566 $64,703 $(31,368)$33,335 
Total deferred leasing intangible liabilities$59,664 $(34,098)$25,566 $64,703 $(31,368)$33,335 

The following table summarizes the amortization expense and the net increase to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Deferred Leasing Intangibles Amortization (in thousands)202520242023
Net increase to rental income related to above and below market lease amortization$2,515 $579 $865 
Amortization expense related to other intangible lease assets$84,961 $91,254 $89,036 
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2025.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
2026$75,604 $1,508 
2027$63,067 $799 
2028$54,524 $693 
2029$46,313 $377 
2030$36,682 $(104)
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Disclosure Debt
The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of December 31, 2025 and 2024.

Indebtedness (dollars in thousands)December 31, 2025December 31, 2024
Interest Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$262,000 
 
$409,000  
Term SOFR+0.775%
September 7, 2029i
Total unsecured credit facility262,000 
 
409,000     
Unsecured term loans: 
 
    
Unsecured Term Loan A150,000 150,000 2.06 %March 15, 2027i
Unsecured Term Loan H187,500 187,500 3.25 %January 25, 2028i
Unsecured Term Loan I187,500 187,500 3.41 %January 25, 2028i
Unsecured Term Loan F(5)
200,000 200,000 4.73 %March 23, 2029i
Unsecured Term Loan G(6)
300,000 300,000 1.70 %March 14, 2031i
Total unsecured term loans1,025,000 1,025,000 
Total unamortized deferred financing fees and debt issuance costs(3,659)(3,152)
Total carrying value unsecured term loans, net1,021,341 
 
1,021,848     
Unsecured notes: 
 
    
Series D Unsecured Notes— 100,000 4.32 %February 20, 2025ii
Series G Unsecured Notes— 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 50,000 4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 80,000 4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 20,000 4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Series L Unsecured Notes175,000 175,000 6.05 %May 28, 2029ii
Series O Unsecured Notes350,000 — 5.50 %June 25, 2030ii
Series M Unsecured Notes125,000 125,000 6.17 %May 28, 2031ii
Series I Unsecured Notes275,000 275,000 2.80 %September 29, 2031ii
Series K Unsecured Notes400,000 400,000 4.12 %June 28, 2032ii
Series P Unsecured Notes 100,000 — 5.82 %June 25, 2033ii
Series J Unsecured Notes50,000 50,000 2.95 %September 28, 2033ii
Series N Unsecured Notes150,000 150,000 6.30 %May 28, 2034ii
Series Q Unsecured Notes100,000 — 5.99 %June 25, 2035ii
Total unsecured notes1,975,000 1,600,000 
Total unamortized deferred financing fees and debt issuance costs(8,006)(5,908)
Total carrying value unsecured notes, net1,966,994 
 
1,594,092 
 
   
Mortgage note (secured debt):    
United of Omaha Life Insurance Company4,099 4,322 3.71 %October 1, 2039ii
Total mortgage note4,099 
 
4,322   
Unamortized fair market value discount(119)(127) 
Total carrying value mortgage note, net3,980 
 
4,195  
Total / weighted average interest rate(7)
$3,254,315 
 
$3,029,135 4.21 %
(1)Interest rate as of December 31, 2025. At December 31, 2025, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) and Daily Secured Overnight Financing Rate (“Daily SOFR”) was 3.688% and 3.870%, respectively. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements.
(2)The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a spread of 0.775%. The Unsecured Term Loans A, G, H, and I have a stated interest rate of one-month Term SOFR plus a spread of 0.85%. The Unsecured Term Loan F has a stated interest rate of Daily SOFR plus a spread of 0.85%. All of the unsecured term loans have been swapped to a fixed rate, and such fixed rates inclusive of the spreads are presented in the table above. Effective February 5, 2026, the Unsecured Term Loan G was swapped to a fixed rate inclusive of the spread of 3.94%.
(3)Prepayment terms consist of (i) pre-payable with no penalty, and (ii) pre-payable with penalty.
(4)The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $7.3 million and $10.1 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. The initial maturity date is September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to
the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly.
(5)The initial maturity date of the Unsecured Term Loan F is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(6)The initial maturity date of the Unsecured Term Loan G is March 15, 2030, or such later date which may be extended pursuant to a one-year extension option exercisable by the Company in its discretion upon advance written notice. Exercise of the option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. The extension option is not subject to lender consent, assuming proper notice and satisfaction of the conditions.
(7)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.

The aggregate undrawn nominal commitment on the unsecured credit facility as of December 31, 2025 was approximately $734.8 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less or restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $11.9 million and $13.7 million as of December 31, 2025 and 2024, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets.

The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023.

Year ended December 31,
Costs Included in Interest Expense (in thousands)202520242023
Amortization of deferred financing fees and debt issuance costs and fair market value discount$5,421 $4,506 $3,905 
Facility, unused, and other fees$1,761 $1,765 $1,759 

2025 Debt Activity

On September 15, 2025, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan G to (i) extend the maturity date to March 15, 2030, or such later date which may be extended pursuant to a one-year extension option exercisable by the Company in its discretion upon advance written notice, subject to certain conditions, including that payment of a fee, (ii) remove the 0.10% interest rate adjustment for certain loans, and (iii) provide that borrowings under the Unsecured Term Loan G will, at the Company’s election, bear interest based on a Base Rate, Term SOFR, or Daily Simple SOFR (each as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement). Other than the maturity date and interest rate provisions described above, the material terms of the Unsecured Term Loan G remain unchanged.

The Unsecured Term Loan G’s initial maturity date is March 15, 2030, or such later date which may be extended pursuant to a one-year extension option exercisable by the Company in its discretion upon advance written notice. Exercise of the option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125% of the outstanding amount on the effective day of each extension period. The extension option is not subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan G, the Company intended to exercise the extension option. In connection with the amended loan agreement, the Company incurred approximately $1.8 million in costs, which have been deferred, including the approximately $0.4 million accrued extension fee, and will amortize through the extended maturity date of March 14, 2031. The Company also incurred approximately $1.5 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations.

On September 15, 2025, the Company entered into amendments to the Unsecured Credit Facility, Unsecured Term Loan A, Unsecured Term Loan F, Unsecured Term Loan H, and Unsecured Term Loan I to remove the 0.10% interest rate adjustment for certain loans, and in the case of the Unsecured Term Loans A, H, and I, provide that borrowings under the respective term loans will, at the Company’s election, bear interest based on a Base Rate, Term SOFR, or Daily Simple SOFR (each as defined
in the respective loan agreement). Other than the interest rate provisions described above, the material terms of the Unsecured Credit Facility and the Unsecured Term Loans A, F, H, and I remain unchanged.

On June 13, 2025, the Company redeemed in full at maturity the $75.0 million in aggregate principal amount of the Series G Unsecured Notes with a fixed interest rate of 4.10%.

On April 15, 2025, the Company entered into a note purchase agreement for the private placement by the Operating Partnership of $350.0 million of senior unsecured notes (the “Series O Unsecured Notes”) maturing June 25, 2030 with a fixed annual interest rate of 5.50%, $100.0 million of senior unsecured notes (the “Series P Unsecured Notes”) maturing June 25, 2033 with a fixed annual interest rate of 5.82%, and $100.0 million of senior unsecured notes (the “Series Q Unsecured Notes”) maturing June 25, 2035 with a fixed annual interest rate of 5.99%. On June 25, 2025, the Operating Partnership issued the Series O Unsecured Notes, Series P Unsecured Notes, and Series Q Unsecured Notes and received the proceeds therefrom. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes.

On February 20, 2025, the Company redeemed in full at maturity the $100.0 million in aggregate principal amount of the Series D Unsecured Notes with a fixed interest rate of 4.32%.

2024 Debt Activity

On October 1, 2024, the Company redeemed in full at maturity the $50.0 million in aggregate principal amount of the Series A Unsecured Notes with a fixed interest rate of 4.98%.

On September 10, 2024, the Company entered into the second amended and restated credit agreement for the unsecured credit facility (the “2024 Credit Agreement”) to (i) extend the maturity date to September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion, subject to certain conditions, including the payment of a fee, and (ii) provide that borrowings under the unsecured credit facility will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the 2024 Credit Agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the 2024 Credit Agreement). Other than the increase in the borrowing commitments and the interest rate provisions described above, the material terms of the unsecured credit facility remain unchanged.

In connection with the 2024 Credit Agreement, the Company incurred approximately $8.9 million in costs, which have been deferred and will amortize through the maturity date of September 8, 2028. The previous unamortized fees related to the unsecured credit facility have been extended to amortize through the new maturity date of September 8, 2028. Additionally, the Company incurred approximately $36 thousand of modification expenses, which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations.

On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on the Company’s unsecured credit facility and each of the unsecured term loans ended in accordance with the respective loan agreements.

On March 25, 2024, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions (discussed below), that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. Other than the maturity and interest rate provisions described above, the material terms remain unchanged.

The Unsecured Term Loan F’s initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125% of the outstanding amount on the effective day of each extension period. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan F, the Company intended to exercise both extension options. In connection with the amended loan agreement, the Company incurred approximately $1.2 million in costs, which have been deferred, including approximately $0.5 million of accrued extension fees, and will amortize through the extended maturity date of March 23, 2029. The Company also incurred approximately $0.7
million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations.

On March 13, 2024, the Company entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, the Operating Partnership issued all of the notes under the March 2024 NPA.

Financial Covenant Considerations

The Company’s ability to borrow under the unsecured credit facility, unsecured term loans, and unsecured notes are subject to its ongoing compliance with a number of customary financial covenants, including:

•a maximum consolidated leverage ratio of not greater than 0.60:1.00;
•a maximum secured leverage ratio of not greater than 0.40:1.00;
•a maximum unencumbered leverage ratio of not greater than 0.60:1.00;
•a minimum fixed charge ratio of not less than or equal to 1.50:1.00;
•a minimum unsecured interest coverage ratio of not less than or equal to 1.75:1.00; and
•with respect to the unsecured notes, a minimum interest coverage ratio of not less than 1.50:1.00.

The Company was in compliance with all such applicable restrictions and financial and other covenants as of December 31, 2025 and 2024 related to its unsecured credit facility, unsecured term loans, and unsecured notes. In the event of a default under the unsecured credit facility or the unsecured term loans, the Company’s dividend distributions are limited to the minimum amount necessary for the Company to maintain its status as a REIT.

The mortgage note held by the Company has a specific property and an assignment of rents and leases that are collateral for the loan. The real estate net book value of the property that is collateral for the Company’s debt arrangements was approximately $7.0 million and $7.3 million at December 31, 2025 and 2024, respectively, and is limited to senior, property-level secured debt financing arrangement.

Fair Value of Debt

The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of December 31, 2025 and 2024. The fair value of the Company’s debt is based on Level 3 inputs.

 December 31, 2025December 31, 2024
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$262,000 $262,000 $409,000 $409,000 
Unsecured term loans1,025,000 1,025,000 1,025,000 1,025,000 
Unsecured notes1,975,000 1,937,338 1,600,000 1,490,667 
Mortgage note4,099 3,306 4,322 3,366 
Total principal amount3,266,099 $3,227,644 3,038,322 $2,928,033 
Unamortized fair market value discount(119)(127)
Total unamortized deferred financing fees and debt issuance costs (11,665)(9,060)
Total carrying value$3,254,315 $3,029,135 
Future Principal Payments of Debt

The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2025.

YearFuture Principal Payments of Debt
(in thousands)
2026$130,231 
2027370,240 
2028737,249 
2029175,258 
2030650,268 
Thereafter1,202,853 
Total aggregate principal payments$3,266,099 
v3.25.4
Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
Risk Management Objective of Using Derivatives

The Company’s use of derivative instruments is currently limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure.

During the year ended December 31, 2025, the Company entered into four interest rate swaps with an aggregate notional value of $300.0 million which fix Daily SOFR at 3.09% effective February 5, 2026 and mature on March 15, 2030, and were designated as cash flow hedges.

During the year ended December 31, 2024, the Company entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98% effective January 15, 2025 and mature on March 25, 2027, and were designated as cash flow hedges.

As of December 31, 2025, the Company had 21 interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of December 31, 2025 and 2024.

Balance Sheet Line Item (in thousands)Effective Notional Amount December 31, 2025Fair Value December 31, 2025Effective Notional Amount December 31, 2024Fair Value December 31, 2024
Interest rate swaps-Asset$825,000 $13,529 $1,025,000 $36,466 
Interest rate swaps-Liability$200,000 $(1,310)$— $— 

Cash Flow Hedges of Interest Rate Risk

The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. The Company uses interest rate swaps to fix the rate of its long term variable rate debt. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings.

Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company
estimates that approximately $7.2 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months.

The following table summarizes the effect of cash flow hedge accounting and the location of the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Effect of Cash Flow Hedge Accounting (in thousands)202520242023
Income (loss) recognized in accumulated other comprehensive income on interest rate swaps$(1,689)$21,854 $12,333 
Income reclassified from accumulated other comprehensive income into income as interest expense$22,536 $35,773 $34,107 
Total interest expense presented in the Consolidated Statements of Operations in which the effect of cash flow hedges are recorded$132,160 $113,169 $94,575 

Credit-risk-related Contingent Features

The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness.

As of December 31, 2025, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.

Fair Value of Interest Rate Swaps

The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of December 31, 2025 and 2024, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.
The following tables summarize the Company’s financial instruments that were recorded at fair value on a recurring basis as of December 31, 2025 and 2024. 

  Fair Value Measurements as of December 31, 2025 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2025Level 1Level 2Level 3
Interest rate swaps-gross asset$13,529 $— $13,529 $— 
Interest rate swaps-gross liability$(1,310)$— $(1,310)$— 

  Fair Value Measurements as of December 31, 2024 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2024Level 1Level 2Level 3
Interest rate swaps-gross asset$36,466 $— $36,466 $— 
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Equity Equity
Preferred Stock

The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2025 and 2024, there were no shares of preferred stock issued or outstanding.

Common Stock

The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share.

The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of December 31, 2025.

ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)
2025 $750 million ATMFebruary 13, 2025$750,000 

The following table summarizes the activity for the ATM common stock offering program during the year ended December 31, 2023 (in thousands, except share data). There was no activity for the ATM common stock offering program during the years ended December 31, 2025 and December 31, 2024, except for the shares sold on a forward basis, as discussed below.

Year ended December 31, 2023
ATM Common Stock Offering Program(1)
Shares
Sold		Weighted Average Price Per ShareNet Proceeds (in thousands)
2022 $750 million ATM(2)
249,016 $35.55 $8,765 
Total/weighted average249,016 $35.55 $8,765 
(1)Excludes shares sold on a forward basis under the ATM common stock offering program during the year ended December 31, 2023, which are discussed below.
(2)The 2022 $750 million ATM program was terminated on February 12, 2025.
The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and shares settled during the years ended December 31, 2025, 2024, and 2023. The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent, and decrease by borrowing costs incurred and dividends paid on the borrowed shares underlying the forward sale.

Forward Sale AgreementsShares
Gross Sales Proceeds
(in thousands)
Weighted Average Gross Sales Price Per Share
Weighted Average Net Sales Price Per Share
Sales Commissions Per Share(1)
Net Proceeds Received Per Share
Outstanding at December 31, 2022— $— 
New forward sale agreements2,817,993$103,483 $36.72 $36.36 $0.36 
Forward sale agreements settled(2)
(1,717,993)$(61,683)$35.60 
Outstanding at December 31, 20231,100,000$41,800 
New forward sale agreements3,208,008$127,150 $39.64 $39.23 $0.41 
Forward sale agreements settled(2)
(4,308,008)$(168,950)$38.93 
Outstanding at December 31, 2024— $— 
New forward sale agreements4,169,738$159,061 $38.15 $37.77 $0.38 
Forward sale agreements settled(2)
(4,169,738)$(159,061)$37.75 
Outstanding at December 31, 2025— $— 
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.
(2)The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $157.4 million, $167.7 million, and $61.2 million, for the years ended December 31, 2025, 2024, and 2023, respectively.

Restricted Stock-Based Compensation

Pursuant to the 2011 Plan, the Company grants restricted shares of common stock to certain employees of the Company. The restricted shares of common stock are subject to time-based vesting. Restricted shares of common stock granted in 2025, 2024, and 2023, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2026, 2025, and 2024, respectively. Holders of restricted shares of common stock have voting rights and rights to receive dividends. Restricted shares of common stock may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration of the applicable vesting period.

The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2025, 2024 and 2023.

Unvested Restricted Shares of Common Stock Shares    
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2022156,703 $34.32 
Granted55,954 $34.73 
Vested(1)
(68,625)$31.71 
Forfeited— $— 
Balance at December 31, 2023144,032 $35.73 
Granted41,911 $38.92 
Vested(1)
(62,123)$34.65 
Forfeited(5,153)$38.58 
Balance at December 31, 2024118,667 $37.30 
Granted52,352 $33.14 
Vested(1)
(51,185)$36.13 
Forfeited(9,002)$35.92 
Balance at December 31, 2025110,832 $35.99 
(1)The Company repurchased and retired 18,456, 22,001, and 24,210 restricted shares of common stock that vested during the years ended December 31, 2025, 2024, and 2023, respectively.
The unrecognized compensation expense associated with the Company’s restricted shares of common stock at December 31, 2025 was approximately $2.1 million and is expected to be recognized over a weighted average period of approximately 2.3 years.

The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2025, 2024 and 2023.  

 Year ended December 31,
Vested Restricted Shares of Common Stock202520242023
Vested restricted shares of common stock51,185 62,123 68,625 
Fair value of vested restricted shares of common stock (in thousands)$1,731 $2,438 $2,217 
v3.25.4
Noncontrolling Interest
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interest Noncontrolling Interest
Noncontrolling Interest in the Operating Partnership

The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the years ended December 31, 2025, 2024 and 2023.

Noncontrolling Interest in the Operating PartnershipLTIP UnitsOther
Common Units		Total
Noncontrolling Common Units		Noncontrolling Interest Percentage
Balance at December 31, 20222,314,076 1,570,640 3,884,716 2.1 %
Granted/Issued326,215 — 326,215 N/A
Forfeited(9,119)— (9,119)N/A
Conversions from LTIP units to Other Common Units(269,252)269,252 — N/A
Redemptions from Other Common Units to common stock— (372,174)(372,174)N/A
Balance at December 31, 20232,361,920 1,467,718 3,829,638 2.1 %
Granted/Issued383,292 — 383,292 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(437,550)437,550 — N/A
Redemptions from Other Common Units to common stock— (440,550)(440,550)N/A
Balance at December 31, 20242,307,662 1,464,718 3,772,380 2.0 %
Granted/Issued280,334 — 280,334 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(214,885)214,885 — N/A
Redemptions from Other Common Units to common stock— (263,007)(263,007)N/A
Balance at December 31, 20252,373,111 1,416,596 3,789,707 1.9 %

The Company adjusts the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership when there has been a change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying Consolidated Statements of Equity.

LTIP Units

LTIP units are granted to certain executive officers and senior employees of the Company as part of their compensation, and to independent directors for their service. LTIP units are valued by reference to the value of the Company’s common stock and are subject to such conditions and restrictions as the compensation committee of the board of directors may determine, including continued employment or service. Vested LTIP units can be converted to Other Common Units on a one-for-one basis once an equity transaction has occurred that results in the accretion of the member’s capital account to the economic equivalent of an Other Common Unit. All LTIP units, whether vested or not, will receive the same regular per unit distributions as Other Common Units, which equal per share dividends on common stock. 

LTIP units granted in January 2025, 2024, and 2023 to certain senior executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over four years, with the first vesting date having been March 31, 2025, 2024, and 2023, respectively. LTIP units granted in January 2025 to non-employee independent directors, subject to the recipient’s continued service, will vest quarterly over one year, with the first vesting date having been March 31, 2025. LTIP
units granted in January 2024 and 2023 to independent directors, subject to the recipient’s continued service, vested on January 1, 2025 and 2024, respectively.

On July 1, 2024, the Company’s board of directors appointed Vicki Lundy Wilbon to serve as director of the Company. The Company granted LTIP units under the 2011 Plan to Ms. Wilbon on July 1, 2024, which, subject to Ms. Wilbon’s continued service, vested on January 1, 2025.

On March 13, 2023, the Company executed an employment agreement with Steven T. Kimball to serve as the Company's Executive Vice President of Real Estate Operations, effective March 31, 2023. On March 31, 2023, pursuant to the 2011 Plan, the Company awarded Mr. Kimball an initial LTIP unit grant equal in value to approximately $0.6 million, which equated to 19,345 LTIP units, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2023, subject to Mr. Kimball’s continued employment.

Refer to Note 8 for a discussion of the LTIP units granted in January 2026, 2025, and 2024, pursuant to the 2023, 2022, and 2021 performance units, respectively.

The fair value of the LTIP units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement. The following table summarizes the assumptions used in valuing such LTIP units granted during the years ended December 31, 2025, 2024 and 2023 (excluding those LTIP units granted pursuant to the settlements of performance units; refer to Note 8 for details).

LTIP UnitsAssumptions
Grant dateJanuary 7, 2025July 1, 2024January 8, 2024March 31, 2023January 11, 2023
Expected term (years)1010101010
Expected stock price volatility25.0 %25.0 %25.0 %37.0 %37.0 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.330 %4.580 %4.110 %3.810 %3.900 %
Fair value of LTIP units at issuance (in thousands)$4,848 $60 $4,597 $628 $4,635 
LTIP units at issuance154,001 1,775 124,235 19,345 139,026 
Fair value unit price per LTIP unit at issuance$31.48 $33.80 $37.00 $32.47 $33.34 

The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.

The following table summarizes activity related to the Company’s unvested LTIP units during the years ended December 31, 2025, 2024 and 2023.

Unvested LTIP UnitsLTIP UnitsWeighted Average Grant Date Fair Value Per Share
Balance at December 31, 2022140,116 $35.60 
Granted326,215 $33.29 
Vested(280,286)$33.81 
Forfeited(9,119)$34.11 
Balance at December 31, 2023176,926 $34.25 
Granted383,292 $36.99 
Vested(377,836)$36.13 
Forfeited— $— 
Balance at December 31, 2024182,382 $36.10 
Granted280,334 $31.48 
Vested(296,464)$33.25 
Forfeited— $— 
Balance at December 31, 2025166,252 $33.39 

The unrecognized compensation expense associated with the Company’s LTIP units at December 31, 2025 was approximately $4.9 million and is expected to be recognized over a weighted average period of approximately 2.3 years.
The following table summarizes the fair value at vesting for the LTIP units that vested during years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Vested LTIP Units202520242023
Vested LTIP units296,464 377,836 280,286 
Fair value of vested LTIP units (in thousands)$10,242 $14,440 $9,507 

Other Common Units

Other Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Other Common Units directly, and shares of the Company’s common stock indirectly, through the Company’s interest in the Operating Partnership, share equally in the total net income or loss distributions of the Operating Partnership. Subject to certain restrictions, investors who own Other Common Units have the right to cause the Operating Partnership to redeem any or all of their Other Common Units for cash equal to the then-current value of one share of the Company’s common stock, or, at the Company’s election, shares of common stock on a one-for-one basis. When redeeming the Other Common Unit for cash, the value of a share of common stock is calculated as the average common stock closing price on the NYSE for the 10 days immediately preceding the redemption notice date. Each Other Common Unit receives the same regular distribution as a share of common stock.

Noncontrolling Interest in Joint Ventures

At December 31, 2025, the Company held a 97.4% interest in a joint venture that owns property in Reno, Nevada, a 94.9% interest in a joint venture that owns property in Concord, North Carolina, and a 96.3% interest in a joint venture that owns property in Shepherdsville, Kentucky. The third-parties’ equity interest in these joint ventures, totaling approximately $4.0 million at December 31, 2025, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets.
v3.25.4
Equity Incentive Plan
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plan Equity Incentive Plan
The 2011 Plan provides for the issuance of equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on shares of the Company’s common stock, such as LTIP units in the Operating Partnership, that may be made by the Company directly to the executive officers, directors, employees, and other individuals providing bona fide services to or for the Company.

Subject to certain adjustments identified within the 2011 Plan, the aggregate number of shares of the Company’s common stock that may be awarded under the 2011 Plan is 10,142,461 shares. Under the 2011 Plan, each LTIP unit awarded will be equivalent to an award of one share of common stock reserved under the 2011 Plan, thereby reducing the number of shares of common stock available for other equity awards on a one-for-one basis.

The 2011 Plan may be terminated, amended, modified or suspended at any time by the board of directors, subject to stockholder approval as required by law or stock exchange rules. The 2011 Plan expires on April 24, 2033.

Under the 2011 Plan, the Company grants performance units to certain key employees of the Company. The ultimate value of the performance units depends on the Company’s total stockholder return (“TSR”) over a three-year period (the “measuring period”). At the end of the measuring period, the performance units convert into shares of common stock, or, at the Company’s election and with the award recipient’s consent, LTIP units or other securities (“Award Shares”), at a rate depending on the Company’s TSR over the measuring period as compared to various benchmarks and on the absolute amount of the Company’s TSR. A recipient of performance units may receive as few as zero shares or as many as 250% of the number of target units, plus deemed dividends.

At the end of the measuring period the performance units convert into common stock or LTIP units at a rate depending on the Company’s TSR over the measuring period as compared to two different benchmarks and on the absolute amount of the Company’s TSR. The target amount of the performance units is nominally allocated as follows: (i) 50% to the Company’s TSR compared to the TSR of an industry peer group; and (ii) 50% to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT Index.
No dividends are paid to the recipient during the measuring period. At the end of the measuring period, if the Company’s TSR is such that the recipient earns Award Shares, the recipient will receive additional Award Shares relating to dividends deemed to have been paid and reinvested on the Award Shares. The Company, in the discretion of the compensation committee of the board of directors, may pay the cash value of the deemed dividends instead of issuing additional Award Shares. The Award Shares are immediately vested at the end of the measuring period.

In January 2025, 2024, and 2023, the Company granted performance units approved by the compensation committee of the board of directors, under the 2011 Plan to certain key employees of the Company. The measuring periods commenced on January 1, 2025, 2024, and 2023, respectively, and end on December 31, 2027, 2026, and 2025, respectively.

On March 31, 2023, in connection with the execution of the employment agreement discussed in Note 7, the Company granted Mr. Kimball performance units under the 2011 Plan with a target grant date fair value equal to approximately $0.6 million. The terms and measuring period of the performance units granted to Mr. Kimball are the same as the performance units granted in January 2023.

The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the respective vesting periods. The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2025, 2024 and 2023.

Performance UnitsAssumptions
Grant dateJanuary 7, 2025January 8, 2024March 31, 2023January 11, 2023
Expected stock price volatility24.6 %24.5 %25.4 %37.4 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.3294 %4.1130 %3.8725 %3.9060 %
Fair value of performance units grant (in thousands)$6,858 $6,502 $609 $4,517 

The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year time period of the performance period.

During the years ended December 31, 2025, 2024, and 2023, it was determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle for each of the 2023, 2022, and 2021 performance units, respectively. The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2025, 2024, and 2023.

Settlement of Performance Units in LTIP Units or Shares of Common Stock2023 Performance Units2022 Performance Units2021 Performance Units
Measuring period conclusion date December 31, 2025December 31, 2024December 31, 2023
Issuance dateJanuary 8, 2026January 7, 2025January 8, 2024
Vested LTIP units 212,617126,333257,282
Vested shares of common stock3,7128,24649,106
Shares of common stock repurchased and retired 1,304 7514,716

The unrecognized compensation expense associated with the Company’s performance units at December 31, 2025 was approximately $6.8 million and is expected to be recognized over a weighted average period of approximately 1.7 years.
Non-cash Compensation Expense

The following table summarizes the amounts recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Non-Cash Compensation Expense (in thousands)2025    20242023
Restricted shares of common stock$1,458   $1,752 $1,936 
LTIP units4,333 3,635 4,194 
Performance units6,127 5,585 4,754 
Director compensation(1)
786 755 583 
Total non-cash compensation expense$12,704  $11,727 $11,467 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2025, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Lessee, Operating Leases [Text Block] Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Rental Income (in thousands)202520242023
Fixed lease payments$640,877 $585,611 $540,447 
Variable lease payments179,983 162,090 146,954 
Straight-line rental income19,634 14,612 16,894 
Net increase to rental income related to above and below market lease amortization2,515 579 865 
Total rental income$843,009 $762,892 $705,160 

As of December 31, 2025 and 2024, the Company had accrued rental income of approximately $139.9 million and $118.6 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the Company’s total liability associated with tenant lease security deposits was approximately $26.3 million and $23.9 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2025.

YearMaturity of Fixed Lease Payments (in thousands)
2026$667,077 
2027$620,853 
2028$540,446 
2029$449,626 
2030$334,283 
Thereafter$763,477 
Lessee Leases

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.5 years to 56.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

On June 10, 2025, the Company entered into a new lease agreement for its headquarters. The property subject to the lease is located in Boston, Massachusetts, and consists of approximately 28,041 square feet of rentable space. The lease term is estimated to commence on July 1, 2026, and expire on April 30, 2037, with one option to extend the lease for an additional five years at prevailing market rental rates. The total base rent is approximately $23.0 million over the approximately 10.8 year term and the Company will recognize the related right-of-use assets and corresponding operating lease liabilities upon lease commencement.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024.

Operating Lease Term and Discount RateDecember 31, 2025December 31, 2024
Weighted average remaining lease term (years)37.634.9
Weighted average discount rate7.0 %6.9 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Lease Cost (in thousands)202520242023
Operating lease cost included in property expense attributable to ground leases$2,823 $2,516 $2,467 
Operating lease cost included in general and administrative expense attributable to corporate office leases1,725 1,722 1,732 
Total operating lease cost$4,548 $4,238 $4,199 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Leases (in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$4,291 $4,013 $3,890 
Right-of-use assets obtained in exchange for new lease liabilities$175 $— $141 

The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2025.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
2026$3,519 
20272,574 
20282,616 
20292,583 
20302,561 
Thereafter107,916 
Total lease payments121,769 
Less: Imputed interest(84,729)
Present value of operating lease liabilities$37,040 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
Lessor, Operating Leases [Text Block] Leases
Lessor Leases

The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee.

The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Rental Income (in thousands)202520242023
Fixed lease payments$640,877 $585,611 $540,447 
Variable lease payments179,983 162,090 146,954 
Straight-line rental income19,634 14,612 16,894 
Net increase to rental income related to above and below market lease amortization2,515 579 865 
Total rental income$843,009 $762,892 $705,160 

As of December 31, 2025 and 2024, the Company had accrued rental income of approximately $139.9 million and $118.6 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets.

As of December 31, 2025 and 2024, the Company’s total liability associated with tenant lease security deposits was approximately $26.3 million and $23.9 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets.

The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2025.

YearMaturity of Fixed Lease Payments (in thousands)
2026$667,077 
2027$620,853 
2028$540,446 
2029$449,626 
2030$334,283 
Thereafter$763,477 
Lessee Leases

The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 0.5 years to 56.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities.

On June 10, 2025, the Company entered into a new lease agreement for its headquarters. The property subject to the lease is located in Boston, Massachusetts, and consists of approximately 28,041 square feet of rentable space. The lease term is estimated to commence on July 1, 2026, and expire on April 30, 2037, with one option to extend the lease for an additional five years at prevailing market rental rates. The total base rent is approximately $23.0 million over the approximately 10.8 year term and the Company will recognize the related right-of-use assets and corresponding operating lease liabilities upon lease commencement.

The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024.

Operating Lease Term and Discount RateDecember 31, 2025December 31, 2024
Weighted average remaining lease term (years)37.634.9
Weighted average discount rate7.0 %6.9 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Lease Cost (in thousands)202520242023
Operating lease cost included in property expense attributable to ground leases$2,823 $2,516 $2,467 
Operating lease cost included in general and administrative expense attributable to corporate office leases1,725 1,722 1,732 
Total operating lease cost$4,548 $4,238 $4,199 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Leases (in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$4,291 $4,013 $3,890 
Right-of-use assets obtained in exchange for new lease liabilities$175 $— $141 

The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2025.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
2026$3,519 
20272,574 
20282,616 
20292,583 
20302,561 
Thereafter107,916 
Total lease payments121,769 
Less: Imputed interest(84,729)
Present value of operating lease liabilities$37,040 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
v3.25.4
Earnings Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Under the two-class method of computing earnings per share, restricted shares of common stock are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends, unless and until a forfeiture occurs, and these awards must be included in the computation of earnings per share pursuant to the two-class method. During the years ended December 31, 2025, 2024 and 2023, there were 113,207, 122,454 and 142,875, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. Participating securities are included in the computation of diluted earnings per share using the treasury stock method if the impact is more dilutive than the two-class method. Other potentially dilutive shares of common stock from the Company’s performance units and forward sales agreements are considered when calculating diluted earnings per share.

The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2025, 2024 and 2023.

Year ended December 31,
Earnings Per Share (in thousands, except per share data)202520242023
Numerator 
Net income attributable to common stockholders$273,350 $189,038 $192,633 
Denominator 
Weighted average common shares outstanding — basic186,844 182,160 180,221 
Effect of dilutive securities(1)
Share-based compensation330 244 332 
Shares issuable under forward sale agreements— — 2 
Weighted average common shares outstanding — diluted187,174 182,404 180,555 
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic$1.46 $1.04 $1.07 
Net income per share attributable to common stockholders — diluted$1.46 $1.04 $1.07 
(1)During the years ended December 31, 2025, 2024, and 2023, there were 113, 122, and 143 unvested restricted shares of common stock (on a weighted average basis), respectively, that were not included in the computation of diluted earnings per share because the allocation of income under the two-class method was more dilutive.
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

The Company has letters of credit of approximately $3.2 million as of December 31, 2025 related to construction projects and certain other agreements.
v3.25.4
Employee Benefit Plans
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Effective April 20, 2011, the Company adopted a 401(k) Defined Contribution Savings Plan (the “Plan”) for its employees. Under the Plan, as amended, employees, as defined, are eligible to participate in the Plan after they have completed three months of service. The Company provides a discretionary match of 50% of the employee’s contributions annually up to 6.0% of the employee’s annual compensation, subject to a cap imposed by federal tax law. The Company’s aggregate matching contribution for the years ended December 31, 2025, 2024 and 2023 was approximately $0.6 million, $0.6 million and $0.5 million, respectively. The Company’s contribution is subject to vest over three years, such that employees who have been with the Company for three years are fully vested in past and future contributions.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The Company identified the following events subsequent to December 31, 2025 that are not recognized in the financial statements.

On January 8, 2026, the Company granted 39,540 restricted shares of common stock to certain employees of the Company pursuant to the 2011 Plan. The restricted shares of common stock granted will vest over four years in equal installments on January 1 of each year beginning January 1, 2027. The fair value of the restricted shares of common stock at the date of grant was $37.93 per share.
On January 8, 2026, the Company granted 33,690 LTIP units to non-employee, independent directors and 112,578 LTIP units to certain executive officers and senior employees pursuant to the 2011 Plan. The LTIP units granted to non-employee, independent directors will vest in equal quarterly installments over one year, with the first vesting date being March 31, 2026. The LTIP units granted to certain executive officers and senior employees will vest in equal quarterly installments over four years, with the first vesting date being March 31, 2026. The aggregate fair value of the LTIP units at the date of grant was approximately $5.2 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using an expected term of 10 years, a volatility factor of 22.0%, an expected dividend yield of 4.0%, and a risk-free interest rate of 3.5600%. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement.

On January 8, 2026, the Company granted performance units to certain executive officers and senior employees pursuant to the 2011 Plan. The terms of the January 8, 2026 performance units are substantially the same as the 2025 performance units discussed in Note 8, except that the measuring period commenced on January 1, 2026 and ends on December 31, 2028. The aggregate fair value of the performance units at the date of grant was approximately $7.2 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.8%, an expected dividend yield of 4.0%, and a risk-free interest rate of 3.5586%. The fair value of the performance units is based on Level 3 inputs and is a non-recurring fair value measurement.
v3.25.4
Schedule 3 - Real Estate and Accumulated Depreciation
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SEC Schedule III - Real Estate and Accumulated Depreciation Disclosure
STAG Industrial, Inc.
Schedule III—Real Estate and Accumulated Depreciation
December 31, 2025
(in thousands)
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Alabama
Birmingham103 Shades Creek Circle$— $6,748 $1,307 $374 $7,122 $1,307 $8,429 $(1,170)2020
Birmingham2991 Shannon Oxmoor Road— 5,828 1,341 39 5,867 1,341 7,208 (922)2020
Birmingham101 39th Street North — 6,239 590 42 6,281 590 6,871 (711)2022
Birmingham101 Shades Creek Circle— 3,927 836 792 4,719 836 5,555 (762)2020
Montgomery4300 Alatex Road— 7,057 418 3,556 10,613 418 11,031 (2,919)2016
Moody2415 Highway 78 East— 31,467 2,293 262 31,729 2,293 34,022 (4,861)2021
Phenix City16 Downing Drive— 1,364 276 338 1,702 276 1,978 (651)2012
Arizona
Avondale925 N. 127th Avenue— 12,340 1,674 28 12,368 1,674 14,042 (2,599)2017
Chandler464 E. Chilton Drive— 9,728 2,847 671 10,399 2,847 13,246 (1,713)2020
Gilbert335 South Hamilton Court— 5,784 2,107 251 6,035 2,107 8,142 (913)2021
Mesa7447 E. Ray Road— 7,930 1,277 311 8,241 1,277 9,518 (1,459)2020
Phoenix 4455 West Magnolia Street— 11,060 1,962 — 11,060 1,962 13,022 (383)2024
Tucson6161 South Palo Verde Road— 7,304 996 157 7,461 996 8,457 (1,334)2018
Arkansas
Bryant3700 Bryant Crossing Drive— 17,386 1,143 — 17,386 1,143 18,529 (2,610)2021
Rogers1101 Easy Street— 7,878 1,072 1,754 9,632 1,072 10,704 (3,447)2011
California
Fresno3701 S. Minnewawa Avenue— 38,954 3,505 — 38,954 3,505 42,459 (316)2025
Fresno2624 E. Edgar Avenue— 23,590 3,049 — 23,590 3,049 26,639 (2,743)2022
Hollister2401 Bert Drive— 26,049 2,913 621 26,670 2,913 29,583 (2,713)2022
Lodi1170 South Guild Avenue— 34,550 4,975 — 34,550 4,975 39,525 (5,370)2020
McClellan4841 Urbani Avenue— 14,218 1,048 — 14,218 1,048 15,266 (2,225)2020
Menifee33360 Zeiders Road— 15,995 2,248 8 16,003 2,248 18,251 (1,104)2023
Menifee33380 Zeiders Road— 13,493 2,227 329 13,822 2,227 16,049 (942)2023
Morgan Hill18695 Madrone Parkway— 7,608 2,562 — 7,608 2,562 10,170 (952)2021
Morgan Hill18255 Sutter Boulevard— 19,849 3,943 5 19,854 3,943 23,797 (2,597)2021
Rancho Cordova2587 Mercantile Drive— 4,280 678 70 4,350 678 5,028 (595)2020
Rancho Cordova2431 Mercantile Drive— 4,583 498 409 4,992 498 5,490 (784)2020
Roseville8825 Washington Boulevard— 11,398 2,140 — 11,398 2,140 13,538 (1,718)2021
Sacramento1635 Main Avenue— 8,407 845 259 8,666 845 9,511 (1,201)2020
Sacramento5440 Stationers Way— 21,258 2,203 225 21,483 2,203 23,686 (3,534)2021
Sacramento5601 Warehouse Way— 8,137 1,347 835 8,972 1,347 10,319 (1,236)2021
Sacramento8500 Carbide Court— 5,218 1,614 — 5,218 1,614 6,832 (690)2021
Sacramento8440 Florin Road— 12,184 3,921 — 12,184 3,921 16,105 (1,949)2021
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Sacramento900 National Drive— 7,560 1,479 — 7,560 1,479 9,039 (1,028)2021
Sacramento 5961 Outfall Circle— 11,019 1,914 — 11,019 1,914 12,933 (938)2023
Sacramento7728 Wilbur Way— 8,723 857 151 8,874 857 9,731 (1,327)2019
San Diego2055 Dublin Drive— 14,332 2,290 4,218 18,550 2,290 20,840 (3,456)2017
Stockton4091 Gold River Lane— 4,001 663 475 4,476 663 5,139 (566)2020
Stockton3838 Imperial Way— 12,512 1,806 1,402 13,914 1,806 15,720 (1,999)2021
Stockton3843 Gold River Lane— 4,004 660 — 4,004 660 4,664 (517)2020
West Sacramento 2975 Oates Street — 7,631 1,475 — 7,631 1,475 9,106 (299)2024
West Sacramento3525 Carlin Drive— 24,581 4,350 9,538 34,119 4,350 38,469 (2,557)2021
Colorado
Grand Junction2139 Bond Street— 3,776 314 454 4,230 314 4,544 (1,063)2015
Johnstown4150 Ronald Reagan Boulevard— 14,964 1,133 27 14,991 1,133 16,124 (2,654)2019
Longmont4300 Godding Hollow Parkway— 5,112 734 1,226 6,338 734 7,072 (1,311)2018
Loveland4550 Byrd Drive— 16,591 3,452 2,949 19,540 3,452 22,992 (2,505)2021
Loveland4510 Byrd Drive— 14,134 3,047 3,191 17,325 3,047 20,372 (2,845)2021
Connecticut
East Windsor4 Craftsman Road— 5,335 400 1,080 6,415 400 6,815 (1,440)2016
East Windsor24 Thompson Road— 4,571 348 738 5,309 348 5,657 (1,873)2012
Milford200 Research Drive— 13,853 1,650 1,706 15,559 1,650 17,209 (2,125)2021
Milford40 Pepes Farm Road— 9,433 1,264 1,179 10,612 1,264 11,876 (2,651)2017
North Haven300 Montowese Avenue Extension — 36,753 4,086 5,752 42,505 4,086 46,591 (11,634)2015
Wallingford5 Sterling Drive— 5,733 585 347 6,080 585 6,665 (1,289)2017
Delaware
New Castle400 Lukens Drive— 15,794 2,616 198 15,992 2,616 18,608 (4,065)2016
Florida
Daytona Beach530 Fentress Boulevard— 875 1,237 2,934 3,809 1,237 5,046 (1,996)2007
Fort Myers16341 Domestic Avenue— 22,005 2,729 — 22,005 2,729 24,734 (3,249)2020
Gibsonton6508 Powell Road— — 4,143 18,975 18,975 4,143 23,118 (119)2023
Gibsonton6020 Powell Road— — 5,429 21,098 21,098 5,429 26,527 (307)2023
Jacksonville775 Whittaker Road— 3,137 451 415 3,552 451 4,003 (879)2017
Jacksonville9601 North Main Street— 7,414 650 2,551 9,965 650 10,615 (2,089)2017
Jacksonville550 Gun Club Road— 7,403 674 2,354 9,757 674 10,431 (2,318)2017
Jacksonville555 Zoo Parkway— 6,651 596 2,197 8,848 596 9,444 (1,965)2017
Jacksonville9779 Pritchard Road— 14,319 1,284 1,414 15,733 1,284 17,017 (3,276)2019
Lake Worth2230 4th Avenue North— 2,530 1,533 — 2,530 1,533 4,063 (445)2020
Lake Worth3600 23rd Avenue South— 4,729 1,502 — 4,729 1,502 6,231 (748)2020
Lake Worth2269 4th Avenue North— 4,751 2,254 — 4,751 2,254 7,005 (813)2020
Lakeland4675 Drane Field Road— 13,060 1,099 74 13,134 1,099 14,233 (2,156)2020
Orlando1854 Central Florida Parkway— 4,520 1,339 1,692 6,212 1,339 7,551 (1,735)2013
Orlando7050 Overland Road— 1,996 721 1,535 3,531 721 4,252 (999)2012
Tampa4330 Williams Road— 6,058 829 305 6,363 829 7,192 (1,049)2019
West Palm Beach4268 Westroads Drive— 6,835 2,906 605 7,440 2,906 10,346 (1,246)2020
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Georgia
Atlanta4200 SW Shirley Drive— 8,382 1,679 3,934 12,316 1,679 13,995 (1,451)2022
Augusta1816 Tobacco Road— 5,818 937 90 5,908 937 6,845 (1,195)2018
Buford4823 Roy Carlson Boulevard— 9,195 1,061 938 10,133 1,061 11,194 (1,270)2021
Dallas351 Thomas D. Murphy Drive— 1,634 475 8 1,642 475 2,117 (663)2012
Forest Park5345 Old Dixie Highway— 7,369 1,715 7,481 14,850 1,715 16,565 (1,972)2016
LaGrange614 Pegasus Parkway — 26,546 3,021 — 26,546 3,021 29,567 (1,183)2024
Lithonia1995 Lithonia Industrial Boulevard— 18,052 943 301 18,353 943 19,296 (2,081)2022
Norcross4075 Blue Ridge Industrial Parkway— 2,090 1,589 2,390 4,480 1,589 6,069 (961)2016
Savannah1086 Oracal Parkway— 12,670 439 1,902 14,572 439 15,011 (3,775)2014
Smyrna3500 Highlands Parkway— 2,933 264 1,644 4,577 264 4,841 (1,405)2012
Statham1965 Statham Drive— 5,852 588 2,786 8,638 588 9,226 (2,689)2012
Stone Mountain1635 Stone Ridge Drive— 2,404 612 780 3,184 612 3,796 (835)2017
Idaho
Idaho Falls3900 South American Way— 2,592 356 140 2,732 356 3,088 (878)2013
Illinois
Aurora2520 Diehl Road — 8,304 1,848 — 8,304 1,848 10,152 (310)2024
Bartlett1590 W. Stearns Road— 19,449 2,198 694 20,143 2,198 22,341 (2,770)2021
Batavia1100 North Raddant Road— 7,763 1,124 — 7,763 1,124 8,887 (1,233)2020
Batavia1862 Suncast Lane— 4,427 598 274 4,701 598 5,299 (679)2021
Batavia1100 Paramount Parkway— 3,943 618 677 4,620 618 5,238 (922)2017
Belvidere888 Landmark Drive— 6,772 670 78 6,850 670 7,520 (2,167)2013
Belvidere3905 & 3925 Morreim Drive— 4,203 668 41 4,244 668 4,912 (1,329)2013
Belvidere857 Landmark Drive— 8,025 1,542 1,665 9,690 1,542 11,232 (3,340)2013
Belvidere984 Landmark Drive— — 216 — — 216 216 — 2013
Buffalo Grove2500-2550 Millbrook Drive — 7,971 1,165 — 7,971 1,165 9,136 (234)2025
Buffalo Grove2400 Millbrook Drive— 11,145 2,579 — 11,145 2,579 13,724 (357)2025
Carol Stream 494 Lies Road East— 6,536 959 5 6,541 959 7,500 (231)2024
Cary680 Industrial Drive— 3,235 498 87 3,322 498 3,820 (445)2020
Crystal Lake215 Exchange Drive— 10,698 1,790 — 10,698 1,790 12,488 (1,590)2021
Crystal Lake220 Exchange Drive— 8,419 1,343 153 8,572 1,343 9,915 (1,273)2021
Crystal Lake300 Exchange Drive— 9,724 1,568 14 9,738 1,568 11,306 (1,494)2021
Crystal Lake450 Congress Parkway— 8,789 1,456 133 8,922 1,456 10,378 (1,378)2021
Elgin1360 Madeline Lane— 19,754 1,135 124 19,878 1,135 21,013 (2,398)2021
Elgin1385 Madeline Lane— 15,335 1,057 451 15,786 1,057 16,843 (2,023)2021
Elgin1690 Cambridge Drive— 3,321 270 188 3,509 270 3,779 (436)2021
Elgin 200-220 Corporate Drive— 7,627 1,130 120 — 7,747 1,130 8,877 (428)2024
Elgin 300-330 Corporate Drive— 11,662 1,302 21 11,683 1,302 12,985 (623)2024
Elgin 305-325 Corporate Drive— 30,082 2,954 515 30,597 2,954 33,551 (1,644)2024
Elgin 350-370 River Ridge Drive— 13,418 1,528 119 13,537 1,528 15,065 (698)2024
Elgin 1575-1595 Highpoint Drive— 5,468 945 359 5,827 945 6,772 (337)2024
Elmhurst934 North Church Road— 6,255 874 1,301 7,556 874 8,430 (847)2022
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Gurnee3818 Grandville Avenue & 1200 Northwestern Avenue— 10,639 1,716 1,272 11,911 1,716 13,627 (3,517)2014
Harvard875 West Diggins Street— 2,403 1,157 897 3,300 1,157 4,457 (968)2013
Hodgkins6600 River Road— 30,599 2,570 2 30,601 2,570 33,171 (4,579)2020
Hodgkins6620 River Road— 6,163 3,127 — 6,163 3,127 9,290 (945)2021
Itasca1251 W. Ardmore Avenue— 3,621 1,223 — 3,621 1,223 4,844 (487)2021
Itasca1500 Bryn Mawr Avenue— 3,871 2,073 24 3,895 2,073 5,968 (579)2021
Itasca1800 Bruning Drive— 11,431 2,428 1,264 12,695 2,428 15,123 (3,749)2016
Lisle4925 Indiana Avenue— 7,808 2,302 — 7,808 2,302 10,110 (1,244)2019
Machesney Park7166 Greenlee Drive— 3,336 300 43 3,379 300 3,679 (897)2015
McHenry831/833 Ridgeview Drive— 3,593 576 462 4,055 576 4,631 (775)2018
McHenry921 Ridgeview Drive— 3,791 448 202 3,993 448 4,441 (764)2018
Monee25100 S. Ridgeland Avenue— 56,457 5,391 — 56,457 5,391 61,848 (161)2025
Montgomery2001 Baseline Road— — 173 — — 173 173 — 2018
Montgomery2001 Baseline Road— 12,089 2,190 4,638 16,727 2,190 18,917 (5,617)2012
New Lenox2101-2105 West Haven Avenue— 16,488 1,552 159 16,647 1,552 18,199 (544)2024
New Lenox2200 West Haven Avenue— 10,555 2,450 — 10,555 2,450 13,005 (446)2024
New Lenox2201 West Haven Avenue— 13,753 1,395 1,084 14,837 1,395 16,232 (462)2024
Saint Charles3810-3820 Stern Avenue— 7,028 1,321 606 7,634 1,321 8,955 (1,009)2021
Saint Charles 3850 Ohio Avenue — 5,976 1,160 45 6,021 1,160 7,181 (741)2022
Sauk Village21399 Torrence Avenue— 5,153 877 771 5,924 877 6,801 (1,907)2013
Schaumburg710 East State Parkway— 3,940 689 181 4,121 689 4,810 (618)2020
Vernon Hills888 Forest Edge Drive— 9,383 2,416 938 10,321 2,416 12,737 (1,404)2021
Waukegan3751 Sunset Avenue— 4,775 1,004 149 4,924 1,004 5,928 (1,087)2017
West Chicago1300 Northwest Avenue— 1,982 768 1,077 3,059 768 3,827 (1,297)2016
West Chicago1400 Northwest Avenue— 596 382 330 926 382 1,308 (266)2016
West Chicago1450 Northwest Avenue— 641 450 325 966 450 1,416 (268)2016
West Chicago1145 & 1149 Howard— 746 369 402 1,148 369 1,517 (341)2016
West Chicago1270 Nuclear Drive— 808 216 1,685 2,493 216 2,709 (468)2016
West Chicago537 Discovery Drive— 32,618 5,961 1,237 33,855 5,961 39,816 (2,385)2023
West Chicago1726-1850 Blackhawk Drive— 5,770 915 2,331 8,101 915 9,016 (2,032)2016
West Dundee901-907 Wesemann Drive— 12,616 948 103 12,719 948 13,667 (1,657)2021
Wood Dale321 Forster Avenue— 4,758 1,226 1,023 5,781 1,226 7,007 (1,181)2016
Indiana
Elkhart2701 Marina Drive— 210 25 143 353 25 378 (170)2007
Elkhart3501 E. County Road 6— 3,519 422 1,175 4,694 422 5,116 (2,129)2007
Fort Wayne3424 Centennial Drive— 2,936 112 175 3,111 112 3,223 (845)2014
Goshen2600 College Avenue— 5,998 1,442 2,198 8,196 1,442 9,638 (3,241)2011
Greenwood2441 E. Main Street— 12,745 911 1,004 13,749 911 14,660 (2,114)2021
Indianapolis7701 West New York Street— 3,931 620 578 4,509 620 5,129 (598)2021
Jeffersonville101 Jacobs Way— 35,174 2,891 1,255 36,429 2,891 39,320 (3,993)2022
Jeffersonville250 Hilton Drive— 42,618 2,778 — 42,618 2,778 45,396 (2,839)2024
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Lafayette1520 Kepner Drive— 2,172 295 31 2,203 295 2,498 (735)2012
Lafayette1540-1530 Kepner Drive— 3,325 410 372 3,697 410 4,107 (1,281)2012
Lafayette1521 Kepner Drive— 7,748 906 1,237 8,985 906 9,891 (2,852)2012
Lebanon100 Purity Drive— 20,025 1,654 — 20,025 1,654 21,679 (3,902)2018
Lebanon800 Edwards Drive— 36,091 2,359 — 36,091 2,359 38,450 (6,975)2019
Lebanon121 N. Enterprise Boulevard— 36,461 2,948 13,958 50,419 2,948 53,367 (7,538)2019
Marion2201 E. Loew Road— 2,871 243 818 3,689 243 3,932 (1,480)2012
Portage6515 Ameriplex Drive— 26,449 1,626 746 27,195 1,626 28,821 (4,542)2019
Portage725 George Nelson Drive— 5,379 — — 5,379 — 5,379 (1,858)2012
South Bend3310 William Richardson Court— 4,718 411 2,004 6,722 411 7,133 (2,012)2012
Whitestown 4330 S 500 E— 17,621 1,525 — 17,621 1,525 19,146 (1,289)2023
Yoder2909 Pleasant Center Road— 24,504 941 665 25,169 941 26,110 (5,840)2020
Iowa
Ankeny5910 Southeast Rio Circle— 13,579 846 258 13,837 846 14,683 (2,534)2019
Ankeny6150 Southeast Rio Circle— 19,104 1,421 97 19,201 1,421 20,622 (2,333)2021
Council Bluffs1209 31st Avenue— 4,288 414 — 4,288 414 4,702 (957)2017
Des Moines3915 Delaware Avenue— 9,339 1,685 1,578 10,917 1,685 12,602 (1,553)2021
Des Moines1900 E. 17th Street— 4,191 556 96 4,287 556 4,843 (860)2018
Marion6301 North Gateway Drive— 2,024 691 267 2,291 691 2,982 (759)2013
Kansas
Edwardsville9601 Woodend Road— 12,015 1,360 544 12,559 1,360 13,919 (2,757)2017
Lenexa9700 Lackman Road— 9,168 1,759 183 9,351 1,759 11,110 (1,519)2019
Lenexa14000 Marshall Drive— 6,551 2,368 — 6,551 2,368 8,919 (2,307)2014
Olathe1202 South Lone Elm Road— 16,083 1,193 111 16,194 1,193 17,387 (3,357)2019
Olathe16231 South Lone Elm Road— 18,444 2,431 3,670 22,114 2,431 24,545 (5,726)2016
Wichita2655/2755 South Eastmoor Street— 1,762 88 10 1,772 88 1,860 (593)2012
Wichita2652 South Eastmoor Street— 1,785 107 128 1,913 107 2,020 (686)2012
Wichita2510 South Eastmoor Street— 788 76 147 935 76 1,011 (286)2012
Kentucky
Bardstown300 Spencer Mattingly Lane— 2,295 379 563 2,858 379 3,237 (1,216)2007
Danville1355 Lebanon Road— 11,593 965 4,617 16,210 965 17,175 (6,330)2011
Erlanger1500-1532 Interstate Drive— 3,481 635 424 3,905 635 4,540 (991)2016
Florence9200 Brookfield Court— 7,450 863 88 7,538 863 8,401 (1,336)2019
Florence1100 Burlington Pike— 10,672 3,109 1,369 12,041 3,109 15,150 (3,632)2018
Hebron2151 Southpark Drive— 4,137 370 947 5,084 370 5,454 (1,443)2014
Louisiana
Baton Rouge6565 Exchequer Drive— 5,815 1,619 666 6,481 1,619 8,100 (1,493)2019
Baton Rouge6735 Exchequer Drive— 6,643 2,567 681 7,324 2,567 9,891 (1,769)2019
Baton Rouge12100 Little Cayman Avenue— 14,432 1,962 152 14,584 1,962 16,546 (2,782)2018
Shreveport7540 Bert Kouns Industrial Loop— 5,319 1,804 2,860 8,179 1,804 9,983 (2,076)2015
Maine
Biddeford1 Baker's Way— 8,164 1,369 4,849 13,013 1,369 14,382 (4,506)2016
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Gardiner47 Market Street— 8,025 948 23 8,048 948 8,996 (2,170)2016
Portland125 Industrial Way— 3,648 891 2,918 6,566 891 7,457 (1,587)2012
Maryland
Elkridge6685 Santa Barbara Court— 8,764 2,982 251 9,015 2,982 11,997 (1,805)2019
Hagerstown11835 Newgate Boulevard — 55,177 6,036 — 55,177 6,036 61,213 (7,456)2021
Hagerstown11841 Newgate Boulevard— 55,448 6,174 231 55,679 6,174 61,853 (7,802)2021
Hagerstown105 Enterprise Lane— 11,213 3,472 — 11,213 3,472 14,685 (1,976)2021
Hampstead630 Hanover Pike— 34,116 780 2,892 37,008 780 37,788 (11,330)2013
Hunt Valley11100 Gilroy Road— 4,900 538 75 4,975 538 5,513 (714)2021
White Marsh6210 Days Cove Road— 4,233 963 3,040 7,273 963 8,236 (1,224)2018
Massachusetts
Andover 7 Connector Road— 9,744 2,238 456 10,200 2,238 12,438 (455)2024
Hudson4 Robert Bonazzoli Avenue— 12,628 723 445 13,073 723 13,796 (1,662)2021
Lawrence91 Glenn Street— 14,945 3,287 711 15,656 3,287 18,943 (634)2024
Malden219 Medford Street— 2,817 366 — 2,817 366 3,183 (1,341)2007
Malden243 Medford Street— 3,961 507 — 3,961 507 4,468 (1,884)2007
Middleborough16 Leona Drive— 5,951 2,397 172 6,123 2,397 8,520 (1,015)2019
Norton202 South Washington Street— 6,105 2,839 250 6,355 2,839 9,194 (2,444)2011
South Easton55 Bristol Drive— 5,638 403 2,933 8,571 403 8,974 (1,505)2017
Sterling15 Chocksett Road— 10,797 1,472 — 10,797 1,472 12,269 (1,471)2021
Stoughton100 Campanelli Parkway— 1,677 2,256 1,856 3,533 2,256 5,789 (1,024)2015
Stoughton12 Campanelli Parkway— 909 538 438 1,347 538 1,885 (354)2015
Westborough35 Otis Street— 5,511 661 23 5,534 661 6,195 (1,302)2016
Wilmington 353 Middlesex Avenue — 9,424 1,158 — 9,424 1,158 10,582 (363)2024
Woburn180 New Boston Street — 14,836 2,123 57 14,893 2,123 17,016 (615)2024
Woburn41 Atlantic Avenue — 7,502 2,265 — 7,502 2,265 9,767 (339)2024
Michigan
Belleville8200 Haggerty Road— 5,993 724 616 6,609 724 7,333 (1,372)2017
Canton47440 Michigan Avenue— 22,519 2,378 1,713 24,232 2,378 26,610 (3,627)2020
Chesterfield50501 E. Russell Schmidt— 1,099 207 165 1,264 207 1,471 (537)2007
Chesterfield50371 E. Russell Schmidt— 798 150 477 1,275 150 1,425 (567)2007
Chesterfield50271 E. Russell Schmidt— 802 151 201 1,003 151 1,154 (495)2007
Chesterfield50900 E. Russell Schmidt— 5,006 942 2,742 7,748 942 8,690 (3,689)2007
Grand Rapids5445 International Parkway— 6,764 1,241 395 7,159 1,241 8,400 (1,015)2020
Grand Rapids5079 33rd Street — 4,907 892 459 5,366 892 6,258 (759)2022
Grand Rapids5333 33rd Street— 3,455 1,052 192 3,647 1,052 4,699 (665)2022
Grand Rapids5050 Kendrick Street, SE— 6,725 169 1,747 8,472 169 8,641 (1,846)2015
Holland4757 128th Avenue— 3,222 279 340 3,562 279 3,841 (1,133)2012
Kentwood4660 East Paris Avenue, SE— 7,494 307 102 7,596 307 7,903 (1,222)2019
Kentwood4647 60th Street SE— 16,933 1,256 1,928 18,861 1,256 20,117 (2,662)2021
Kentwood4070 East Paris Avenue— 2,370 407 120 2,490 407 2,897 (799)2013
Lansing7009 West Mount Hope Highway— 7,706 501 7,464 15,170 501 15,671 (5,641)2011
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Lansing2780 Sanders Road— 3,961 580 460 4,421 580 5,001 (1,461)2012
Lansing5640 Pierson Highway— 6,725 429 208 6,933 429 7,362 (2,279)2012
Lansing2051 South Canal Road— 4,868 907 100 4,968 907 5,875 (1,510)2013
Livonia38150 Plymouth Road— 6,168 1,390 1,471 7,639 1,390 9,029 (1,431)2018
Livonia38220 Plymouth Road— 8,485 848 1,016 9,501 848 10,349 (1,783)2018
Marshall1511 George Brown Drive— 953 199 130 1,083 199 1,282 (390)2013
Novi22925 Venture Drive— 3,537 252 486 4,023 252 4,275 (1,310)2012
Novi25250 Regency Drive— 5,638 626 63 5,701 626 6,327 (1,594)2015
Novi43800 Gen Mar Drive— 16,203 1,381 925 17,128 1,381 18,509 (3,251)2018
Plymouth14835 Pilot Drive— 4,338 365 250 4,588 365 4,953 (1,325)2015
Redford12100 Inkster Road— 5,267 728 1,632 6,899 728 7,627 (1,331)2017
Romulus9800 Inkster Road— 14,942 1,254 158 15,100 1,254 16,354 (4,352)2018
Romulus27651 Hildebrandt Road— 13,987 1,080 1,542 15,529 1,080 16,609 (3,176)2017
Sterling Heights42600 Merrill Street— 4,102 1,133 1,414 5,516 1,133 6,649 (2,001)2012
Walker2640 Northridge Drive— 4,593 855 1,110 5,703 855 6,558 (1,915)2011
Warren13301 Stephens Road— 5,497 502 206 5,703 502 6,205 (1,268)2017
Warren27027 Mound Road— 17,018 1,984 69 17,087 1,984 19,071 (2,709)2020
Warren25295 Guenther Road— 19,273 531 1,293 20,566 531 21,097 (2,937)2021
Warren7500 Tank Avenue— 13,076 1,290 1,564 14,640 1,290 15,930 (3,407)2016
Wixom48238 Frank Street— 14,433 293 — 14,433 293 14,726 (1,819)2021
Zeeland750 E. Riley Avenue— 12,100 487 — 12,100 487 12,587 (3,156)2019
Minnesota
Blaine3705 95th Avenue NE— 16,202 2,258 46 16,248 2,258 18,506 (2,939)2019
Bloomington11300 Hampshire Avenue South— 8,096 1,702 589 8,685 1,702 10,387 (1,634)2018
Brooklyn Park6688 93rd Avenue North— 11,349 1,926 17 11,366 1,926 13,292 (2,729)2016
Brooklyn Park 9400 Decatur Drive— 18,133 2,051 — 18,133 2,051 20,184 (715)2024
Carlos4750 County Road 13 NE— 4,183 960 1,438 5,621 960 6,581 (2,010)2011
Eagan3355 Discovery Road— 15,290 2,526 — 15,290 2,526 17,816 (4,031)2019
Inver Grove Height8450 Courthouse Boulevard— 6,964 2,595 — 6,964 2,595 9,559 (1,067)2021
Lakeville21601 Galway Lane — 31,841 5,405 — 31,841 5,405 37,246 (1,567)2024
Maple Grove6250 Sycamore Lane North— 6,251 969 877 7,128 969 8,097 (1,644)2017
Maple Grove8175 Jefferson Highway— 10,397 2,327 774 11,171 2,327 13,498 (2,272)2020
Mendota Heights 1312 Northland Drive— 10,743 1,497 — 10,743 1,497 12,240 (448)2024
Mendota Heights2250 Pilot Knob Road— 3,175 1,494 1,177 4,352 1,494 5,846 (1,251)2018
New Hope5520 North Highway 169— 1,669 1,919 977 2,646 1,919 4,565 (640)2013
Newport710 Hastings Avenue— 8,367 1,765 — 8,367 1,765 10,132 (1,070)2021
Oakdale550-590 Hale Avenue North — 5,971 647 1,004 6,975 647 7,622 (1,121)2019
Oakdale585-595 Hale Avenue— 4,627 1,396 998 5,625 1,396 7,021 (989)2018
Plymouth9800 13th Avenue North— 4,438 1,599 — 4,438 1,599 6,037 (823)2018
Plymouth6050 Nathan Lane— 5,532 1,109 61 5,593 1,109 6,702 (989)2019
Plymouth6075 Trenton Lane North— 6,919 1,569 30 6,949 1,569 8,518 (1,608)2019
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Saint Paul1700 Wynne Avenue— 23,675 2,258 — 23,675 2,258 25,933 (3,233)2021
Savage14399 Huntington Avenue— 3,251 3,194 1,253 4,504 3,194 7,698 (1,503)2014
Shakopee4241 12th Avenue East— 11,946 2,281 — 11,946 2,281 14,227 (425)2025
Shakopee5101/4901 Valley Industrial Boulevard— 11,596 584 13 11,609 584 12,193 (1,574)2022
Shakopee1451 Dean Lakes Trail— 12,038 927 61 12,099 927 13,026 (1,915)2019
South Saint Paul411 Farwell Avenue— 14,335 2,378 169 14,504 2,378 16,882 (2,819)2018
Mississippi
Southaven228 Access Drive— 28,387 1,000 1,073 29,460 1,000 30,460 (4,568)2020
Missouri
Berkeley8901 Springdale Avenue— 9,850 1,423 1,562 11,412 1,423 12,835 (1,473)2021
Earth City1 American Eagle Plaza— 2,492 1,123 807 3,299 1,123 4,422 (666)2016
Fenton2501 & 2509 Cassens Drive— 8,919 791 932 9,851 791 10,642 (1,556)2019
Hazelwood7275 Hazelwood Avenue— 5,030 1,382 2,094 7,124 1,382 8,506 (2,715)2011
Kansas City 4001 North Norfleet Road — 48,342 4,239 — 48,342 4,239 52,581 (6,530)2022
Kansas City 10410 NW Transcon Drive— 16,651 — — 16,651 — 16,651 (615)2024
Kansas City 9900 NW Global Drive— 33,113 — — 33,113 — 33,113 (1,156)2024
Kansas City10500 NW Transcon Drive— 25,994 — — 25,994 — 25,994 (136)2025
Kansas City10451 NW Transcon Drive— 12,687 — — 12,687 — 12,687 (74)2025
O'Fallon6705 Keaton Corporate Parkway— 3,238 1,233 559 3,797 1,233 5,030 (926)2017
O'Fallon3801 Lloyd King Drive— 2,579 1,242 1,696 4,275 1,242 5,517 (1,469)2011
Nebraska
Bellevue10601 S 15th Street— 19,491 1,691 135 19,626 1,691 21,317 (2,464)2021
La Vista11720 Peel Circle— 14,679 1,232 165 14,844 1,232 16,076 (2,012)2021
Omaha10488 S. 136th Street— 13,376 1,602 244 13,620 1,602 15,222 (2,412)2019
Omaha9995 I Street— 3,122 572 641 3,763 572 4,335 (604)2019
Omaha10025 I Street— 2,304 579 133 2,437 579 3,016 (431)2019
Omaha9931 South 136th Street— 2,636 828 390 3,026 828 3,854 (544)2021
Omaha9950 South 134th Street— 3,398 868 39 3,437 868 4,305 (461)2021
Nevada
Fernley190 Resource Drive— 11,401 1,034 225 11,626 1,034 12,660 (1,776)2021
Las Vegas730 Pilot Road— 11,655 2,615 727 12,382 2,615 14,997 (2,307)2018
Las Vegas3450 West Teco Avenue— 3,102 770 80 3,182 770 3,952 (665)2017
Paradise4565 Wynn Road— 4,338 949 — 4,338 949 5,287 (765)2019
Paradise6460 Arville Street— 3,131 1,465 251 3,382 1,465 4,847 (615)2019
Reno9025 Moya Boulevard— 3,043 1,372 832 3,875 1,372 5,247 (973)2014
Sparks325 E. Nugget Avenue— 5,589 938 1,179 6,768 938 7,706 (1,690)2017
Sparks655 Spice Islands Drive — 25,453 2,831 421 25,874 2,831 28,705 (1,699)2023
New Hampshire
Londonderry29 Jack's Bridge Road/Clark Road— 6,249 730 339 6,588 730 7,318 (2,064)2013
New Jersey
Branchburg291 Evans Way— 10,470 2,367 24 10,494 2,367 12,861 (1,599)2019
Burlington8 Campus Drive— — 3,267 16,064 16,064 3,267 19,331 (2,164)2015
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Burlington6 Campus Drive— 18,708 4,030 3,022 21,730 4,030 25,760 (6,068)2015
Franklin Township17 & 20 Veronica Avenue— 7,433 2,272 1,638 9,071 2,272 11,343 (2,154)2017
Lumberton101 Mount Holly Bypass— 5,721 1,121 456 6,177 1,121 7,298 (1,045)2019
Moorestown550 Glen Avenue— 5,627 466 230 5,857 466 6,323 (1,381)2019
Moorestown600 Glen Court— 4,188 510 189 4,377 510 4,887 (750)2019
Moorestown 11 Twosome Drive — 9,490 1,230 201 9,691 1,230 10,921 (412)2024
Mt. Laurel103 Central Avenue— 6,447 616 1,106 7,553 616 8,169 (1,043)2020
Piscataway100 New England Avenue— 16,999 7,566 4,336 21,335 7,566 28,901 (998)2023
Swedesboro2165 Center Square Road— 4,827 1,212 901 5,728 1,212 6,940 (1,289)2017
Westampton800 Highland Drive— 20,734 3,647 8,957 29,691 3,647 33,338 (3,089)2021
New Mexico
Santa Teresa150 Earhardt Way— 8,904 723 161 9,065 723 9,788 (935)2022
New York
Buffalo1236-50 William Street— 2,924 146 — 2,924 146 3,070 (1,106)2012
Cheektowaga40-60 Industrial Parkway— 2,699 216 990 3,689 216 3,905 (1,545)2011
Gloversville125 Belzano Drive— 1,203 117 7 1,210 117 1,327 (400)2012
Gloversville122 Belzano Drive— 2,455 151 238 2,693 151 2,844 (864)2012
Gloversville109 Belzano Drive— 1,384 154 210 1,594 154 1,748 (513)2012
Johnstown123 Union Avenue— 1,555 216 305 1,860 216 2,076 (536)2012
Johnstown231 Enterprise Drive— 828 151 49 877 151 1,028 (275)2012
Johnstown150 Enterprise Avenue— 1,304 140 36 1,340 140 1,480 (434)2012
Rochester2883 Brighton Henrietta Townline Road— 6,607 619 1,172 7,779 619 8,398 (1,084)2020
Rochester1350 Scottsville Road— 6,702 208 109 6,811 208 7,019 (1,216)2020
Ronkonkoma845 South 1st Street(4,099)6,091 1,213 147 6,238 1,213 7,451 (991)2021
North Carolina
Catawba3389 Catawba Industrial Place— 8,166 1,692 — 8,166 1,692 9,858 (1,383)2020
Charlotte1401 Tar Heel Road— 3,770 515 63 3,833 515 4,348 (989)2015
Charlotte2027 Gateway Boulevard— 3,654 913 30 3,684 913 4,597 (920)2018
Charlotte3115 Beam Road— 4,839 369 179 5,018 369 5,387 (911)2020
Charlotte12730 Virkler Drive— 10,650 1,522 60 10,710 1,522 12,232 (508)2024
Durham3450 Hopson Road— 64,860 7,075 — 64,860 7,075 71,935 (164)2025
Durham2702 Weck Drive— 2,411 753 327 2,738 753 3,491 (724)2015
Garner2337 US Highway 70E— 11,790 3,420 — 11,790 3,420 15,210 (2,030)2020
Greensboro719 North Regional Road — 12,396 366 711 13,107 366 13,473 (976)2023
Greensboro415 Westcliff Road— 6,383 691 208 6,591 691 7,282 (1,597)2018
Huntersville13201 Reese Boulevard— 3,030 1,061 976 4,006 1,061 5,067 (1,354)2012
Lexington200 Woodside Drive— 3,863 232 1,308 5,171 232 5,403 (2,002)2011
Mebane7412 Oakwood Street— 4,455 481 887 5,342 481 5,823 (1,886)2012
Mebane7600 Oakwood Street— 3,980 443 314 4,294 443 4,737 (1,456)2012
Mebane7110 E. Washington Street— 4,782 358 2,037 6,819 358 7,177 (1,983)2013
Mocksville171 Enterprise Way— 5,309 1,091 616 5,925 1,091 7,016 (1,082)2019
Mooresville119 Super Sport Drive— 17,029 4,195 923 17,952 4,195 22,147 (3,858)2017
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Mooresville313 Mooresville Boulevard— 6,968 701 1,835 8,803 701 9,504 (2,911)2011
Mountain Home199 N. Egerton Road— 2,265 523 324 2,589 523 3,112 (668)2014
Newton1500 Prodelin Drive— 3,814 732 4,807 8,621 732 9,353 (2,879)2011
Pineville10519 Industrial Drive— 1,179 392 44 1,223 392 1,615 (406)2012
Rural Hall300 Forum Parkway— 5,375 439 695 6,070 439 6,509 (2,248)2011
Salisbury990 Cedar Springs Road — 4,211 1,535 3,008 7,219 1,535 8,754 (1,798)2017
Smithfield3250 Highway 70 Business West— 4,411 613 7,219 11,630 613 12,243 (2,902)2011
Troutman279 & 281 Old Murdock Road— 13,124 802 360 13,484 802 14,286 (3,490)2018
Winston-Salem2655 Annapolis Drive— 9,888 610 3,560 13,448 610 14,058 (2,715)2014
Youngsville200 K-Flex Way— 16,150 1,836 — 16,150 1,836 17,986 (3,855)2018
Ohio
Bedford Heights26801 Fargo Avenue— 4,763 837 1,311 6,074 837 6,911 (1,544)2017
Boardman365 McClurg Road— 3,473 282 1,358 4,831 282 5,113 (2,268)2007
Canal Winchester6200-6250 Winchester Boulevard— 37,431 6,403 2,913 40,344 6,403 46,747 (5,156)2021
Canal Winchester6260-6300 Winchester Boulevard— 19,432 3,708 430 19,862 3,708 23,570 (3,075)2021
Canal Winchester6215-6275 Winchester Boulevard— 16,704 1,690 — 16,704 1,690 18,394 (854)2024
Columbus1605 Westbelt Drive— 4,807 337 1,531 6,338 337 6,675 (1,194)2017
Columbus5330 Crosswinds Drive— 45,112 3,410 1,141 46,253 3,410 49,663 (7,546)2020
Columbus200 McCormick Boulevard— 8,960 988 77 9,037 988 10,025 (1,227)2022
Columbus3900-3990 Business Park Drive— 2,725 489 593 3,318 489 3,807 (946)2014
Dayton2815 South Gettysburg Avenue— 5,616 331 343 5,959 331 6,290 (1,499)2015
Etna8591 Mink Street SW— 73,402 2,939 231 73,633 2,939 76,572 (12,376)2020
Fairborn1340 E Dayton Yellow Springs Road— 4,788 867 635 5,423 867 6,290 (1,411)2015
Fairfield4275 Thunderbird Lane— 2,409 948 1,175 3,584 948 4,532 (981)2016
Fairfield3840 Port Union Road— 5,337 1,086 407 5,744 1,086 6,830 (1,819)2018
Gahanna1120 Morrison Road— 3,806 1,265 4,063 7,869 1,265 9,134 (2,761)2011
Groveport5830 Green Pointe Drive South— 10,346 642 2,017 12,363 642 13,005 (2,372)2017
Hilliard4251 Leap Road— 6,853 550 1,870 8,723 550 9,273 (1,861)2017
Macedonia 8295 Bavaria Drive— 10,219 1,001 174 10,393 1,001 11,394 (1,294)2022
Macedonia1261 Highland Road— 7,541 1,690 637 8,178 1,690 9,868 (2,189)2015
Maple Heights16645 Granite Road— 4,357 922 — 4,357 922 5,279 (705)2021
Mason7258 Innovation Way— 4,307 673 — 4,307 673 4,980 (1,220)2014
North Jackson500 South Bailey Road— 4,001 1,528 2,269 6,270 1,528 7,798 (1,578)2013
North Jackson382 Rosemont Road— 5,777 486 3,174 8,951 486 9,437 (2,868)2011
Oakwood Village26350 Broadway— 2,773 343 473 3,246 343 3,589 (802)2015
Salem800 Pennsylvania Avenue— 6,849 858 2,297 9,146 858 10,004 (4,128)2006
Sharonville12110 Champion Way— 16,975 1,385 — 16,975 1,385 18,360 (51)2025
Streetsboro9777 Mopar Drive— 4,909 2,161 1,157 6,066 2,161 8,227 (2,220)2011
Strongsville14450 Foltz Industrial Parkway— 16,431 1,315 — 16,431 1,315 17,746 (2,230)2021
Strongsville12930 Darice Parkway— 5,583 491 963 6,546 491 7,037 (2,169)2014
Toledo1800 Jason Street— 6,296 213 — 6,296 213 6,509 (2,059)2012
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Twinsburg8601 Independence Parkway— 19,731 3,855 — 19,731 3,855 23,586 (3,225)2020
Twinsburg7990 Bavaria Road— 6,437 590 7,021 13,458 590 14,048 (3,449)2007
Union1925 Union Airpark Boulevard— 43,618 3,987 — 43,618 3,987 47,605 (472)2025
West Chester9696 International Boulevard— 8,182 936 270 8,452 936 9,388 (1,873)2016
West Chester8778-8910 Le Saint Drive— 42,704 1,565 304 43,008 1,565 44,573 (2,564)2024
West Jefferson1550 West Main Street— 70,213 2,015 75 70,288 2,015 72,303 (15,591)2019
Oklahoma
Oklahoma City4949 Southwest 20th Street— 1,820 746 194 2,014 746 2,760 (572)2016
Oklahoma City5101 South Council Road— 8,960 1,614 1,466 10,426 1,614 12,040 (3,252)2015
Tulsa11607 E. 43rd Street North— 8,242 966 — 8,242 966 9,208 (2,976)2015
Tulsa10757 East Ute Street— 7,167 644 125 7,292 644 7,936 (1,437)2020
Oregon
Beaverton5805 SW 107th Avenue— 10,602 2,463 53 10,655 2,463 13,118 (812)2023
Beaverton 5807 SW 107th Avenue— 4,936 1,237 — 4,936 1,237 6,173 (384)2023
North Plains28925 NW Union Road— 1,888 4,778 25,289 27,177 4,778 31,955 (399)2024
Salem4060 Fairview Industrial Drive— 3,039 599 963 4,002 599 4,601 (1,519)2011
Salem4050 Fairview Industrial Drive— 1,372 266 562 1,934 266 2,200 (799)2011
Sherwood20707 SW Wildrose Place— 14,014 1,315 — 14,014 1,315 15,329 (758)2024
Wilsonville9400 SW Barber Street — 10,142 696 411 10,553 696 11,249 (1,040)2022
Pennsylvania
Allentown6670 Grant Way— 9,937 1,237 487 10,424 1,237 11,661 (745)2023
Allentown6690 Grant Way— 11,721 1,535 66 11,787 1,535 13,322 (828)2023
Allentown7132 Daniels Drive— 6,745 1,962 2,130 8,875 1,962 10,837 (2,948)2014
Burgettstown157 Starpointe Boulevard— 23,416 1,248 598 24,014 1,248 25,262 (5,500)2019
Charleroi200 Simko Boulevard— 9,849 935 136 9,985 935 10,920 (1,796)2018
Clinton2300 Sweeney Drive— 18,020 — 25 18,045 — 18,045 (3,873)2017
Clinton2251 Sweeney Drive— 12,007 — — 12,007 — 12,007 (2,361)2018
Clinton2400 Sweeney Drive Extension— 16,188 — 2,920 19,108 — 19,108 (3,314)2018
Clinton1200 Clifford Ball Drive— 10,524 — — 10,524 — 10,524 (1,817)2020
Clinton1111 Clifford Ball Drive— 5,668 — — 5,668 — 5,668 (997)2020
Clinton1300 Clifford Ball Drive— 18,152 — — 18,152 — 18,152 (3,051)2020
Clinton1100 Clifford Ball Drive — 40,282 — 945 41,227 — 41,227 (5,567)2022
Croydon3001 State Road— 4,308 829 5,234 9,542 829 10,371 (592)2018
Elizabethtown11 and 33 Industrial Road— 5,052 1,000 674 5,726 1,000 6,726 (1,629)2014
Export1003 Corporate Lane— 5,180 667 210 5,390 667 6,057 (864)2019
Hazleton69 Green Mountain Road— 43,571 4,995 1,063 44,634 4,995 49,629 (6,710)2021
Imperial200 Solar Drive— 22,025 1,762 — 22,025 1,762 23,787 (4,194)2019
Kulpsville1510 Gehman Road— 10,390 3,171 137 10,527 3,171 13,698 (984)2023
Lancaster2919 Old Tree Drive— 4,042 1,520 1,687 5,729 1,520 7,249 (1,491)2015
Langhorne2151 Cabot Boulevard West— 3,546 1,370 1,863 5,409 1,370 6,779 (899)2016
Langhorne2201 Cabot Boulevard West— 2,677 1,308 427 3,104 1,308 4,412 (796)2016
Langhorne121 Wheeler Court— 6,327 1,884 2,035 8,362 1,884 10,246 (2,348)2016
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Langhorne1 Cabot Boulevard East— 3,751 1,155 83 3,834 1,155 4,989 (641)2020
Lebanon1 Keystone Drive— 3,784 1,380 1,048 4,832 1,380 6,212 (1,003)2017
Mechanicsburg6350 Brackbill Boulevard— 4,787 1,482 2,860 7,647 1,482 9,129 (1,920)2014
Mechanicsburg6360 Brackbill Boulevard— 6,586 1,800 1,058 7,644 1,800 9,444 (2,119)2014
Mechanicsburg245 Salem Church Road— 7,462 1,452 2,771 10,233 1,452 11,685 (2,362)2014
Muhlenberg Township171-173 Tuckerton Road— 13,784 843 3,367 17,151 843 17,994 (5,793)2012
New Galilee1750 Shenango Road— 24,483 1,127 354 24,837 1,127 25,964 (3,978)2019
New Kensington115 Hunt Valley Road— 8,898 177 — 8,898 177 9,075 (1,698)2018
New Kingstown6 Doughten Road— 8,074 2,041 594 8,668 2,041 10,709 (2,465)2014
O'Hara Township100 Papercraft Park— 18,158 1,435 7,440 25,598 1,435 27,033 (9,153)2012
Reading2001 Centre Avenue— 5,020 1,708 1,554 6,574 1,708 8,282 (1,512)2016
Warrendale410-426 Keystone Drive— 11,442 1,853 786 12,228 1,853 14,081 (2,206)2018
York2925 East Market Street— 13,818 2,152 381 14,199 2,152 16,351 (3,030)2017
York57 Grumbacher Road— 14,541 966 28 14,569 966 15,535 (2,893)2018
York420 Emig Road— 7,219 869 47 7,266 869 8,135 (1,238)2019
York915 Woodland View Drive— 5,754 1,139 247 6,001 1,139 7,140 (983)2021
York2800 Concord Road— 21,154 1,478 1,526 22,680 1,478 24,158 (3,171)2021
South Carolina
Columbia128 Crews Drive— 5,171 783 287 5,458 783 6,241 (1,768)2016
Duncan110 Hidden Lakes Circle— 10,981 1,002 3,450 14,431 1,002 15,433 (5,163)2012
Duncan112 Hidden Lakes Circle— 6,739 709 1,586 8,325 709 9,034 (3,208)2012
Duncan175 Spartangreen Boulevard— 12,390 936 89 12,479 936 13,415 (1,710)2021
Fountain Inn107 Southchase Boulevard— 7,946 766 672 8,618 766 9,384 (1,884)2018
Fountain Inn141 Southchase Boulevard— 12,806 1,878 9,084 21,890 1,878 23,768 (3,770)2017
Fountain Inn111 Southchase Boulevard— 4,260 719 95 4,355 719 5,074 (1,423)2016
Gaffney50 Peachview Boulevard— 4,001 1,233 2,505 6,506 1,233 7,739 (1,595)2017
Goose Creek6 Corporate Parkway— 28,353 4,459 — 28,353 4,459 32,812 (4,926)2019
Greer8 Shelter Drive— 4,939 681 3,478 8,417 681 9,098 (2,535)2018
Greer1000 Robinson Road— 25,631 849 — 25,631 849 26,480 (2,864)2021
Greer1817 East Poinsett Street— — 3,674 49,357 49,357 3,674 53,031 (1,079)2022
Greer1809 East Poinsett Street— — 1,885 24,128 24,128 1,885 26,013 (552)2022
Greer129 Metro Court— 1,376 129 450 1,826 129 1,955 (557)2015
Greer149 Metro Court— 1,664 128 724 2,388 128 2,516 (661)2015
Greer153 Metro Court— 430 153 155 585 153 738 (222)2015
Greer154 Metro Court— 2,841 306 1,831 4,672 306 4,978 (1,222)2015
Laurens103 Cherry Blossom Drive— 3,854 151 52 3,906 151 4,057 (991)2015
Piedmont1100 Piedmont Highway— 3,891 231 548 4,439 231 4,670 (1,210)2015
Piedmont1102 Piedmont Highway— 1,984 158 47 2,031 158 2,189 (532)2015
Piedmont1104 Piedmont Highway— 1,894 204 74 1,968 204 2,172 (494)2015
Piedmont513 Old Griffin Road— 9,036 797 2,022 11,058 797 11,855 (2,261)2018
Piedmont1610 Old Grove Road— 16,478 1,971 730 17,208 1,971 19,179 (2,971)2019
Piedmont100 Exchange Logistics Park Drive— 25,151 569 1,001 26,152 569 26,721 (3,088)2022
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Piedmont 119 Matrix Parkway— 13,886 331 362 14,248 331 14,579 (1,652)2022
Rock Hill2751 Commerce Drive, Unit C— 6,146 1,411 1,601 7,747 1,411 9,158 (2,198)2016
Rock Hill1953 Langston Street— 3,982 1,095 984 4,966 1,095 6,061 (1,179)2017
Simpsonville101 Harrison Bridge Road— 2,960 957 3,661 6,621 957 7,578 (2,416)2012
Simpsonville103 Harrison Bridge Road— 3,364 470 1,114 4,478 470 4,948 (1,714)2012
Simpsonville1312 Old Stage Road— 24,200 1,454 3,428 27,628 1,454 29,082 (6,610)2018
Spartanburg5675 North Blackstock Road— 13,452 1,867 6,123 19,575 1,867 21,442 (3,734)2016
Spartanburg5679 North Blackstock Road— — — 344 344 — 344 (4)2016
Spartanburg950 Brisack Road— 3,250 342 2,360 5,610 342 5,952 (1,479)2014
Spartanburg2071 Fryml Drive— 7,288 663 241 7,529 663 8,192 (1,400)2019
Spartanburg2171 Fryml Drive— 4,116 530 143 4,259 530 4,789 (733)2019
Spartanburg2010 Nazareth Church Road— 16,373 895 745 17,118 895 18,013 (3,750)2019
Spartanburg150-160 National Avenue— 5,797 493 2,428 8,225 493 8,718 (2,574)2012
Summerville105 Eastport Lane— 4,710 1,157 534 5,244 1,157 6,401 (1,041)2019
Wellford 462 Casual Drive— 16,147 2,588 1,155 17,302 2,588 19,890 (1,365)2023
Wellford452 Casual Drive — 16,187 2,548 4,623 20,810 2,548 23,358 (608)2023
West Columbia185 McQueen Street— 6,808 715 2,355 9,163 715 9,878 (3,156)2013
West Columbia610 Kelsey Court— 9,152 488 — 9,152 488 9,640 (2,078)2016
West Columbia825 Bistline Drive— 8,640 240 1,050 9,690 240 9,930 (2,114)2017
West Columbia810 Bistline Drive— 10,881 564 — 10,881 564 11,445 (2,331)2019
West Columbia1000 Technology Drive— 23,567 1,422 5 23,572 1,422 24,994 (3,806)2019
West Columbia842 Bistline Drive— 12,723 1,217 1,749 14,472 1,217 15,689 (2,300)2021
West Columbia222 Old Wire Road— 3,878 551 2,301 6,179 551 6,730 (2,100)2016
Tennessee
Chattanooga1800 Crutchfield Street Building A— 2,085 187 127 2,212 187 2,399 (556)2015
Chattanooga1800 Crutchfield Street Building B— 4,251 380 84 4,335 380 4,715 (1,148)2015
Chattanooga1295 Stuart Street— 7,113 424 2,626 9,739 424 10,163 (2,223)2015
Cleveland4405 Michigan Avenue Road NE— 3,161 554 1,175 4,336 554 4,890 (1,402)2011
Clinton1330 Carden Farm Drive— 2,930 403 241 3,171 403 3,574 (948)2015
Jackson1094 Flex Drive— 2,250 230 2,671 4,921 230 5,151 (1,289)2012
Knoxville2525 Quality Drive— 2,842 447 541 3,383 447 3,830 (852)2015
Knoxville2522 and 2526 Westcott Boulevard— 4,730 472 806 5,536 472 6,008 (1,027)2018
Knoxville5700 Casey Drive— 6,847 1,117 996 7,843 1,117 8,960 (1,266)2019
Lebanon535 Maddox-Simpson Parkway— 13,858 468 1,432 15,290 468 15,758 (2,443)2019
Lebanon675 Maddox-Simpson Parkway— 5,891 519 213 6,104 519 6,623 (783)2021
Lebanon575 Maddox-Simpson Parkway— — 549 24,903 24,903 549 25,452 (343)2019
Loudon1700 Elizabeth Lee Parkway— 3,372 170 2,137 5,509 170 5,679 (1,412)2015
Madison538 Myatt Drive— 2,790 1,655 19,879 22,669 1,655 24,324 (3,633)2011
Mascot9575 Commission Drive— 2,827 284 112 2,939 284 3,223 (728)2016
Mascot2122 Holston Bend Drive— 3,120 385 8,294 11,414 385 11,799 (1,604)2013
Memphis7625 Appling Center Drive— 13,463 539 31 13,494 539 14,033 (1,742)2022
Memphis4880 East Tuggle Road— 38,524 2,501 2,176 40,700 2,501 43,201 (6,637)2019
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
Murfreesboro1975 Joe B. Jackson Parkway— 9,617 2,206 469 10,086 2,206 12,292 (1,192)2022
Murfreesboro941 Esther Lane11,289 3,867 — 11,289 3,867 15,156 (30)2025
Murfreesboro540 New Salem Road— 2,358 722 700 3,058 722 3,780 (723)2014
Nashville3258 Ezell Pike— 3,411 547 304 3,715 547 4,262 (1,163)2013
Vonore90 Deer Crossing Road— 7,821 2,355 2,219 10,040 2,355 12,395 (3,038)2011
Texas
Arlington3311 Pinewood Drive— 2,374 413 385 2,759 413 3,172 (1,287)2007
Arlington401 N. Great Southwest Parkway— 5,767 1,246 1,445 7,212 1,246 8,458 (2,597)2012
Cedar Hill1650 U.S. Highway 67— 9,992 4,066 2,395 12,387 4,066 16,453 (3,096)2016
Conroe16548 Donwick Drive— 20,995 1,853 1,631 22,626 1,853 24,479 (4,984)2018
El Paso32 Celerity Wagon— 3,269 — 264 3,533 — 3,533 (776)2017
El Paso48 Walter Jones Boulevard — 9,194 — 1,234 10,428 — 10,428 (1,964)2017
El Paso1601 Northwestern Drive— 8,575 1,248 1,024 9,599 1,248 10,847 (2,823)2014
El Paso6500 N. Desert Boulevard— 7,126 1,124 1,188 8,314 1,124 9,438 (2,211)2014
El Paso1550 Northwestern Drive— 13,388 1,854 2,433 15,821 1,854 17,675 (4,929)2014
El Paso1701 Northwestern Drive— 9,527 1,581 2,694 12,221 1,581 13,802 (3,411)2014
El Paso7801 Northern Pass Road— 5,230 1,136 — 5,230 1,136 6,366 (1,497)2015
El Paso12285 Gateway Boulevard West— 22,548 1,725 — 22,548 1,725 24,273 (2,887)2021
El Paso9571 Pan American Drive— 9,382 1,101 153 9,535 1,101 10,636 (1,029)2022
El Paso9555 Plaza Circle— 4,666 626 146 4,812 626 5,438 (638)2022
El Paso 9494 Escobar Drive— 8,529 701 164 8,693 701 9,394 (910)2022
El Paso47 Butterfield Circle— 2,827 — 2,435 5,262 — 5,262 (1,682)2012
Garland2901 W. Kingsley Road— 4,911 1,344 3,661 8,572 1,344 9,916 (2,457)2014
Grapevine2402 Esters Boulevard— 9,522 — 145 9,667 — 9,667 (1,369)2021
Grapevine2400 Esters Boulevard— 15,029 — 301 15,330 — 15,330 (2,143)2021
Houston18601 Intercontinental Crossing Drive— 8,744 1,505 — 8,744 1,505 10,249 (2,366)2019
Houston9302 Ley Road— 8,683 1,236 310 8,993 1,236 10,229 (1,549)2019
Houston10343 Ella Boulevard— 16,586 1,747 — 16,586 1,747 18,333 (2,855)2019
Houston4949 Windfern Road— 7,610 2,255 578 8,188 2,255 10,443 (3,128)2013
Houston7300 Airport Boulevard— 7,730 2,546 6,834 14,564 2,546 17,110 (2,878)2016
Houston13627 West Hardy— 4,163 1,502 — 4,163 1,502 5,665 (893)2017
Houston868 Pear Street— 4,836 953 — 4,836 953 5,789 (1,038)2017
Houston14620 Henry Road— 6,702 927 112 6,814 927 7,741 (1,476)2017
Houston7049 Brookhollow West Drive— 9,154 809 684 9,838 809 10,647 (1,861)2018
Houston10401 S. Sam Houston Parkway— 9,368 1,108 608 9,976 1,108 11,084 (1,805)2019
Humble7491 Rankin Road36,135 5,807 — 36,135 5,807 41,942 (345)2025
Humble18727 Kenswick Drive— 11,493 2,255 10,104 21,597 2,255 23,852 (4,203)2019
Irving2450 Valley View Lane— 15,312 5,976 1,833 17,145 5,976 23,121 (1,111)2023
Katy1800 North Mason Road— 7,571 2,192 — 7,571 2,192 9,763 (1,863)2019
Katy21601 Park Row Drive— 3,224 1,655 34 3,258 1,655 4,913 (522)2019
Laredo13710 IH 35 Frontage Road— 13,847 2,538 — 13,847 2,538 16,385 (3,218)2019
Laredo13808 Humphrey Road— 9,037 1,535 2,235 11,272 1,535 12,807 (2,343)2017
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
McAllen5601 West Military Highway— 13,341 818 1,612 14,953 818 15,771 (2,208)2020
Mission802 Trinity Street— 11,986 1,882 682 12,668 1,882 14,550 (2,554)2018
Rockwall3400 Discovery Boulevard— 14,561 2,683 1 14,562 2,683 17,245 (3,322)2017
Socorro11320 Gateway Boulevard East— 27,752 4,430 1,165 28,917 4,430 33,347 (1,380)2024
Stafford13720 Stafford Road— 6,353 339 41 6,394 339 6,733 (1,419)2017
Waco101 Apron Road— 1,394 — 1,151 2,545 — 2,545 (1,102)2011
Utah
Salt Lake City3175 West 500 South— 26,292 3,939 1,170 27,462 3,939 31,401 (889)2024
Virginia
Chester2001 Ware Bottom Spring Road— 2,890 775 — 2,890 775 3,665 (819)2014
Fredericksburg2031 International Parkway— 15,235 2,182 — 15,235 2,182 17,417 (1,648)2022
Harrisonburg4500 Early Road— 11,003 1,455 1,918 12,921 1,455 14,376 (4,169)2012
IndependenceOne Compair Way— 1,994 226 688 2,682 226 2,908 (684)2012
Norfolk4555 Progress Road — 7,990 1,259 — 7,990 1,259 9,249 (863)2022
North Chesterfield8001 Greenpine Road— 5,697 1,599 942 6,639 1,599 8,238 (1,080)2019
Richmond5250 Klockner Drive— 3,111 819 1,236 4,347 819 5,166 (681)2020
Washington
Ridgefield6111 S. 6th Way— 9,159 2,307 780 9,939 2,307 12,246 (1,801)2019
Wisconsin
Appleton1919 W. College Avenue— 5,757 261 636 6,393 261 6,654 (906)2021
Caledonia1343 27th Street— 3,113 225 — 3,113 225 3,338 (621)2018
Cudahy5831 S. Pennsylvania Avenue— 4,313 1,427 — 4,313 1,427 5,740 (566)2020
De Pere2191 American Boulevard— 5,671 525 101 5,772 525 6,297 (1,951)2012
DeForest505-507 Stokely Drive— 5,119 1,131 870 5,989 1,131 7,120 (1,447)2016
Delavan329 Hallberg Street— 1,807 127 253 2,060 127 2,187 (300)2019
Delavan1714 Hobbs Drive— 4,419 241 89 4,508 241 4,749 (722)2019
East Troy2761 Buell Drive— 4,826 304 205 5,031 304 5,335 (1,433)2014
Elkhorn390 Koopman Lane— 3,328 210 — 3,328 210 3,538 (573)2019
Franklin5215 W Airways Avenue— 8,193 1,551 — 8,193 1,551 9,744 (1,334)2021
GermantownN117 W18456 Fulton Drive— 5,782 442 — 5,782 442 6,224 (1,060)2018
GermantownN106 W13131 Bradley Way— 3,104 359 346 3,450 359 3,809 (670)2018
GermantownN102 W19400 Willow Creek Way— 10,908 1,175 — 10,908 1,175 12,083 (2,659)2018
Germantown11900 N. River Lane— 5,226 1,186 1,462 6,688 1,186 7,874 (1,462)2014
Hartland500 North Shore Drive— 4,271 1,526 — 4,271 1,526 5,797 (1,031)2016
Hudson2700 Harvey Street— 7,684 683 6 7,690 683 8,373 (1,243)2020
Janesville2929 Venture Drive— 16,377 828 1,197 17,574 828 18,402 (5,461)2013
Kenosha9625 55th Street— 3,643 797 711 4,354 797 5,151 (1,143)2016
Madison4718 Helgesen Drive— 6,009 609 531 6,540 609 7,149 (1,328)2017
Madison4722 Helgesen Drive— 4,316 444 39 4,355 444 4,799 (883)2017
Mayville605 Fourth Street— 4,118 547 623 4,741 547 5,288 (2,407)2007
Mukwonago115 Hill Court — 13,808 1,872 — 13,808 1,872 15,680 (323)2025
Mukwonago103 Hill Court— 10,791 1,478 219 11,010 1,478 12,488 (1,563)2021
Initial Cost to STAG Industrial, Inc.Gross Amounts at Which Carried at December 31, 2025
State & CityAddress
Encumbrances(1)
Building & Improvements(2)
Land(3)
Costs Capitalized Subsequent to Acquisition and Valuation ProvisionBuilding & Improvements LandTotal
Accumulated Depreciation(4)
Year Acquired
MuskegoS64 W15660 Commerce Center Parkway— 5,140 393 154 5,294 393 5,687 (950)2020
New Berlin16250 West Woods Edge Drive— 15,917 277 — 15,917 277 16,194 (2,897)2019
New Berlin16555 W. Smalls Road— 20,176 955 — 20,176 955 21,131 (2,473)2021
New Berlin5600 S. Moorland Road— 6,220 1,068 269 6,489 1,068 7,557 (1,944)2013
Oak Creek525 West Marquette Avenue— 3,982 526 100 4,082 526 4,608 (733)2018
Oak Creek7475 South 6th Street— 5,769 805 464 6,233 805 7,038 (1,332)2018
PewaukeeW288 N2801 Duplainville Road— 5,744 841 1,001 6,745 841 7,586 (1,347)2018
PewaukeeW277 N2837 Duplainville Road— 4,055 439 304 4,359 439 4,798 (754)2018
Pleasant Prairie8901 102nd Street— 4,615 523 713 5,328 523 5,851 (1,028)2018
Sun Prairie1615 Commerce Drive— 5,809 2,360 4,415 10,224 2,360 12,584 (3,597)2011
SussexW251 N5350 Business Drive— 13,026 1,212 15 13,041 1,212 14,253 (775)2024
West Allis2207 S. 114th Street— 1,617 462 2,338 3,955 462 4,417 (1,163)2015
West Allis2075 S. 114th Street— 1,713 444 1,866 3,579 444 4,023 (886)2015
West Allis2145 S. 114th Street— 777 252 1,051 1,828 252 2,080 (566)2015
West Allis2025 S. 114th Street— 890 251 838 1,728 251 1,979 (454)2015
Yorkville13900 West Grandview Parkway— 4,790 416 323 5,113 416 5,529 (1,478)2014
Developments in Process
Lenexa, KS14100 Marshall Drive— — — 618 618 — 618 — 2014
Shepherdsville, KY650 Park Loop Road— 1,281 4,216 24,752 26,033 4,216 30,249 — 2025
Dayton, OH11355 Dog Leg Road— 288 2,656 7,337 7,625 2,656 10,281 — 2025
Concord, NC2745 Piedmont Commerce Street SW— 910 3,553 17,970 18,880 3,553 22,433 — 2024
Concord, NC2735 Piedmont Commerce Street SW— 910 3,553 19,097 20,007 3,553 23,560 — 2024
Reno, NV6980 Resource Drive— — 1,896 9,575 9,575 1,896 11,471 — 2024
Reno, NV14003 Mount Anderson Street— — 8,959 27,052 27,052 8,959 36,011 — 2024
Total(5)(6)
$(4,099)$5,856,867 $811,569 $856,535 $6,713,402 $811,569 $7,524,971 $(1,119,931)
(1)Balance excludes the net unamortized balance of fair market value discount of approximately $0.1 million.
(2)The initial costs of buildings and improvements is the acquisition costs and non-cash transfers of acquired other assets to initial cost of building and improvements, less asset impairment write-downs and disposals of building and tenant improvements.
(3)Represents values at acquisition date less any impairments.
(4)Depreciation expense is computed using the straight-line method based on the following estimated useful lives.
Description Estimated Useful Life
Building40 Years
Building and land improvements (maximum)20 Years
Tenant improvementsShorter of useful life or terms of related lease
(5)As of December 31, 2025, the aggregate cost for federal income tax purposes of investments in real estate was approximately $8.5 billion.
(6)The following table summarizes our real estate and accumulated depreciation per Schedule III for the years ended December 31, 2025, 2024 and 2023.
Year ended December 31,
Real Estate and Accumulated Depreciation (in thousands)202520242023
Real Estate:   
Balance at beginning of period$7,152,780 $6,459,001 $6,123,295 
Additions during period   
Acquisitions399,197 628,052 304,057 
Improvements, etc.207,295 184,586 105,112 
Other additions— — — 
Deductions during period   
Cost of real estate sold(91,190)(109,313)(66,565)
Write-off of fully depreciated assets(142,223)(4,579)(3,930)
Asset impairments and involuntary conversion(888)(4,967)(2,968)
Balance at the end of the period$7,524,971 $7,152,780 $6,459,001 
Accumulated Depreciation:   
Balance at beginning of period$1,085,866 $921,846 $764,809 
Additions during period   
Depreciation and amortization expense199,605 185,711 177,358 
Other additions— — — 
Deductions during period   
Disposals(165,540)(21,691)(20,321)
Balance at the end of the period$1,119,931 $1,085,866 $921,846 
v3.25.4
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure      
Net Income (Loss) Attributable to Parent $ 273,519 $ 189,220 $ 192,845
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
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
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Introduction

We recognize the importance of maintaining the trust and confidence of our tenants, business partners and employees with respect to the integrity of our IT network and related systems. We seek to address cybersecurity risks and preserve the confidentiality, security and availability of the information collected and stored on our IT networks and related systems through a comprehensive approach focused on (i) identifying, evaluating and managing our cybersecurity risks, (ii) preventing or mitigating potential threats, and (iii) responding appropriately to security breaches, cyber-attacks, IT network failures and other incidents, if and when they occur. While risk management is primarily the responsibility of our senior management team, our board of directors plays a role in overseeing our cybersecurity risk management program. Our board of directors administers this oversight function directly and with support from its audit committee, which has been delegated the responsibility to evaluate our major financial risks, including our policies and practices to govern the process by which risk assessment and management is undertaken.
As of the date of this report, we are not aware of any cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially and adversely affected the Company (including our business strategy, results of operations or financial condition), nor, in our view, are such threats currently reasonably likely to materially and adversely affect the same.

For additional information regarding our cybersecurity risks, see “Item 1.A. Risk Factors—Other General Risks—We face risks associated with system failures through security breaches or cyber-attacks, as well as other significant disruptions of our information technology (“IT”) networks and related systems” above.

Risk Management and Strategy

Our cybersecurity risk management program is focused on the key areas below:

•Governance. In fulfilling its oversight responsibility, our board of directors receives regular reports from our senior management team on our cybersecurity risks and exposures, infrastructure and countermeasures, and other monitoring, testing and recovery systems.

•Collaborative Approach. We use a comprehensive, cross-departmental approach for identifying, evaluating, preventing and/or mitigating cybersecurity threats and incidents, and have implemented controls and procedures that provide for the prompt escalation of significant cybersecurity incidents so that decisions regarding reporting and public disclosure of such incidents can be made in a timely manner.

•Technical Safeguards. We deploy technical safeguards intended to protect our IT networks and related systems from cybersecurity threats, including firewalls, intrusion prevention, detection and isolation systems, anti-virus and malware functionality, backup functionality, and access controls. These technical safeguards are regularly evaluated and improved through vulnerability assessments, network penetration testing and threat intelligence, including by third-party consultants, who also continually monitor our information security. Any significant developments related to our technical safeguards, including any material results of any vulnerability assessments or network penetration testing, are reported to our board of directors, and we adjust our cybersecurity risk management policies and practices as necessary.

•Management of Third-Party Risks. We use a risk-based approach to evaluating cybersecurity risks presented by third parties, such as vendors, service providers, and external users of our IT networks and related systems, as well as risks related to our use of third-party systems that could adversely affect our business in the event of a cybersecurity incident centered on those systems.

•Education and Awareness. We provide regular, mandatory cybersecurity training for our employees to help them identify and avoid potential cybersecurity threats and understand our policies and guidelines related to our IT network and related systems. As part of this training program, we regularly test our employees for information security awareness, including through random electronic communications designed to simulate how a threat actor might attempt to compromise our IT network and related systems.

•Cybersecurity Insurance. We carry comprehensive cyber liability insurance coverage that covers us against claims related to certain first-party and third-party losses, including data restoration costs and crisis management expenses, subject to the policy’s coverage conditions and limitations.

Governance

Our board of directors, together with the audit committee of our board of directors, oversees our cybersecurity risk management program. In addition, the audit committee is responsible for reviewing with management the effectiveness of our internal control structure and procedures for financial reporting systems, including, among other things, our internal controls designed to assess, identify, and manage material risks from cybersecurity threats.

On regular basis, our board of directors receives a presentation on cybersecurity risks from our senior management team, which may, depending on relevance at the time of the report, address topics such as prevailing cybersecurity threats, vulnerability assessments and/or network integrity testing, infrastructure and practice updates, and other considerations applicable to our IT network and related systems and other third-party systems.
Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management involved in our cybersecurity risk management include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident.

We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 27 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 16 years to 31 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
Risk Management and Strategy

Our cybersecurity risk management program is focused on the key areas below:

•Governance. In fulfilling its oversight responsibility, our board of directors receives regular reports from our senior management team on our cybersecurity risks and exposures, infrastructure and countermeasures, and other monitoring, testing and recovery systems.

•Collaborative Approach. We use a comprehensive, cross-departmental approach for identifying, evaluating, preventing and/or mitigating cybersecurity threats and incidents, and have implemented controls and procedures that provide for the prompt escalation of significant cybersecurity incidents so that decisions regarding reporting and public disclosure of such incidents can be made in a timely manner.

•Technical Safeguards. We deploy technical safeguards intended to protect our IT networks and related systems from cybersecurity threats, including firewalls, intrusion prevention, detection and isolation systems, anti-virus and malware functionality, backup functionality, and access controls. These technical safeguards are regularly evaluated and improved through vulnerability assessments, network penetration testing and threat intelligence, including by third-party consultants, who also continually monitor our information security. Any significant developments related to our technical safeguards, including any material results of any vulnerability assessments or network penetration testing, are reported to our board of directors, and we adjust our cybersecurity risk management policies and practices as necessary.

•Management of Third-Party Risks. We use a risk-based approach to evaluating cybersecurity risks presented by third parties, such as vendors, service providers, and external users of our IT networks and related systems, as well as risks related to our use of third-party systems that could adversely affect our business in the event of a cybersecurity incident centered on those systems.

•Education and Awareness. We provide regular, mandatory cybersecurity training for our employees to help them identify and avoid potential cybersecurity threats and understand our policies and guidelines related to our IT network and related systems. As part of this training program, we regularly test our employees for information security awareness, including through random electronic communications designed to simulate how a threat actor might attempt to compromise our IT network and related systems.

•Cybersecurity Insurance. We carry comprehensive cyber liability insurance coverage that covers us against claims related to certain first-party and third-party losses, including data restoration costs and crisis management expenses, subject to the policy’s coverage conditions and limitations.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Governance

Our board of directors, together with the audit committee of our board of directors, oversees our cybersecurity risk management program. In addition, the audit committee is responsible for reviewing with management the effectiveness of our internal control structure and procedures for financial reporting systems, including, among other things, our internal controls designed to assess, identify, and manage material risks from cybersecurity threats.

On regular basis, our board of directors receives a presentation on cybersecurity risks from our senior management team, which may, depending on relevance at the time of the report, address topics such as prevailing cybersecurity threats, vulnerability assessments and/or network integrity testing, infrastructure and practice updates, and other considerations applicable to our IT network and related systems and other third-party systems.
Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management involved in our cybersecurity risk management include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident.

We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 27 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 16 years to 31 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our board of directors, together with the audit committee of our board of directors, oversees our cybersecurity risk management program. In addition, the audit committee is responsible for reviewing with management the effectiveness of our internal control structure and procedures for financial reporting systems, including, among other things, our internal controls designed to assess, identify, and manage material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
On regular basis, our board of directors receives a presentation on cybersecurity risks from our senior management team, which may, depending on relevance at the time of the report, address topics such as prevailing cybersecurity threats, vulnerability assessments and/or network integrity testing, infrastructure and practice updates, and other considerations applicable to our IT network and related systems and other third-party systems.
Cybersecurity Risk Role of Management [Text Block]
Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management involved in our cybersecurity risk management include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident.

We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 27 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 16 years to 31 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management involved in our cybersecurity risk management include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 27 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 16 years to 31 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management involved in our cybersecurity risk management include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long-term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All majority-owned subsidiaries and joint ventures over which the Company has a controlling financial interest are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Not Yet Adopted

In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2024-03, “Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires enhanced disclosures regarding income statement expenses, including disaggregation of significant categories such as depreciation and amortization of real estate assets, property operating expenses and employee compensation, within relevant expense captions presented in the income statement. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026. The Company is currently evaluating ASU 2024-03 to determine the impact on its financial statement disclosures.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles (“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 and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Rental Property
Rental Property and Deferred Leasing Intangibles

Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized.

The Company capitalizes costs directly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred, with depreciation commencing on the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development project ready for its intended use and cease when the development projects are
substantially completed and held available for occupancy. Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate of the Company’s unsecured indebtedness during the period.
Rental Property Held for Sale For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets.
Business Combinations
Using information available at the time of acquisition, the Company allocates the purchase price of properties acquired based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates and exit capitalization rates, and land value per square foot, as well as available market information, and therefore involves subjective analysis and uncertainty. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant.

The above and below market lease values are amortized into rental income over the remaining lease term. The value of in-place lease intangibles and tenant relationships are amortized over the remaining lease term (and expected renewal period of the respective lease for tenant relationships) as increases to depreciation and amortization expense. The remaining lease terms are adjusted for bargain renewal options or assumed exercises of early termination options, as applicable. If a tenant subsequently terminates its lease, any unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation and amortization expense over the shortened lease term.

The purchase price allocated to deferred leasing intangible assets are included in rental property, net on the accompanying Consolidated Balance Sheets, and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets under the liabilities section.
In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt on a basis which approximates the effective interest method.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets
The Company evaluates the carrying value of all tangible and intangible rental property assets and deferred leasing intangible liabilities (collectively, the “property”) held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the property. If such cash flows are less than the property’s carrying value, an impairment charge is recognized to the extent by which the property’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and is based in part on assumptions regarding anticipated hold period, future occupancy, rental rates, capital requirements, and exit capitalization rates that could differ from actual results. The discount rate used to present value the cash flows for determining fair value is also subjective.
Depreciation and Amortization
Depreciation expense is computed using the straight-line method based on the following estimated useful lives.

Description Estimated Useful Life
Building40 Years
Building and land improvements (maximum)20 Years
Tenant improvementsShorter of useful life or terms of related lease
 
Fully depreciated or amortized tenant improvements, deferred leasing intangible assets, deferred leasing intangible liabilities, or other assets and the associated accumulated depreciation or amortization are written-off.
Lessee, Leases
Leases

For leases in which the Company is the lessee, the Company recognizes a right-of-use asset and corresponding lease liability on the accompanying Consolidated Balance Sheets equal to the present value of the fixed lease payments. In determining the operating right-of-use asset and lease liability for the Company’s operating leases, the Company estimates an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. The Company utilizes a market-based approach to estimate the incremental borrowing rate for each individual lease. Additionally, since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as yields on outstanding public debt and other market based pricing on longer duration financing instruments.

Interest in Joint Ventures

The Company has equity interests in consolidated joint ventures that are primarily engaged in the development and eventual operation of industrial real estate properties. The Company evaluated the joint ventures under the variable interest entity (“VIE”) model of consolidation and determined that the joint ventures are not VIEs. Accordingly, the Company has determined to account for its investment in the joint ventures under the voting interest model of consolidation, as the Company has a majority voting interest and financial control. Control is determined using accounting standards related to the consolidation of joint ventures and VIEs. The evaluation of control includes a review of the entity’s governing documents and the Company’s rights and obligations. In determining whether the Company has a controlling financial interest in a joint venture, the Company considers various factors, including the percentage of voting interests owned, the ability to direct the activities that most significantly impact the entity’s economic performance, and the extent of the Company’s exposure to the entity’s returns. The Company also considers whether other parties hold substantive participating rights or protective rights that would preclude consolidation. The Company reevaluates its consolidation conclusions on an ongoing basis and upon occurrence of certain significant events under the accounting standards consolidation guidance.

The assets and liabilities of the consolidated joint ventures are included in the accompanying Consolidated Balance Sheets, and the joint ventures’ results of operations are included in the accompanying Consolidated Statements of Operations. The joint venture partners’ share of the joint ventures is reflected as noncontrolling interest in joint ventures in the accompanying consolidated financial statements. See Note 7 for further discussion of the noncontrolling interest in joint ventures.
The Company’s interest in the joint ventures is recognized under the hypothetical liquidation at book value model. Under this model, the Company’s earnings from and equity interest in the joint ventures are recorded based on its proportionate share of the joint ventures based on its ownership interest, after giving effect to incentive fees earned by the joint venture partner.
Cash and Cash Equivalents
Cash and Cash Equivalents

Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents
Restricted Cash

Restricted cash may include tenant security deposits and cash held by qualified intermediaries to facilitate a like-kind exchange of real estate under Section 1031 of the Code. The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows as of December 31, 2025 and 2024.

Reconciliation of cash and cash equivalents and restricted cash (in thousands)December 31, 2025December 31, 2024
Cash and cash equivalents$14,910 $36,284 
Restricted cash85,973 1,109 
Total cash and cash equivalents and restricted cash$100,883 $37,393 
Deferred Costs
Deferred Costs

Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are written off upon maturity of the underlying debt.

Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows.
Goodwill
Goodwill

The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of approximately $4.9 million as of December 31, 2025 represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2025.
Use of Derivative Financial Instruments
Use of Derivative Financial Instruments

The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in its derivative financial instruments by entering into transactions with various high-quality counterparties. The Company’s exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying Consolidated Balance Sheets.
Fair Value of Financial Instruments
Fair Value of Financial Instruments

Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. See Note 4 for the fair value of the Company’s indebtedness. See Note 5 for the fair value of the Company’s interest rate swaps. All other financial instruments noted are recorded at carrying value, which equates to their fair value.
The Company adopted fair value measurement provisions for its financial instruments recorded at fair value. The guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Commissions, Policy
Offering Costs

Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital on the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations.
Dividends
Dividends

Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, and in the estimated useful lives and basis used to compute depreciation. In addition, the Company’s distributions may include a return of capital. To the extent that the Company makes distributions in excess of its current and accumulated earnings and profits, such distributions would generally be considered a return of capital for federal income tax purposes to the extent of the holder’s adjusted tax basis in its shares. A return of capital may not be taxable. A return of capital has the effect of reducing the holder’s adjusted tax basis in its investment, which may or may not be taxable to the holder. In January 2026, the Company announced a modification to its dividend policy. Beginning in 2026, ordinary dividends, if and when declared, will be declared and paid quarterly rather than monthly.
Revenue
Revenue Recognition

All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income.

The Company determined that for all leases where the Company is the lessor, that the timing and pattern of transfer of the non-lease components and associated lease components are the same, and that the lease components, if accounted for separately, would be classified as an operating lease. Accordingly, the Company has made an accounting policy election to recognize the combined component in accordance with Accounting Standards Codification Topic 842 as rental income on the accompanying Consolidated Statements of Operations.

Rental income recognition commences when the tenant takes possession of or controls the physical use of the leased space and the leased space is substantially complete and ready for its intended use. In order to determine whether the leased space is substantially complete and ready for its intended use, the Company determines whether the Company or the tenant own the tenant improvements. When it is determined that the Company is the owner of the tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the finished space, which is generally when the Company owned tenant improvements are completed. In instances when it is determined that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the leased space.

The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis.

When the Company is the owner of tenant improvements or other capital items, the cost to construct the tenant improvements or other capital items, including costs paid for or reimbursed by the tenants, is recorded as capital assets. For these tenant improvements or other capital items, the costs funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as income over the shorter of the useful life of the capital asset or the term of the related lease.

Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured.
Gain on Sales of Rental Property
Gain on the Sales of Rental Property, net
The timing of the derecognition of a rental property and the corresponding recognition of gain on the sales of rental property, net is measured by various criteria related to the terms of the sale transaction and if the Company has lost control of the property and the acquirer has gained control of the property after the transaction. If the derecognition criteria is met, the full gain is recognized.
Incentive and Equity-Based Employee Compensation Plans
Incentive and Equity-Based Employee Compensation Plans

The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and performance units, respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur.

The Company provides supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively.
Taxes
Taxes

Federal Income Taxes

The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership.

The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS did not have any activity for the years ended December 31, 2025, 2024 and 2023.

State and Local Income, Excise, and Franchise Tax

The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of approximately $1.6 million, $2.0 million and $2.0 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively.

Uncertain Tax Positions

Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2025, 2024 and 2023, there were no liabilities for uncertain tax positions.
Earnings Per Share
Earnings Per Share
The Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income per common share is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock outstanding and any dilutive securities for the period.
Segment Reporting
Segment Reporting

The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. This single segment of real estate operations derives its revenues from rental income from the tenants who occupy its buildings. Substantially all revenues, expenses, and assets are attributable to this single segment and are consistent with the amounts presented in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations. Total expenditures for additions to segment long-lived assets are consistent with the amounts presented in the accompanying Consolidated Statements of Cash Flows as additions of land and buildings and improvements.
The chief operating decision maker of the Company, which is its Chief Executive Officer, assesses performance of the segment and decides how to allocate resources based on net income that is reported on the accompanying Consolidated Statements of Operations.
Concentrations of Credit Risk
Concentrations of Credit Risk

Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. The Company mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines.
Concentrations of credit risk may also arise when the Company enters into leases with multiple tenants concentrated in the same industry, or into a significant lease or multiple leases with a single tenant, or tenants are located in the same geographic region, or have similar economic features that would cause their inability to meet contractual obligations, including those to the Company, to be similarly affected. The Company regularly monitors its tenant base to assess potential concentrations of credit risk through financial statement review, tenant management calls, and press releases. Management believes the current credit risk of the Company’s portfolio is reasonably well diversified and does not contain any unusual concentration of credit risk.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of estimated useful lives of PP&E
Depreciation expense is computed using the straight-line method based on the following estimated useful lives.

Description Estimated Useful Life
Building40 Years
Building and land improvements (maximum)20 Years
Tenant improvementsShorter of useful life or terms of related lease
Schedule of Cash, Cash Equivalents and Restricted Cash
Reconciliation of cash and cash equivalents and restricted cash (in thousands)December 31, 2025December 31, 2024
Cash and cash equivalents$14,910 $36,284 
Restricted cash85,973 1,109 
Total cash and cash equivalents and restricted cash$100,883 $37,393 
Schedule of tax treatment of common dividends per share for federal income tax
The following table summarizes the tax treatment of dividends per share of common stock for federal income tax purposes during years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
 202520242023
Federal Income Tax Treatment of Dividends per Common SharePer Share%Per Share%Per Share%
Ordinary income$1.385009 92.4 %$1.316017 89.9 %$1.243518 83.7 %
Return of capital— — %0.103508 7.1 %— — %
Unrecaptured section 1250 capital gain0.030187 2.0 %0.043793 3.0 %0.089829 6.0 %
Other capital gain0.084101 5.6 %— — %0.151665 10.3 %
Total(1)
$1.499297 100.0 %$1.463318 100.0 %$1.485012 100.0 %
(1)The December 2022 monthly common stock dividend of $0.121667 per share was included in the stockholder’s 2023 tax year. The December 2023 monthly common stock dividend of $0.1225 per share was partially included in the stockholder’s 2023 tax year in the amount of $0.015845 per share and the remainder was included in the stockholder’s 2024 tax year. The December 2024 monthly common stock dividend of $0.123333 per share was included in the stockholder’s 2025 tax year. The December 2025 monthly common stock dividend of $0.124167 per share was partially included in the stockholder’s 2025 tax year in the amount of $0.010127 per share and the remainder will be included in the stockholder’s 2026 tax year.
v3.25.4
Rental Property (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties
The following table summarizes the components of rental property, net as of December 31, 2025 and 2024.

Rental Property (in thousands)December 31, 2025December 31, 2024
Land$811,569 $771,794 
Buildings, net of accumulated depreciation of $855,290 and $738,348, respectively
4,785,314 

4,634,634 
Tenant improvements, net of accumulated depreciation of $43,997 and $42,092, respectively
45,922 44,987 
Building and land improvements, net of accumulated depreciation of $220,644 and $305,426, respectively
613,864 396,883 
Construction in progress148,371 218,616 
Deferred leasing intangibles, net of accumulated amortization of $425,502 and $386,627, respectively
394,967 428,865 
Total rental property, net$6,800,007 $6,495,779 
Schedule of rental property acquired
The following tables summarize the acquisitions of the Company during the years ended December 31, 2025 and 2024. The Company accounted for all of its acquisitions as asset acquisitions.

Year ended December 31, 2025
Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Minneapolis, MN January 9, 2025161,600 1 $16,537 
Chicago, IL February 27, 2025231,964 2 26,748 
Three months ended March 31, 2025393,564 3 43,285 
Louisville, KY(2)
May 7, 2025— — 5,497 
Chicago, ILJune 12, 2025183,200 1 18,399 
Three months ended June 30, 2025183,200 1 23,896 
Houston, TX(3)
September 15, 2025462,250 1 47,485 
Dayton, OH(4)
September 23, 2025— — 2,944 
Dayton, OH(3)
September 23, 2025524,160 1 54,043 
Three months ended September 30, 2025986,410 2 104,472 
Fresno, CAOctober 27, 2025408,198 1 49,154 
Kansas City, MONovember 19, 2025552,281 2 42,963 
Nashville, TNDecember 4, 202599,561 1 17,516 
Cincinnati, OHDecember 9, 2025215,670 1 22,577 
Chicago, ILDecember 17, 2025621,246 1 70,673 
Raleigh, NCDecember 22, 2025340,200 1 83,043 
Three months ended December 31, 20252,237,156 7285,926 
Year ended December 31, 20253,800,330 13 $457,579 
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) The Company acquired a vacant land parcel through a consolidated joint venture.
(3) These buildings were acquired through reverse like-kind exchange agreements pursuant to Section 1031 of the Code (“Reverse 1031 Exchanges”) with a third-party intermediary. See below under “Variable Interest Entities” for additional information.
(4) The Company acquired a vacant land parcel.
Year ended December 31, 2024
Market(1)
Date AcquiredSquare FeetNumber of BuildingsPurchase Price
(in thousands)
Cincinnati, OH March 18, 2024697,500 1 $50,073 
Three months ended March 31, 2024697,500 1 50,073 
Milwaukee, WIApril 8, 2024150,002 1 16,062 
Portland, ORApril 15, 202499,136 1 17,058 
Louisville, INApril 16, 2024592,800 1 52,352 
Portland, OR(2)
June 6, 2024— — 8,178 
El Paso, TXJune 10, 2024254,103 1 32,182 
Chicago, IL June 24, 2024947,436 5 87,560 
Columbus, OHJune 26, 2024150,207 1 20,408 
Three months ended June 30, 20242,193,684 10 233,800 
Reno, NV(2)
July 25, 2024— — 1,896 
Reno, NV(3)
August 8, 2024— — 8,959 
LaGrange, GASeptember 9, 2024323,368 1 34,870 
Boston, MASeptember 12, 2024290,471 5 78,127 
Three months ended September 30, 2024613,839 6 123,852 
Minneapolis, MN October 10, 2024360,000 1 43,288 
Minneapolis, MN October 15, 2024126,000 1 23,331 
Minneapolis, MNOctober 30, 202496,096 1 13,896 
Philadelphia, PA October 31, 202469,492 1 12,443 
Phoenix, AZNovember 7, 202480,000 1 14,707 
Kansas City, MONovember 12, 2024676,000 2 55,651 
Chicago, ILDecember 3, 2024725,917 5 73,230 
Charlotte, NCDecember 5, 202486,749 1 12,981 
Salt Lake City, UTDecember 10, 2024172,847 1 34,615 
Charlotte, NC(3)
December 13, 2024— — 8,926 
Sacramento, CA December 30, 202455,064 1 9,536 
Three months ended December 31, 20242,448,165 15 302,604 
Year ended December 31, 20245,953,188 32 $710,329 
(1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2) The Company acquired a vacant land parcel.
(3) The Company acquired a vacant land parcel through a consolidated joint venture.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition
The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2025 and 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the tables above.

Year ended December 31, 2025Year ended December 31, 2024
Acquired Assets and LiabilitiesPurchase price (in thousands)Weighted average amortization period (years) of intangibles at acquisitionPurchase price (in thousands)Weighted average amortization period (years) of intangibles at acquisition
Land$45,786 N/A$84,965 N/A
Buildings315,431 N/A504,551 N/A
Tenant improvements5,843 N/A8,726 N/A
Building and land improvements30,568 N/A26,207 N/A
Construction in progress1,569 N/A3,603 N/A
Deferred leasing intangibles - in-place leases40,236 7.260,659 6.4
Deferred leasing intangibles - tenant relationships18,969 10.832,784 10.1
Deferred leasing intangibles - above market leases— N/A934 2.7
Other assets167 N/A243 N/A
Operating lease right-of-use assets3,495 N/A3,554 N/A
Deferred leasing intangibles - below market leases(990)5.0(12,343)6.2
Operating lease liabilities(3,495)N/A(3,554)N/A
Total purchase price$457,579  $710,329  
Disposal Groups, Including Discontinued Operations
The following table summarizes the Company’s dispositions for the years ended December 31, 2025, 2024, and 2023. All of the dispositions were sold to third parties and were accounted for under the full accrual method.

Year ended December 31,
Sales of rental property, net (dollars in thousands)202520242023
Number of buildings111010
Building square feet (in millions)2.21.62.0
2025 dispositions contribution to net income(1)
$2,214 $6,338 $5,654 
2024 dispositions contribution to net income(1)
$— $(6,183)$3,964 
2023 dispositions contribution to net income(1)
$— $— $2,354 
Proceeds from sale of rental property, net$164,235 $126,479 $105,602 
Net book value$70,485 $94,206 $51,502 
Gain on the sales of rental property, net$93,750 $32,273 $54,100 
(1) Exclusive of any loss on impairment, gain on involuntary conversion, and gain on the sales of rental property, net.
Impaired Assets to be Disposed of by Method Other than Sale [Table Text Block]
The following table summarizes the Company’s loss on impairment for assets held and used during the years ended December 31, 2025 and 2024. The Company did not recognize a loss on impairment during the year ended December 31, 2023.

Market(1)
Buildings
Event or Change in Circumstance Leading to Impairment Evaluation(2)
Valuation technique utilized to estimate fair value
Fair Value(3)
Loss on Impairment
(in thousands)
Lewiston, ME1Change in estimated hold period
(4)
Discounted cash flows
(5)
2,831$888 
Year ended December 31, 2025$888 
Salt Lake City, UT1Change in estimated hold period
(6)
Discounted cash flows
(7)
21,827$4,967 
Year ended December 31, 2024$4,967 
(1)As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected.
(2)The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows.
(3)The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement.
(4)This property was sold during the year ended December 31, 2025.
(5)Level 3 inputs used to determine fair value for the property impaired: discount rate of 12.0% and exit capitalization rate of 10.0%.
(6)This property was sold during the year ended December 31, 2024.
(7)Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%.
Schedule of Finite-Lived Intangible Assets
The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024.

December 31, 2025December 31, 2024
Deferred Leasing Intangibles (in thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Above market leases$71,657 $(41,824)$29,833 $76,232 $(39,335)$36,897 
Other intangible lease assets748,812 (383,678)365,134 739,260 (347,292)391,968 
Total deferred leasing intangible assets$820,469 $(425,502)$394,967 $815,492 $(386,627)$428,865 
Below market leases$59,664 $(34,098)$25,566 $64,703 $(31,368)$33,335 
Total deferred leasing intangible liabilities$59,664 $(34,098)$25,566 $64,703 $(31,368)$33,335 

The following table summarizes the amortization expense and the net increase to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Deferred Leasing Intangibles Amortization (in thousands)202520242023
Net increase to rental income related to above and below market lease amortization$2,515 $579 $865 
Amortization expense related to other intangible lease assets$84,961 $91,254 $89,036 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2025.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
2026$75,604 $1,508 
2027$63,067 $799 
2028$54,524 $693 
2029$46,313 $377 
2030$36,682 $(104)
Below Market Lease, Future Amortization Income
The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2025.

YearAmortization Expense Related to Other Intangible Lease Assets (in thousands)Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands)
2026$75,604 $1,508 
2027$63,067 $799 
2028$54,524 $693 
2029$46,313 $377 
2030$36,682 $(104)
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Summary of the mortgage notes payable, unsecured term loans and credit facility
The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note as of December 31, 2025 and 2024.

Indebtedness (dollars in thousands)December 31, 2025December 31, 2024
Interest Rate(1)(2)
    Maturity Date
Prepayment Terms(3) 
Unsecured credit facility:
Unsecured Credit Facility(4)
$262,000 
 
$409,000  
Term SOFR+0.775%
September 7, 2029i
Total unsecured credit facility262,000 
 
409,000     
Unsecured term loans: 
 
    
Unsecured Term Loan A150,000 150,000 2.06 %March 15, 2027i
Unsecured Term Loan H187,500 187,500 3.25 %January 25, 2028i
Unsecured Term Loan I187,500 187,500 3.41 %January 25, 2028i
Unsecured Term Loan F(5)
200,000 200,000 4.73 %March 23, 2029i
Unsecured Term Loan G(6)
300,000 300,000 1.70 %March 14, 2031i
Total unsecured term loans1,025,000 1,025,000 
Total unamortized deferred financing fees and debt issuance costs(3,659)(3,152)
Total carrying value unsecured term loans, net1,021,341 
 
1,021,848     
Unsecured notes: 
 
    
Series D Unsecured Notes— 100,000 4.32 %February 20, 2025ii
Series G Unsecured Notes— 75,000 4.10 %June 13, 2025ii
Series B Unsecured Notes50,000 50,000 4.98 %July 1, 2026ii
Series C Unsecured Notes80,000 80,000 4.42 %December 30, 2026ii
Series E Unsecured Notes20,000 20,000 4.42 %February 20, 2027ii
Series H Unsecured Notes100,000 100,000 4.27 %June 13, 2028ii
Series L Unsecured Notes175,000 175,000 6.05 %May 28, 2029ii
Series O Unsecured Notes350,000 — 5.50 %June 25, 2030ii
Series M Unsecured Notes125,000 125,000 6.17 %May 28, 2031ii
Series I Unsecured Notes275,000 275,000 2.80 %September 29, 2031ii
Series K Unsecured Notes400,000 400,000 4.12 %June 28, 2032ii
Series P Unsecured Notes 100,000 — 5.82 %June 25, 2033ii
Series J Unsecured Notes50,000 50,000 2.95 %September 28, 2033ii
Series N Unsecured Notes150,000 150,000 6.30 %May 28, 2034ii
Series Q Unsecured Notes100,000 — 5.99 %June 25, 2035ii
Total unsecured notes1,975,000 1,600,000 
Total unamortized deferred financing fees and debt issuance costs(8,006)(5,908)
Total carrying value unsecured notes, net1,966,994 
 
1,594,092 
 
   
Mortgage note (secured debt):    
United of Omaha Life Insurance Company4,099 4,322 3.71 %October 1, 2039ii
Total mortgage note4,099 
 
4,322   
Unamortized fair market value discount(119)(127) 
Total carrying value mortgage note, net3,980 
 
4,195  
Total / weighted average interest rate(7)
$3,254,315 
 
$3,029,135 4.21 %
(1)Interest rate as of December 31, 2025. At December 31, 2025, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) and Daily Secured Overnight Financing Rate (“Daily SOFR”) was 3.688% and 3.870%, respectively. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements.
(2)The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a spread of 0.775%. The Unsecured Term Loans A, G, H, and I have a stated interest rate of one-month Term SOFR plus a spread of 0.85%. The Unsecured Term Loan F has a stated interest rate of Daily SOFR plus a spread of 0.85%. All of the unsecured term loans have been swapped to a fixed rate, and such fixed rates inclusive of the spreads are presented in the table above. Effective February 5, 2026, the Unsecured Term Loan G was swapped to a fixed rate inclusive of the spread of 3.94%.
(3)Prepayment terms consist of (i) pre-payable with no penalty, and (ii) pre-payable with penalty.
(4)The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $7.3 million and $10.1 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2025 and 2024, respectively. The initial maturity date is September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to
the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly.
(5)The initial maturity date of the Unsecured Term Loan F is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions.
(6)The initial maturity date of the Unsecured Term Loan G is March 15, 2030, or such later date which may be extended pursuant to a one-year extension option exercisable by the Company in its discretion upon advance written notice. Exercise of the option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. The extension option is not subject to lender consent, assuming proper notice and satisfaction of the conditions.
(7)The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
Interest Income and Interest Expense Disclosure [Table Text Block]
The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the years ended December 31, 2025, 2024 and 2023.

Year ended December 31,
Costs Included in Interest Expense (in thousands)202520242023
Amortization of deferred financing fees and debt issuance costs and fair market value discount$5,421 $4,506 $3,905 
Facility, unused, and other fees$1,761 $1,765 $1,759 
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value as of December 31, 2025 and 2024. The fair value of the Company’s debt is based on Level 3 inputs.
 December 31, 2025December 31, 2024
Indebtedness (in thousands)Principal OutstandingFair ValuePrincipal OutstandingFair Value
Unsecured credit facility$262,000 $262,000 $409,000 $409,000 
Unsecured term loans1,025,000 1,025,000 1,025,000 1,025,000 
Unsecured notes1,975,000 1,937,338 1,600,000 1,490,667 
Mortgage note4,099 3,306 4,322 3,366 
Total principal amount3,266,099 $3,227,644 3,038,322 $2,928,033 
Unamortized fair market value discount(119)(127)
Total unamortized deferred financing fees and debt issuance costs (11,665)(9,060)
Total carrying value$3,254,315 $3,029,135 
Schedule of aggregate future principal payments of debt
The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2025.

YearFuture Principal Payments of Debt
(in thousands)
2026$130,231 
2027370,240 
2028737,249 
2029175,258 
2030650,268 
Thereafter1,202,853 
Total aggregate principal payments$3,266,099 
v3.25.4
Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of interest rate swaps
As of December 31, 2025, the Company had 21 interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of December 31, 2025 and 2024.

Balance Sheet Line Item (in thousands)Effective Notional Amount December 31, 2025Fair Value December 31, 2025Effective Notional Amount December 31, 2024Fair Value December 31, 2024
Interest rate swaps-Asset$825,000 $13,529 $1,025,000 $36,466 
Interest rate swaps-Liability$200,000 $(1,310)$— $— 
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the effect of cash flow hedge accounting and the location of the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Effect of Cash Flow Hedge Accounting (in thousands)202520242023
Income (loss) recognized in accumulated other comprehensive income on interest rate swaps$(1,689)$21,854 $12,333 
Income reclassified from accumulated other comprehensive income into income as interest expense$22,536 $35,773 $34,107 
Total interest expense presented in the Consolidated Statements of Operations in which the effect of cash flow hedges are recorded$132,160 $113,169 $94,575 
Schedule of financial instruments accounted for at fair value on a recurring basis
The following tables summarize the Company’s financial instruments that were recorded at fair value on a recurring basis as of December 31, 2025 and 2024. 

  Fair Value Measurements as of December 31, 2025 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2025Level 1Level 2Level 3
Interest rate swaps-gross asset$13,529 $— $13,529 $— 
Interest rate swaps-gross liability$(1,310)$— $(1,310)$— 

  Fair Value Measurements as of December 31, 2024 Using
Balance Sheet Line Item (in thousands)Fair Value December 31, 2024Level 1Level 2Level 3
Interest rate swaps-gross asset$36,466 $— $36,466 $— 
v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Schedule of stock sale activity
The following table summarizes the terms of the Company’s at-the-market (“ATM”) common stock offering program as of December 31, 2025.

ATM Common Stock Offering ProgramDateMaximum Aggregate Offering Price (in thousands)
2025 $750 million ATMFebruary 13, 2025$750,000 

The following table summarizes the activity for the ATM common stock offering program during the year ended December 31, 2023 (in thousands, except share data). There was no activity for the ATM common stock offering program during the years ended December 31, 2025 and December 31, 2024, except for the shares sold on a forward basis, as discussed below.

Year ended December 31, 2023
ATM Common Stock Offering Program(1)
Shares
Sold		Weighted Average Price Per ShareNet Proceeds (in thousands)
2022 $750 million ATM(2)
249,016 $35.55 $8,765 
Total/weighted average249,016 $35.55 $8,765 
(1)Excludes shares sold on a forward basis under the ATM common stock offering program during the year ended December 31, 2023, which are discussed below.
(2)The 2022 $750 million ATM program was terminated on February 12, 2025.
Forward Equity Offering Activity
The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and shares settled during the years ended December 31, 2025, 2024, and 2023. The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent, and decrease by borrowing costs incurred and dividends paid on the borrowed shares underlying the forward sale.

Forward Sale AgreementsShares
Gross Sales Proceeds
(in thousands)
Weighted Average Gross Sales Price Per Share
Weighted Average Net Sales Price Per Share
Sales Commissions Per Share(1)
Net Proceeds Received Per Share
Outstanding at December 31, 2022— $— 
New forward sale agreements2,817,993$103,483 $36.72 $36.36 $0.36 
Forward sale agreements settled(2)
(1,717,993)$(61,683)$35.60 
Outstanding at December 31, 20231,100,000$41,800 
New forward sale agreements3,208,008$127,150 $39.64 $39.23 $0.41 
Forward sale agreements settled(2)
(4,308,008)$(168,950)$38.93 
Outstanding at December 31, 2024— $— 
New forward sale agreements4,169,738$159,061 $38.15 $37.77 $0.38 
Forward sale agreements settled(2)
(4,169,738)$(159,061)$37.75 
Outstanding at December 31, 2025— $— 
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.
(2)The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $157.4 million, $167.7 million, and $61.2 million, for the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of activity related to unvested restricted stock awards
The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2025, 2024 and 2023.

Unvested Restricted Shares of Common Stock Shares    
Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2022156,703 $34.32 
Granted55,954 $34.73 
Vested(1)
(68,625)$31.71 
Forfeited— $— 
Balance at December 31, 2023144,032 $35.73 
Granted41,911 $38.92 
Vested(1)
(62,123)$34.65 
Forfeited(5,153)$38.58 
Balance at December 31, 2024118,667 $37.30 
Granted52,352 $33.14 
Vested(1)
(51,185)$36.13 
Forfeited(9,002)$35.92 
Balance at December 31, 2025110,832 $35.99 
(1)The Company repurchased and retired 18,456, 22,001, and 24,210 restricted shares of common stock that vested during the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of fair value at vesting date for awards vesting during the period
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2025, 2024 and 2023.  

 Year ended December 31,
Vested Restricted Shares of Common Stock202520242023
Vested restricted shares of common stock51,185 62,123 68,625 
Fair value of vested restricted shares of common stock (in thousands)$1,731 $2,438 $2,217 
The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2025, 2024 and 2023.
Performance UnitsAssumptions
Grant dateJanuary 7, 2025January 8, 2024March 31, 2023January 11, 2023
Expected stock price volatility24.6 %24.5 %25.4 %37.4 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.3294 %4.1130 %3.8725 %3.9060 %
Fair value of performance units grant (in thousands)$6,858 $6,502 $609 $4,517 
Schedule of Forward Contracts Indexed to Issuer's Equity
The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and shares settled during the years ended December 31, 2025, 2024, and 2023. The Company initially does not receive any proceeds from the sales of shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates, which is typically one year from the respective trade dates. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent, and decrease by borrowing costs incurred and dividends paid on the borrowed shares underlying the forward sale.

Forward Sale AgreementsShares
Gross Sales Proceeds
(in thousands)
Weighted Average Gross Sales Price Per Share
Weighted Average Net Sales Price Per Share
Sales Commissions Per Share(1)
Net Proceeds Received Per Share
Outstanding at December 31, 2022— $— 
New forward sale agreements2,817,993$103,483 $36.72 $36.36 $0.36 
Forward sale agreements settled(2)
(1,717,993)$(61,683)$35.60 
Outstanding at December 31, 20231,100,000$41,800 
New forward sale agreements3,208,008$127,150 $39.64 $39.23 $0.41 
Forward sale agreements settled(2)
(4,308,008)$(168,950)$38.93 
Outstanding at December 31, 2024— $— 
New forward sale agreements4,169,738$159,061 $38.15 $37.77 $0.38 
Forward sale agreements settled(2)
(4,169,738)$(159,061)$37.75 
Outstanding at December 31, 2025— $— 
(1)Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price.
(2)The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $157.4 million, $167.7 million, and $61.2 million, for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Noncontrolling Interest (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling interest activity
The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the years ended December 31, 2025, 2024 and 2023.

Noncontrolling Interest in the Operating PartnershipLTIP UnitsOther
Common Units		Total
Noncontrolling Common Units		Noncontrolling Interest Percentage
Balance at December 31, 20222,314,076 1,570,640 3,884,716 2.1 %
Granted/Issued326,215 — 326,215 N/A
Forfeited(9,119)— (9,119)N/A
Conversions from LTIP units to Other Common Units(269,252)269,252 — N/A
Redemptions from Other Common Units to common stock— (372,174)(372,174)N/A
Balance at December 31, 20232,361,920 1,467,718 3,829,638 2.1 %
Granted/Issued383,292 — 383,292 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(437,550)437,550 — N/A
Redemptions from Other Common Units to common stock— (440,550)(440,550)N/A
Balance at December 31, 20242,307,662 1,464,718 3,772,380 2.0 %
Granted/Issued280,334 — 280,334 N/A
Forfeited— — — N/A
Conversions from LTIP units to Other Common Units(214,885)214,885 — N/A
Redemptions from Other Common Units to common stock— (263,007)(263,007)N/A
Balance at December 31, 20252,373,111 1,416,596 3,789,707 1.9 %
Schedule of share-based payment award, LTIP unit awards, valuation assumptions The following table summarizes the assumptions used in valuing such LTIP units granted during the years ended December 31, 2025, 2024 and 2023 (excluding those LTIP units granted pursuant to the settlements of performance units; refer to Note 8 for details).
LTIP UnitsAssumptions
Grant dateJanuary 7, 2025July 1, 2024January 8, 2024March 31, 2023January 11, 2023
Expected term (years)1010101010
Expected stock price volatility25.0 %25.0 %25.0 %37.0 %37.0 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.330 %4.580 %4.110 %3.810 %3.900 %
Fair value of LTIP units at issuance (in thousands)$4,848 $60 $4,597 $628 $4,635 
LTIP units at issuance154,001 1,775 124,235 19,345 139,026 
Fair value unit price per LTIP unit at issuance$31.48 $33.80 $37.00 $32.47 $33.34 

The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.
Schedule of activity related to unvested LTIP unit awards
The following table summarizes activity related to the Company’s unvested LTIP units during the years ended December 31, 2025, 2024 and 2023.

Unvested LTIP UnitsLTIP UnitsWeighted Average Grant Date Fair Value Per Share
Balance at December 31, 2022140,116 $35.60 
Granted326,215 $33.29 
Vested(280,286)$33.81 
Forfeited(9,119)$34.11 
Balance at December 31, 2023176,926 $34.25 
Granted383,292 $36.99 
Vested(377,836)$36.13 
Forfeited— $— 
Balance at December 31, 2024182,382 $36.10 
Granted280,334 $31.48 
Vested(296,464)$33.25 
Forfeited— $— 
Balance at December 31, 2025166,252 $33.39 
Schedule of vested LTIP unit award activity
The following table summarizes the fair value at vesting for the LTIP units that vested during years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Vested LTIP Units202520242023
Vested LTIP units296,464 377,836 280,286 
Fair value of vested LTIP units (in thousands)$10,242 $14,440 $9,507 
v3.25.4
Equity Incentive Plan (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of fair value at vesting date for awards vesting during the period
The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2025, 2024 and 2023.  

 Year ended December 31,
Vested Restricted Shares of Common Stock202520242023
Vested restricted shares of common stock51,185 62,123 68,625 
Fair value of vested restricted shares of common stock (in thousands)$1,731 $2,438 $2,217 
The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2025, 2024 and 2023.
Performance UnitsAssumptions
Grant dateJanuary 7, 2025January 8, 2024March 31, 2023January 11, 2023
Expected stock price volatility24.6 %24.5 %25.4 %37.4 %
Expected dividend yield4.0 %4.0 %4.0 %4.0 %
Risk-free interest rate4.3294 %4.1130 %3.8725 %3.9060 %
Fair value of performance units grant (in thousands)$6,858 $6,502 $609 $4,517 
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2025, 2024, and 2023.
Settlement of Performance Units in LTIP Units or Shares of Common Stock2023 Performance Units2022 Performance Units2021 Performance Units
Measuring period conclusion date December 31, 2025December 31, 2024December 31, 2023
Issuance dateJanuary 8, 2026January 7, 2025January 8, 2024
Vested LTIP units 212,617126,333257,282
Vested shares of common stock3,7128,24649,106
Shares of common stock repurchased and retired 1,304 7514,716
Summary of Equity Compensation Expense
The following table summarizes the amounts recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Non-Cash Compensation Expense (in thousands)2025    20242023
Restricted shares of common stock$1,458   $1,752 $1,936 
LTIP units4,333 3,635 4,194 
Performance units6,127 5,585 4,754 
Director compensation(1)
786 755 583 
Total non-cash compensation expense$12,704  $11,727 $11,467 
(1)All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2025, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date.
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Operating Lease, Lease Income [Table Text Block] years ended December 31, 2025, 2024 and 2023.
 Year ended December 31,
Rental Income (in thousands)202520242023
Fixed lease payments$640,877 $585,611 $540,447 
Variable lease payments179,983 162,090 146,954 
Straight-line rental income19,634 14,612 16,894 
Net increase to rental income related to above and below market lease amortization2,515 579 865 
Total rental income$843,009 $762,892 $705,160 
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]
The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2025.

YearMaturity of Fixed Lease Payments (in thousands)
2026$667,077 
2027$620,853 
2028$540,446 
2029$449,626 
2030$334,283 
Thereafter$763,477 
Lease, Cost [Table Text Block]
The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2025 and 2024.

Operating Lease Term and Discount RateDecember 31, 2025December 31, 2024
Weighted average remaining lease term (years)37.634.9
Weighted average discount rate7.0 %6.9 %

The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Lease Cost (in thousands)202520242023
Operating lease cost included in property expense attributable to ground leases$2,823 $2,516 $2,467 
Operating lease cost included in general and administrative expense attributable to corporate office leases1,725 1,722 1,732 
Total operating lease cost$4,548 $4,238 $4,199 

The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023.

 Year ended December 31,
Operating Leases (in thousands)202520242023
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)$4,291 $4,013 $3,890 
Right-of-use assets obtained in exchange for new lease liabilities$175 $— $141 
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of December 31, 2025.

Year
Maturity of Operating Lease Liabilities(1)
(in thousands)
2026$3,519 
20272,574 
20282,616 
20292,583 
20302,561 
Thereafter107,916 
Total lease payments121,769 
Less: Imputed interest(84,729)
Present value of operating lease liabilities$37,040 
(1)Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
v3.25.4
Earnings Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of computation of basic and diluted earnings per common share
The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2025, 2024 and 2023.

Year ended December 31,
Earnings Per Share (in thousands, except per share data)202520242023
Numerator 
Net income attributable to common stockholders$273,350 $189,038 $192,633 
Denominator 
Weighted average common shares outstanding — basic186,844 182,160 180,221 
Effect of dilutive securities(1)
Share-based compensation330 244 332 
Shares issuable under forward sale agreements— — 2 
Weighted average common shares outstanding — diluted187,174 182,404 180,555 
Net income per share — basic and diluted
Net income per share attributable to common stockholders — basic$1.46 $1.04 $1.07 
Net income per share attributable to common stockholders — diluted$1.46 $1.04 $1.07 
v3.25.4
Organization and Description of Business (Details)
ft² in Millions
 12 Months Ended
Dec. 31, 2025
ft²
building
state
Dec. 31, 2024
Real Estate Properties [Line Items]    
Number of properties | building 601  
Number of states in which the entity owned buildings | state 41  
Area (in square feet) | ft² 120.0  
STAG Industrial Inc. [Member]    
Real Estate Properties [Line Items]    
Ownership interest in Operating Partnership (as a percent) 98.10% 98.00%
v3.25.4
Summary of Significant Accounting Policies - Rental Property and Deferred Lease Intangibles (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Rental Property and Depreciation    
Write-off of fully amortized deferred leasing intangible assets $ 50.2 $ 71.1
Write-off of fully amortized deferred leasing intangible liabilities 5.4 4.1
Write-off of other assets $ 134.1 0.1
Buildings, net of accumulated depreciation of $855,290 and $738,348, respectively    
Rental Property and Depreciation    
Estimated Useful Life 40 years  
Building and land improvements    
Rental Property and Depreciation    
Estimated Useful Life 20 years  
Building and land improvements | Maximum    
Rental Property and Depreciation    
Estimated Useful Life 20 years  
Tenant improvements, net of accumulated depreciation of $43,997 and $42,092, respectively    
Rental Property and Depreciation    
Write-off of fully depreciated real estate $ 8.1 $ 4.6
v3.25.4
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Cash and Cash Equivalents [Abstract]        
Cash and cash equivalents $ 14,910 $ 36,284    
Restricted cash 85,973 1,109    
Cash and cash equivalents and restricted cash—end of period $ 100,883 $ 37,393 $ 21,868 $ 26,789
v3.25.4
Summary of Significant Accounting Policies - Goodwill (Details)
 12 Months Ended
Dec. 31, 2025
USD ($)
Goodwill [Line Items]  
Goodwill impairment loss $ 0
Prepaid Expenses and Other Assets  
Goodwill [Line Items]  
Goodwill $ 4,900,000
v3.25.4
Summary of Significant Accounting Policies - Dividends (Details) - $ / shares
 12 Months Ended
Dec. 31, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dividends, Common Stock [Abstract]          
Ordinary income (in dollars per share)   $ 1.385009 $ 1.316017 $ 1.243518  
Ordinary income (as a percent)   92.40% 89.90% 83.70%  
Return of capital (in dollars per share)   $ 0 $ 0.103508 $ 0  
Return of capital (as a percent)   0.00% 7.10% 0.00%  
Unrecaptured section 1250 capital gain (in dollars per share)   $ 0.030187 $ 0.043793 $ 0.089829  
Unrecaptured section 1250 capital gain (as percent)   2.00% 3.00% 6.00%  
Other capital gain (in dollars per share)   $ 0.084101 $ 0 $ 0.151665  
Other capital gain (as percent)   5.60% 0.00% 10.30%  
Total (in dollars per share)   $ 1.499297 $ 1.463318 $ 1.485012  
Dividend declared (in dollars per share)   1.49 1.48 1.47  
O 2022 M1 Dividends          
Dividends, Common Stock [Abstract]          
Dividend declared (in dollars per share)         $ 0.121667
O 2023 M1 Dividends          
Dividends, Common Stock [Abstract]          
Dividend declared (in dollars per share)       0.1225  
O 2024 M1 Dividends          
Dividends, Common Stock [Abstract]          
Dividend declared (in dollars per share)     $ 0.123333    
O 2025 M1 Dividends          
Dividends, Common Stock [Abstract]          
Dividend declared (in dollars per share)   $ 0.010127      
O 2023 M2 Dividends          
Dividends, Common Stock [Abstract]          
Dividend declared (in dollars per share)       $ 0.015845  
Forecast [Member] | O 2026 M1 Dividends          
Dividends, Common Stock [Abstract]          
Dividend declared (in dollars per share) $ 0.124167        
v3.25.4
Summary of Significant Accounting Policies - Related Party (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Related Party Transaction, Amounts of Transaction $ 0 $ 0 $ 0
v3.25.4
Summary of Significant Accounting Policies - Incentive and Equity-Based Employee Compensation Plans (Details)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Retirement notification period 6 months
v3.25.4
Summary of Significant Accounting Policies - Taxes (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Net income $ 279,270,000 $ 193,266,000 $ 197,201,000
State and local income, excise and franchise taxes 1,600,000 2,000,000.0 2,000,000.0
Liabilities for uncertain tax positions $ 0 $ 0 $ 0
v3.25.4
Summary of Significant Accounting Policies - Segments (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Number of Reportable Segments 1 1 1
Number of Operating Segments 1 1 1
v3.25.4
Rental Property - Summary (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real Estate Properties [Line Items]    
Land $ 811,569 $ 771,794
Building and building, accumulated amortization 1,119,931 1,085,866
Buildings, net of accumulated depreciation of $855,290 and $738,348, respectively 4,785,314 4,634,634
Tenant improvements, net of accumulated depreciation of $43,997 and $42,092, respectively 45,922 44,987
Building and land improvements, net of accumulated depreciation of $220,644 and $305,426, respectively 613,864 396,883
Construction in progress 148,371 218,616
Deferred leasing intangibles assets, accumulated amortization 425,502 386,627
Deferred leasing intangibles, net of accumulated amortization of $425,502 and $386,627, respectively 394,967 428,865
Total rental property, net 6,800,007 6,495,779
Buildings, net of accumulated depreciation of $855,290 and $738,348, respectively    
Real Estate Properties [Line Items]    
Building and building, accumulated amortization 855,290 738,348
Tenant improvements, net of accumulated depreciation of $43,997 and $42,092, respectively    
Real Estate Properties [Line Items]    
Building and building, accumulated amortization 43,997 42,092
Building and land improvements, net of accumulated depreciation of $220,644 and $305,426, respectively    
Real Estate Properties [Line Items]    
Building and building, accumulated amortization $ 220,644 $ 305,426
v3.25.4
Rental Property - Acquisitions (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
building
Sep. 30, 2025
USD ($)
ft²
building
Jun. 30, 2025
USD ($)
ft²
building
Mar. 31, 2025
USD ($)
ft²
building
Dec. 31, 2025
USD ($)
ft²
building
Dec. 13, 2024
Property
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 120,000,000.0       120,000,000.0  
Number of properties | building 601       601  
Industrial Property | Corporate Joint Venture            
Asset Acquisition [Line Items]            
Number of properties | Property           2
Minneapolis, MN            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²       161,600    
Number of properties | building       1    
Purchase Price (in thousands) | $       $ 16,537    
Chicago, IL            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 621,246   183,200 231,964 621,246  
Number of properties | building 1   1 2 1  
Purchase Price (in thousands) | $ $ 70,673   $ 18,399 $ 26,748    
Acquisitions Q1 2025            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²       393,564    
Number of properties | building       3    
Purchase Price (in thousands) | $       $ 43,285    
Louisville, KY            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     0      
Number of properties | building     0      
Purchase Price (in thousands) | $     $ 5,497      
Acquisitions Q2 2025            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     183,200      
Number of properties | building     1      
Purchase Price (in thousands) | $     $ 23,896      
Houston, TX            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   462,250        
Number of properties | building   1        
Purchase Price (in thousands) | $   $ 47,485        
Dayton, OH 1            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   0        
Number of properties | building   0        
Purchase Price (in thousands) | $   $ 2,944        
Dayton, OH 2            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   524,160        
Number of properties | building   1        
Purchase Price (in thousands) | $   $ 54,043        
Acquisitions Q3 2025            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²       986,410    
Number of properties | building       2    
Purchase Price (in thousands) | $       $ 104,472    
Fresno, CA            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 408,198       408,198  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 49,154          
Kansas City, MI            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 552,281       552,281  
Number of properties | building 2       2  
Purchase Price (in thousands) | $ $ 42,963          
Nashville, TN            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 99,561       99,561  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 17,516          
Cincinnati, OH            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 215,670       215,670  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 22,577          
Raleigh, NC            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 340,200       340,200  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 83,043          
Acquisitions Q4 2025            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 2,237,156       2,237,156  
Number of properties | building 7       7  
Purchase Price (in thousands) | $ $ 285,926          
Acquisitions 2025            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²       3,800,330    
Number of properties | building       13    
Purchase Price (in thousands) | $       $ 457,579    
Boston, MA 9-12-2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   290,471        
Number of properties | building   5        
Purchase Price (in thousands) | $   $ 78,127        
Acquisitions Q2 2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   613,839 2,193,684      
Number of properties | building   6 10      
Purchase Price (in thousands) | $   $ 123,852 $ 233,800      
West Chester, Ohio, 3-18-2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²       697,500    
Number of properties | building       1    
Purchase Price (in thousands) | $       $ 50,073    
Acquisitions Q1 2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²       697,500    
Number of properties | building       1    
Purchase Price (in thousands) | $       $ 50,073    
Milwaukee, WI 4-08-24 (Sussex)            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     150,002      
Number of properties | building     1      
Purchase Price (in thousands) | $     $ 16,062      
Portland, OR 4-15-2024 (Sherwood)            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     99,136      
Number of properties | building     1      
Purchase Price (in thousands) | $     $ 17,058      
Louisville, IN 4-16-2024 (Jeffersonville)            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     592,800      
Number of properties | building     1      
Purchase Price (in thousands) | $     $ 52,352      
Portland, OR 6-06-24 (North Plains)            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     0      
Number of properties | building     0      
Purchase Price (in thousands) | $     $ 8,178      
El Paso, TX 6-10-2024 (Socorro)            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     254,103      
Number of properties | building     1      
Purchase Price (in thousands) | $     $ 32,182      
Chicago, IL 6-24-2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     947,436      
Number of properties | building     5      
Purchase Price (in thousands) | $     $ 87,560      
Columbus, OH 6-26-2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²     150,207      
Number of properties | building     1      
Purchase Price (in thousands) | $     $ 20,408      
Reno, NV 7-25-24 (RENO2)            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   0        
Number of properties | building   0        
Purchase Price (in thousands) | $   $ 1,896        
Reno, NV 8-05-24 (RENO3)            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   0        
Number of properties | building   0        
Purchase Price (in thousands) | $   $ 8,959        
LeGrange, GA 9-09-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft²   323,368        
Number of properties | building   1        
Purchase Price (in thousands) | $   $ 34,870        
Minneapolis, MN 10-10-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 360,000       360,000  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 43,288          
Minneapolis, MN 10-15-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 126,000       126,000  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 23,331          
Minneapolis, MN 10-30-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 96,096       96,096  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 13,896          
Philadelphia, PA 10-31-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 69,492       69,492  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 12,443          
Phoenix, AZ 11-07-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 80,000       80,000  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 14,707          
Kansas City, MO 11-12-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 676,000       676,000  
Number of properties | building 2       2  
Purchase Price (in thousands) | $ $ 55,651          
Chicago, IL 12-03-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 725,917       725,917  
Number of properties | building 5       5  
Purchase Price (in thousands) | $ $ 73,230          
Chicago, IL 12-05-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 86,749       86,749  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 12,981          
Salt Lake City, UT 12-10-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 172,847       172,847  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 34,615          
Charlotte, NV (JV) 12-13-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 0       0  
Number of properties | building 0       0  
Purchase Price (in thousands) | $ $ 8,926          
Sacramento, CA 12-30-24            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 55,064       55,064  
Number of properties | building 1       1  
Purchase Price (in thousands) | $ $ 9,536          
Acquisitions Q4 2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 2,448,165       2,448,165  
Number of properties | building 15       15  
Purchase Price (in thousands) | $ $ 302,604          
Acquisitions 2024            
Asset Acquisition [Line Items]            
Area (in square feet) | ft² 5,953,188       5,953,188  
Number of properties | building 32       32  
Purchase Price (in thousands) | $         $ 710,329  
v3.25.4
Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Allocation of the consideration paid for the acquired assets and liabilities    
Land $ 45,786 $ 84,965
Buildings 315,431 504,551
Tenant improvements 5,843 8,726
Building and land improvements 30,568 26,207
Construction in progress 1,569 3,603
Other assets 167 243
Operating lease right-of-use assets 32,708 31,151
Operating Lease, Liability (37,040) (35,304)
Total purchase price 457,579 710,329
Acquisitions 2023    
Allocation of the consideration paid for the acquired assets and liabilities    
Operating lease right-of-use assets   3,554
Operating Lease, Liability   (3,554)
Acquisitions 2024    
Allocation of the consideration paid for the acquired assets and liabilities    
Operating lease right-of-use assets 3,495  
Operating Lease, Liability (3,495)  
In-place leases    
Allocation of the consideration paid for the acquired assets and liabilities    
Deferred leasing intangibles $ (40,236) $ (60,659)
Weighted average amortization period of lease intangibles 7 years 2 months 12 days 6 years 4 months 24 days
Tenant relationships    
Allocation of the consideration paid for the acquired assets and liabilities    
Deferred leasing intangibles $ (18,969) $ (32,784)
Weighted average amortization period of lease intangibles 10 years 9 months 18 days 10 years 1 month 6 days
Above market leases    
Allocation of the consideration paid for the acquired assets and liabilities    
Deferred leasing intangibles $ 0 $ (934)
Weighted average amortization period of lease intangibles   2 years 8 months 12 days
Below market leases    
Allocation of the consideration paid for the acquired assets and liabilities    
Deferred leasing intangibles $ 990 $ 12,343
Weighted average amortization period of lease intangibles 5 years 6 years 2 months 12 days
v3.25.4
Rental Property - Disposals (Details)
$ in Thousands, ft² in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
building
Dec. 31, 2024
USD ($)
ft²
building
Dec. 31, 2023
USD ($)
ft²
building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of properties | building 601    
Area (in square feet) | ft² 120.0    
Total rental property, net $ 6,800,007 $ 6,495,779  
Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of properties | building 11 10 10
Area (in square feet) | ft² 2.2 1.6 2.0
Total rental property, net $ 70,485 $ 94,206 $ 51,502
Net proceeds from sales of rental property 164,235 126,479 105,602
Gain (Loss) on Sale 93,750 32,273 54,100
2022 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Contribution to net income (loss) 0 0 2,354
2023 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Contribution to net income (loss) 0 (6,183) 3,964
2024 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Contribution to net income (loss) $ 2,214 $ 6,338 $ 5,654
v3.25.4
Rental Property - Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Assets $ 7,208,069 $ 6,833,335
Liabilities 3,537,040 $ 3,304,227
Variable Interest Entity, Primary Beneficiary    
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]    
Assets 100,600  
Liabilities $ 2,500  
v3.25.4
Rental Property - Loss on Impairments (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
building
Dec. 31, 2024
USD ($)
building
Dec. 31, 2023
USD ($)
building
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]      
Number of Buildings Impaired | building 1 1  
Impaired Real Estate Assets, Fair Value Disclosure | $ $ 2,831 $ 21,827  
Number of properties | building 601    
Loss on impairment | $ $ 888 $ 4,967 $ 0
Measurement Input, Discount Rate      
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]      
Real Estate Property, Measurement Input 0.120 0.093  
Measurement Input, Cap Rate      
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]      
Real Estate Property, Measurement Input 0.100 0.063  
Disposal Group, Disposed of by Sale, Not Discontinued Operations      
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]      
Number of properties | building 11 10 10
Operating Income (Loss) [Member]      
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]      
Loss on impairment | $ $ 888   $ 4,967
v3.25.4
Rental Property - Involuntary Conversion (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
building
Dec. 31, 2023
USD ($)
Real Estate [Abstract]      
Estimated Insurance Recoveries $ 3,000 $ 3,000  
Number of damaged buildings | building   1  
Loss Contingency, Loss in Period   $ 3,000  
Gain on involuntary conversion $ 1,855 $ 11,843 $ 0
v3.25.4
Rental Property - Deferred Leasing Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]      
Deferred leasing intangibles, gross $ 820,469 $ 815,492  
Deferred leasing intangibles assets, accumulated amortization (425,502) (386,627)  
Deferred leasing intangibles, net 394,967 428,865  
Below market lease, gross 59,664 64,703  
Below market lease, accumulated amortization (34,098) (31,368)  
Below market lease, net 25,566 33,335  
Net increase to rental income related to above and below market lease amortization 2,515 579 $ 865
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]      
2026 1,508    
2027 799    
2028 693    
2029 377    
2030 (104)    
Other intangible lease assets      
Finite-Lived Intangible Assets [Line Items]      
Deferred leasing intangibles, gross 748,812 739,260  
Deferred leasing intangibles assets, accumulated amortization (383,678) (347,292)  
Deferred leasing intangibles, net 365,134 391,968  
Amortization expense related to other intangible lease assets 84,961 91,254 $ 89,036
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships      
2026 75,604    
2027 63,067    
2028 54,524    
2029 46,313    
2030 36,682    
Above market leases      
Finite-Lived Intangible Assets [Line Items]      
Deferred leasing intangibles, gross 71,657 76,232  
Deferred leasing intangibles assets, accumulated amortization (41,824) (39,335)  
Deferred leasing intangibles, net $ 29,833 $ 36,897  
v3.25.4
Debt - Summary (Details)
$ in Thousands
 12 Months Ended
Sep. 15, 2025
Mar. 25, 2024
extension
Dec. 31, 2025
USD ($)
extension
extention
Rate
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 05, 2026
Jun. 13, 2025
Feb. 20, 2025
Sep. 10, 2024
extention
Debt Instrument [Line Items]                  
Principal outstanding     $ 3,254,315 $ 3,029,135          
Long term debt     3,266,099 3,038,322          
Total unamortized deferred financing fees and debt issuance costs     $ (11,665) (9,060)          
Weighted average interest rate | Rate     4.21%            
Commitment fee amount     $ 1,000,000            
Remaining borrowing capacity     $ 734,800            
Minimum                  
Debt Instrument [Line Items]                  
Commitment fee percentage     0.10%            
Maximum                  
Debt Instrument [Line Items]                  
Commitment fee percentage     0.30%            
Interest Rate Swaps                  
Debt Instrument [Line Items]                  
Derivative notional amount swapped     $ 1,025,000            
Interest Expense [Member]                  
Debt Instrument [Line Items]                  
Commitment fee amount     1,761 1,765 $ 1,759        
Accounts Payable and Accrued Liabilities [Member]                  
Debt Instrument [Line Items]                  
Interest payable     $ 11,900 13,700          
Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Stated interest rate     3.688%            
Daily Simple Secured Overnight Financing Rate SOFR                  
Debt Instrument [Line Items]                  
Stated interest rate     3.87%            
Unsecured credit facility:                  
Debt Instrument [Line Items]                  
Principal outstanding     $ 262,000 409,000          
Maturity Date     Sep. 07, 2029            
Unsecured Term Loan A                  
Debt Instrument [Line Items]                  
Maturity Date     Mar. 15, 2027            
Unsecured Term Loan F                  
Debt Instrument [Line Items]                  
Maturity Date     Mar. 23, 2029            
Number of extensions | extension   2 2            
Extension period   1 year 1 year            
Unsecured Term Loan F | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate                  
Debt Instrument [Line Items]                  
Interest rate margin (as a percent)     0.85%            
Unsecured Term Loan G                  
Debt Instrument [Line Items]                  
Extension period     1 year            
Series D Unsecured Notes                  
Debt Instrument [Line Items]                  
Stated interest rate               4.32%  
Maturity Date     Feb. 20, 2025            
Series G Unsecured Notes                  
Debt Instrument [Line Items]                  
Stated interest rate             4.10%    
Maturity Date     Jun. 13, 2025            
Series B Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Jul. 01, 2026            
Series C Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Dec. 30, 2026            
Series E Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Feb. 20, 2027            
Series H Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Jun. 13, 2028            
Series L Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     May 28, 2029            
Series O Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Jun. 25, 2030            
Series M Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     May 28, 2031            
Series I Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Sep. 29, 2031            
Series K Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Jun. 28, 2032            
Series P Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Jun. 25, 2033            
Series J Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Sep. 28, 2033            
Series N Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     May 28, 2034            
Series Q Unsecured Notes                  
Debt Instrument [Line Items]                  
Maturity Date     Jun. 25, 2035            
United of Omaha Life Insurance Company                  
Debt Instrument [Line Items]                  
Maturity Date     Oct. 01, 2039            
Term Loans A,G, H and I | Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Interest rate margin (as a percent) | Rate     0.85%            
Unsecured credit facility:                  
Debt Instrument [Line Items]                  
Principal outstanding     $ 262,000 409,000          
Interest rate margin (as a percent) | Rate     0.775%            
Maximum borrowing capacity     $ 1,000,000            
Number of extensions | extention     2           2
Extension period     6 months            
Unsecured credit facility: | Subsequent Event | Scenario, Plan                  
Debt Instrument [Line Items]                  
Stated interest rate           3.94%      
Unsecured credit facility: | Prepaid Expenses and Other Assets                  
Debt Instrument [Line Items]                  
Total unamortized deferred financing fees and debt issuance costs     $ (7,300) (10,100)          
Unsecured credit facility: | Secured Overnight Financing Rate (SOFR)                  
Debt Instrument [Line Items]                  
Interest rate margin (as a percent)     0.775%            
Unsecured Term Loans                  
Debt Instrument [Line Items]                  
Long term debt     $ 1,025,000 1,025,000          
Total unamortized deferred financing fees and debt issuance costs     (3,659) (3,152)          
Unsecured Term Loans | Unsecured term loans:                  
Debt Instrument [Line Items]                  
Principal outstanding     1,021,341 1,021,848          
Unsecured Term Loans | Unsecured Term Loan A                  
Debt Instrument [Line Items]                  
Long term debt     $ 150,000 150,000          
Stated interest rate | Rate     2.06%            
Unsecured Term Loans | Unsecured Term Loan H                  
Debt Instrument [Line Items]                  
Long term debt     $ 187,500 187,500          
Stated interest rate | Rate     3.25%            
Maturity Date     Jan. 25, 2028            
Unsecured Term Loans | Unsecured Term Loan I                  
Debt Instrument [Line Items]                  
Long term debt     $ 187,500 187,500          
Stated interest rate | Rate     3.41%            
Maturity Date     Jan. 25, 2028            
Unsecured Term Loans | Unsecured Term Loan F                  
Debt Instrument [Line Items]                  
Long term debt     $ 200,000 200,000          
Stated interest rate | Rate     4.73%            
Unsecured Term Loans | Unsecured Term Loan G                  
Debt Instrument [Line Items]                  
Long term debt     $ 300,000 300,000          
Stated interest rate | Rate     1.70%            
Maturity Date     Mar. 14, 2031            
Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 1,975,000 1,600,000          
Total unamortized deferred financing fees and debt issuance costs     (8,006) (5,908)          
Unsecured Notes | Unsecured Term Loan G                  
Debt Instrument [Line Items]                  
Stated interest rate 0.125%                
Extension period 1 year                
Unsecured Notes | Unsecured notes:                  
Debt Instrument [Line Items]                  
Principal outstanding     1,966,994 1,594,092          
Unsecured Notes | Series D Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 0 100,000          
Stated interest rate | Rate     4.32%            
Unsecured Notes | Series G Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 0 75,000          
Stated interest rate | Rate     4.10%            
Unsecured Notes | Series B Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 50,000 50,000          
Stated interest rate | Rate     4.98%            
Unsecured Notes | Series C Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 80,000 80,000          
Stated interest rate | Rate     4.42%            
Unsecured Notes | Series E Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 20,000 20,000          
Stated interest rate | Rate     4.42%            
Unsecured Notes | Series H Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 100,000 100,000          
Stated interest rate | Rate     4.27%            
Unsecured Notes | Series L Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 175,000 175,000          
Stated interest rate | Rate     6.05%            
Unsecured Notes | Series O Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 350,000 0          
Stated interest rate | Rate     5.50%            
Unsecured Notes | Series M Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 125,000 125,000          
Stated interest rate | Rate     6.17%            
Unsecured Notes | Series I Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 275,000 275,000          
Stated interest rate | Rate     2.80%            
Unsecured Notes | Series K Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 400,000 400,000          
Stated interest rate | Rate     4.12%            
Unsecured Notes | Series P Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 100,000 0          
Stated interest rate | Rate     5.82%            
Unsecured Notes | Series J Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 50,000 50,000          
Stated interest rate | Rate     2.95%            
Unsecured Notes | Series N Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 150,000 150,000          
Stated interest rate | Rate     6.30%            
Unsecured Notes | Series Q Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt     $ 100,000 0          
Stated interest rate | Rate     5.99%            
Mortgage Loans Payable                  
Debt Instrument [Line Items]                  
Principal outstanding     $ 3,980 4,195          
Long term debt     4,099 4,322          
Unamortized fair market value discount     (119) (127)          
Mortgage Loans Payable | United of Omaha Life Insurance Company                  
Debt Instrument [Line Items]                  
Long term debt     $ 4,099 $ 4,322          
Stated interest rate | Rate     3.71%            
v3.25.4
Debt - Costs included in Interest Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Amortization of deferred financing fees and debt issuance costs and fair market value discount     $ 3,905
Commitment fee amount $ 1,000,000    
Interest Expense [Member]      
Debt Instrument [Line Items]      
Amortization of deferred financing fees and debt issuance costs and fair market value discount 5,421 $ 4,506  
Commitment fee amount $ 1,761 $ 1,765 $ 1,759
v3.25.4
Debt - CY Activity (Details)
$ in Thousands
 12 Months Ended
Sep. 15, 2025
USD ($)
Jun. 13, 2025
USD ($)
Feb. 20, 2025
USD ($)
Dec. 31, 2025
USD ($)
Rate
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Apr. 15, 2025
USD ($)
Debt Instrument [Line Items]              
Debt extinguishment and modification expenses       $ 1,503 $ 703 $ 0  
Repayment of unsecured term loans       55,000 0 $ 0  
Long term debt       3,266,099 3,038,322    
Unsecured Notes              
Debt Instrument [Line Items]              
Long term debt       $ 1,975,000 1,600,000    
Unsecured Term Loan G              
Debt Instrument [Line Items]              
Extension period       1 year      
Unsecured Term Loan G | Unsecured Notes              
Debt Instrument [Line Items]              
Extension period 1 year            
Spread on variable rate 0.0010            
Stated interest rate 0.125%            
Debt issuance costs $ 1,800            
Accrued extension fee included in debt issuance costs $ 400            
Unsecured Term Loan A, F, H and I | Unsecured Notes              
Debt Instrument [Line Items]              
Spread on variable rate 0.0010            
Series G Unsecured Notes              
Debt Instrument [Line Items]              
Stated interest rate   4.10%          
Repayment of unsecured term loans   $ 75,000          
Series G Unsecured Notes | Unsecured Notes              
Debt Instrument [Line Items]              
Stated interest rate | Rate       4.10%      
Long term debt       $ 0 75,000    
$350 Million Unsecured Notes | Unsecured Notes              
Debt Instrument [Line Items]              
Stated interest rate             5.50%
Long term debt             $ 350,000
$100 Million Unsecured Notes | Unsecured Notes              
Debt Instrument [Line Items]              
Stated interest rate             5.82%
Long term debt             $ 100,000
$100 Million Unsecured Notes 4-15-25 | Unsecured Notes              
Debt Instrument [Line Items]              
Stated interest rate             5.99%
Long term debt             $ 100,000
Series D Unsecured Notes              
Debt Instrument [Line Items]              
Stated interest rate     4.32%        
Repayment of unsecured term loans     $ 100,000        
Series D Unsecured Notes | Unsecured Notes              
Debt Instrument [Line Items]              
Stated interest rate | Rate       4.32%      
Long term debt       $ 0 $ 100,000    
v3.25.4
Debt - PY Activity (Details)
$ in Thousands
 12 Months Ended
Oct. 01, 2024
USD ($)
Jun. 29, 2024
Mar. 25, 2024
USD ($)
extension
Dec. 31, 2025
USD ($)
extension
extention
Rate
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 10, 2024
USD ($)
extention
Mar. 13, 2024
USD ($)
Rate
Apr. 28, 2022
Rate
Debt Instrument [Line Items]                  
Repayment of unsecured term loans       $ 55,000 $ 0 $ 0      
Debt extinguishment and modification expenses       (1,503) (703) $ 0      
Long term debt       $ 3,266,099 3,038,322        
Unsecured credit facility:                  
Debt Instrument [Line Items]                  
Number of extensions | extention       2     2    
Extension period       6 months          
Debt issuance costs             $ 8,900    
Debt extinguishment and modification expenses       $ 36          
Unsecured Notes                  
Debt Instrument [Line Items]                  
Long term debt       $ 1,975,000 1,600,000        
Unsecured Notes | Credit Facility, Term Loans & Notes                  
Debt Instrument [Line Items]                  
Fixed charge ratio | Rate       150.00%         150.00%
$50 Million Series A Unsecured Notes                  
Debt Instrument [Line Items]                  
Repayment of unsecured term loans $ 50,000                
Stated interest rate 4.98%                
Unsecured Term Loans                  
Debt Instrument [Line Items]                  
Increase (decrease) in interest rate   (0.02%)              
Long term debt       $ 1,025,000 $ 1,025,000        
Unsecured Term Loan F                  
Debt Instrument [Line Items]                  
Number of extensions | extension     2 2          
Extension period     1 year 1 year          
Debt issuance costs     $ 1,200            
Accrued extension fee (as a percent of amount oustanding)     0.00125            
Accrued extension dee included in debt issuance costs     $ 500            
Debt modification expenses       $ 700          
$175 Million Unsecured Notes | Unsecured Notes                  
Debt Instrument [Line Items]                  
Stated interest rate | Rate               6.05%  
Long term debt               $ 175,000  
$125 Million Unsecured Notes | Unsecured Notes                  
Debt Instrument [Line Items]                  
Stated interest rate | Rate               6.17%  
Long term debt               $ 125,000  
$150 Million Unsecured Notes | Unsecured Notes                  
Debt Instrument [Line Items]                  
Stated interest rate | Rate               6.30%  
Long term debt               $ 150,000  
v3.25.4
Debt - Financial Covenants (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Apr. 28, 2022
Debt Instrument [Line Items]      
Debt Instrument, Covenant Compliance The Company was in compliance with all such applicable restrictions and financial and other covenants The Company was in compliance with all such applicable restrictions and financial and other covenants  
Covenant and other disclosures      
Net book value of properties that are collateral for debt arrangements $ 7.0 $ 7.3  
Unsecured Debt      
Covenant and other disclosures      
Interest coverage ratio 150.00%    
Credit Facility, Term Loans & Notes | Unsecured Debt      
Covenant and other disclosures      
Consolidated leverage ratio 60.00%    
Secured leverage ratio 40.00%    
Unencumbered leverage ratio 60.00%    
Fixed charge ratio 150.00%   150.00%
Unsecured interest ratio 175.00%    
v3.25.4
Debt - Fair Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal outstanding $ 3,254,315 $ 3,029,135
Long term debt 3,266,099 3,038,322
Debt Issuance Costs, Net 11,665 9,060
Long-term Debt, Fair Value 3,227,644 2,928,033
Unsecured credit facility:    
Debt Instrument [Line Items]    
Principal outstanding 262,000 409,000
Long-term Debt, Fair Value 262,000 409,000
Unsecured Term Loans    
Debt Instrument [Line Items]    
Long term debt 1,025,000 1,025,000
Long-term Debt, Fair Value 1,025,000 1,025,000
Unsecured Notes    
Debt Instrument [Line Items]    
Long term debt 1,975,000 1,600,000
Long-term Debt, Fair Value 1,937,338 1,490,667
Mortgage Loans Payable    
Debt Instrument [Line Items]    
Long term debt 4,099 4,322
Unamortized fair market value discount (119) (127)
Long-term Debt, Fair Value $ 3,306 $ 3,366
v3.25.4
Debt - Future Principal Payments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Aggregate future principal payments of mortgage notes payable, Unsecured credit facility    
2026 $ 130,231  
2027 370,240  
2028 737,249  
2029 175,258  
2030 650,268  
Thereafter 1,202,853  
Long-Term Debt, Gross $ 3,266,099 $ 3,038,322
v3.25.4
Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details)
$ in Millions
Dec. 31, 2025
USD ($)
building
swap
Rate
Dec. 31, 2024
USD ($)
swap
Rate
Derivative [Line Items]    
Number of derivatives | building 21  
Interest Rate Swaps Entered 2025    
Derivative [Line Items]    
Number of derivatives | swap 4  
Notional amount of derivatives | $ $ 300.0  
Derivative fixed interest rate (as a percent) | Rate 3.09%  
Interest Rate Swaps Entered 2024    
Derivative [Line Items]    
Number of derivatives | swap   4
Notional amount of derivatives | $   $ 200.0
Derivative fixed interest rate (as a percent) | Rate   3.98%
v3.25.4
Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Notional amount assets $ 825,000 $ 1,025,000
Fair value - assets 13,529 36,466
Notional amount liabilities 200,000 0
Fair value - liabilities $ 1,310 $ 0
v3.25.4
Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Loss to be reclassified to interest expense $ 7,200    
Income (loss) recognized in accumulated other comprehensive income on interest rate swaps (1,689) $ 21,854 $ 12,333
Income reclassified from accumulated other comprehensive income into income as interest expense 22,536 35,773 34,107
Total interest expense presented in the Consolidated Statements of Operations in which the effect of cash flow hedges are recorded $ 132,160 $ 113,169 $ 94,575
v3.25.4
Derivative Financial Instruments - FV on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets (liabilities):    
Interest rate swaps-gross asset $ 13,529 $ 36,466
Interest rate swaps-gross liability (1,310) 0
Level 1    
Assets (liabilities):    
Interest rate swaps-gross asset 0 0
Interest rate swaps-gross liability 0  
Level 2    
Assets (liabilities):    
Interest rate swaps-gross asset 13,529 36,466
Interest rate swaps-gross liability (1,310)  
Level 3 Inputs    
Assets (liabilities):    
Interest rate swaps-gross asset 0 $ 0
Interest rate swaps-gross liability $ 0  
v3.25.4
Equity - Preferred Stock (Details) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Class of Stock [Line Items]    
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Series C Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, liquidation preference (in dollars per share) $ 0.01  
v3.25.4
Equity - Common Stock ATM (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 12, 2025
Dec. 31, 2022
Class of Stock [Line Items]          
Common stock, shares authorized 300,000,000 300,000,000      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01      
Shares issued (in shares) 191,005,261 186,517,523      
Common Stock          
Class of Stock [Line Items]          
Net Proceeds (in thousands) $ 157,400 $ 167,700 $ 61,200    
Forward Sale Agreements Settled, Value          
Class of Stock [Line Items]          
Shares settled (159,061) (168,950) (61,683)    
Forward Sale Agreements Outstanding Value          
Class of Stock [Line Items]          
Gross Sales Proceeds $ 0 $ 41,800 $ 0   $ 0
Forward Sale Agreements Outstanding Shares          
Class of Stock [Line Items]          
Shares issued (in shares) 0 0 1,100,000   0
New Forward Sale Agreements Value          
Class of Stock [Line Items]          
Net Proceeds (in thousands) $ 159,061 $ 127,150 $ 103,483    
Shares issued (in shares) 4,169,738 3,208,008 2,817,993    
Forward Sale Agreements Settled, Shares          
Class of Stock [Line Items]          
Shares settled (in shares) 4,169,738 4,308,008 (1,717,993)    
At The Market Program 2019 $600 Million [Member] | Common Stock          
Class of Stock [Line Items]          
Number of shares sold   249,016      
Net Proceeds (in thousands)   $ 8,765      
At The Market Program 2022 $750 Million          
Class of Stock [Line Items]          
Maximum Aggregate Offering Price (in thousands) $ 750,000     $ 750,000  
New Forward Sale Agreements Price Per Share | Common Stock          
Class of Stock [Line Items]          
Weighted average gross sales price per share (in dollars per share) $ 38.15 $ 39.64 $ 36.72    
New Forward Sale Agreements Net Price Per Share | Common Stock          
Class of Stock [Line Items]          
Weighted average net sales price per share (in dollars per share) 37.77 39.23 36.36    
Settled Forward Sale Agreements Net Price Per Share | Common Stock          
Class of Stock [Line Items]          
Weighted average net sales price per share (in dollars per share) 37.75 38.93 35.60    
New Forward Sale Agreements Sales Commissions | Common Stock          
Class of Stock [Line Items]          
Sales commissions per share (in dollars per share) $ 0.38 $ 0.41 $ 0.36    
Sales commission percent 1.00% 1.00% 1.00%    
Weighted Average [Member] | At The Market Program 2019 $600 Million [Member] | Common Stock          
Class of Stock [Line Items]          
Weighted average price per share (in dollars per share)   $ 35.55      
v3.25.4
Equity - Public Common Stock Offerings (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]        
Common Stock, shares issued (191,005,261) (186,517,523)    
Common Stock        
Class of Stock [Line Items]        
Sale of Stock, Consideration Received on Transaction $ (157,400) $ (167,700) $ (61,200)  
Common Stock | New Forward Sale Agreements Price Per Share        
Class of Stock [Line Items]        
Weighted average gross sales price per share (in dollars per share) $ 38.15 $ 39.64 $ 36.72  
Common Stock | New Forward Sale Agreements Net Price Per Share        
Class of Stock [Line Items]        
Weighted average net sales price per share (in dollars per share) 37.77 39.23 36.36  
Common Stock | Settled Forward Sale Agreements Net Price Per Share        
Class of Stock [Line Items]        
Weighted average net sales price per share (in dollars per share) $ 37.75 $ 38.93 $ 35.60  
Forward Sale Agreements Outstanding Shares        
Class of Stock [Line Items]        
Common Stock, shares issued 0 0 (1,100,000) 0
New Forward Sale Agreements Value        
Class of Stock [Line Items]        
Common Stock, shares issued (4,169,738) (3,208,008) (2,817,993)  
Sale of Stock, Consideration Received on Transaction $ (159,061) $ (127,150) $ (103,483)  
v3.25.4
Equity - Restricted Stock (Details) - Restricted stock - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 11, 2023
Jan. 10, 2022
Jan. 07, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period (in years) 4 years 4 years 4 years        
Risk free interest rate, expected term       3 years      
Shares              
Unvested at beginning of period (in shares)       118,667 144,032 156,703  
Granted (in shares)       52,352 41,911 55,954  
Vested (in shares)       (51,185) (62,123) (68,625)  
Forfeited (in shares)       (9,002) (5,153) 0  
Unvested at end of period (in shares)       110,832 118,667 144,032  
Fair value unit price per LTIP unit at issuance       $ 33.14 $ 38.92 $ 34.73  
Shares repurchased or retied (in shares)       18,456 22,001 24,210  
Nonvested, weighted average grant date fair value (in dollars per share)       $ 35.99 $ 37.30 $ 35.73 $ 34.32
Vested in period, weighted average grant date fair value (in dollars per share)       36.13 34.65 31.71  
Forfeitures, weighted average grant date fair value (in dollars per share)       $ 35.92 $ 38.58 $ 0  
Unrecognized compensation costs       $ 2,100      
Unrecognized compensation costs, period for recognition       2 years 3 months 18 days      
Vested (in shares)       (51,185) (62,123) (68,625)  
Fair value of shares vested       $ 1,731 $ 2,438 $ 2,217  
v3.25.4
Noncontrolling Interest - Summary (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Noncontrolling interest        
Units outstanding, balance at beginning of period (in units) 3,772,380 3,829,638 3,884,716  
Granted/Issued 280,334 383,292 326,215  
Forfeited 0 0 (9,119)  
Redemption of common units to common stock (in shares) 0 0 0  
Redemptions from Other Common Units to common stock (263,007) (440,550) (372,174)  
Units outstanding, balance at end of period (in units) 3,789,707 3,772,380 3,829,638  
Limited Partner - Noncontrolling Interest        
Noncontrolling interest        
Noncontrolling interest ownership percentage 1.90% 2.00% 2.10% 2.10%
LTIP Units        
Noncontrolling interest        
Units outstanding, balance at beginning of period (in units) 2,307,662 2,361,920 2,314,076  
Granted/Issued 280,334 383,292 326,215  
Forfeited 0 0 (9,119)  
Redemption of common units to common stock (in shares) 214,885 437,550 269,252  
Redemptions from Other Common Units to common stock 0 0 0  
Units outstanding, balance at end of period (in units) 2,373,111 2,307,662 2,361,920  
Other Common Units        
Noncontrolling interest        
Units outstanding, balance at beginning of period (in units) 1,464,718 1,467,718 1,570,640  
Granted/Issued 0 0 0  
Forfeited 0 0 0  
Redemption of common units to common stock (in shares) 214,885 437,550 269,252  
Redemptions from Other Common Units to common stock (263,007) (440,550) (372,174)  
Units outstanding, balance at end of period (in units) 1,416,596 1,464,718 1,467,718  
v3.25.4
Noncontrolling Interest - LTIP Units Narrative (Details) - LTIP Units
$ in Millions
 1 Months Ended 12 Months Ended
Jul. 01, 2024
shares
Jan. 08, 2024
shares
Mar. 31, 2023
USD ($)
shares
Jan. 11, 2023
shares
Jan. 10, 2022
shares
Jan. 31, 2025
Jan. 31, 2024
Jan. 31, 2023
Dec. 31, 2025
shares
Dec. 31, 2024
shares
Dec. 31, 2023
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Unit conversion ratio                 1    
Granted (in shares) 154,001 1,775 124,235 19,345 139,026       280,334 383,292 326,215
Share-Based Payment Arrangement, Employee                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period (in years)           4 years 4 years 4 years      
Share-Based Payment Arrangement, Nonemployee                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period (in years)           1 year          
Executive Vice President                      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                      
Vesting period (in years)     4 years                
Share-based Payment Arrangement, Accelerated Cost | $     $ 0.6                
Granted (in shares)     19,345                
v3.25.4
Noncontrolling Interest - FV Assumptions (Details) - LTIP Units - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jul. 01, 2024
Jan. 08, 2024
Mar. 31, 2023
Jan. 11, 2023
Jan. 10, 2022
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assumptions                  
Expected term (years) 10 years 10 years 10 years 10 years 10 years        
Expected stock price volatility 25.00% 25.00% 25.00% 37.00% 37.00%        
Expected dividend yield 4.00% 4.00% 4.00% 4.00% 4.00%        
Risk-free interest rate 4.33% 4.58% 4.11% 3.81% 3.90%        
Fair value of LTIP units at issuance (in thousands) $ 4,848 $ 60 $ 4,597 $ 628 $ 4,635        
Granted 154,001 1,775 124,235 19,345 139,026   280,334 383,292 326,215
Fair value unit price per LTIP unit at issuance $ 31.48 $ 33.80 $ 37.00 $ 32.47 $ 33.34 $ 31.48   $ 36.99 $ 33.29
v3.25.4
Noncontrolling Interest - LTIP Units Vested and Unvested (Details) - LTIP Units - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jul. 01, 2024
Jan. 08, 2024
Mar. 31, 2023
Jan. 11, 2023
Jan. 10, 2022
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number             166,252 182,382 176,926 140,116
Nonvested, weighted average grant date fair value (in dollars per share)             $ 33.39 $ 36.10 $ 34.25 $ 35.60
Granted (in shares) 154,001 1,775 124,235 19,345 139,026   280,334 383,292 326,215  
Fair value unit price per LTIP unit at issuance $ 31.48 $ 33.80 $ 37.00 $ 32.47 $ 33.34 $ 31.48   $ 36.99 $ 33.29  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period             (296,464) (377,836) (280,286)  
Vested in period, weighted average grant date fair value (in dollars per share)           33.25   $ 36.13 $ 33.81  
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period             0 0 (9,119)  
Forfeitures, weighted average grant date fair value (in dollars per share)           $ 0   $ 0 $ 34.11  
Unrecognized compensation costs, period for recognition             2 years 3 months 18 days      
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options             $ 4,900      
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value             $ 10,242 $ 14,440 $ 9,507  
v3.25.4
Noncontrolling Interest - Other Common Units (Details)
 12 Months Ended
Dec. 31, 2025
shares
Noncontrolling Interest [Line Items]  
Average common stock closing price 10 days
Other Common Units  
Noncontrolling Interest [Line Items]  
Redemption right of investor to cause the Operating Partnership to redeem its units equivalent to current market value of number of shares of entity's common stock (in shares) 1
Unit conversion ratio 1
v3.25.4
Noncontrolling Interest - Joint Venture (Details) - STAG Industrial, Inc Venture
Dec. 31, 2025
NEVADA  
Noncontrolling Interest [Line Items]  
Ownership percentage 97.40%
NORTH CAROLINA  
Noncontrolling Interest [Line Items]  
Ownership percentage 94.90%
KENTUCKY  
Noncontrolling Interest [Line Items]  
Ownership percentage 96.30%
v3.25.4
Equity Incentive Plan - Summary (Details)
$ in Thousands
 12 Months Ended
Jan. 08, 2024
USD ($)
Mar. 31, 2023
USD ($)
Jan. 11, 2023
USD ($)
Jan. 10, 2022
USD ($)
Dec. 31, 2025
USD ($)
shares
LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Unrecognized compensation costs         $ 4,900
Unrecognized compensation costs, period for recognition         2 years 3 months 18 days
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of performance units grant (in thousands) $ 6,858 $ 6,502 $ 609 $ 4,517  
Unrecognized compensation costs         $ 6,800
Unrecognized compensation costs, period for recognition         1 year 8 months 12 days
Risk free interest rate, expected term         3 years
Performance Shares | Executive Vice President          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Fair value of performance units grant (in thousands)   $ 600      
2011 Equity Incentive Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum number of common stock that can be awarded | shares         10,142,461
Ratio by which number of shares available for grant is reduced for each LTIP unit awarded         1
2011 Equity Incentive Plan | LTIP Units          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Number of shares of common stock equivalent to each LTIP unit (in shares) | shares         1
2011 Equity Incentive Plan | Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Performance units, TSR period         3 years
2011 Equity Incentive Plan | Performance Shares | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of target units awarded         0.00%
2011 Equity Incentive Plan | Performance Shares | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Percentage of target units awarded         250.00%
2011 Equity Incentive Plan | Performance Shares Grated in 2023          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Allocation for total stockholder return compared to industry peer group (as a percent)         50.00%
Allocation for total stockholder return compared to index (as a percent)         50.00%
v3.25.4
Equity Incentive Plan - Performance Plan Assumptions (Details) - Performance Shares - USD ($)
$ in Thousands
Jan. 08, 2024
Mar. 31, 2023
Jan. 11, 2023
Jan. 10, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected stock price volatility 24.60% 24.50% 25.40% 37.40%
Expected dividend yield 4.00% 4.00% 4.00% 4.00%
Risk-free interest rate 4.3294% 4.113% 3.8725% 3.906%
Fair value of performance units grant (in thousands) $ 6,858 $ 6,502 $ 609 $ 4,517
v3.25.4
Equity Incentive Plan - Settlement of PUs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
LTIP Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options $ 4.9    
Unrecognized compensation costs, period for recognition 2 years 3 months 18 days    
LTIP Units | Performance Units Granted in 2021      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Issued During Period, Shares, Share-based Compensation, Gross 212,617 126,333  
Shares repurchased or retied (in shares) 1,304 751  
LTIP Units | Performance Units Granted in 2020      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Issued During Period, Shares, Share-based Compensation, Gross     257,282
Shares repurchased or retied (in shares)     4,716
Common Stock | Performance Units Granted in 2021      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Issued During Period, Shares, Share-based Compensation, Gross 3,712 8,246  
Common Stock | Performance Units Granted in 2020      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Stock Issued During Period, Shares, Share-based Compensation, Gross     49,106
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options $ 6.8    
Unrecognized compensation costs, period for recognition 1 year 8 months 12 days    
v3.25.4
Equity Incentive Plan - Non-cash Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
General and Administrative Expenses      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Allocated Share-based Compensation Expense $ 12,704 $ 11,727 $ 11,467
Restricted stock | General and Administrative Expenses      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Allocated Share-based Compensation Expense 1,458 1,752 1,936
LTIP Units | General and Administrative Expenses      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Allocated Share-based Compensation Expense 4,333 3,635 4,194
Performance Shares | General and Administrative Expenses      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Allocated Share-based Compensation Expense 6,127 5,585 4,754
Director | General and Administrative Expenses      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Allocated Share-based Compensation Expense $ 786 $ 755 $ 583
Common Stock | Director      
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]      
Share-based Compensation Arrangement by Share-baed Payment Award, Equity Instruments Other Than Options, Trailing Average Common Stock Price, Period 10 days 10 days 10 days
v3.25.4
Leases - Rental Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Fixed lease payments $ 640,877 $ 585,611 $ 540,447
Variable lease payments 179,983 162,090 146,954
Straight-line rental income (19,634) (14,612) (16,894)
Net increase to rental income related to above and below market lease amortization 2,515 579 865
Rental income $ 843,009 $ 762,892 $ 705,160
v3.25.4
Leases - Tenant Accounts Receivable (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Security Deposit Liability $ 26.3 $ 23.9
Accrued Income Receivable [Member]    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Deferred Rent Receivables, Net $ 139.9 $ 118.6
v3.25.4
Leases - Maturity of Fixed Lease Payments (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 667,077
2027 620,853
2028 540,446
2029 449,626
2030 334,283
Thereafter $ 763,477
v3.25.4
Leases - Lessee Leases (Details)
$ in Thousands
 12 Months Ended
Jun. 10, 2025
USD ($)
ft²
Dec. 31, 2025
USD ($)
ft²
Rate
Dec. 31, 2024
USD ($)
Rate
Dec. 31, 2023
USD ($)
Lessee, Lease, Description [Line Items]        
Renewal term 5 years      
Area (in square feet) | ft²   120,000,000.0    
Option to extend lease one      
Term of lease contract not yet commenced 10 years 9 months 18 days      
Weighted average remaining lease term (years)   37 years 7 months 6 days 34 years 10 months 24 days  
Weighted average discount rate | Rate   7.00% 6.90%  
Total operating lease cost   $ 4,548 $ 4,238 $ 4,199
Cash paid for amounts included in the measurement of lease liabilities (operating cash flows)   4,291 4,013 3,890
Right-of-use assets obtained in exchange for new lease liabilities   $ 175 0 141
Corporate Headquarter        
Lessee, Lease, Description [Line Items]        
Area (in square feet) | ft² 28,041      
Base rent $ 23,000      
Minimum        
Lessee, Lease, Description [Line Items]        
Term of contract   6 months    
Renewal term   10 years    
Maximum        
Lessee, Lease, Description [Line Items]        
Term of contract   56 years 8 months 12 days    
Renewal term   20 years    
Operating Expense [Member]        
Lessee, Lease, Description [Line Items]        
Total operating lease cost   $ 2,823 2,516 2,467
General and Administrative Expenses        
Lessee, Lease, Description [Line Items]        
Total operating lease cost   $ 1,725 $ 1,722 $ 1,732
v3.25.4
Leases - Maturity of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 3,519  
2027 2,574  
2028 2,616  
2029 2,583  
2030 2,561  
Thereafter 107,916  
Total lease payments 121,769  
Less: Imputed interest 84,729  
Operating lease liabilities $ 37,040 $ 35,304
v3.25.4
Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Participating securities 113,207 122,454 142,875
v3.25.4
Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator      
Net income attributable to common stockholders $ 273,350 $ 189,038 $ 192,633
Denominator      
Weighted average common shares outstanding — basic 186,844 182,160 180,221
Shares issuable under forward sale agreements 0 0 2
Weighted average common shares outstanding — diluted 187,174 182,404 180,555
Net income per share attributable to common stockholders — basic $ 1.46 $ 1.04 $ 1.07
Net income per share attributable to common stockholders — diluted $ 1.46 $ 1.04 $ 1.07
Stock Compensation Plan [Member]      
Denominator      
Share-based compensation 330 244 332
Restricted stock      
Denominator      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 113 122 143
v3.25.4
Commitments and Contingencies - Agreements (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Letters of Credit Outstanding, Amount $ 3.2
v3.25.4
Employee Benefit Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Period of service for employees to be eligible to participate in the defined contribution plan 3 months    
Discretionary match (as a percent) 50.00%    
Maximum percentage of employee's annual salary that the entity can contribute 6.00%    
Aggregate matching contribution $ 0.6 $ 0.6 $ 0.5
Vesting period 3 years    
v3.25.4
Subsequent Events - Restricted Stock (Details) - Restricted stock - $ / shares
 12 Months Ended
Jan. 08, 2026
Jan. 11, 2023
Jan. 10, 2022
Jan. 07, 2021
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]              
Granted (in shares)         52,352 41,911 55,954
Vesting period   4 years 4 years 4 years      
Subsequent Event              
Subsequent Event [Line Items]              
Granted (in shares) 39,540            
Vesting period 4 years            
Grant date fair value (in dollars per share) $ 37.93            
v3.25.4
Subsequent Events - LTIP (Details) - LTIP Units - USD ($)
$ in Thousands
 12 Months Ended
Jan. 08, 2026
Jul. 01, 2024
Jan. 08, 2024
Mar. 31, 2023
Jan. 11, 2023
Jan. 10, 2022
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]                  
Granted   154,001 1,775 124,235 19,345 139,026 280,334 383,292 326,215
Fair value of LTIP units at issuance (in thousands)   $ 4,848 $ 60 $ 4,597 $ 628 $ 4,635      
Expected term (years)   10 years 10 years 10 years 10 years 10 years      
Expected stock price volatility   25.00% 25.00% 25.00% 37.00% 37.00%      
Expected dividend yield   4.00% 4.00% 4.00% 4.00% 4.00%      
Risk-free interest rate   4.33% 4.58% 4.11% 3.81% 3.90%      
Subsequent Event                  
Subsequent Event [Line Items]                  
Fair value of LTIP units at issuance (in thousands) $ 5,200                
Expected stock price volatility 22.00%                
Expected dividend yield 4.00%                
Risk-free interest rate 3.56%                
Director | Subsequent Event                  
Subsequent Event [Line Items]                  
Granted 33,690                
Vesting period 1 year                
Expected term (years) 10 years                
Executive officers | Subsequent Event                  
Subsequent Event [Line Items]                  
Granted 112,578                
Vesting period 4 years                
v3.25.4
Subsequent Events - Performance Units (Details) - Performance Shares - USD ($)
$ in Thousands
Jan. 08, 2026
Jan. 08, 2024
Mar. 31, 2023
Jan. 11, 2023
Jan. 10, 2022
Subsequent Event [Line Items]          
Fair value of performance units grant (in thousands)   $ 6,858 $ 6,502 $ 609 $ 4,517
Expected stock price volatility   24.60% 24.50% 25.40% 37.40%
Expected dividend yield   4.00% 4.00% 4.00% 4.00%
Risk-free interest rate   4.3294% 4.113% 3.8725% 3.906%
Subsequent Event          
Subsequent Event [Line Items]          
Fair value of performance units grant (in thousands) $ 7,200        
Expected stock price volatility 21.80%        
Expected dividend yield 4.00%        
Risk-free interest rate 3.5586%        
v3.25.4
Schedule 3 - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Real Estate and Accumulated Depreciation        
Encumbrances $ (4,099)      
Building and Tenant Improvements (initial cost) 5,856,867      
Land (initial cost) 811,569      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 856,535      
Building & Improvements, Gross 6,713,402      
Land, Gross 811,569      
Total 7,524,971 $ 7,152,780 $ 6,459,001 $ 6,123,295
Accumulated Depreciation (1,119,931) $ (1,085,866) $ (921,846) $ (764,809)
Birmingham, 103 Shades Creek Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,748      
Land (initial cost) 1,307      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 374      
Building & Improvements, Gross 7,122      
Land, Gross 1,307      
Total 8,429      
Accumulated Depreciation (1,170)      
Birmingham, 2991 Shannon Oxmoor Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,828      
Land (initial cost) 1,341      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 39      
Building & Improvements, Gross 5,867      
Land, Gross 1,341      
Total 7,208      
Accumulated Depreciation (922)      
Birmingham, 101 39th Street North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,239      
Land (initial cost) 590      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 42      
Building & Improvements, Gross 6,281      
Land, Gross 590      
Total 6,871      
Accumulated Depreciation (711)      
Birmingham, 101 Shades Creek Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,927      
Land (initial cost) 836      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 792      
Building & Improvements, Gross 4,719      
Land, Gross 836      
Total 5,555      
Accumulated Depreciation (762)      
Montgomery, 4300 Alatex Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,057      
Land (initial cost) 418      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,556      
Building & Improvements, Gross 10,613      
Land, Gross 418      
Total 11,031      
Accumulated Depreciation (2,919)      
Moody, 2415 Highway 78 East        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 31,467      
Land (initial cost) 2,293      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 262      
Building & Improvements, Gross 31,729      
Land, Gross 2,293      
Total 34,022      
Accumulated Depreciation (4,861)      
Phenix City, 16 Downing Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,364      
Land (initial cost) 276      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 338      
Building & Improvements, Gross 1,702      
Land, Gross 276      
Total 1,978      
Accumulated Depreciation (651)      
Avondale, 925 N. 127th Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,340      
Land (initial cost) 1,674      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 28      
Building & Improvements, Gross 12,368      
Land, Gross 1,674      
Total 14,042      
Accumulated Depreciation (2,599)      
Chandler, 464 E. Chilton Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,728      
Land (initial cost) 2,847      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 671      
Building & Improvements, Gross 10,399      
Land, Gross 2,847      
Total 13,246      
Accumulated Depreciation (1,713)      
Gilbert, 335 South Hamilton Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,784      
Land (initial cost) 2,107      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 251      
Building & Improvements, Gross 6,035      
Land, Gross 2,107      
Total 8,142      
Accumulated Depreciation (913)      
Mesa, 7447 E. Ray Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,930      
Land (initial cost) 1,277      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 311      
Building & Improvements, Gross 8,241      
Land, Gross 1,277      
Total 9,518      
Accumulated Depreciation (1,459)      
Phoenix, 4455 West Magnolia Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,060      
Land (initial cost) 1,962      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,060      
Land, Gross 1,962      
Total 13,022      
Accumulated Depreciation (383)      
Tucson, 6161 South Palo Verde Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,304      
Land (initial cost) 996      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 157      
Building & Improvements, Gross 7,461      
Land, Gross 996      
Total 8,457      
Accumulated Depreciation (1,334)      
Bryant, 3700 Bryant Crossing Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 17,386      
Land (initial cost) 1,143      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 17,386      
Land, Gross 1,143      
Total 18,529      
Accumulated Depreciation (2,610)      
Rogers, 1101 Easy Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,878      
Land (initial cost) 1,072      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,754      
Building & Improvements, Gross 9,632      
Land, Gross 1,072      
Total 10,704      
Accumulated Depreciation (3,447)      
Fresno, 3701 S. Minnewawa Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 38,954      
Land (initial cost) 3,505      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 38,954      
Land, Gross 3,505      
Total 42,459      
Accumulated Depreciation (316)      
Fresno, 2624 E. Edgar Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 23,590      
Land (initial cost) 3,049      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 23,590      
Land, Gross 3,049      
Total 26,639      
Accumulated Depreciation (2,743)      
Hollister, 2401 Bert Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 26,049      
Land (initial cost) 2,913      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 621      
Building & Improvements, Gross 26,670      
Land, Gross 2,913      
Total 29,583      
Accumulated Depreciation (2,713)      
Lodi, 1170 South Guild Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 34,550      
Land (initial cost) 4,975      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 34,550      
Land, Gross 4,975      
Total 39,525      
Accumulated Depreciation (5,370)      
Menifee, 33360 Zeiders Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,995      
Land (initial cost) 2,248      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 8      
Building & Improvements, Gross 16,003      
Land, Gross 2,248      
Total 18,251      
Accumulated Depreciation (1,104)      
Menifee, 33380 Zeiders Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,493      
Land (initial cost) 2,227      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 329      
Building & Improvements, Gross 13,822      
Land, Gross 2,227      
Total 16,049      
Accumulated Depreciation (942)      
McClellan, 4841 Urbani Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,218      
Land (initial cost) 1,048      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 14,218      
Land, Gross 1,048      
Total 15,266      
Accumulated Depreciation (2,225)      
Morgan Hill, 18695 Madrone Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,608      
Land (initial cost) 2,562      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,608      
Land, Gross 2,562      
Total 10,170      
Accumulated Depreciation (952)      
Morgan Hill, 18255 Sutter Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,849      
Land (initial cost) 3,943      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 5      
Building & Improvements, Gross 19,854      
Land, Gross 3,943      
Total 23,797      
Accumulated Depreciation (2,597)      
Rancho Cordova, 2587 Mercantile Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,280      
Land (initial cost) 678      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 70      
Building & Improvements, Gross 4,350      
Land, Gross 678      
Total 5,028      
Accumulated Depreciation (595)      
Rancho Cordova, 2431 Mercantile Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,583      
Land (initial cost) 498      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 409      
Building & Improvements, Gross 4,992      
Land, Gross 498      
Total 5,490      
Accumulated Depreciation (784)      
Roseville, 8825 Washington Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,398      
Land (initial cost) 2,140      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,398      
Land, Gross 2,140      
Total 13,538      
Accumulated Depreciation (1,718)      
Sacramento, 1635 Main Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,407      
Land (initial cost) 845      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 259      
Building & Improvements, Gross 8,666      
Land, Gross 845      
Total 9,511      
Accumulated Depreciation (1,201)      
Sacramento, 5440 Stationers Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 21,258      
Land (initial cost) 2,203      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 225      
Building & Improvements, Gross 21,483      
Land, Gross 2,203      
Total 23,686      
Accumulated Depreciation (3,534)      
Sacramento, 5601 Warehouse Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,137      
Land (initial cost) 1,347      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 835      
Building & Improvements, Gross 8,972      
Land, Gross 1,347      
Total 10,319      
Accumulated Depreciation (1,236)      
Sacramento, 8500 Carbide Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,218      
Land (initial cost) 1,614      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 5,218      
Land, Gross 1,614      
Total 6,832      
Accumulated Depreciation (690)      
Sacramento, 8440 Florin Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,184      
Land (initial cost) 3,921      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 12,184      
Land, Gross 3,921      
Total 16,105      
Accumulated Depreciation (1,949)      
Sacramento, 900 National Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,560      
Land (initial cost) 1,479      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,560      
Land, Gross 1,479      
Total 9,039      
Accumulated Depreciation (1,028)      
Sacramento, 5961 Outfall Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,019      
Land (initial cost) 1,914      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,019      
Land, Gross 1,914      
Total 12,933      
Accumulated Depreciation (938)      
Sacramento, 7728 Wilbur Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,723      
Land (initial cost) 857      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 151      
Building & Improvements, Gross 8,874      
Land, Gross 857      
Total 9,731      
Accumulated Depreciation (1,327)      
San Diego, 2055 Dublin Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,332      
Land (initial cost) 2,290      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,218      
Building & Improvements, Gross 18,550      
Land, Gross 2,290      
Total 20,840      
Accumulated Depreciation (3,456)      
Stockton, 4091 Gold River Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,001      
Land (initial cost) 663      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 475      
Building & Improvements, Gross 4,476      
Land, Gross 663      
Total 5,139      
Accumulated Depreciation (566)      
Stockton, 3841 Metro Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,512      
Land (initial cost) 1,806      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,402      
Building & Improvements, Gross 13,914      
Land, Gross 1,806      
Total 15,720      
Accumulated Depreciation (1,999)      
Stockton, 3843 Gold River Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,004      
Land (initial cost) 660      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,004      
Land, Gross 660      
Total 4,664      
Accumulated Depreciation (517)      
West Sacramento, 2975 Oates Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,631      
Land (initial cost) 1,475      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,631      
Land, Gross 1,475      
Total 9,106      
Accumulated Depreciation (299)      
West Sacramento, 3525 Carlin Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 24,581      
Land (initial cost) 4,350      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 9,538      
Building & Improvements, Gross 34,119      
Land, Gross 4,350      
Total 38,469      
Accumulated Depreciation (2,557)      
Grand Junction, 2139 Bond Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,776      
Land (initial cost) 314      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 454      
Building & Improvements, Gross 4,230      
Land, Gross 314      
Total 4,544      
Accumulated Depreciation (1,063)      
Johnstown, 4150 Ronald Reagan Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,964      
Land (initial cost) 1,133      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 27      
Building & Improvements, Gross 14,991      
Land, Gross 1,133      
Total 16,124      
Accumulated Depreciation (2,654)      
Longmont, 4300 Godding Hollow Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,112      
Land (initial cost) 734      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,226      
Building & Improvements, Gross 6,338      
Land, Gross 734      
Total 7,072      
Accumulated Depreciation (1,311)      
Loveland, 4550 Byrd Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,591      
Land (initial cost) 3,452      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,949      
Building & Improvements, Gross 19,540      
Land, Gross 3,452      
Total 22,992      
Accumulated Depreciation (2,505)      
Loveland, 4510 Byrd Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,134      
Land (initial cost) 3,047      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,191      
Building & Improvements, Gross 17,325      
Land, Gross 3,047      
Total 20,372      
Accumulated Depreciation (2,845)      
East Windsor, 4 Craftsman Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,335      
Land (initial cost) 400      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,080      
Building & Improvements, Gross 6,415      
Land, Gross 400      
Total 6,815      
Accumulated Depreciation (1,440)      
East Windsor, 24 Thompson Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,571      
Land (initial cost) 348      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 738      
Building & Improvements, Gross 5,309      
Land, Gross 348      
Total 5,657      
Accumulated Depreciation (1,873)      
Milford, 200 Research Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,853      
Land (initial cost) 1,650      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,706      
Building & Improvements, Gross 15,559      
Land, Gross 1,650      
Total 17,209      
Accumulated Depreciation (2,125)      
Milford, 40 Pepes Farm Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,433      
Land (initial cost) 1,264      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,179      
Building & Improvements, Gross 10,612      
Land, Gross 1,264      
Total 11,876      
Accumulated Depreciation (2,651)      
North Haven, 300 Montowese Avenue Extension        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 36,753      
Land (initial cost) 4,086      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 5,752      
Building & Improvements, Gross 42,505      
Land, Gross 4,086      
Total 46,591      
Accumulated Depreciation (11,634)      
Wallingford, 5 Sterling Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,733      
Land (initial cost) 585      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 347      
Building & Improvements, Gross 6,080      
Land, Gross 585      
Total 6,665      
Accumulated Depreciation (1,289)      
New Castle, 400 Lukens Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,794      
Land (initial cost) 2,616      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 198      
Building & Improvements, Gross 15,992      
Land, Gross 2,616      
Total 18,608      
Accumulated Depreciation (4,065)      
Daytona Beach, 530 Fentress Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 875      
Land (initial cost) 1,237      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,934      
Building & Improvements, Gross 3,809      
Land, Gross 1,237      
Total 5,046      
Accumulated Depreciation (1,996)      
Fort Myers, 16341 Domestic Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 22,005      
Land (initial cost) 2,729      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 22,005      
Land, Gross 2,729      
Total 24,734      
Accumulated Depreciation (3,249)      
Gibsonton, 6400-6280 Powell Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 4,143      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 18,975      
Building & Improvements, Gross 18,975      
Land, Gross 4,143      
Total 23,118      
Accumulated Depreciation (119)      
Gibsonton, 1283 US Highway 41S        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 5,429      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 21,098      
Building & Improvements, Gross 21,098      
Land, Gross 5,429      
Total 26,527      
Accumulated Depreciation (307)      
Jacksonville, 775 Whittaker Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,137      
Land (initial cost) 451      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 415      
Building & Improvements, Gross 3,552      
Land, Gross 451      
Total 4,003      
Accumulated Depreciation (879)      
Jacksonville, 9601 North Main Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,414      
Land (initial cost) 650      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,551      
Building & Improvements, Gross 9,965      
Land, Gross 650      
Total 10,615      
Accumulated Depreciation (2,089)      
Jacksonville, 550 Gun Club Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,403      
Land (initial cost) 674      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,354      
Building & Improvements, Gross 9,757      
Land, Gross 674      
Total 10,431      
Accumulated Depreciation (2,318)      
Jacksonville, 555 Zoo Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,651      
Land (initial cost) 596      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,197      
Building & Improvements, Gross 8,848      
Land, Gross 596      
Total 9,444      
Accumulated Depreciation (1,965)      
Jacksonville, 9779 Pritchard Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,319      
Land (initial cost) 1,284      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,414      
Building & Improvements, Gross 15,733      
Land, Gross 1,284      
Total 17,017      
Accumulated Depreciation (3,276)      
Lake Worth, 2230 4th Avenue North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,530      
Land (initial cost) 1,533      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 2,530      
Land, Gross 1,533      
Total 4,063      
Accumulated Depreciation (445)      
Lake Worth, 3600 23rd Avenue South        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,729      
Land (initial cost) 1,502      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,729      
Land, Gross 1,502      
Total 6,231      
Accumulated Depreciation (748)      
Lake Worth, 2269 4th Avenue North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,751      
Land (initial cost) 2,254      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,751      
Land, Gross 2,254      
Total 7,005      
Accumulated Depreciation (813)      
Lakeland, 4675 Drane Field Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,060      
Land (initial cost) 1,099      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 74      
Building & Improvements, Gross 13,134      
Land, Gross 1,099      
Total 14,233      
Accumulated Depreciation (2,156)      
Orlando, 1854 Central Florida Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,520      
Land (initial cost) 1,339      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,692      
Building & Improvements, Gross 6,212      
Land, Gross 1,339      
Total 7,551      
Accumulated Depreciation (1,735)      
Orlando, 7050 Overland Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,996      
Land (initial cost) 721      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,535      
Building & Improvements, Gross 3,531      
Land, Gross 721      
Total 4,252      
Accumulated Depreciation (999)      
Tampa, 4330 Williams Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,058      
Land (initial cost) 829      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 305      
Building & Improvements, Gross 6,363      
Land, Gross 829      
Total 7,192      
Accumulated Depreciation (1,049)      
West Palm Beach, 4268 Westroads Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,835      
Land (initial cost) 2,906      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 605      
Building & Improvements, Gross 7,440      
Land, Gross 2,906      
Total 10,346      
Accumulated Depreciation (1,246)      
Atlanta, 4200 SW Shirley Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,382      
Land (initial cost) 1,679      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,934      
Building & Improvements, Gross 12,316      
Land, Gross 1,679      
Total 13,995      
Accumulated Depreciation (1,451)      
Augusta, 1816 Tobacco Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,818      
Land (initial cost) 937      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 90      
Building & Improvements, Gross 5,908      
Land, Gross 937      
Total 6,845      
Accumulated Depreciation (1,195)      
Buford, 4823 Roy Carlson Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,195      
Land (initial cost) 1,061      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 938      
Building & Improvements, Gross 10,133      
Land, Gross 1,061      
Total 11,194      
Accumulated Depreciation (1,270)      
Dallas, 351 Thomas D. Murphy Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,634      
Land (initial cost) 475      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 8      
Building & Improvements, Gross 1,642      
Land, Gross 475      
Total 2,117      
Accumulated Depreciation (663)      
Forest Park, 5345 Old Dixie Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,369      
Land (initial cost) 1,715      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 7,481      
Building & Improvements, Gross 14,850      
Land, Gross 1,715      
Total 16,565      
Accumulated Depreciation (1,972)      
LaGrange, 614 Pegasus Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 26,546      
Land (initial cost) 3,021      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 26,546      
Land, Gross 3,021      
Total 29,567      
Accumulated Depreciation (1,183)      
Lithonia, 1995 Lithonia Industrial Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 18,052      
Land (initial cost) 943      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 301      
Building & Improvements, Gross 18,353      
Land, Gross 943      
Total 19,296      
Accumulated Depreciation (2,081)      
Norcross, 4075 Blue Ridge Industrial Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,090      
Land (initial cost) 1,589      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,390      
Building & Improvements, Gross 4,480      
Land, Gross 1,589      
Total 6,069      
Accumulated Depreciation (961)      
Savannah, 1086 Oracal Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,670      
Land (initial cost) 439      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,902      
Building & Improvements, Gross 14,572      
Land, Gross 439      
Total 15,011      
Accumulated Depreciation (3,775)      
Smyrna, 3500 Highlands Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,933      
Land (initial cost) 264      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,644      
Building & Improvements, Gross 4,577      
Land, Gross 264      
Total 4,841      
Accumulated Depreciation (1,405)      
Statham, 1965 Statham Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,852      
Land (initial cost) 588      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,786      
Building & Improvements, Gross 8,638      
Land, Gross 588      
Total 9,226      
Accumulated Depreciation (2,689)      
Stone Mountain, 1635 Stone Ridge Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,404      
Land (initial cost) 612      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 780      
Building & Improvements, Gross 3,184      
Land, Gross 612      
Total 3,796      
Accumulated Depreciation (835)      
Idaho Falls, 3900 South American Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,592      
Land (initial cost) 356      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 140      
Building & Improvements, Gross 2,732      
Land, Gross 356      
Total 3,088      
Accumulated Depreciation (878)      
Aurora, 2520 Diehl Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,304      
Land (initial cost) 1,848      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 8,304      
Land, Gross 1,848      
Total 10,152      
Accumulated Depreciation (310)      
Bartlett, 1590 W. Stearns Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,449      
Land (initial cost) 2,198      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 694      
Building & Improvements, Gross 20,143      
Land, Gross 2,198      
Total 22,341      
Accumulated Depreciation (2,770)      
Batavia, 1100 North Raddant Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,763      
Land (initial cost) 1,124      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,763      
Land, Gross 1,124      
Total 8,887      
Accumulated Depreciation (1,233)      
Batavia, 1862 Suncast Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,427      
Land (initial cost) 598      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 274      
Building & Improvements, Gross 4,701      
Land, Gross 598      
Total 5,299      
Accumulated Depreciation (679)      
Batavia, 1100 Paramount Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,943      
Land (initial cost) 618      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 677      
Building & Improvements, Gross 4,620      
Land, Gross 618      
Total 5,238      
Accumulated Depreciation (922)      
Belvidere, 888 Landmark Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,772      
Land (initial cost) 670      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 78      
Building & Improvements, Gross 6,850      
Land, Gross 670      
Total 7,520      
Accumulated Depreciation (2,167)      
Belvidere, 3905 & 3925 Morreim Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,203      
Land (initial cost) 668      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 41      
Building & Improvements, Gross 4,244      
Land, Gross 668      
Total 4,912      
Accumulated Depreciation (1,329)      
Belvidere, 857 Landmark Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,025      
Land (initial cost) 1,542      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,665      
Building & Improvements, Gross 9,690      
Land, Gross 1,542      
Total 11,232      
Accumulated Depreciation (3,340)      
Belvidere, 984 Landmark Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 216      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 0      
Land, Gross 216      
Total 216      
Accumulated Depreciation 0      
Buffalo Grove, 2500-2550 Millbrook Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,971      
Land (initial cost) 1,165      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,971      
Land, Gross 1,165      
Total 9,136      
Accumulated Depreciation (234)      
Buffalo Grove, 2400 Millbrook Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,145      
Land (initial cost) 2,579      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,145      
Land, Gross 2,579      
Total 13,724      
Accumulated Depreciation (357)      
Carol Stream, 494 Lies Road East        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,536      
Land (initial cost) 959      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 5      
Building & Improvements, Gross 6,541      
Land, Gross 959      
Total 7,500      
Accumulated Depreciation (231)      
Cary, 680 Industrial Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,235      
Land (initial cost) 498      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 87      
Building & Improvements, Gross 3,322      
Land, Gross 498      
Total 3,820      
Accumulated Depreciation (445)      
Crystal Lake, 215 Exchange Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,698      
Land (initial cost) 1,790      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 10,698      
Land, Gross 1,790      
Total 12,488      
Accumulated Depreciation (1,590)      
Crystal Lake, 220 Exchange Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,419      
Land (initial cost) 1,343      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 153      
Building & Improvements, Gross 8,572      
Land, Gross 1,343      
Total 9,915      
Accumulated Depreciation (1,273)      
Crystal Lake, 300 Exchange Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,724      
Land (initial cost) 1,568      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 14      
Building & Improvements, Gross 9,738      
Land, Gross 1,568      
Total 11,306      
Accumulated Depreciation (1,494)      
Crystal Lake, 450 Congress Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,789      
Land (initial cost) 1,456      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 133      
Building & Improvements, Gross 8,922      
Land, Gross 1,456      
Total 10,378      
Accumulated Depreciation (1,378)      
Elgin, 1360 Madeline Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,754      
Land (initial cost) 1,135      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 124      
Building & Improvements, Gross 19,878      
Land, Gross 1,135      
Total 21,013      
Accumulated Depreciation (2,398)      
Elgin, 1385 Madeline Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,335      
Land (initial cost) 1,057      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 451      
Building & Improvements, Gross 15,786      
Land, Gross 1,057      
Total 16,843      
Accumulated Depreciation (2,023)      
Elgin, 1690 Cambridge Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,321      
Land (initial cost) 270      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 188      
Building & Improvements, Gross 3,509      
Land, Gross 270      
Total 3,779      
Accumulated Depreciation (436)      
Elgin, 200-220 Corporate Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,627      
Land (initial cost) 1,130      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 120      
Building & Improvements, Gross 7,747      
Land, Gross 1,130      
Total 8,877      
Accumulated Depreciation (428)      
Elgin, 300-330 Corporate Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,662      
Land (initial cost) 1,302      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 21      
Building & Improvements, Gross 11,683      
Land, Gross 1,302      
Total 12,985      
Accumulated Depreciation (623)      
Elgin, 305-325 Corporate Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 30,082      
Land (initial cost) 2,954      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 515      
Building & Improvements, Gross 30,597      
Land, Gross 2,954      
Total 33,551      
Accumulated Depreciation (1,644)      
Elgin, 350-370 River Ridge Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,418      
Land (initial cost) 1,528      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 119      
Building & Improvements, Gross 13,537      
Land, Gross 1,528      
Total 15,065      
Accumulated Depreciation (698)      
Elgin, 1575-1595 Highpoint Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,468      
Land (initial cost) 945      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 359      
Building & Improvements, Gross 5,827      
Land, Gross 945      
Total 6,772      
Accumulated Depreciation (337)      
Elmhurst, 934 North Church Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,255      
Land (initial cost) 874      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,301      
Building & Improvements, Gross 7,556      
Land, Gross 874      
Total 8,430      
Accumulated Depreciation (847)      
Gurnee, 3818 Grandville Avenue & 1200 Northwestern Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,639      
Land (initial cost) 1,716      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,272      
Building & Improvements, Gross 11,911      
Land, Gross 1,716      
Total 13,627      
Accumulated Depreciation (3,517)      
Harvard, 875 West Diggins Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,403      
Land (initial cost) 1,157      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 897      
Building & Improvements, Gross 3,300      
Land, Gross 1,157      
Total 4,457      
Accumulated Depreciation (968)      
Hodgkins, 6600 River Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 30,599      
Land (initial cost) 2,570      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2      
Building & Improvements, Gross 30,601      
Land, Gross 2,570      
Total 33,171      
Accumulated Depreciation (4,579)      
Hodgkins, 6620 River Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,163      
Land (initial cost) 3,127      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 6,163      
Land, Gross 3,127      
Total 9,290      
Accumulated Depreciation (945)      
Itasca, 1251 W. Ardmore Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,621      
Land (initial cost) 1,223      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 3,621      
Land, Gross 1,223      
Total 4,844      
Accumulated Depreciation (487)      
Itasca, 1500 Bryn Mawr Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,871      
Land (initial cost) 2,073      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 24      
Building & Improvements, Gross 3,895      
Land, Gross 2,073      
Total 5,968      
Accumulated Depreciation (579)      
Itasca, 1800 Bruning Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,431      
Land (initial cost) 2,428      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,264      
Building & Improvements, Gross 12,695      
Land, Gross 2,428      
Total 15,123      
Accumulated Depreciation (3,749)      
Lisle, 4925 Indiana Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,808      
Land (initial cost) 2,302      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,808      
Land, Gross 2,302      
Total 10,110      
Accumulated Depreciation (1,244)      
Machesney Park, 7166 Greenlee Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,336      
Land (initial cost) 300      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 43      
Building & Improvements, Gross 3,379      
Land, Gross 300      
Total 3,679      
Accumulated Depreciation (897)      
McHenry, 831/833 Ridgeview Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,593      
Land (initial cost) 576      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 462      
Building & Improvements, Gross 4,055      
Land, Gross 576      
Total 4,631      
Accumulated Depreciation (775)      
McHenry, 921 Ridgeview Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,791      
Land (initial cost) 448      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 202      
Building & Improvements, Gross 3,993      
Land, Gross 448      
Total 4,441      
Accumulated Depreciation (764)      
Monee, 25100 S. Ridgeland Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 56,457      
Land (initial cost) 5,391      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 56,457      
Land, Gross 5,391      
Total 61,848      
Accumulated Depreciation (161)      
Montgomery, 2001 Baseline Road 1        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 173      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 0      
Land, Gross 173      
Total 173      
Accumulated Depreciation 0      
Montgomery, 2001 Baseline Road 2        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,089      
Land (initial cost) 2,190      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,638      
Building & Improvements, Gross 16,727      
Land, Gross 2,190      
Total 18,917      
Accumulated Depreciation (5,617)      
New Lenox, 2101-2105 West Haven Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,488      
Land (initial cost) 1,552      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 159      
Building & Improvements, Gross 16,647      
Land, Gross 1,552      
Total 18,199      
Accumulated Depreciation (544)      
New Lenox, 2200 West Haven Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,555      
Land (initial cost) 2,450      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 10,555      
Land, Gross 2,450      
Total 13,005      
Accumulated Depreciation (446)      
New Lenox, 2201 West Haven Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,753      
Land (initial cost) 1,395      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,084      
Building & Improvements, Gross 14,837      
Land, Gross 1,395      
Total 16,232      
Accumulated Depreciation (462)      
Saint Charles, 3810-3820 Stern Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,028      
Land (initial cost) 1,321      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 606      
Building & Improvements, Gross 7,634      
Land, Gross 1,321      
Total 8,955      
Accumulated Depreciation (1,009)      
Saint Charles, 3850 Ohio Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,976      
Land (initial cost) 1,160      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 45      
Building & Improvements, Gross 6,021      
Land, Gross 1,160      
Total 7,181      
Accumulated Depreciation (741)      
Sauk Village, 21399 Torrence Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,153      
Land (initial cost) 877      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 771      
Building & Improvements, Gross 5,924      
Land, Gross 877      
Total 6,801      
Accumulated Depreciation (1,907)      
Schaumburg, 710 East State Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,940      
Land (initial cost) 689      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 181      
Building & Improvements, Gross 4,121      
Land, Gross 689      
Total 4,810      
Accumulated Depreciation (618)      
Vernon Hills, 888 Forest Edge Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,383      
Land (initial cost) 2,416      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 938      
Building & Improvements, Gross 10,321      
Land, Gross 2,416      
Total 12,737      
Accumulated Depreciation (1,404)      
Waukegan, 3751 Sunset Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,775      
Land (initial cost) 1,004      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 149      
Building & Improvements, Gross 4,924      
Land, Gross 1,004      
Total 5,928      
Accumulated Depreciation (1,087)      
West Chicago, 1300 Northwest Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,982      
Land (initial cost) 768      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,077      
Building & Improvements, Gross 3,059      
Land, Gross 768      
Total 3,827      
Accumulated Depreciation (1,297)      
West Chicago, 1400 Northwest Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 596      
Land (initial cost) 382      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 330      
Building & Improvements, Gross 926      
Land, Gross 382      
Total 1,308      
Accumulated Depreciation (266)      
West Chicago, 1450 Northwest Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 641      
Land (initial cost) 450      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 325      
Building & Improvements, Gross 966      
Land, Gross 450      
Total 1,416      
Accumulated Depreciation (268)      
West Chicago, 1145 & 1149 Howard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 746      
Land (initial cost) 369      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 402      
Building & Improvements, Gross 1,148      
Land, Gross 369      
Total 1,517      
Accumulated Depreciation (341)      
West Chicago, 1270 Nuclear Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 808      
Land (initial cost) 216      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,685      
Building & Improvements, Gross 2,493      
Land, Gross 216      
Total 2,709      
Accumulated Depreciation (468)      
West Chicago, 537 Discovery Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 32,618      
Land (initial cost) 5,961      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,237      
Building & Improvements, Gross 33,855      
Land, Gross 5,961      
Total 39,816      
Accumulated Depreciation (2,385)      
West Chicago, 1726-1850 Blackhawk Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,770      
Land (initial cost) 915      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,331      
Building & Improvements, Gross 8,101      
Land, Gross 915      
Total 9,016      
Accumulated Depreciation (2,032)      
West Dundee, 901-907 Wesemann Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,616      
Land (initial cost) 948      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 103      
Building & Improvements, Gross 12,719      
Land, Gross 948      
Total 13,667      
Accumulated Depreciation (1,657)      
Wood Dale, 321 Forster Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,758      
Land (initial cost) 1,226      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,023      
Building & Improvements, Gross 5,781      
Land, Gross 1,226      
Total 7,007      
Accumulated Depreciation (1,181)      
Elkhart, 2701 Marina Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 210      
Land (initial cost) 25      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 143      
Building & Improvements, Gross 353      
Land, Gross 25      
Total 378      
Accumulated Depreciation (170)      
Elkhart, 3501 E. County Road 6        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,519      
Land (initial cost) 422      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,175      
Building & Improvements, Gross 4,694      
Land, Gross 422      
Total 5,116      
Accumulated Depreciation (2,129)      
Fort Wayne, 3424 Centennial Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,936      
Land (initial cost) 112      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 175      
Building & Improvements, Gross 3,111      
Land, Gross 112      
Total 3,223      
Accumulated Depreciation (845)      
Goshen, 2600 College Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,998      
Land (initial cost) 1,442      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,198      
Building & Improvements, Gross 8,196      
Land, Gross 1,442      
Total 9,638      
Accumulated Depreciation (3,241)      
Greenwood, 2441 E. Main Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,745      
Land (initial cost) 911      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,004      
Building & Improvements, Gross 13,749      
Land, Gross 911      
Total 14,660      
Accumulated Depreciation (2,114)      
Indianapolis, 7701 West New York Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,931      
Land (initial cost) 620      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 578      
Building & Improvements, Gross 4,509      
Land, Gross 620      
Total 5,129      
Accumulated Depreciation (598)      
Jeffersonville, 101 Jacobs Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 35,174      
Land (initial cost) 2,891      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,255      
Building & Improvements, Gross 36,429      
Land, Gross 2,891      
Total 39,320      
Accumulated Depreciation (3,993)      
Jeffersonville, 250 Hilton Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 42,618      
Land (initial cost) 2,778      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 42,618      
Land, Gross 2,778      
Total 45,396      
Accumulated Depreciation (2,839)      
Lafayette, 1520 Kepner Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,172      
Land (initial cost) 295      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 31      
Building & Improvements, Gross 2,203      
Land, Gross 295      
Total 2,498      
Accumulated Depreciation (735)      
Lafayette, 1540-1530 Kepner Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,325      
Land (initial cost) 410      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 372      
Building & Improvements, Gross 3,697      
Land, Gross 410      
Total 4,107      
Accumulated Depreciation (1,281)      
Lafayette, 1521 Kepner Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,748      
Land (initial cost) 906      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,237      
Building & Improvements, Gross 8,985      
Land, Gross 906      
Total 9,891      
Accumulated Depreciation (2,852)      
Lebanon, 100 Purity Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 20,025      
Land (initial cost) 1,654      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 20,025      
Land, Gross 1,654      
Total 21,679      
Accumulated Depreciation (3,902)      
Lebanon, 800 Edwards Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 36,091      
Land (initial cost) 2,359      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 36,091      
Land, Gross 2,359      
Total 38,450      
Accumulated Depreciation (6,975)      
Lebanon, 121 N. Enterprise Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 36,461      
Land (initial cost) 2,948      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 13,958      
Building & Improvements, Gross 50,419      
Land, Gross 2,948      
Total 53,367      
Accumulated Depreciation (7,538)      
Marion, 2201 E. Loew Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,871      
Land (initial cost) 243      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 818      
Building & Improvements, Gross 3,689      
Land, Gross 243      
Total 3,932      
Accumulated Depreciation (1,480)      
Portage, 6515 Ameriplex Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 26,449      
Land (initial cost) 1,626      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 746      
Building & Improvements, Gross 27,195      
Land, Gross 1,626      
Total 28,821      
Accumulated Depreciation (4,542)      
Portage, 725 George Nelson Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,379      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 5,379      
Land, Gross 0      
Total 5,379      
Accumulated Depreciation (1,858)      
South Bend, 3310 William Richardson Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,718      
Land (initial cost) 411      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,004      
Building & Improvements, Gross 6,722      
Land, Gross 411      
Total 7,133      
Accumulated Depreciation (2,012)      
Whitestown, 4330 S 500 E        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 17,621      
Land (initial cost) 1,525      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 17,621      
Land, Gross 1,525      
Total 19,146      
Accumulated Depreciation (1,289)      
Yoder, 2909 Pleasant Center Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 24,504      
Land (initial cost) 941      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 665      
Building & Improvements, Gross 25,169      
Land, Gross 941      
Total 26,110      
Accumulated Depreciation (5,840)      
Ankeny, 5910 Southeast Rio Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,579      
Land (initial cost) 846      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 258      
Building & Improvements, Gross 13,837      
Land, Gross 846      
Total 14,683      
Accumulated Depreciation (2,534)      
Ankeny, 6150 Southeast Rio Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,104      
Land (initial cost) 1,421      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 97      
Building & Improvements, Gross 19,201      
Land, Gross 1,421      
Total 20,622      
Accumulated Depreciation (2,333)      
Council Bluffs, 1209 31st Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,288      
Land (initial cost) 414      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,288      
Land, Gross 414      
Total 4,702      
Accumulated Depreciation (957)      
Des Moines, 3915 Delaware Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,339      
Land (initial cost) 1,685      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,578      
Building & Improvements, Gross 10,917      
Land, Gross 1,685      
Total 12,602      
Accumulated Depreciation (1,553)      
Des Moines, 1900 E. 17th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,191      
Land (initial cost) 556      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 96      
Building & Improvements, Gross 4,287      
Land, Gross 556      
Total 4,843      
Accumulated Depreciation (860)      
Marion, 6301 North Gateway Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,024      
Land (initial cost) 691      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 267      
Building & Improvements, Gross 2,291      
Land, Gross 691      
Total 2,982      
Accumulated Depreciation (759)      
Edwardsville, 9601 Woodend Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,015      
Land (initial cost) 1,360      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 544      
Building & Improvements, Gross 12,559      
Land, Gross 1,360      
Total 13,919      
Accumulated Depreciation (2,757)      
Lenexa, 9700 Lackman Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,168      
Land (initial cost) 1,759      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 183      
Building & Improvements, Gross 9,351      
Land, Gross 1,759      
Total 11,110      
Accumulated Depreciation (1,519)      
Lenexa, 14000 Marshall Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,551      
Land (initial cost) 2,368      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 6,551      
Land, Gross 2,368      
Total 8,919      
Accumulated Depreciation (2,307)      
Olathe, 1202 South Lone Elm Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,083      
Land (initial cost) 1,193      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 111      
Building & Improvements, Gross 16,194      
Land, Gross 1,193      
Total 17,387      
Accumulated Depreciation (3,357)      
Olathe, 16231 South Lone Elm Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 18,444      
Land (initial cost) 2,431      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,670      
Building & Improvements, Gross 22,114      
Land, Gross 2,431      
Total 24,545      
Accumulated Depreciation (5,726)      
Wichita, 2655/2755 South Eastmoor Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,762      
Land (initial cost) 88      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 10      
Building & Improvements, Gross 1,772      
Land, Gross 88      
Total 1,860      
Accumulated Depreciation (593)      
Wichita, 2652 South Eastmoor Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,785      
Land (initial cost) 107      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 128      
Building & Improvements, Gross 1,913      
Land, Gross 107      
Total 2,020      
Accumulated Depreciation (686)      
Wichita, 2510 South Eastmoor Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 788      
Land (initial cost) 76      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 147      
Building & Improvements, Gross 935      
Land, Gross 76      
Total 1,011      
Accumulated Depreciation (286)      
Bardstown, 300 Spencer Mattingly Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,295      
Land (initial cost) 379      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 563      
Building & Improvements, Gross 2,858      
Land, Gross 379      
Total 3,237      
Accumulated Depreciation (1,216)      
Danville, 1355 Lebanon Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,593      
Land (initial cost) 965      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,617      
Building & Improvements, Gross 16,210      
Land, Gross 965      
Total 17,175      
Accumulated Depreciation (6,330)      
Erlanger, 1500-1532 Interstate Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,481      
Land (initial cost) 635      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 424      
Building & Improvements, Gross 3,905      
Land, Gross 635      
Total 4,540      
Accumulated Depreciation (991)      
Florence, 9200 Brookfield Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,450      
Land (initial cost) 863      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 88      
Building & Improvements, Gross 7,538      
Land, Gross 863      
Total 8,401      
Accumulated Depreciation (1,336)      
Florence, 1100 Burlington Pike        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,672      
Land (initial cost) 3,109      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,369      
Building & Improvements, Gross 12,041      
Land, Gross 3,109      
Total 15,150      
Accumulated Depreciation (3,632)      
Hebron, 2151 Southpark Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,137      
Land (initial cost) 370      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 947      
Building & Improvements, Gross 5,084      
Land, Gross 370      
Total 5,454      
Accumulated Depreciation (1,443)      
Baton Rouge, 6565 Exchequer Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,815      
Land (initial cost) 1,619      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 666      
Building & Improvements, Gross 6,481      
Land, Gross 1,619      
Total 8,100      
Accumulated Depreciation (1,493)      
Baton Rouge, 6735 Exchequer Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,643      
Land (initial cost) 2,567      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 681      
Building & Improvements, Gross 7,324      
Land, Gross 2,567      
Total 9,891      
Accumulated Depreciation (1,769)      
Baton Rouge, 12100 Little Cayman Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,432      
Land (initial cost) 1,962      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 152      
Building & Improvements, Gross 14,584      
Land, Gross 1,962      
Total 16,546      
Accumulated Depreciation (2,782)      
Shreveport, 7540 Bert Kouns Industrial Loop        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,319      
Land (initial cost) 1,804      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,860      
Building & Improvements, Gross 8,179      
Land, Gross 1,804      
Total 9,983      
Accumulated Depreciation (2,076)      
Biddeford, 1 Baker's Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,164      
Land (initial cost) 1,369      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,849      
Building & Improvements, Gross 13,013      
Land, Gross 1,369      
Total 14,382      
Accumulated Depreciation (4,506)      
Gardiner, 47 Market Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,025      
Land (initial cost) 948      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 23      
Building & Improvements, Gross 8,048      
Land, Gross 948      
Total 8,996      
Accumulated Depreciation (2,170)      
Portland, 125 Industrial Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,648      
Land (initial cost) 891      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,918      
Building & Improvements, Gross 6,566      
Land, Gross 891      
Total 7,457      
Accumulated Depreciation (1,587)      
Elkridge, 6685 Santa Barbara Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,764      
Land (initial cost) 2,982      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 251      
Building & Improvements, Gross 9,015      
Land, Gross 2,982      
Total 11,997      
Accumulated Depreciation (1,805)      
Hagerstown, 11835 Newgate Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 55,177      
Land (initial cost) 6,036      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 55,177      
Land, Gross 6,036      
Total 61,213      
Accumulated Depreciation (7,456)      
Hagerstown, 11841 Newgate Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 55,448      
Land (initial cost) 6,174      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 231      
Building & Improvements, Gross 55,679      
Land, Gross 6,174      
Total 61,853      
Accumulated Depreciation (7,802)      
Hagerstown, 105 Enterprise Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,213      
Land (initial cost) 3,472      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,213      
Land, Gross 3,472      
Total 14,685      
Accumulated Depreciation (1,976)      
Hampstead, 630 Hanover Pike        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 34,116      
Land (initial cost) 780      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,892      
Building & Improvements, Gross 37,008      
Land, Gross 780      
Total 37,788      
Accumulated Depreciation (11,330)      
Hunt Valley, 11100 Gilroy Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,900      
Land (initial cost) 538      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 75      
Building & Improvements, Gross 4,975      
Land, Gross 538      
Total 5,513      
Accumulated Depreciation (714)      
White Marsh, 6210 Days Cove Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,233      
Land (initial cost) 963      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,040      
Building & Improvements, Gross 7,273      
Land, Gross 963      
Total 8,236      
Accumulated Depreciation (1,224)      
Andover, 7 Connector Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,744      
Land (initial cost) 2,238      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 456      
Building & Improvements, Gross 10,200      
Land, Gross 2,238      
Total 12,438      
Accumulated Depreciation (455)      
Hudson, 4 Robert Bonazzoli Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,628      
Land (initial cost) 723      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 445      
Building & Improvements, Gross 13,073      
Land, Gross 723      
Total 13,796      
Accumulated Depreciation (1,662)      
Lawrence, 91 Glenn Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,945      
Land (initial cost) 3,287      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 711      
Building & Improvements, Gross 15,656      
Land, Gross 3,287      
Total 18,943      
Accumulated Depreciation (634)      
Malden, 219 Medford Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,817      
Land (initial cost) 366      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 2,817      
Land, Gross 366      
Total 3,183      
Accumulated Depreciation (1,341)      
Malden, 243 Medford Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,961      
Land (initial cost) 507      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 3,961      
Land, Gross 507      
Total 4,468      
Accumulated Depreciation (1,884)      
Middleborough, 16 Leona Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,951      
Land (initial cost) 2,397      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 172      
Building & Improvements, Gross 6,123      
Land, Gross 2,397      
Total 8,520      
Accumulated Depreciation (1,015)      
Norton, 202 South Washington Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,105      
Land (initial cost) 2,839      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 250      
Building & Improvements, Gross 6,355      
Land, Gross 2,839      
Total 9,194      
Accumulated Depreciation (2,444)      
South Easton, 55 Bristol Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,638      
Land (initial cost) 403      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,933      
Building & Improvements, Gross 8,571      
Land, Gross 403      
Total 8,974      
Accumulated Depreciation (1,505)      
Sterling, 15 Chocksett Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,797      
Land (initial cost) 1,472      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 10,797      
Land, Gross 1,472      
Total 12,269      
Accumulated Depreciation (1,471)      
Stoughton, 100 Campanelli Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,677      
Land (initial cost) 2,256      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,856      
Building & Improvements, Gross 3,533      
Land, Gross 2,256      
Total 5,789      
Accumulated Depreciation (1,024)      
Stoughton, 12 Campanelli Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 909      
Land (initial cost) 538      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 438      
Building & Improvements, Gross 1,347      
Land, Gross 538      
Total 1,885      
Accumulated Depreciation (354)      
Westborough, 35 Otis Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,511      
Land (initial cost) 661      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 23      
Building & Improvements, Gross 5,534      
Land, Gross 661      
Total 6,195      
Accumulated Depreciation (1,302)      
Wilmington, 353 Middlesex Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,424      
Land (initial cost) 1,158      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 9,424      
Land, Gross 1,158      
Total 10,582      
Accumulated Depreciation (363)      
Woburn, 180 New Boston Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,836      
Land (initial cost) 2,123      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 57      
Building & Improvements, Gross 14,893      
Land, Gross 2,123      
Total 17,016      
Accumulated Depreciation (615)      
Woburn, 41 Atlantic Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,502      
Land (initial cost) 2,265      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,502      
Land, Gross 2,265      
Total 9,767      
Accumulated Depreciation (339)      
Belleville, 8200 Haggerty Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,993      
Land (initial cost) 724      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 616      
Building & Improvements, Gross 6,609      
Land, Gross 724      
Total 7,333      
Accumulated Depreciation (1,372)      
Canton, 47440 Michigan Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 22,519      
Land (initial cost) 2,378      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,713      
Building & Improvements, Gross 24,232      
Land, Gross 2,378      
Total 26,610      
Accumulated Depreciation (3,627)      
Chesterfield, 50501 E. Russell Schmidt        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,099      
Land (initial cost) 207      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 165      
Building & Improvements, Gross 1,264      
Land, Gross 207      
Total 1,471      
Accumulated Depreciation (537)      
Chesterfield, 50371 E. Russell Schmidt        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 798      
Land (initial cost) 150      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 477      
Building & Improvements, Gross 1,275      
Land, Gross 150      
Total 1,425      
Accumulated Depreciation (567)      
Chesterfield, 50271 E. Russell Schmidt        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 802      
Land (initial cost) 151      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 201      
Building & Improvements, Gross 1,003      
Land, Gross 151      
Total 1,154      
Accumulated Depreciation (495)      
Chesterfield, 50900 E. Russell Schmidt        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,006      
Land (initial cost) 942      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,742      
Building & Improvements, Gross 7,748      
Land, Gross 942      
Total 8,690      
Accumulated Depreciation (3,689)      
Grand Rapids, 5445 International Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,764      
Land (initial cost) 1,241      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 395      
Building & Improvements, Gross 7,159      
Land, Gross 1,241      
Total 8,400      
Accumulated Depreciation (1,015)      
Grand Rapids, 5079 33rd Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,907      
Land (initial cost) 892      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 459      
Building & Improvements, Gross 5,366      
Land, Gross 892      
Total 6,258      
Accumulated Depreciation (759)      
Grand Rapids, 5333 33rd Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,455      
Land (initial cost) 1,052      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 192      
Building & Improvements, Gross 3,647      
Land, Gross 1,052      
Total 4,699      
Accumulated Depreciation (665)      
Grand Rapids, 5050 Kendrick Street, SE        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,725      
Land (initial cost) 169      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,747      
Building & Improvements, Gross 8,472      
Land, Gross 169      
Total 8,641      
Accumulated Depreciation (1,846)      
Holland, 4757 128th Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,222      
Land (initial cost) 279      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 340      
Building & Improvements, Gross 3,562      
Land, Gross 279      
Total 3,841      
Accumulated Depreciation (1,133)      
Kentwood, 4660 East Paris Avenue, SE        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,494      
Land (initial cost) 307      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 102      
Building & Improvements, Gross 7,596      
Land, Gross 307      
Total 7,903      
Accumulated Depreciation (1,222)      
Kentwood, 4647 60th Street SE        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,933      
Land (initial cost) 1,256      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,928      
Building & Improvements, Gross 18,861      
Land, Gross 1,256      
Total 20,117      
Accumulated Depreciation (2,662)      
Kentwood, 4070 East Paris Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,370      
Land (initial cost) 407      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 120      
Building & Improvements, Gross 2,490      
Land, Gross 407      
Total 2,897      
Accumulated Depreciation (799)      
Lansing, 7009 West Mount Hope Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,706      
Land (initial cost) 501      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 7,464      
Building & Improvements, Gross 15,170      
Land, Gross 501      
Total 15,671      
Accumulated Depreciation (5,641)      
Lansing, 2780 Sanders Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,961      
Land (initial cost) 580      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 460      
Building & Improvements, Gross 4,421      
Land, Gross 580      
Total 5,001      
Accumulated Depreciation (1,461)      
Lansing, 5640 Pierson Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,725      
Land (initial cost) 429      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 208      
Building & Improvements, Gross 6,933      
Land, Gross 429      
Total 7,362      
Accumulated Depreciation (2,279)      
Lansing, 2051 South Canal Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,868      
Land (initial cost) 907      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 100      
Building & Improvements, Gross 4,968      
Land, Gross 907      
Total 5,875      
Accumulated Depreciation (1,510)      
Livonia, 38150 Plymouth Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,168      
Land (initial cost) 1,390      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,471      
Building & Improvements, Gross 7,639      
Land, Gross 1,390      
Total 9,029      
Accumulated Depreciation (1,431)      
Livonia, 38220 Plymouth Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,485      
Land (initial cost) 848      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,016      
Building & Improvements, Gross 9,501      
Land, Gross 848      
Total 10,349      
Accumulated Depreciation (1,783)      
Marshall, 1511 George Brown Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 953      
Land (initial cost) 199      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 130      
Building & Improvements, Gross 1,083      
Land, Gross 199      
Total 1,282      
Accumulated Depreciation (390)      
Novi, 22925 Venture Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,537      
Land (initial cost) 252      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 486      
Building & Improvements, Gross 4,023      
Land, Gross 252      
Total 4,275      
Accumulated Depreciation (1,310)      
Novi, 25250 Regency Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,638      
Land (initial cost) 626      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 63      
Building & Improvements, Gross 5,701      
Land, Gross 626      
Total 6,327      
Accumulated Depreciation (1,594)      
Novi, 43800 Gen Mar Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,203      
Land (initial cost) 1,381      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 925      
Building & Improvements, Gross 17,128      
Land, Gross 1,381      
Total 18,509      
Accumulated Depreciation (3,251)      
Plymouth, 14835 Pilot Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,338      
Land (initial cost) 365      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 250      
Building & Improvements, Gross 4,588      
Land, Gross 365      
Total 4,953      
Accumulated Depreciation (1,325)      
Redford, 12100 Inkster Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,267      
Land (initial cost) 728      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,632      
Building & Improvements, Gross 6,899      
Land, Gross 728      
Total 7,627      
Accumulated Depreciation (1,331)      
Romulus, 9800 Inkster Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,942      
Land (initial cost) 1,254      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 158      
Building & Improvements, Gross 15,100      
Land, Gross 1,254      
Total 16,354      
Accumulated Depreciation (4,352)      
Romulus, 27651 Hildebrandt Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,987      
Land (initial cost) 1,080      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,542      
Building & Improvements, Gross 15,529      
Land, Gross 1,080      
Total 16,609      
Accumulated Depreciation (3,176)      
Sterling Heights, 42600 Merrill Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,102      
Land (initial cost) 1,133      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,414      
Building & Improvements, Gross 5,516      
Land, Gross 1,133      
Total 6,649      
Accumulated Depreciation (2,001)      
Walker, 2640 Northridge Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,593      
Land (initial cost) 855      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,110      
Building & Improvements, Gross 5,703      
Land, Gross 855      
Total 6,558      
Accumulated Depreciation (1,915)      
Warren, 13301 Stephens Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,497      
Land (initial cost) 502      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 206      
Building & Improvements, Gross 5,703      
Land, Gross 502      
Total 6,205      
Accumulated Depreciation (1,268)      
Warren, 27027 Mound Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 17,018      
Land (initial cost) 1,984      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 69      
Building & Improvements, Gross 17,087      
Land, Gross 1,984      
Total 19,071      
Accumulated Depreciation (2,709)      
Warren, 25295 Guenther Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,273      
Land (initial cost) 531      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,293      
Building & Improvements, Gross 20,566      
Land, Gross 531      
Total 21,097      
Accumulated Depreciation (2,937)      
Warren, 7500 Tank Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,076      
Land (initial cost) 1,290      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,564      
Building & Improvements, Gross 14,640      
Land, Gross 1,290      
Total 15,930      
Accumulated Depreciation (3,407)      
Wixom, 48238 Frank Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,433      
Land (initial cost) 293      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 14,433      
Land, Gross 293      
Total 14,726      
Accumulated Depreciation (1,819)      
Zeeland, 750 E. Riley Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,100      
Land (initial cost) 487      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 12,100      
Land, Gross 487      
Total 12,587      
Accumulated Depreciation (3,156)      
Blaine, 3705 95th Avenue NE        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,202      
Land (initial cost) 2,258      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 46      
Building & Improvements, Gross 16,248      
Land, Gross 2,258      
Total 18,506      
Accumulated Depreciation (2,939)      
Bloomington, 11300 Hampshire Avenue South        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,096      
Land (initial cost) 1,702      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 589      
Building & Improvements, Gross 8,685      
Land, Gross 1,702      
Total 10,387      
Accumulated Depreciation (1,634)      
Brooklyn Park, 6688 93rd Avenue North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,349      
Land (initial cost) 1,926      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 17      
Building & Improvements, Gross 11,366      
Land, Gross 1,926      
Total 13,292      
Accumulated Depreciation (2,729)      
Brooklyn Park, 9400 Decatur Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 18,133      
Land (initial cost) 2,051      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 18,133      
Land, Gross 2,051      
Total 20,184      
Accumulated Depreciation (715)      
Carlos, 4750 County Road 13 NE        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,183      
Land (initial cost) 960      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,438      
Building & Improvements, Gross 5,621      
Land, Gross 960      
Total 6,581      
Accumulated Depreciation (2,010)      
Eagan, 3355 Discovery Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,290      
Land (initial cost) 2,526      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 15,290      
Land, Gross 2,526      
Total 17,816      
Accumulated Depreciation (4,031)      
Inver Grove Height, 8450 Courthouse Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,964      
Land (initial cost) 2,595      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 6,964      
Land, Gross 2,595      
Total 9,559      
Accumulated Depreciation (1,067)      
Lakeville, 21601 Galway Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 31,841      
Land (initial cost) 5,405      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 31,841      
Land, Gross 5,405      
Total 37,246      
Accumulated Depreciation (1,567)      
Maple Grove, 6250 Sycamore Lane North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,251      
Land (initial cost) 969      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 877      
Building & Improvements, Gross 7,128      
Land, Gross 969      
Total 8,097      
Accumulated Depreciation (1,644)      
Maple Grove, 8175 Jefferson Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,397      
Land (initial cost) 2,327      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 774      
Building & Improvements, Gross 11,171      
Land, Gross 2,327      
Total 13,498      
Accumulated Depreciation (2,272)      
Mendota Heights, 1312 Northland Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,743      
Land (initial cost) 1,497      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 10,743      
Land, Gross 1,497      
Total 12,240      
Accumulated Depreciation (448)      
Mendota Heights, 2250 Pilot Knob Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,175      
Land (initial cost) 1,494      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,177      
Building & Improvements, Gross 4,352      
Land, Gross 1,494      
Total 5,846      
Accumulated Depreciation (1,251)      
New Hope, 5520 North Highway 169        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,669      
Land (initial cost) 1,919      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 977      
Building & Improvements, Gross 2,646      
Land, Gross 1,919      
Total 4,565      
Accumulated Depreciation (640)      
Newport, 710 Hastings Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,367      
Land (initial cost) 1,765      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 8,367      
Land, Gross 1,765      
Total 10,132      
Accumulated Depreciation (1,070)      
Oakdale, 550-590 Hale Avenue North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,971      
Land (initial cost) 647      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,004      
Building & Improvements, Gross 6,975      
Land, Gross 647      
Total 7,622      
Accumulated Depreciation (1,121)      
Oakdale, 585-595 Hale Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,627      
Land (initial cost) 1,396      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 998      
Building & Improvements, Gross 5,625      
Land, Gross 1,396      
Total 7,021      
Accumulated Depreciation (989)      
Plymouth, 9800 13th Avenue North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,438      
Land (initial cost) 1,599      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,438      
Land, Gross 1,599      
Total 6,037      
Accumulated Depreciation (823)      
Plymouth, 6050 Nathan Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,532      
Land (initial cost) 1,109      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 61      
Building & Improvements, Gross 5,593      
Land, Gross 1,109      
Total 6,702      
Accumulated Depreciation (989)      
Plymouth, 6075 Trenton Lane North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,919      
Land (initial cost) 1,569      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 30      
Building & Improvements, Gross 6,949      
Land, Gross 1,569      
Total 8,518      
Accumulated Depreciation (1,608)      
Savage, 14399 Huntington Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,251      
Land (initial cost) 3,194      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,253      
Building & Improvements, Gross 4,504      
Land, Gross 3,194      
Total 7,698      
Accumulated Depreciation (1,503)      
Shakopee, 4241 12th Avenue East        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,946      
Land (initial cost) 2,281      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,946      
Land, Gross 2,281      
Total 14,227      
Accumulated Depreciation (425)      
Shakopee, 5101/4901 Valley Industrial Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,596      
Land (initial cost) 584      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 13      
Building & Improvements, Gross 11,609      
Land, Gross 584      
Total 12,193      
Accumulated Depreciation (1,574)      
Shakopee, 1451 Dean Lakes Trail        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,038      
Land (initial cost) 927      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 61      
Building & Improvements, Gross 12,099      
Land, Gross 927      
Total 13,026      
Accumulated Depreciation (1,915)      
Saint Paul, 1700 Wynne Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 23,675      
Land (initial cost) 2,258      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 23,675      
Land, Gross 2,258      
Total 25,933      
Accumulated Depreciation (3,233)      
South Saint Paul, 411 Farwell Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,335      
Land (initial cost) 2,378      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 169      
Building & Improvements, Gross 14,504      
Land, Gross 2,378      
Total 16,882      
Accumulated Depreciation (2,819)      
Southaven, 228 Access Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 28,387      
Land (initial cost) 1,000      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,073      
Building & Improvements, Gross 29,460      
Land, Gross 1,000      
Total 30,460      
Accumulated Depreciation (4,568)      
Berkeley, 8901 Springdale Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,850      
Land (initial cost) 1,423      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,562      
Building & Improvements, Gross 11,412      
Land, Gross 1,423      
Total 12,835      
Accumulated Depreciation (1,473)      
Earth City, 1 American Eagle Plaza        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,492      
Land (initial cost) 1,123      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 807      
Building & Improvements, Gross 3,299      
Land, Gross 1,123      
Total 4,422      
Accumulated Depreciation (666)      
Fenton, 2501 & 2509 Cassens Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,919      
Land (initial cost) 791      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 932      
Building & Improvements, Gross 9,851      
Land, Gross 791      
Total 10,642      
Accumulated Depreciation (1,556)      
Hazelwood, 7275 Hazelwood Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,030      
Land (initial cost) 1,382      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,094      
Building & Improvements, Gross 7,124      
Land, Gross 1,382      
Total 8,506      
Accumulated Depreciation (2,715)      
Kansas City, 4001 North Norfleet Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 48,342      
Land (initial cost) 4,239      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 48,342      
Land, Gross 4,239      
Total 52,581      
Accumulated Depreciation (6,530)      
Kansas City, 10410 NW Transcon Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,651      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 16,651      
Land, Gross 0      
Total 16,651      
Accumulated Depreciation (615)      
Kansas City, 9900 NW Global Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 33,113      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 33,113      
Land, Gross 0      
Total 33,113      
Accumulated Depreciation (1,156)      
Kansas City, 10500 NW Transcon Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 25,994      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 25,994      
Land, Gross 0      
Total 25,994      
Accumulated Depreciation (136)      
Kansas City, 10451 NW Transcon Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,687      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 12,687      
Land, Gross 0      
Total 12,687      
Accumulated Depreciation (74)      
O'Fallon, 6705 Keaton Corporate Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,238      
Land (initial cost) 1,233      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 559      
Building & Improvements, Gross 3,797      
Land, Gross 1,233      
Total 5,030      
Accumulated Depreciation (926)      
O'Fallon, 3801 Lloyd King Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,579      
Land (initial cost) 1,242      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,696      
Building & Improvements, Gross 4,275      
Land, Gross 1,242      
Total 5,517      
Accumulated Depreciation (1,469)      
Bellevue, 10601 S 15th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,491      
Land (initial cost) 1,691      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 135      
Building & Improvements, Gross 19,626      
Land, Gross 1,691      
Total 21,317      
Accumulated Depreciation (2,464)      
La Vista, 11720 Peel Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,679      
Land (initial cost) 1,232      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 165      
Building & Improvements, Gross 14,844      
Land, Gross 1,232      
Total 16,076      
Accumulated Depreciation (2,012)      
Omaha, 10488 S. 136th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,376      
Land (initial cost) 1,602      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 244      
Building & Improvements, Gross 13,620      
Land, Gross 1,602      
Total 15,222      
Accumulated Depreciation (2,412)      
Omaha, 9995 I Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,122      
Land (initial cost) 572      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 641      
Building & Improvements, Gross 3,763      
Land, Gross 572      
Total 4,335      
Accumulated Depreciation (604)      
Omaha, 10025 I Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,304      
Land (initial cost) 579      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 133      
Building & Improvements, Gross 2,437      
Land, Gross 579      
Total 3,016      
Accumulated Depreciation (431)      
Omaha, 9931 South 136th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,636      
Land (initial cost) 828      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 390      
Building & Improvements, Gross 3,026      
Land, Gross 828      
Total 3,854      
Accumulated Depreciation (544)      
Omaha, 9950 South 134th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,398      
Land (initial cost) 868      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 39      
Building & Improvements, Gross 3,437      
Land, Gross 868      
Total 4,305      
Accumulated Depreciation (461)      
Fernley, 190 Resource Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,401      
Land (initial cost) 1,034      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 225      
Building & Improvements, Gross 11,626      
Land, Gross 1,034      
Total 12,660      
Accumulated Depreciation (1,776)      
Las Vegas, 730 Pilot Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,655      
Land (initial cost) 2,615      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 727      
Building & Improvements, Gross 12,382      
Land, Gross 2,615      
Total 14,997      
Accumulated Depreciation (2,307)      
Las Vegas, 3450 West Teco Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,102      
Land (initial cost) 770      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 80      
Building & Improvements, Gross 3,182      
Land, Gross 770      
Total 3,952      
Accumulated Depreciation (665)      
Paradise, 4565 Wynn Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,338      
Land (initial cost) 949      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,338      
Land, Gross 949      
Total 5,287      
Accumulated Depreciation (765)      
Paradise, 6460 Arville Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,131      
Land (initial cost) 1,465      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 251      
Building & Improvements, Gross 3,382      
Land, Gross 1,465      
Total 4,847      
Accumulated Depreciation (615)      
Reno, 9025 Moya Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,043      
Land (initial cost) 1,372      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 832      
Building & Improvements, Gross 3,875      
Land, Gross 1,372      
Total 5,247      
Accumulated Depreciation (973)      
Sparks, 325 E. Nugget Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,589      
Land (initial cost) 938      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,179      
Building & Improvements, Gross 6,768      
Land, Gross 938      
Total 7,706      
Accumulated Depreciation (1,690)      
Sparks, 655 Spice Islands Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 25,453      
Land (initial cost) 2,831      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 421      
Building & Improvements, Gross 25,874      
Land, Gross 2,831      
Total 28,705      
Accumulated Depreciation (1,699)      
Londonderry, 29 Jack's Bridge Road/Clark Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,249      
Land (initial cost) 730      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 339      
Building & Improvements, Gross 6,588      
Land, Gross 730      
Total 7,318      
Accumulated Depreciation (2,064)      
Branchburg, 291 Evans Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,470      
Land (initial cost) 2,367      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 24      
Building & Improvements, Gross 10,494      
Land, Gross 2,367      
Total 12,861      
Accumulated Depreciation (1,599)      
Burlington, 8 Campus Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 3,267      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 16,064      
Building & Improvements, Gross 16,064      
Land, Gross 3,267      
Total 19,331      
Accumulated Depreciation (2,164)      
Burlington, 6 Campus Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 18,708      
Land (initial cost) 4,030      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,022      
Building & Improvements, Gross 21,730      
Land, Gross 4,030      
Total 25,760      
Accumulated Depreciation (6,068)      
Franklin Township, 17 & 20 Veronica Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,433      
Land (initial cost) 2,272      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,638      
Building & Improvements, Gross 9,071      
Land, Gross 2,272      
Total 11,343      
Accumulated Depreciation (2,154)      
Lumberton, 101 Mount Holly Bypass        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,721      
Land (initial cost) 1,121      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 456      
Building & Improvements, Gross 6,177      
Land, Gross 1,121      
Total 7,298      
Accumulated Depreciation (1,045)      
Moorestown, 550 Glen Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,627      
Land (initial cost) 466      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 230      
Building & Improvements, Gross 5,857      
Land, Gross 466      
Total 6,323      
Accumulated Depreciation (1,381)      
Moorestown, 600 Glen Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,188      
Land (initial cost) 510      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 189      
Building & Improvements, Gross 4,377      
Land, Gross 510      
Total 4,887      
Accumulated Depreciation (750)      
Moorestown, 11 Twosome Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,490      
Land (initial cost) 1,230      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 201      
Building & Improvements, Gross 9,691      
Land, Gross 1,230      
Total 10,921      
Accumulated Depreciation (412)      
Mt. Laurel, 103 Central Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,447      
Land (initial cost) 616      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,106      
Building & Improvements, Gross 7,553      
Land, Gross 616      
Total 8,169      
Accumulated Depreciation (1,043)      
Piscataway, 100 New England Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,999      
Land (initial cost) 7,566      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,336      
Building & Improvements, Gross 21,335      
Land, Gross 7,566      
Total 28,901      
Accumulated Depreciation (998)      
Swedesboro, 2165 Center Square Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,827      
Land (initial cost) 1,212      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 901      
Building & Improvements, Gross 5,728      
Land, Gross 1,212      
Total 6,940      
Accumulated Depreciation (1,289)      
Westampton, 800 Highland Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 20,734      
Land (initial cost) 3,647      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 8,957      
Building & Improvements, Gross 29,691      
Land, Gross 3,647      
Total 33,338      
Accumulated Depreciation (3,089)      
Santa Teresa, 150 Earhardt Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,904      
Land (initial cost) 723      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 161      
Building & Improvements, Gross 9,065      
Land, Gross 723      
Total 9,788      
Accumulated Depreciation (935)      
Buffalo, 1236-50 William Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,924      
Land (initial cost) 146      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 2,924      
Land, Gross 146      
Total 3,070      
Accumulated Depreciation (1,106)      
Cheektowaga, 40-60 Industrial Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,699      
Land (initial cost) 216      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 990      
Building & Improvements, Gross 3,689      
Land, Gross 216      
Total 3,905      
Accumulated Depreciation (1,545)      
Gloversville, 125 Belzano Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,203      
Land (initial cost) 117      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 7      
Building & Improvements, Gross 1,210      
Land, Gross 117      
Total 1,327      
Accumulated Depreciation (400)      
Gloversville, 122 Belzano Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,455      
Land (initial cost) 151      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 238      
Building & Improvements, Gross 2,693      
Land, Gross 151      
Total 2,844      
Accumulated Depreciation (864)      
Gloversville, 109 Belzano Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,384      
Land (initial cost) 154      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 210      
Building & Improvements, Gross 1,594      
Land, Gross 154      
Total 1,748      
Accumulated Depreciation (513)      
Johnstown, 123 Union Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,555      
Land (initial cost) 216      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 305      
Building & Improvements, Gross 1,860      
Land, Gross 216      
Total 2,076      
Accumulated Depreciation (536)      
Johnstown, 231 Enterprise Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 828      
Land (initial cost) 151      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 49      
Building & Improvements, Gross 877      
Land, Gross 151      
Total 1,028      
Accumulated Depreciation (275)      
Johnstown, 150 Enterprise Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,304      
Land (initial cost) 140      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 36      
Building & Improvements, Gross 1,340      
Land, Gross 140      
Total 1,480      
Accumulated Depreciation (434)      
Rochester, 2883 Brighton Henrietta Townline Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,607      
Land (initial cost) 619      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,172      
Building & Improvements, Gross 7,779      
Land, Gross 619      
Total 8,398      
Accumulated Depreciation (1,084)      
Rochester, 1350 Scottsville Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,702      
Land (initial cost) 208      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 109      
Building & Improvements, Gross 6,811      
Land, Gross 208      
Total 7,019      
Accumulated Depreciation (1,216)      
Ronkonkoma, 845 South 1st Street        
Real Estate and Accumulated Depreciation        
Encumbrances (4,099)      
Building and Tenant Improvements (initial cost) 6,091      
Land (initial cost) 1,213      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 147      
Building & Improvements, Gross 6,238      
Land, Gross 1,213      
Total 7,451      
Accumulated Depreciation (991)      
Catawba, 3389 Catawba Industrial Place        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,166      
Land (initial cost) 1,692      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 8,166      
Land, Gross 1,692      
Total 9,858      
Accumulated Depreciation (1,383)      
Charlotte, 1401 Tar Heel Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,770      
Land (initial cost) 515      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 63      
Building & Improvements, Gross 3,833      
Land, Gross 515      
Total 4,348      
Accumulated Depreciation (989)      
Charlotte, 2027 Gateway Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,654      
Land (initial cost) 913      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 30      
Building & Improvements, Gross 3,684      
Land, Gross 913      
Total 4,597      
Accumulated Depreciation (920)      
Charlotte, 3115 Beam Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,839      
Land (initial cost) 369      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 179      
Building & Improvements, Gross 5,018      
Land, Gross 369      
Total 5,387      
Accumulated Depreciation (911)      
Charlotte, 12730 Virkler Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,650      
Land (initial cost) 1,522      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 60      
Building & Improvements, Gross 10,710      
Land, Gross 1,522      
Total 12,232      
Accumulated Depreciation (508)      
Durham, 3450 Hopson Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 64,860      
Land (initial cost) 7,075      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 64,860      
Land, Gross 7,075      
Total 71,935      
Accumulated Depreciation (164)      
Durham, 2702 Weck Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,411      
Land (initial cost) 753      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 327      
Building & Improvements, Gross 2,738      
Land, Gross 753      
Total 3,491      
Accumulated Depreciation (724)      
Garner, 2337 US Highway 70E        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,790      
Land (initial cost) 3,420      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,790      
Land, Gross 3,420      
Total 15,210      
Accumulated Depreciation (2,030)      
Greensboro, 719 North Regional Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,396      
Land (initial cost) 366      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 711      
Building & Improvements, Gross 13,107      
Land, Gross 366      
Total 13,473      
Accumulated Depreciation (976)      
Greensboro, 415 Westcliff Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,383      
Land (initial cost) 691      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 208      
Building & Improvements, Gross 6,591      
Land, Gross 691      
Total 7,282      
Accumulated Depreciation (1,597)      
Huntersville, 13201 Reese Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,030      
Land (initial cost) 1,061      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 976      
Building & Improvements, Gross 4,006      
Land, Gross 1,061      
Total 5,067      
Accumulated Depreciation (1,354)      
Lexington, 200 Woodside Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,863      
Land (initial cost) 232      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,308      
Building & Improvements, Gross 5,171      
Land, Gross 232      
Total 5,403      
Accumulated Depreciation (2,002)      
Mebane, 7412 Oakwood Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,455      
Land (initial cost) 481      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 887      
Building & Improvements, Gross 5,342      
Land, Gross 481      
Total 5,823      
Accumulated Depreciation (1,886)      
Mebane, 7600 Oakwood Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,980      
Land (initial cost) 443      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 314      
Building & Improvements, Gross 4,294      
Land, Gross 443      
Total 4,737      
Accumulated Depreciation (1,456)      
Mebane, 7110 E. Washington Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,782      
Land (initial cost) 358      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,037      
Building & Improvements, Gross 6,819      
Land, Gross 358      
Total 7,177      
Accumulated Depreciation (1,983)      
Mocksville, 171 Enterprise Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,309      
Land (initial cost) 1,091      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 616      
Building & Improvements, Gross 5,925      
Land, Gross 1,091      
Total 7,016      
Accumulated Depreciation (1,082)      
Mooresville, 119 Super Sport Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 17,029      
Land (initial cost) 4,195      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 923      
Building & Improvements, Gross 17,952      
Land, Gross 4,195      
Total 22,147      
Accumulated Depreciation (3,858)      
Mooresville, 313 Mooresville Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,968      
Land (initial cost) 701      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,835      
Building & Improvements, Gross 8,803      
Land, Gross 701      
Total 9,504      
Accumulated Depreciation (2,911)      
Mountain Home, 199 N. Egerton Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,265      
Land (initial cost) 523      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 324      
Building & Improvements, Gross 2,589      
Land, Gross 523      
Total 3,112      
Accumulated Depreciation (668)      
Newton, 1500 Prodelin Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,814      
Land (initial cost) 732      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,807      
Building & Improvements, Gross 8,621      
Land, Gross 732      
Total 9,353      
Accumulated Depreciation (2,879)      
Pineville, 10519 Industrial Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,179      
Land (initial cost) 392      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 44      
Building & Improvements, Gross 1,223      
Land, Gross 392      
Total 1,615      
Accumulated Depreciation (406)      
Rural Hall, 300 Forum Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,375      
Land (initial cost) 439      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 695      
Building & Improvements, Gross 6,070      
Land, Gross 439      
Total 6,509      
Accumulated Depreciation (2,248)      
Salisbury, 990 Cedar Springs Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,211      
Land (initial cost) 1,535      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,008      
Building & Improvements, Gross 7,219      
Land, Gross 1,535      
Total 8,754      
Accumulated Depreciation (1,798)      
Smithfield, 3250 Highway 70 Business West        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,411      
Land (initial cost) 613      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 7,219      
Building & Improvements, Gross 11,630      
Land, Gross 613      
Total 12,243      
Accumulated Depreciation (2,902)      
Troutman, 279 & 281 Old Murdock Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,124      
Land (initial cost) 802      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 360      
Building & Improvements, Gross 13,484      
Land, Gross 802      
Total 14,286      
Accumulated Depreciation (3,490)      
Winston-Salem, 2655 Annapolis Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,888      
Land (initial cost) 610      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,560      
Building & Improvements, Gross 13,448      
Land, Gross 610      
Total 14,058      
Accumulated Depreciation (2,715)      
Youngsville, 200 K-Flex Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,150      
Land (initial cost) 1,836      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 16,150      
Land, Gross 1,836      
Total 17,986      
Accumulated Depreciation (3,855)      
Bedford Heights, 26801 Fargo Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,763      
Land (initial cost) 837      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,311      
Building & Improvements, Gross 6,074      
Land, Gross 837      
Total 6,911      
Accumulated Depreciation (1,544)      
Boardman, 365 McClurg Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,473      
Land (initial cost) 282      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,358      
Building & Improvements, Gross 4,831      
Land, Gross 282      
Total 5,113      
Accumulated Depreciation (2,268)      
Canal Winchester, 6200-6250 Winchester Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 37,431      
Land (initial cost) 6,403      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,913      
Building & Improvements, Gross 40,344      
Land, Gross 6,403      
Total 46,747      
Accumulated Depreciation (5,156)      
Canal Winchester, 6260-6300 Winchester Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,432      
Land (initial cost) 3,708      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 430      
Building & Improvements, Gross 19,862      
Land, Gross 3,708      
Total 23,570      
Accumulated Depreciation (3,075)      
Canal Winchester, 6215-6275 Winchester Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,704      
Land (initial cost) 1,690      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 16,704      
Land, Gross 1,690      
Total 18,394      
Accumulated Depreciation (854)      
Columbus, 1605 Westbelt Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,807      
Land (initial cost) 337      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,531      
Building & Improvements, Gross 6,338      
Land, Gross 337      
Total 6,675      
Accumulated Depreciation (1,194)      
Columbus, 5330 Crosswinds Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 45,112      
Land (initial cost) 3,410      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,141      
Building & Improvements, Gross 46,253      
Land, Gross 3,410      
Total 49,663      
Accumulated Depreciation (7,546)      
Columbus, 200 McCormick Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,960      
Land (initial cost) 988      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 77      
Building & Improvements, Gross 9,037      
Land, Gross 988      
Total 10,025      
Accumulated Depreciation (1,227)      
Columbus, 3900-3990 Business Park Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,725      
Land (initial cost) 489      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 593      
Building & Improvements, Gross 3,318      
Land, Gross 489      
Total 3,807      
Accumulated Depreciation (946)      
Dayton, 2815 South Gettysburg Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,616      
Land (initial cost) 331      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 343      
Building & Improvements, Gross 5,959      
Land, Gross 331      
Total 6,290      
Accumulated Depreciation (1,499)      
Dayton, 1925 Union Airpark Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 43,618      
Land (initial cost) 3,987      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 43,618      
Land, Gross 3,987      
Total 47,605      
Accumulated Depreciation (472)      
Etna, 8591 Mink Street SW        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 73,402      
Land (initial cost) 2,939      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 231      
Building & Improvements, Gross 73,633      
Land, Gross 2,939      
Total 76,572      
Accumulated Depreciation (12,376)      
Fairborn, 1340 E Dayton Yellow Springs Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,788      
Land (initial cost) 867      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 635      
Building & Improvements, Gross 5,423      
Land, Gross 867      
Total 6,290      
Accumulated Depreciation (1,411)      
Fairfield, 4275 Thunderbird Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,409      
Land (initial cost) 948      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,175      
Building & Improvements, Gross 3,584      
Land, Gross 948      
Total 4,532      
Accumulated Depreciation (981)      
Fairfield, 3840 Port Union Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,337      
Land (initial cost) 1,086      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 407      
Building & Improvements, Gross 5,744      
Land, Gross 1,086      
Total 6,830      
Accumulated Depreciation (1,819)      
Gahanna, 1120 Morrison Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,806      
Land (initial cost) 1,265      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,063      
Building & Improvements, Gross 7,869      
Land, Gross 1,265      
Total 9,134      
Accumulated Depreciation (2,761)      
Groveport, 5830 Green Pointe Drive South        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,346      
Land (initial cost) 642      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,017      
Building & Improvements, Gross 12,363      
Land, Gross 642      
Total 13,005      
Accumulated Depreciation (2,372)      
Hilliard, 4251 Leap Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,853      
Land (initial cost) 550      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,870      
Building & Improvements, Gross 8,723      
Land, Gross 550      
Total 9,273      
Accumulated Depreciation (1,861)      
Macedonia, 8295 Bavaria Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,219      
Land (initial cost) 1,001      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 174      
Building & Improvements, Gross 10,393      
Land, Gross 1,001      
Total 11,394      
Accumulated Depreciation (1,294)      
Macedonia, 1261 Highland Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,541      
Land (initial cost) 1,690      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 637      
Building & Improvements, Gross 8,178      
Land, Gross 1,690      
Total 9,868      
Accumulated Depreciation (2,189)      
Maple Heights, 16645 Granite Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,357      
Land (initial cost) 922      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,357      
Land, Gross 922      
Total 5,279      
Accumulated Depreciation (705)      
Mason, 7258 Innovation Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,307      
Land (initial cost) 673      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,307      
Land, Gross 673      
Total 4,980      
Accumulated Depreciation (1,220)      
North Jackson, 500 South Bailey Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,001      
Land (initial cost) 1,528      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,269      
Building & Improvements, Gross 6,270      
Land, Gross 1,528      
Total 7,798      
Accumulated Depreciation (1,578)      
North Jackson, 382 Rosemont Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,777      
Land (initial cost) 486      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,174      
Building & Improvements, Gross 8,951      
Land, Gross 486      
Total 9,437      
Accumulated Depreciation (2,868)      
Oakwood Village, 26350 Broadway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,773      
Land (initial cost) 343      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 473      
Building & Improvements, Gross 3,246      
Land, Gross 343      
Total 3,589      
Accumulated Depreciation (802)      
Salem, 800 Pennsylvania Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,849      
Land (initial cost) 858      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,297      
Building & Improvements, Gross 9,146      
Land, Gross 858      
Total 10,004      
Accumulated Depreciation (4,128)      
Sharonville, 12110 Champion Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,975      
Land (initial cost) 1,385      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 16,975      
Land, Gross 1,385      
Total 18,360      
Accumulated Depreciation (51)      
Streetsboro, 9777 Mopar Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,909      
Land (initial cost) 2,161      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,157      
Building & Improvements, Gross 6,066      
Land, Gross 2,161      
Total 8,227      
Accumulated Depreciation (2,220)      
Strongsville, 14450 Foltz Industrial Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,431      
Land (initial cost) 1,315      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 16,431      
Land, Gross 1,315      
Total 17,746      
Accumulated Depreciation (2,230)      
Strongsville, 12930 Darice Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,583      
Land (initial cost) 491      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 963      
Building & Improvements, Gross 6,546      
Land, Gross 491      
Total 7,037      
Accumulated Depreciation (2,169)      
Toledo, 1800 Jason Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,296      
Land (initial cost) 213      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 6,296      
Land, Gross 213      
Total 6,509      
Accumulated Depreciation (2,059)      
Twinsburg, 8601 Independence Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 19,731      
Land (initial cost) 3,855      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 19,731      
Land, Gross 3,855      
Total 23,586      
Accumulated Depreciation (3,225)      
Twinsburg, 7990 Bavaria Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,437      
Land (initial cost) 590      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 7,021      
Building & Improvements, Gross 13,458      
Land, Gross 590      
Total 14,048      
Accumulated Depreciation (3,449)      
West Chester, 9696 International Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,182      
Land (initial cost) 936      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 270      
Building & Improvements, Gross 8,452      
Land, Gross 936      
Total 9,388      
Accumulated Depreciation (1,873)      
West Chester, 8778-8910 Le Saint Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 42,704      
Land (initial cost) 1,565      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 304      
Building & Improvements, Gross 43,008      
Land, Gross 1,565      
Total 44,573      
Accumulated Depreciation (2,564)      
West Jefferson, 1550 West Main Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 70,213      
Land (initial cost) 2,015      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 75      
Building & Improvements, Gross 70,288      
Land, Gross 2,015      
Total 72,303      
Accumulated Depreciation (15,591)      
Oklahoma City, 4949 Southwest 20th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,820      
Land (initial cost) 746      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 194      
Building & Improvements, Gross 2,014      
Land, Gross 746      
Total 2,760      
Accumulated Depreciation (572)      
Oklahoma City, 5101 South Council Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,960      
Land (initial cost) 1,614      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,466      
Building & Improvements, Gross 10,426      
Land, Gross 1,614      
Total 12,040      
Accumulated Depreciation (3,252)      
Tulsa, 11607 E. 43rd Street North        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,242      
Land (initial cost) 966      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 8,242      
Land, Gross 966      
Total 9,208      
Accumulated Depreciation (2,976)      
Tulsa, 10757 East Ute Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,167      
Land (initial cost) 644      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 125      
Building & Improvements, Gross 7,292      
Land, Gross 644      
Total 7,936      
Accumulated Depreciation (1,437)      
Beaverton, 5805 SW 107th Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,602      
Land (initial cost) 2,463      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 53      
Building & Improvements, Gross 10,655      
Land, Gross 2,463      
Total 13,118      
Accumulated Depreciation (812)      
Beaverton, 5807 SW 107th Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,936      
Land (initial cost) 1,237      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,936      
Land, Gross 1,237      
Total 6,173      
Accumulated Depreciation (384)      
North Plains, 28925 NW Union Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,888      
Land (initial cost) 4,778      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 25,289      
Building & Improvements, Gross 27,177      
Land, Gross 4,778      
Total 31,955      
Accumulated Depreciation (399)      
Salem, 4060 Fairview Industrial Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,039      
Land (initial cost) 599      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 963      
Building & Improvements, Gross 4,002      
Land, Gross 599      
Total 4,601      
Accumulated Depreciation (1,519)      
Salem, 4050 Fairview Industrial Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,372      
Land (initial cost) 266      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 562      
Building & Improvements, Gross 1,934      
Land, Gross 266      
Total 2,200      
Accumulated Depreciation (799)      
Sherwood, 20707 SW Wildrose Place        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,014      
Land (initial cost) 1,315      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 14,014      
Land, Gross 1,315      
Total 15,329      
Accumulated Depreciation (758)      
Wilsonville, 9400 SW Barber Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,142      
Land (initial cost) 696      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 411      
Building & Improvements, Gross 10,553      
Land, Gross 696      
Total 11,249      
Accumulated Depreciation (1,040)      
Allentown, 6670 Grant Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,937      
Land (initial cost) 1,237      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 487      
Building & Improvements, Gross 10,424      
Land, Gross 1,237      
Total 11,661      
Accumulated Depreciation (745)      
Allentown, 6690 Grant Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,721      
Land (initial cost) 1,535      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 66      
Building & Improvements, Gross 11,787      
Land, Gross 1,535      
Total 13,322      
Accumulated Depreciation (828)      
Allentown, 7132 Daniels Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,745      
Land (initial cost) 1,962      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,130      
Building & Improvements, Gross 8,875      
Land, Gross 1,962      
Total 10,837      
Accumulated Depreciation (2,948)      
Burgettstown, 157 Starpointe Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 23,416      
Land (initial cost) 1,248      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 598      
Building & Improvements, Gross 24,014      
Land, Gross 1,248      
Total 25,262      
Accumulated Depreciation (5,500)      
Charleroi, 200 Simko Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,849      
Land (initial cost) 935      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 136      
Building & Improvements, Gross 9,985      
Land, Gross 935      
Total 10,920      
Accumulated Depreciation (1,796)      
Clinton, 2300 Sweeney Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 18,020      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 25      
Building & Improvements, Gross 18,045      
Land, Gross 0      
Total 18,045      
Accumulated Depreciation (3,873)      
Clinton, 2251 Sweeney Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,007      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 12,007      
Land, Gross 0      
Total 12,007      
Accumulated Depreciation (2,361)      
Clinton, 2400 Sweeney Drive Extension        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,188      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,920      
Building & Improvements, Gross 19,108      
Land, Gross 0      
Total 19,108      
Accumulated Depreciation (3,314)      
Clinton, 1200 Clifford Ball Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,524      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 10,524      
Land, Gross 0      
Total 10,524      
Accumulated Depreciation (1,817)      
Clinton, 1111 Clifford Ball Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,668      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 5,668      
Land, Gross 0      
Total 5,668      
Accumulated Depreciation (997)      
Clinton, 1300 Clifford Ball Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 18,152      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 18,152      
Land, Gross 0      
Total 18,152      
Accumulated Depreciation (3,051)      
Clinton, 1100 Clifford Ball Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 40,282      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 945      
Building & Improvements, Gross 41,227      
Land, Gross 0      
Total 41,227      
Accumulated Depreciation (5,567)      
Croydon, 3001 State Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,308      
Land (initial cost) 829      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 5,234      
Building & Improvements, Gross 9,542      
Land, Gross 829      
Total 10,371      
Accumulated Depreciation (592)      
Elizabethtown, 11 and 33 Industrial Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,052      
Land (initial cost) 1,000      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 674      
Building & Improvements, Gross 5,726      
Land, Gross 1,000      
Total 6,726      
Accumulated Depreciation (1,629)      
Export, 1003 Corporate Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,180      
Land (initial cost) 667      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 210      
Building & Improvements, Gross 5,390      
Land, Gross 667      
Total 6,057      
Accumulated Depreciation (864)      
Hazleton, 69 Green Mountain Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 43,571      
Land (initial cost) 4,995      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,063      
Building & Improvements, Gross 44,634      
Land, Gross 4,995      
Total 49,629      
Accumulated Depreciation (6,710)      
Imperial, 200 Solar Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 22,025      
Land (initial cost) 1,762      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 22,025      
Land, Gross 1,762      
Total 23,787      
Accumulated Depreciation (4,194)      
Kulpsville, 1510 Gehman Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,390      
Land (initial cost) 3,171      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 137      
Building & Improvements, Gross 10,527      
Land, Gross 3,171      
Total 13,698      
Accumulated Depreciation (984)      
Lancaster, 2919 Old Tree Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,042      
Land (initial cost) 1,520      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,687      
Building & Improvements, Gross 5,729      
Land, Gross 1,520      
Total 7,249      
Accumulated Depreciation (1,491)      
Langhorne, 2151 Cabot Boulevard West        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,546      
Land (initial cost) 1,370      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,863      
Building & Improvements, Gross 5,409      
Land, Gross 1,370      
Total 6,779      
Accumulated Depreciation (899)      
Langhorne, 2201 Cabot Boulevard West        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,677      
Land (initial cost) 1,308      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 427      
Building & Improvements, Gross 3,104      
Land, Gross 1,308      
Total 4,412      
Accumulated Depreciation (796)      
Langhorne, 121 Wheeler Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,327      
Land (initial cost) 1,884      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,035      
Building & Improvements, Gross 8,362      
Land, Gross 1,884      
Total 10,246      
Accumulated Depreciation (2,348)      
Langhorne, 1 Cabot Boulevard East        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,751      
Land (initial cost) 1,155      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 83      
Building & Improvements, Gross 3,834      
Land, Gross 1,155      
Total 4,989      
Accumulated Depreciation (641)      
Lebanon, 1 Keystone Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,784      
Land (initial cost) 1,380      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,048      
Building & Improvements, Gross 4,832      
Land, Gross 1,380      
Total 6,212      
Accumulated Depreciation (1,003)      
Mechanicsburg, 6350 Brackbill Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,787      
Land (initial cost) 1,482      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,860      
Building & Improvements, Gross 7,647      
Land, Gross 1,482      
Total 9,129      
Accumulated Depreciation (1,920)      
Mechanicsburg, 6360 Brackbill Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,586      
Land (initial cost) 1,800      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,058      
Building & Improvements, Gross 7,644      
Land, Gross 1,800      
Total 9,444      
Accumulated Depreciation (2,119)      
Mechanicsburg, 245 Salem Church Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,462      
Land (initial cost) 1,452      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,771      
Building & Improvements, Gross 10,233      
Land, Gross 1,452      
Total 11,685      
Accumulated Depreciation (2,362)      
Muhlenberg Township, 171-173 Tuckerton Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,784      
Land (initial cost) 843      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,367      
Building & Improvements, Gross 17,151      
Land, Gross 843      
Total 17,994      
Accumulated Depreciation (5,793)      
New Galilee, 1750 Shenango Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 24,483      
Land (initial cost) 1,127      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 354      
Building & Improvements, Gross 24,837      
Land, Gross 1,127      
Total 25,964      
Accumulated Depreciation (3,978)      
New Kensington, 115 Hunt Valley Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,898      
Land (initial cost) 177      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 8,898      
Land, Gross 177      
Total 9,075      
Accumulated Depreciation (1,698)      
New Kingstown, 6 Doughten Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,074      
Land (initial cost) 2,041      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 594      
Building & Improvements, Gross 8,668      
Land, Gross 2,041      
Total 10,709      
Accumulated Depreciation (2,465)      
O'Hara Township, 100 Papercraft Park        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 18,158      
Land (initial cost) 1,435      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 7,440      
Building & Improvements, Gross 25,598      
Land, Gross 1,435      
Total 27,033      
Accumulated Depreciation (9,153)      
Reading, 2001 Centre Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,020      
Land (initial cost) 1,708      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,554      
Building & Improvements, Gross 6,574      
Land, Gross 1,708      
Total 8,282      
Accumulated Depreciation (1,512)      
Warrendale, 410-426 Keystone Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,442      
Land (initial cost) 1,853      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 786      
Building & Improvements, Gross 12,228      
Land, Gross 1,853      
Total 14,081      
Accumulated Depreciation (2,206)      
York, 2925 East Market Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,818      
Land (initial cost) 2,152      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 381      
Building & Improvements, Gross 14,199      
Land, Gross 2,152      
Total 16,351      
Accumulated Depreciation (3,030)      
York, 57 Grumbacher Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,541      
Land (initial cost) 966      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 28      
Building & Improvements, Gross 14,569      
Land, Gross 966      
Total 15,535      
Accumulated Depreciation (2,893)      
York, 420 Emig Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,219      
Land (initial cost) 869      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 47      
Building & Improvements, Gross 7,266      
Land, Gross 869      
Total 8,135      
Accumulated Depreciation (1,238)      
York, 915 Woodland View Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,754      
Land (initial cost) 1,139      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 247      
Building & Improvements, Gross 6,001      
Land, Gross 1,139      
Total 7,140      
Accumulated Depreciation (983)      
York, 2800 Concord Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 21,154      
Land (initial cost) 1,478      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,526      
Building & Improvements, Gross 22,680      
Land, Gross 1,478      
Total 24,158      
Accumulated Depreciation (3,171)      
Columbia, 128 Crews Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,171      
Land (initial cost) 783      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 287      
Building & Improvements, Gross 5,458      
Land, Gross 783      
Total 6,241      
Accumulated Depreciation (1,768)      
Duncan, 110 Hidden Lakes Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,981      
Land (initial cost) 1,002      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,450      
Building & Improvements, Gross 14,431      
Land, Gross 1,002      
Total 15,433      
Accumulated Depreciation (5,163)      
Duncan, 112 Hidden Lakes Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,739      
Land (initial cost) 709      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,586      
Building & Improvements, Gross 8,325      
Land, Gross 709      
Total 9,034      
Accumulated Depreciation (3,208)      
Duncan, 175 Spartangreen Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,390      
Land (initial cost) 936      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 89      
Building & Improvements, Gross 12,479      
Land, Gross 936      
Total 13,415      
Accumulated Depreciation (1,710)      
Fountain Inn, 107 Southchase Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,946      
Land (initial cost) 766      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 672      
Building & Improvements, Gross 8,618      
Land, Gross 766      
Total 9,384      
Accumulated Depreciation (1,884)      
Fountain Inn, 141 Southchase Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,806      
Land (initial cost) 1,878      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 9,084      
Building & Improvements, Gross 21,890      
Land, Gross 1,878      
Total 23,768      
Accumulated Depreciation (3,770)      
Fountain Inn, 111 Southchase Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,260      
Land (initial cost) 719      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 95      
Building & Improvements, Gross 4,355      
Land, Gross 719      
Total 5,074      
Accumulated Depreciation (1,423)      
Gaffney, 50 Peachview Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,001      
Land (initial cost) 1,233      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,505      
Building & Improvements, Gross 6,506      
Land, Gross 1,233      
Total 7,739      
Accumulated Depreciation (1,595)      
Goose Creek, 6 Corporate Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 28,353      
Land (initial cost) 4,459      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 28,353      
Land, Gross 4,459      
Total 32,812      
Accumulated Depreciation (4,926)      
Greer, 8 Shelter Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,939      
Land (initial cost) 681      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,478      
Building & Improvements, Gross 8,417      
Land, Gross 681      
Total 9,098      
Accumulated Depreciation (2,535)      
Greer, 1000 Robinson Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 25,631      
Land (initial cost) 849      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 25,631      
Land, Gross 849      
Total 26,480      
Accumulated Depreciation (2,864)      
Greer, 1817 East Poinsett Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 3,674      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 49,357      
Building & Improvements, Gross 49,357      
Land, Gross 3,674      
Total 53,031      
Accumulated Depreciation (1,079)      
Greer, 1809 East Poinsett Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 1,885      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 24,128      
Building & Improvements, Gross 24,128      
Land, Gross 1,885      
Total 26,013      
Accumulated Depreciation (552)      
Greer, 129 Metro Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,376      
Land (initial cost) 129      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 450      
Building & Improvements, Gross 1,826      
Land, Gross 129      
Total 1,955      
Accumulated Depreciation (557)      
Greer, 149 Metro Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,664      
Land (initial cost) 128      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 724      
Building & Improvements, Gross 2,388      
Land, Gross 128      
Total 2,516      
Accumulated Depreciation (661)      
Greer, 153 Metro Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 430      
Land (initial cost) 153      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 155      
Building & Improvements, Gross 585      
Land, Gross 153      
Total 738      
Accumulated Depreciation (222)      
Greer, 154 Metro Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,841      
Land (initial cost) 306      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,831      
Building & Improvements, Gross 4,672      
Land, Gross 306      
Total 4,978      
Accumulated Depreciation (1,222)      
Laurens, 103 Cherry Blossom Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,854      
Land (initial cost) 151      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 52      
Building & Improvements, Gross 3,906      
Land, Gross 151      
Total 4,057      
Accumulated Depreciation (991)      
Piedmont, 1100 Piedmont Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,891      
Land (initial cost) 231      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 548      
Building & Improvements, Gross 4,439      
Land, Gross 231      
Total 4,670      
Accumulated Depreciation (1,210)      
Piedmont, 1102 Piedmont Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,984      
Land (initial cost) 158      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 47      
Building & Improvements, Gross 2,031      
Land, Gross 158      
Total 2,189      
Accumulated Depreciation (532)      
Piedmont, 1104 Piedmont Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,894      
Land (initial cost) 204      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 74      
Building & Improvements, Gross 1,968      
Land, Gross 204      
Total 2,172      
Accumulated Depreciation (494)      
Piedmont, 513 Old Griffin Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,036      
Land (initial cost) 797      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,022      
Building & Improvements, Gross 11,058      
Land, Gross 797      
Total 11,855      
Accumulated Depreciation (2,261)      
Piedmont, 1610 Old Grove Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,478      
Land (initial cost) 1,971      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 730      
Building & Improvements, Gross 17,208      
Land, Gross 1,971      
Total 19,179      
Accumulated Depreciation (2,971)      
Piedmont, 100 Exchange Logistics Park Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 25,151      
Land (initial cost) 569      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,001      
Building & Improvements, Gross 26,152      
Land, Gross 569      
Total 26,721      
Accumulated Depreciation (3,088)      
Piedmont, 119 Matrix Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,886      
Land (initial cost) 331      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 362      
Building & Improvements, Gross 14,248      
Land, Gross 331      
Total 14,579      
Accumulated Depreciation (1,652)      
Rock Hill, 2751 Commerce Drive, Unit C        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,146      
Land (initial cost) 1,411      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,601      
Building & Improvements, Gross 7,747      
Land, Gross 1,411      
Total 9,158      
Accumulated Depreciation (2,198)      
Rock Hill, 1953 Langston Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,982      
Land (initial cost) 1,095      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 984      
Building & Improvements, Gross 4,966      
Land, Gross 1,095      
Total 6,061      
Accumulated Depreciation (1,179)      
Simpsonville, 101 Harrison Bridge Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,960      
Land (initial cost) 957      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,661      
Building & Improvements, Gross 6,621      
Land, Gross 957      
Total 7,578      
Accumulated Depreciation (2,416)      
Simpsonville, 103 Harrison Bridge Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,364      
Land (initial cost) 470      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,114      
Building & Improvements, Gross 4,478      
Land, Gross 470      
Total 4,948      
Accumulated Depreciation (1,714)      
Simpsonville, 1312 Old Stage Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 24,200      
Land (initial cost) 1,454      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,428      
Building & Improvements, Gross 27,628      
Land, Gross 1,454      
Total 29,082      
Accumulated Depreciation (6,610)      
Spartanburg, 5675 North Blackstock Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,452      
Land (initial cost) 1,867      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 6,123      
Building & Improvements, Gross 19,575      
Land, Gross 1,867      
Total 21,442      
Accumulated Depreciation (3,734)      
Spartanburg, 5679 North Blackstock Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 344      
Building & Improvements, Gross 344      
Land, Gross 0      
Total 344      
Accumulated Depreciation (4)      
Spartanburg, 950 Brisack Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,250      
Land (initial cost) 342      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,360      
Building & Improvements, Gross 5,610      
Land, Gross 342      
Total 5,952      
Accumulated Depreciation (1,479)      
Spartanburg, 2071 Fryml Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,288      
Land (initial cost) 663      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 241      
Building & Improvements, Gross 7,529      
Land, Gross 663      
Total 8,192      
Accumulated Depreciation (1,400)      
Spartanburg, 2171 Fryml Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,116      
Land (initial cost) 530      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 143      
Building & Improvements, Gross 4,259      
Land, Gross 530      
Total 4,789      
Accumulated Depreciation (733)      
Spartanburg, 2010 Nazareth Church Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,373      
Land (initial cost) 895      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 745      
Building & Improvements, Gross 17,118      
Land, Gross 895      
Total 18,013      
Accumulated Depreciation (3,750)      
Spartanburg, 150-160 National Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,797      
Land (initial cost) 493      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,428      
Building & Improvements, Gross 8,225      
Land, Gross 493      
Total 8,718      
Accumulated Depreciation (2,574)      
Summerville, 105 Eastport Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,710      
Land (initial cost) 1,157      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 534      
Building & Improvements, Gross 5,244      
Land, Gross 1,157      
Total 6,401      
Accumulated Depreciation (1,041)      
Wellford, 462 Casual Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,147      
Land (initial cost) 2,588      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,155      
Building & Improvements, Gross 17,302      
Land, Gross 2,588      
Total 19,890      
Accumulated Depreciation (1,365)      
Wellford, 452 Casual Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,187      
Land (initial cost) 2,548      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,623      
Building & Improvements, Gross 20,810      
Land, Gross 2,548      
Total 23,358      
Accumulated Depreciation (608)      
West Columbia, 185 McQueen Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,808      
Land (initial cost) 715      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,355      
Building & Improvements, Gross 9,163      
Land, Gross 715      
Total 9,878      
Accumulated Depreciation (3,156)      
West Columbia, 610 Kelsey Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,152      
Land (initial cost) 488      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 9,152      
Land, Gross 488      
Total 9,640      
Accumulated Depreciation (2,078)      
West Columbia, 825 Bistline Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,640      
Land (initial cost) 240      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,050      
Building & Improvements, Gross 9,690      
Land, Gross 240      
Total 9,930      
Accumulated Depreciation (2,114)      
West Columbia, 810 Bistline Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,881      
Land (initial cost) 564      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 10,881      
Land, Gross 564      
Total 11,445      
Accumulated Depreciation (2,331)      
West Columbia, 1000 Technology Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 23,567      
Land (initial cost) 1,422      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 5      
Building & Improvements, Gross 23,572      
Land, Gross 1,422      
Total 24,994      
Accumulated Depreciation (3,806)      
West Columbia, 842 Bistline Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 12,723      
Land (initial cost) 1,217      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,749      
Building & Improvements, Gross 14,472      
Land, Gross 1,217      
Total 15,689      
Accumulated Depreciation (2,300)      
West Columbia, 222 Old Wire Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,878      
Land (initial cost) 551      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,301      
Building & Improvements, Gross 6,179      
Land, Gross 551      
Total 6,730      
Accumulated Depreciation (2,100)      
Chattanooga, 1800 Crutchfield Street Building A        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,085      
Land (initial cost) 187      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 127      
Building & Improvements, Gross 2,212      
Land, Gross 187      
Total 2,399      
Accumulated Depreciation (556)      
Chattanooga, 1800 Crutchfield Street Building B        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,251      
Land (initial cost) 380      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 84      
Building & Improvements, Gross 4,335      
Land, Gross 380      
Total 4,715      
Accumulated Depreciation (1,148)      
Chattanooga, 1295 Stuart Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,113      
Land (initial cost) 424      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,626      
Building & Improvements, Gross 9,739      
Land, Gross 424      
Total 10,163      
Accumulated Depreciation (2,223)      
Cleveland, 4405 Michigan Avenue Road NE        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,161      
Land (initial cost) 554      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,175      
Building & Improvements, Gross 4,336      
Land, Gross 554      
Total 4,890      
Accumulated Depreciation (1,402)      
Clinton, 1330 Carden Farm Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,930      
Land (initial cost) 403      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 241      
Building & Improvements, Gross 3,171      
Land, Gross 403      
Total 3,574      
Accumulated Depreciation (948)      
Jackson, 1094 Flex Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,250      
Land (initial cost) 230      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,671      
Building & Improvements, Gross 4,921      
Land, Gross 230      
Total 5,151      
Accumulated Depreciation (1,289)      
Knoxville, 2525 Quality Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,842      
Land (initial cost) 447      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 541      
Building & Improvements, Gross 3,383      
Land, Gross 447      
Total 3,830      
Accumulated Depreciation (852)      
Knoxville, 2522 and 2526 Westcott Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,730      
Land (initial cost) 472      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 806      
Building & Improvements, Gross 5,536      
Land, Gross 472      
Total 6,008      
Accumulated Depreciation (1,027)      
Knoxville, 5700 Casey Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,847      
Land (initial cost) 1,117      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 996      
Building & Improvements, Gross 7,843      
Land, Gross 1,117      
Total 8,960      
Accumulated Depreciation (1,266)      
Lebanon, 535 Maddox-Simpson Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,858      
Land (initial cost) 468      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,432      
Building & Improvements, Gross 15,290      
Land, Gross 468      
Total 15,758      
Accumulated Depreciation (2,443)      
Lebanon, 675 Maddox-Simpson Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,891      
Land (initial cost) 519      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 213      
Building & Improvements, Gross 6,104      
Land, Gross 519      
Total 6,623      
Accumulated Depreciation (783)      
Lebanon, 575 Maddox-Simpson Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 549      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 24,903      
Building & Improvements, Gross 24,903      
Land, Gross 549      
Total 25,452      
Accumulated Depreciation (343)      
Loudon, 1700 Elizabeth Lee Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,372      
Land (initial cost) 170      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,137      
Building & Improvements, Gross 5,509      
Land, Gross 170      
Total 5,679      
Accumulated Depreciation (1,412)      
Madison, 538 Myatt Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,790      
Land (initial cost) 1,655      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 19,879      
Building & Improvements, Gross 22,669      
Land, Gross 1,655      
Total 24,324      
Accumulated Depreciation (3,633)      
Mascot, 9575 Commission Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,827      
Land (initial cost) 284      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 112      
Building & Improvements, Gross 2,939      
Land, Gross 284      
Total 3,223      
Accumulated Depreciation (728)      
Mascot, 2122 Holston Bend Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,120      
Land (initial cost) 385      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 8,294      
Building & Improvements, Gross 11,414      
Land, Gross 385      
Total 11,799      
Accumulated Depreciation (1,604)      
Memphis, 7625 Appling Center Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,463      
Land (initial cost) 539      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 31      
Building & Improvements, Gross 13,494      
Land, Gross 539      
Total 14,033      
Accumulated Depreciation (1,742)      
Memphis, 4880 East Tuggle Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 38,524      
Land (initial cost) 2,501      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,176      
Building & Improvements, Gross 40,700      
Land, Gross 2,501      
Total 43,201      
Accumulated Depreciation (6,637)      
Murfreesboro, 1975 Joe B. Jackson Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,617      
Land (initial cost) 2,206      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 469      
Building & Improvements, Gross 10,086      
Land, Gross 2,206      
Total 12,292      
Accumulated Depreciation (1,192)      
Murfreesboro, 941 Esther Lane        
Real Estate and Accumulated Depreciation        
Encumbrances      
Building and Tenant Improvements (initial cost) 11,289      
Land (initial cost) 3,867      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 11,289      
Land, Gross 3,867      
Total 15,156      
Accumulated Depreciation (30)      
Murfreesboro, 540 New Salem Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,358      
Land (initial cost) 722      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 700      
Building & Improvements, Gross 3,058      
Land, Gross 722      
Total 3,780      
Accumulated Depreciation (723)      
Nashville, 3258 Ezell Pike        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,411      
Land (initial cost) 547      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 304      
Building & Improvements, Gross 3,715      
Land, Gross 547      
Total 4,262      
Accumulated Depreciation (1,163)      
Vonore, 90 Deer Crossing Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,821      
Land (initial cost) 2,355      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,219      
Building & Improvements, Gross 10,040      
Land, Gross 2,355      
Total 12,395      
Accumulated Depreciation (3,038)      
Arlington, 3311 Pinewood Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,374      
Land (initial cost) 413      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 385      
Building & Improvements, Gross 2,759      
Land, Gross 413      
Total 3,172      
Accumulated Depreciation (1,287)      
Arlington, 401 N. Great Southwest Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,767      
Land (initial cost) 1,246      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,445      
Building & Improvements, Gross 7,212      
Land, Gross 1,246      
Total 8,458      
Accumulated Depreciation (2,597)      
Cedar Hill, 1650 U.S. Highway 67        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,992      
Land (initial cost) 4,066      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,395      
Building & Improvements, Gross 12,387      
Land, Gross 4,066      
Total 16,453      
Accumulated Depreciation (3,096)      
Conroe, 16548 Donwick Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 20,995      
Land (initial cost) 1,853      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,631      
Building & Improvements, Gross 22,626      
Land, Gross 1,853      
Total 24,479      
Accumulated Depreciation (4,984)      
El Paso, 32 Celerity Wagon        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,269      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 264      
Building & Improvements, Gross 3,533      
Land, Gross 0      
Total 3,533      
Accumulated Depreciation (776)      
El Paso, 48 Walter Jones Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,194      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,234      
Building & Improvements, Gross 10,428      
Land, Gross 0      
Total 10,428      
Accumulated Depreciation (1,964)      
El Paso, 1601 Northwestern Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,575      
Land (initial cost) 1,248      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,024      
Building & Improvements, Gross 9,599      
Land, Gross 1,248      
Total 10,847      
Accumulated Depreciation (2,823)      
El Paso, 6500 N. Desert Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,126      
Land (initial cost) 1,124      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,188      
Building & Improvements, Gross 8,314      
Land, Gross 1,124      
Total 9,438      
Accumulated Depreciation (2,211)      
El Paso, 1550 Northwestern Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,388      
Land (initial cost) 1,854      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,433      
Building & Improvements, Gross 15,821      
Land, Gross 1,854      
Total 17,675      
Accumulated Depreciation (4,929)      
El Paso, 1701 Northwestern Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,527      
Land (initial cost) 1,581      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,694      
Building & Improvements, Gross 12,221      
Land, Gross 1,581      
Total 13,802      
Accumulated Depreciation (3,411)      
El Paso, 7801 Northern Pass Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,230      
Land (initial cost) 1,136      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 5,230      
Land, Gross 1,136      
Total 6,366      
Accumulated Depreciation (1,497)      
El Paso, 12285 Gateway Boulevard West        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 22,548      
Land (initial cost) 1,725      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 22,548      
Land, Gross 1,725      
Total 24,273      
Accumulated Depreciation (2,887)      
El Paso, 9571 Pan American Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,382      
Land (initial cost) 1,101      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 153      
Building & Improvements, Gross 9,535      
Land, Gross 1,101      
Total 10,636      
Accumulated Depreciation (1,029)      
El Paso, 9555 Plaza Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,666      
Land (initial cost) 626      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 146      
Building & Improvements, Gross 4,812      
Land, Gross 626      
Total 5,438      
Accumulated Depreciation (638)      
El Paso, 9494 Escobar Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,529      
Land (initial cost) 701      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 164      
Building & Improvements, Gross 8,693      
Land, Gross 701      
Total 9,394      
Accumulated Depreciation (910)      
El Paso, 47 Butterfield Circle        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,827      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,435      
Building & Improvements, Gross 5,262      
Land, Gross 0      
Total 5,262      
Accumulated Depreciation (1,682)      
Garland, 2901 W. Kingsley Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,911      
Land (initial cost) 1,344      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 3,661      
Building & Improvements, Gross 8,572      
Land, Gross 1,344      
Total 9,916      
Accumulated Depreciation (2,457)      
Grapevine, 2402 Esters Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,522      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 145      
Building & Improvements, Gross 9,667      
Land, Gross 0      
Total 9,667      
Accumulated Depreciation (1,369)      
Grapevine, 2400 Esters Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,029      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 301      
Building & Improvements, Gross 15,330      
Land, Gross 0      
Total 15,330      
Accumulated Depreciation (2,143)      
Houston, 18601 Intercontinental Crossing Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,744      
Land (initial cost) 1,505      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 8,744      
Land, Gross 1,505      
Total 10,249      
Accumulated Depreciation (2,366)      
Houston, 9302 Ley Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,683      
Land (initial cost) 1,236      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 310      
Building & Improvements, Gross 8,993      
Land, Gross 1,236      
Total 10,229      
Accumulated Depreciation (1,549)      
Houston, 10343 Ella Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,586      
Land (initial cost) 1,747      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 16,586      
Land, Gross 1,747      
Total 18,333      
Accumulated Depreciation (2,855)      
Houston, 4949 Windfern Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,610      
Land (initial cost) 2,255      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 578      
Building & Improvements, Gross 8,188      
Land, Gross 2,255      
Total 10,443      
Accumulated Depreciation (3,128)      
Houston, 7300 Airport Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,730      
Land (initial cost) 2,546      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 6,834      
Building & Improvements, Gross 14,564      
Land, Gross 2,546      
Total 17,110      
Accumulated Depreciation (2,878)      
Houston, 13627 West Hardy        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,163      
Land (initial cost) 1,502      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,163      
Land, Gross 1,502      
Total 5,665      
Accumulated Depreciation (893)      
Houston, 868 Pear Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,836      
Land (initial cost) 953      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,836      
Land, Gross 953      
Total 5,789      
Accumulated Depreciation (1,038)      
Houston, 14620 Henry Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,702      
Land (initial cost) 927      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 112      
Building & Improvements, Gross 6,814      
Land, Gross 927      
Total 7,741      
Accumulated Depreciation (1,476)      
Houston, 7049 Brookhollow West Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,154      
Land (initial cost) 809      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 684      
Building & Improvements, Gross 9,838      
Land, Gross 809      
Total 10,647      
Accumulated Depreciation (1,861)      
Houston, 10401 S. Sam Houston Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,368      
Land (initial cost) 1,108      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 608      
Building & Improvements, Gross 9,976      
Land, Gross 1,108      
Total 11,084      
Accumulated Depreciation (1,805)      
Humble, 7491 Rankin Road        
Real Estate and Accumulated Depreciation        
Encumbrances      
Building and Tenant Improvements (initial cost) 36,135      
Land (initial cost) 5,807      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 36,135      
Land, Gross 5,807      
Total 41,942      
Accumulated Depreciation (345)      
Humble, 18727 Kenswick Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,493      
Land (initial cost) 2,255      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 10,104      
Building & Improvements, Gross 21,597      
Land, Gross 2,255      
Total 23,852      
Accumulated Depreciation (4,203)      
Irving, 2450 Valley View Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,312      
Land (initial cost) 5,976      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,833      
Building & Improvements, Gross 17,145      
Land, Gross 5,976      
Total 23,121      
Accumulated Depreciation (1,111)      
Katy, 1800 North Mason Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,571      
Land (initial cost) 2,192      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,571      
Land, Gross 2,192      
Total 9,763      
Accumulated Depreciation (1,863)      
Katy, 21601 Park Row Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,224      
Land (initial cost) 1,655      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 34      
Building & Improvements, Gross 3,258      
Land, Gross 1,655      
Total 4,913      
Accumulated Depreciation (522)      
Laredo, 13710 IH 35 Frontage Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,847      
Land (initial cost) 2,538      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 13,847      
Land, Gross 2,538      
Total 16,385      
Accumulated Depreciation (3,218)      
Laredo, 13808 Humphrey Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,037      
Land (initial cost) 1,535      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,235      
Building & Improvements, Gross 11,272      
Land, Gross 1,535      
Total 12,807      
Accumulated Depreciation (2,343)      
McAllen, 5601 West Military Highway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,341      
Land (initial cost) 818      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,612      
Building & Improvements, Gross 14,953      
Land, Gross 818      
Total 15,771      
Accumulated Depreciation (2,208)      
Mission, 802 Trinity Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,986      
Land (initial cost) 1,882      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 682      
Building & Improvements, Gross 12,668      
Land, Gross 1,882      
Total 14,550      
Accumulated Depreciation (2,554)      
Rockwall, 3400 Discovery Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 14,561      
Land (initial cost) 2,683      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1      
Building & Improvements, Gross 14,562      
Land, Gross 2,683      
Total 17,245      
Accumulated Depreciation (3,322)      
Socorro, 11320 Gateway Boulevard East        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 27,752      
Land (initial cost) 4,430      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,165      
Building & Improvements, Gross 28,917      
Land, Gross 4,430      
Total 33,347      
Accumulated Depreciation (1,380)      
Stafford, 13720 Stafford Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,353      
Land (initial cost) 339      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 41      
Building & Improvements, Gross 6,394      
Land, Gross 339      
Total 6,733      
Accumulated Depreciation (1,419)      
Waco, 101 Apron Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,394      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,151      
Building & Improvements, Gross 2,545      
Land, Gross 0      
Total 2,545      
Accumulated Depreciation (1,102)      
Salt Lake City, 3175 West 500 South        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 26,292      
Land (initial cost) 3,939      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,170      
Building & Improvements, Gross 27,462      
Land, Gross 3,939      
Total 31,401      
Accumulated Depreciation (889)      
Chester, 2001 Ware Bottom Spring Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 2,890      
Land (initial cost) 775      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 2,890      
Land, Gross 775      
Total 3,665      
Accumulated Depreciation (819)      
Fredericksburg, 2031 International Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,235      
Land (initial cost) 2,182      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 15,235      
Land, Gross 2,182      
Total 17,417      
Accumulated Depreciation (1,648)      
Harrisonburg, 4500 Early Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 11,003      
Land (initial cost) 1,455      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,918      
Building & Improvements, Gross 12,921      
Land, Gross 1,455      
Total 14,376      
Accumulated Depreciation (4,169)      
Independence, One Compair Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,994      
Land (initial cost) 226      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 688      
Building & Improvements, Gross 2,682      
Land, Gross 226      
Total 2,908      
Accumulated Depreciation (684)      
Norfolk, 4555 Progress Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,990      
Land (initial cost) 1,259      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 7,990      
Land, Gross 1,259      
Total 9,249      
Accumulated Depreciation (863)      
North Chesterfield, 8001 Greenpine Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,697      
Land (initial cost) 1,599      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 942      
Building & Improvements, Gross 6,639      
Land, Gross 1,599      
Total 8,238      
Accumulated Depreciation (1,080)      
Richmond, 5250 Klockner Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,111      
Land (initial cost) 819      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,236      
Building & Improvements, Gross 4,347      
Land, Gross 819      
Total 5,166      
Accumulated Depreciation (681)      
Ridgefield, 6111 S. 6th Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 9,159      
Land (initial cost) 2,307      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 780      
Building & Improvements, Gross 9,939      
Land, Gross 2,307      
Total 12,246      
Accumulated Depreciation (1,801)      
Appleton, 1919 W. College Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,757      
Land (initial cost) 261      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 636      
Building & Improvements, Gross 6,393      
Land, Gross 261      
Total 6,654      
Accumulated Depreciation (906)      
Caledonia, 1343 27th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,113      
Land (initial cost) 225      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 3,113      
Land, Gross 225      
Total 3,338      
Accumulated Depreciation (621)      
Cudahy, 5831 S. Pennsylvania Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,313      
Land (initial cost) 1,427      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,313      
Land, Gross 1,427      
Total 5,740      
Accumulated Depreciation (566)      
De Pere, 2191 American Boulevard        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,671      
Land (initial cost) 525      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 101      
Building & Improvements, Gross 5,772      
Land, Gross 525      
Total 6,297      
Accumulated Depreciation (1,951)      
DeForest, 505-507 Stokely Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,119      
Land (initial cost) 1,131      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 870      
Building & Improvements, Gross 5,989      
Land, Gross 1,131      
Total 7,120      
Accumulated Depreciation (1,447)      
Delavan, 329 Hallberg Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,807      
Land (initial cost) 127      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 253      
Building & Improvements, Gross 2,060      
Land, Gross 127      
Total 2,187      
Accumulated Depreciation (300)      
Delavan, 1714 Hobbs Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,419      
Land (initial cost) 241      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 89      
Building & Improvements, Gross 4,508      
Land, Gross 241      
Total 4,749      
Accumulated Depreciation (722)      
East Troy, 2761 Buell Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,826      
Land (initial cost) 304      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 205      
Building & Improvements, Gross 5,031      
Land, Gross 304      
Total 5,335      
Accumulated Depreciation (1,433)      
Elkhorn, 390 Koopman Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,328      
Land (initial cost) 210      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 3,328      
Land, Gross 210      
Total 3,538      
Accumulated Depreciation (573)      
Franklin, 5215 W Airways Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 8,193      
Land (initial cost) 1,551      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 8,193      
Land, Gross 1,551      
Total 9,744      
Accumulated Depreciation (1,334)      
Germantown, N117 W18456 Fulton Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,782      
Land (initial cost) 442      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 5,782      
Land, Gross 442      
Total 6,224      
Accumulated Depreciation (1,060)      
Germantown, N106 W13131 Bradley Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,104      
Land (initial cost) 359      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 346      
Building & Improvements, Gross 3,450      
Land, Gross 359      
Total 3,809      
Accumulated Depreciation (670)      
Germantown, N102 W19400 Willow Creek Way        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,908      
Land (initial cost) 1,175      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 10,908      
Land, Gross 1,175      
Total 12,083      
Accumulated Depreciation (2,659)      
Germantown, 11900 N. River Lane        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,226      
Land (initial cost) 1,186      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,462      
Building & Improvements, Gross 6,688      
Land, Gross 1,186      
Total 7,874      
Accumulated Depreciation (1,462)      
Hartland, 500 North Shore Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,271      
Land (initial cost) 1,526      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 4,271      
Land, Gross 1,526      
Total 5,797      
Accumulated Depreciation (1,031)      
Hudson, 2700 Harvey Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 7,684      
Land (initial cost) 683      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 6      
Building & Improvements, Gross 7,690      
Land, Gross 683      
Total 8,373      
Accumulated Depreciation (1,243)      
Janesville, 2929 Venture Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 16,377      
Land (initial cost) 828      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,197      
Building & Improvements, Gross 17,574      
Land, Gross 828      
Total 18,402      
Accumulated Depreciation (5,461)      
Kenosha, 9625 55th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,643      
Land (initial cost) 797      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 711      
Building & Improvements, Gross 4,354      
Land, Gross 797      
Total 5,151      
Accumulated Depreciation (1,143)      
Madison, 4718 Helgesen Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,009      
Land (initial cost) 609      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 531      
Building & Improvements, Gross 6,540      
Land, Gross 609      
Total 7,149      
Accumulated Depreciation (1,328)      
Madison, 4722 Helgesen Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,316      
Land (initial cost) 444      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 39      
Building & Improvements, Gross 4,355      
Land, Gross 444      
Total 4,799      
Accumulated Depreciation (883)      
Mayville, 605 Fourth Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,118      
Land (initial cost) 547      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 623      
Building & Improvements, Gross 4,741      
Land, Gross 547      
Total 5,288      
Accumulated Depreciation (2,407)      
Mukwonago, 115 Hill Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,808      
Land (initial cost) 1,872      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 13,808      
Land, Gross 1,872      
Total 15,680      
Accumulated Depreciation (323)      
Mukwonago, 103 Hill Court        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 10,791      
Land (initial cost) 1,478      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 219      
Building & Improvements, Gross 11,010      
Land, Gross 1,478      
Total 12,488      
Accumulated Depreciation (1,563)      
Muskego, S64 W15660 Commerce Center Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,140      
Land (initial cost) 393      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 154      
Building & Improvements, Gross 5,294      
Land, Gross 393      
Total 5,687      
Accumulated Depreciation (950)      
New Berlin, 16250 West Woods Edge Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 15,917      
Land (initial cost) 277      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 15,917      
Land, Gross 277      
Total 16,194      
Accumulated Depreciation (2,897)      
New Berlin, 16555 W. Smalls Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 20,176      
Land (initial cost) 955      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 0      
Building & Improvements, Gross 20,176      
Land, Gross 955      
Total 21,131      
Accumulated Depreciation (2,473)      
New Berlin, 5600 S. Moorland Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 6,220      
Land (initial cost) 1,068      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 269      
Building & Improvements, Gross 6,489      
Land, Gross 1,068      
Total 7,557      
Accumulated Depreciation (1,944)      
Oak Creek, 525 West Marquette Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 3,982      
Land (initial cost) 526      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 100      
Building & Improvements, Gross 4,082      
Land, Gross 526      
Total 4,608      
Accumulated Depreciation (733)      
Oak Creek, 7475 South 6th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,769      
Land (initial cost) 805      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 464      
Building & Improvements, Gross 6,233      
Land, Gross 805      
Total 7,038      
Accumulated Depreciation (1,332)      
Pewaukee, W288 N2801 Duplainville Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,744      
Land (initial cost) 841      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,001      
Building & Improvements, Gross 6,745      
Land, Gross 841      
Total 7,586      
Accumulated Depreciation (1,347)      
Pewaukee, W277 N2837 Duplainville Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,055      
Land (initial cost) 439      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 304      
Building & Improvements, Gross 4,359      
Land, Gross 439      
Total 4,798      
Accumulated Depreciation (754)      
Pleasant Prairie, 8901 102nd Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,615      
Land (initial cost) 523      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 713      
Building & Improvements, Gross 5,328      
Land, Gross 523      
Total 5,851      
Accumulated Depreciation (1,028)      
Sun Prairie, 1615 Commerce Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 5,809      
Land (initial cost) 2,360      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 4,415      
Building & Improvements, Gross 10,224      
Land, Gross 2,360      
Total 12,584      
Accumulated Depreciation (3,597)      
Sussex, W251 N5350 Business Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 13,026      
Land (initial cost) 1,212      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 15      
Building & Improvements, Gross 13,041      
Land, Gross 1,212      
Total 14,253      
Accumulated Depreciation (775)      
West Allis, 2207 S. 114th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,617      
Land (initial cost) 462      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 2,338      
Building & Improvements, Gross 3,955      
Land, Gross 462      
Total 4,417      
Accumulated Depreciation (1,163)      
West Allis, 2075 S. 114th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,713      
Land (initial cost) 444      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,866      
Building & Improvements, Gross 3,579      
Land, Gross 444      
Total 4,023      
Accumulated Depreciation (886)      
West Allis, 2145 S. 114th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 777      
Land (initial cost) 252      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 1,051      
Building & Improvements, Gross 1,828      
Land, Gross 252      
Total 2,080      
Accumulated Depreciation (566)      
West Allis, 2025 S. 114th Street        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 890      
Land (initial cost) 251      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 838      
Building & Improvements, Gross 1,728      
Land, Gross 251      
Total 1,979      
Accumulated Depreciation (454)      
Yorkville, 13900 West Grandview Parkway        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 4,790      
Land (initial cost) 416      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 323      
Building & Improvements, Gross 5,113      
Land, Gross 416      
Total 5,529      
Accumulated Depreciation (1,478)      
Lenexa, KS, 14100 Marshall Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 0      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 618      
Building & Improvements, Gross 618      
Land, Gross 0      
Total 618      
Accumulated Depreciation 0      
Shepherdsville, KY, 650 Park Loop Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 1,281      
Land (initial cost) 4,216      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 24,752      
Building & Improvements, Gross 26,033      
Land, Gross 4,216      
Total 30,249      
Accumulated Depreciation 0      
Dayton, OH, 11355 Dog Leg Road        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 288      
Land (initial cost) 2,656      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 7,337      
Building & Improvements, Gross 7,625      
Land, Gross 2,656      
Total 10,281      
Accumulated Depreciation 0      
Concord, NC, 2745 Concord Parkway South        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 910      
Land (initial cost) 3,553      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 17,970      
Building & Improvements, Gross 18,880      
Land, Gross 3,553      
Total 22,433      
Accumulated Depreciation 0      
Concord, NC, 2735 Concord Parkway South        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 910      
Land (initial cost) 3,553      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 19,097      
Building & Improvements, Gross 20,007      
Land, Gross 3,553      
Total 23,560      
Accumulated Depreciation 0      
Reno, NV, Resource Drive        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 1,896      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 9,575      
Building & Improvements, Gross 9,575      
Land, Gross 1,896      
Total 11,471      
Accumulated Depreciation 0      
Reno, NV, Echo Avenue        
Real Estate and Accumulated Depreciation        
Encumbrances 0      
Building and Tenant Improvements (initial cost) 0      
Land (initial cost) 8,959      
Costs Capitalized Subsequent to Acquisition and Valuation Provision 27,052      
Building & Improvements, Gross 27,052      
Land, Gross 8,959      
Total 36,011      
Accumulated Depreciation $ 0      
v3.25.4
Schedule 3 - Real Estate and Accumulated Depreciation - Useful Lives (Details)
Dec. 31, 2025
Building  
Real Estate and Accumulated Depreciation  
Estimated Useful Life 40 years
Building and land improvements  
Real Estate and Accumulated Depreciation  
Estimated Useful Life 20 years
v3.25.4
Schedule 3 - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis $ 8,500,000    
Real Estate:      
Balance at beginning of period 7,152,780 $ 6,459,001 $ 6,123,295
Additions during period      
Acquisitions 399,197 628,052 304,057
Improvements, etc. 207,295 184,586 105,112
Other additions 0 0 0
Deductions during period      
Cost of real estate sold (91,190) (109,313) (66,565)
Write-off of fully depreciated assets (142,223) (4,579) (3,930)
Asset impairments and involuntary conversion (888) (4,967) (2,968)
Balance at the end of the period 7,524,971 7,152,780 6,459,001
Accumulated Depreciation:      
Balance at beginning of period 1,085,866 921,846 764,809
Additions during period      
Depreciation and amortization expense 199,605 185,711 177,358
Other additions 0 0 0
Deductions during period      
Disposals (165,540) (21,691) (20,321)
Balance at the end of the period $ 1,119,931 $ 1,085,866 $ 921,846