PEAKSTONE REALTY TRUST, 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-41686    
Entity Registrant Name Peakstone Realty Trust    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 46-4654479    
Entity Address, Address Line One 1520 E. Grand Ave    
Entity Address, City or Town El Segundo    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 90245    
City Area Code 310    
Local Phone Number 606-3200    
Title of 12(b) Security Common shares, $0.001 par value per share    
Trading Symbol PKST    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Document Financial Statement Error Correction false    
Entity Public Float     $ 471.3
Entity Common Stock, Shares Outstanding   37,180,295  
Documents Incorporated by Reference
Documents Incorporated by Reference:
The information required by Part III (Items 10, 11, 12, 13 and 14) of this Form 10-K not included herein is incorporated herein by reference to an amendment to this Form 10-K to be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2025.
    
Entity Central Index Key 0001600626    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 42
Auditor Name Ernst & Young LLP
Auditor Location Los Angeles, California
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Cash and cash equivalents $ 138,673 $ 146,514
Restricted cash 7,767 7,696
Real estate:    
Land 381,824 341,702
Building and improvements 810,112 1,009,286
In-place lease intangible assets 109,852 141,193
Construction in progress 4,233 962
Total real estate 1,306,021 1,493,143
Less: accumulated depreciation and amortization (211,099) (224,247)
Total real estate, net 1,094,922 1,268,896
Assets related to discontinued operations, net 0 1,101,356
Above-market lease intangible assets, net 1,257 2,401
Deferred rent receivable 18,173 22,958
Deferred leasing costs, net 3,885 5,013
Goodwill 68,373 68,373
Right-of-use lease assets 1,325 755
Interest rate swap asset, at fair value 0 15,974
Other assets 18,449 36,296
Total assets 1,352,824 2,676,232
LIABILITIES AND EQUITY    
Debt, net 474,006 1,344,619
Interest rate swap liability, at fair value 2,444 0
Distributions payable 3,818 8,477
Below-market lease intangible liabilities, net 34,261 39,832
Right-of-use lease liabilities 1,334 744
Accrued expenses and other liabilities 58,258 62,312
Liabilities related to discontinued operations 0 68,226
Total liabilities 574,121 1,524,210
Commitments and contingencies (Note 13)
Shareholders’ equity:    
Common shares, $0.001 par value; 800,000,000 shares authorized; 37,176,167 and 36,733,327 shares outstanding in the aggregate as of December 31, 2025 and December 31, 2024, respectively 37 37
Additional paid-in capital 3,025,954 3,016,804
Cumulative distributions (1,133,542) (1,109,215)
Accumulated earnings (1,145,986) (838,279)
Accumulated other comprehensive (loss) income (1,038) 15,874
Total shareholders’ equity 745,425 1,085,221
Noncontrolling interests 33,278 66,801
Total equity 778,703 1,152,022
Total liabilities and equity $ 1,352,824 $ 2,676,232
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in usd per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 800,000,000 800,000,000
Common stock, number of shares outstanding (in shares) 37,176,167 36,733,327
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue:      
Rental income $ 105,981 $ 116,357 $ 143,838
Expenses:      
Property operating expense 6,006 13,664 19,313
Property tax expense 8,289 9,918 13,437
General and administrative expenses 34,918 36,973 42,843
Corporate operating expenses to related parties 570 617 1,154
Real estate impairment provision 18,195 53,313 283,804
Depreciation and amortization 52,182 47,503 61,169
Total expenses 120,160 161,988 421,720
Loss before other income (expenses) (14,179) (45,631) (277,882)
Other income (expenses):      
Interest expense (56,565) (55,978) (59,371)
Loss from investment in unconsolidated entities 0 0 (176,767)
Other income, net 7,351 14,479 13,107
Gain from disposition of assets 6,407 38,368 29,164
(Loss) gain on extinguishment of debt (2,482) 10,466 0
Goodwill impairment provision 0 (10,274) (16,031)
Transaction expenses (555) (821) (24,961)
Net loss from continuing operations (60,023) (49,391) (512,741)
Discontinued Operations:      
(Loss) income from discontinued operations (305,081) 38,028 (92,361)
Gain from disposition of assets 32,471 0 0
Net (loss) income from discontinued operations (272,610) 38,028 (92,361)
Net loss (332,633) (11,363) (605,102)
Net loss attributable to noncontrolling interests from continuing operations 4,498 4,077 46,228
Net loss (income) attributable to noncontrolling interests from discontinued operations 20,428 (3,139) 8,327
Net loss attributable to noncontrolling interests 24,926 938 54,555
Distributions to redeemable preferred unit holders 0 0 (2,376)
Preferred units redemption charge 0 0 (4,970)
Net loss attributable to controlling interest (307,707) (10,425) (557,893)
Distributions to redeemable noncontrolling interests attributable to common stockholders 0 0 (36)
Net loss attributable to common shareholders $ (307,707) $ (10,425) $ (557,929)
Basis and diluted earnings per common share:      
Net loss per share from continuing operations, basic (in usd per share) $ (1.52) $ (1.26) $ (13.17)
Net loss per share from continuing operations, diluted (in usd per share) (1.52) (1.26) (13.17)
Net (loss) income per share from discontinued operations, basic (in usd per share) (6.85) 0.96 (2.33)
Net (loss) income per share from discontinued operations, diluted (in usd per share) (6.85) 0.96 (2.33)
Net loss per share attributable to common shareholders, basic (in usd per share) (8.37) (0.30) (15.50)
Net loss per share attributable to common shareholders, diluted (in usd per share) $ (8.37) $ (0.30) $ (15.50)
Weighted-average number of common shares outstanding, basic (in shares) 36,798,234 36,375,053 35,988,231
Weighted-average number of common shares outstanding, diluted (in shares) 36,798,234 36,375,053 35,988,231
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 loss $ (332,633) $ (11,363) $ (605,102)
Other comprehensive loss:      
Equity in other comprehensive loss of unconsolidated joint venture 0 0 (1,880)
Change in fair value of swap agreements (18,292) (10,840) (14,335)
Total comprehensive loss (350,925) (22,203) (621,317)
Distributions to redeemable preferred shareholders 0 0 (2,376)
Preferred units redemption charge 0 0 (4,970)
Distributions to redeemable noncontrolling interests attributable to common shareholders 0 0 (36)
Comprehensive loss attributable to noncontrolling interests 26,306 1,835 55,951
Comprehensive loss attributable to common shareholders $ (324,619) $ (20,368) $ (572,748)
v3.25.4
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Total Shareholders’ Equity
Common Shares
Additional Paid-In Capital
Cumulative Distributions
Accumulated Earnings
Accumulated Other Comprehensive (Loss) Income
Non-controlling Interests
Beginning balance (in shares) at Dec. 31, 2022     35,999,898          
Beginning balance at Dec. 31, 2022 $ 1,857,323 $ 1,682,668 $ 36 $ 2,948,600 $ (1,036,678) $ (269,926) $ 40,636 $ 174,655
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Share-based compensation (in shares)     172,603          
Share-based compensation 12,040 12,040   12,040        
Shares withheld to satisfy employee tax withholding requirements on vesting restricted shares (in shares)     (114,420)          
Shares withheld to satisfy employee tax withholding requirements on vesting restricted shares (2,625) (2,625)   (2,625)        
Dividends declared to common shareholders (39,322) (39,322)     (39,322)      
Share class conversion (in shares)     (69,988)          
Repurchase of common shares (in shares)     (896)          
Repurchase of common shares (60) (60)   (60)        
Reclass of noncontrolling interest subject to redemption 10             10
Exchange of noncontrolling interests (in shares)     316,948          
Exchange of noncontrolling interests 0 27,169   27,169       (27,169)
Reclass of redeemable noncontrolling interest 3,801             3,801
Distributions to noncontrolling interest (2,989)             (2,989)
Distributions to noncontrolling interests subject to redemption (728)             (728)
Offering costs (9) (9)   (9)        
Offering costs on preferred units 4,970 4,970   4,970        
Net loss (612,483) (557,928)       (557,928)   (54,555)
Other comprehensive loss (16,215) (14,819)         (14,819) (1,396)
Ending balance (in shares) at Dec. 31, 2023     36,304,145          
Ending balance at Dec. 31, 2023 1,203,713 1,112,084 $ 36 2,990,085 (1,076,000) (827,854) 25,817 91,629
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Share-based compensation (in shares)     313,511          
Share-based compensation 7,896 7,896 $ 1 7,895        
Shares withheld to satisfy employee tax withholding requirements on vesting restricted shares (in shares)     (117,976)          
Shares withheld to satisfy employee tax withholding requirements on vesting restricted shares (1,329) (1,329)   (1,329)        
Dividends declared to common shareholders (33,215) (33,215)     (33,215)      
Exchange of noncontrolling interests (in shares)     233,647          
Exchange of noncontrolling interests 0 20,153   20,153       (20,153)
Distributions to noncontrolling interest (2,840)             (2,840)
Net loss (11,363) (10,425)       (10,425)   (938)
Other comprehensive loss $ (10,840) (9,943)         (9,943) (897)
Ending balance (in shares) at Dec. 31, 2024 36,733,327   36,733,327          
Ending balance at Dec. 31, 2024 $ 1,152,022 1,085,221 $ 37 3,016,804 (1,109,215) (838,279) 15,874 66,801
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Share-based compensation (in shares)     368,860          
Share-based compensation 6,380 6,380   6,380        
Shares withheld to satisfy employee tax withholding requirements on vesting restricted shares (in shares)     (176,928)          
Shares withheld to satisfy employee tax withholding requirements on vesting restricted shares (2,503) (2,503)   (2,503)        
Dividends declared to common shareholders (24,327) (24,327)     (24,327)      
Exchange of noncontrolling interests (in shares)     250,908          
Exchange of noncontrolling interests (43) 5,273   5,273       (5,316)
Distributions to noncontrolling interest (1,901)             (1,901)
Net loss (332,633) (307,707)       (307,707)   (24,926)
Other comprehensive loss $ (18,292) (16,912)         (16,912) (1,380)
Ending balance (in shares) at Dec. 31, 2025 37,176,167   37,176,167          
Ending balance at Dec. 31, 2025 $ 778,703 $ 745,425 $ 37 $ 3,025,954 $ (1,133,542) $ (1,145,986) $ (1,038) $ 33,278
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:      
Net loss $ (332,633) $ (11,363) $ (605,102)
Net loss (income) from discontinued operations 272,610 (38,028) 92,361
Net loss from continuing operations (60,023) (49,391) (512,741)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:      
Depreciation of building and building improvements 36,292 35,539 42,608
Amortization of leasing costs and in-place lease intangible assets 15,884 11,964 18,560
Amortization of above- and (below-) market leases, net (9,407) (1,685) (900)
Amortization of deferred financing costs and debt premium 4,476 4,861 4,029
Amortization of swap interest 126 128 126
Loss (gain) on extinguishment of debt 2,482 (10,466) 0
Deferred rent (4,511) (1,708) (2,989)
Net gain from disposition of assets (6,407) (38,368) (29,164)
Loss from investment in unconsolidated entities 0 0 176,767
(Gain) loss from investments (114) (377) 18
Real estate impairment provision 18,195 53,313 283,804
Goodwill impairment provision 0 10,274 16,031
Share-based compensation 6,380 7,896 12,041
Discount amortization - note receivable (59) (655) 0
Other income – proration adjustments for dispositions 0 0 (1,587)
Change in operating assets and liabilities:      
Deferred leasing costs and other assets 6,313 266 (3,779)
Accrued expenses and other liabilities (8,888) (13,912) 9,276
Due to affiliates, net 0 0 (720)
Net cash (used in) provided by operating activities - continuing operations 739 7,679 11,380
Net cash provided by operating activities - discontinued operations 67,982 86,976 77,772
Net cash provided by operating activities 68,721 94,655 89,152
Investing Activities:      
Acquisition of properties, net (95,379) (493,496) 0
Proceeds from disposition of properties 228,497 281,528 325,160
Payments for construction in progress (6,908) (572) (3,801)
Purchase of investments 0 0 (282)
Proceeds from repayment of note receivable 15,000 0 0
Net cash provided by (used in) investing activities - continuing operations 141,210 (212,540) 321,077
Net cash provided by (used in) investing activities - discontinued operations 692,885 (3,299) (12,522)
Net cash provided by (used in) investing activities 834,095 (215,839) 308,555
Financing Activities:      
Proceeds from borrowings - Credit facility 0 280,000 400,000
Proceeds from borrowings - Term loan 0 175,000 0
Proceeds from borrowings - Mortgage debt 0 110,326 0
Principal pay down of indebtedness - Credit facility (465,000) (215,000) 0
Principal payoff of indebtedness - Term loan (250,000) (190,000) (400,000)
Principal payoff of secured indebtedness - Mortgage debt (159,390) (225,228) (41,283)
Principal amortization payments on secured indebtedness 0 (5,655) (6,973)
Payment for debt extinguishment (3,362) 0 0
Deferred financing costs 0 (17,286) (3,530)
Offering costs (37) (143) (796)
Redemption of preferred units 0 0 (125,000)
Repurchase of common shares to satisfy employee tax withholding requirements (1,204) (1,329) (2,625)
Repurchase of common shares 0 0 (4,443)
Repurchase of noncontrolling interest (42) 0 0
Distributions to noncontrolling interests (2,300) (2,892) (3,974)
Dividends to common shareholders (28,903) (33,077) (40,807)
Distributions paid to preferred units subject to redemption 0 0 (4,891)
Financing lease payment (348) (332) (319)
Net cash used in financing activities (910,586) (125,616) (234,641)
Net (decrease) increase in cash, cash equivalents and restricted cash (7,770) (246,800) 163,066
Cash, cash equivalents and restricted cash at the beginning of the period 154,210 401,010 237,944
Cash, cash equivalents and restricted cash at the end of the period 146,440 154,210 401,010
Supplemental disclosure of cash flow information:      
Cash paid for interest 63,087 58,898 58,154
Supplemental disclosures of non-cash investing and financing transactions:      
Dividends payable to common shareholders 3,755 8,331 8,193
Distributions payable to noncontrolling interests 722 672 724
Operating lease right-of-use assets obtained in exchange for lease liabilities 1,162 0 0
Exchange of noncontrolling interest to common stock 5,273 20,153 27,169
Accrued for construction in progress 810 0 1,183
Accrued tenant obligations and other 5,812 7,802 551
Decrease in fair value swap agreement (18,292) (10,840) (14,335)
Note receivable, net 60 (14,286) 0
Note payable in unconsolidated joint venture 0 4,696 1,960
Contribution in unconsolidated joint venture 0 (4,696) (1,960)
Capitalized transaction costs accrued 280 654 0
Accrued payments for debt extinguishment 1,062 0 0
Accrued repurchase of common shares to satisfy employee tax withholding requirements $ 1,297 $ 0 $ 0
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Peakstone Realty Trust (NYSE: PKST) is an industrial real estate investment trust (“REIT”), with a strategic focus on growth in the industrial outdoor storage (“IOS”) sector. The Company’s fiscal year-end is December 31.
PKST OP, L.P., our operating partnership (the “Operating Partnership”), owns, directly and indirectly all of the Company’s assets. As of December 31, 2025, the Company owned, directly and indirectly through a wholly-owned subsidiary, approximately 93.2% of the outstanding common units of limited partnership interest in the Operating Partnership (“OP Units”).
As of December 31, 2025, our portfolio consisted of 76 industrial properties within one reportable segment (the “Industrial” segment). The portfolio included 60 IOS properties and 16 Traditional Industrial properties. IOS properties have a low building-to-land ratio, or low coverage, maximizing yard space for the display, movement and storage of materials and equipment. “Traditional Industrial” properties include distribution, warehouse, and light manufacturing facilities. Of the 76 properties in our portfolio, 72 were operating properties and four were designated for redevelopment or repositioning.
During 2025, the Company completed its strategic transformation to an industrial-only REIT through the disposition of all properties in its Office segment. As a result, the Office segment was eliminated as of December 31, 2025. As of September 30, 2025, the Company’s plan to dispose of its Office segment properties represented a strategic shift in its business that met the criteria for classification as discontinued operations. Accordingly, as of September 30, 2025, 27 Office segment properties were classified as discontinued operations (the “Office Discontinued Operations Properties”). The Company presented the results of the Office segment through the year ended December 31, 2025, with results attributable to the Office Discontinued Operations Properties presented separately as discontinued operations for all periods presented.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Summary of Significant Accounting Policies
The accompanying consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. The consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company's financial position, results of operations and cash flows for each of the three years in the period ended December 31, 2025, 2024 and 2023.
The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries. Intercompany transactions are shown on the consolidated statements if and to the extent required pursuant to GAAP. Each property-owning entity is a wholly-owned subsidiary which is a special purpose entity (“SPE”).
Principles of Consolidation
The Company's financial statements, and the financial statements of the Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by the Company is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation.
Consolidation Considerations
The Company consolidates variable interest entities (“VIEs”) in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have substantive participating rights. The primary beneficiary is defined by the entity having both of the following characteristics: (i) the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.
The Company has determined that the Operating Partnership is a VIE because the holders of limited partnership interests do not have substantive kick-out rights or participation rights. Furthermore, the Company is the primary beneficiary of the Operating Partnership because the Company has the obligation to absorb losses and the right to receive benefits from the
Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2025 and 2024, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.
Segment Information
Industrial Segment
As of December 31, 2025, the Company has one reportable Industrial segment, which includes 76 industrial properties comprised of 60 IOS properties and 16 Traditional Industrial properties. Of the 76 properties in the Company’s portfolio, 72 were operating properties, and four were designated for redevelopment or repositioning.
Office Segment Disposal
As of December 31, 2025, the Company completed the disposition of all Office segment properties, including the Office Discontinued Operations Properties. Therefore, as of December 31, 2025, the Office segment was eliminated. The Company presented the results of the Office segment through the year ended December 31, 2025, reflecting the Company’s ownership of the Office segment properties during that period. The results of the Office Discontinued Operations Properties have been separately reported within "Net income from discontinued operations" for the years ended December 31, 2025, 2024 and 2023 on the consolidated statement of operations.
Other Segment Disposal
Prior to December 31, 2024, the Company presented a third reportable segment, the “Other” segment, which consisted of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. On December 31, 2024, the Company sold the final property in its Other segment, and as a result, the Other segment was eliminated. The Company presented the results of the Other segment through the year ended December 31, 2024.
Assets Held for Sale
The Company generally classifies real estate assets that are subject to operating leases as held for sale when it believes it is probable that the disposition will occur within one year. When the Company classifies an asset as held for sale, it compares the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, the Company reduces the carrying value to the fair value less estimated cost to sell. The Company will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Assets classified as held for sale are further evaluated for classification as discontinued operations (as described under Discontinued Operations below).
Discontinued Operations
A component or group of components is classified as discontinued operations, (i) when it has been disposed of or meets the criteria to be classified as held for sale and (ii) the disposal or intended disposal represents a strategic shift that has or is expected to have, a major effect on the Company’s operations and financial results. A discontinued operation includes components that comprise operations and cash flows that can be clearly distinguished from the Company’s continuing operations.
As described in Note 1, Organization, the Company’s disposal of its Office segment properties represented a strategic shift in the Company’s business that met the criteria for classification as discontinued operations.
Accordingly, during the third quarter of 2025, the Company began to separately present the results of the Office Discontinued Operations Properties in its consolidated financial statements and notes for all periods presented, and reclassified prior-period amounts to conform to this presentation. All previously disposed Office segment properties not included within Office Discontinued Operations Properties are included within continuing operations for all periods presented.
As discussed in Note 3, Real Estate, the Company completed the sale of all remaining 27 Office Discontinued Operations Properties as of December 31, 2025, through individual property sales or, in certain cases, sales of combined properties. All such dispositions were part of a single plan that was established to exit the Office segment.
As of December 31, 2025, there are no assets or liabilities to present for Office Discontinued Operations due to the sales of all Office Discontinued Operations Properties during the year.
The following table summarizes the major components of assets and liabilities related to the Office Discontinued Operations Properties as of December 31, 2024:
Office Discontinued Operations Properties
ASSETSDecember 31, 2024
Land$108,515 
Building and improvements943,456 
In-place lease intangible assets
239,406 
Construction in progress55 
Total real estate1,291,432 
Less: accumulated depreciation(296,280)
Total real estate, net995,152 
Above-market lease and other intangible assets, net25,614 
Deferred rent receivable37,413 
Deferred leasing costs, net8,852 
Right-of-use lease assets32,212 
Other assets2,113 
Total real estate and other assets held for sale$1,101,356 
LIABILITIES
Below-market lease and other intangible liabilities, net
$7,144 
Right-of-use lease liabilities46,143 
Accrued expenses and other liabilities14,939 
Liabilities of real estate assets held for sale$68,226 
The following table summarizes (loss) income from Office Discontinued Operations Properties for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Revenue:
Rental income$94,842 $111,716 $110,446 
Expenses:
Property operating expense11,931 12,395 11,590 
Property tax expense6,331 7,745 8,086 
Real estate impairment provision(1)
345,493 — 125,708 
Depreciation and amortization30,217 47,479 51,035 
Total expenses393,972 67,619 196,419 
Interest expense(2)
(4,665)(6,072)(6,252)
Other (expense) income, net(43)3 (136)
Loss on extinguishment of debt(3)
(1,243)— — 
(Loss) income from discontinued operations
(305,081)38,028 (92,361)
Gain from disposition of assets(1)
32,471 — — 
Net (loss) income from discontinued operations
$(272,610)$38,028 $(92,361)
(1)Refer to Note 3, Real Estate for further details.
(2)Interest expense was directly related to the portion of the Company’s BOA II Loan that was secured by two Office Discontinued Operations Properties as described in Note 5, Debt.
(3)Refer to Note 5, Debt for further details.
Cash and Cash Equivalents
The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Short-term investments are stated at cost, which approximates fair value. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Restricted Cash
Restricted cash is presented on the consolidated balance sheet and consists primarily of reserves that the Company funded as required by the applicable governing documents with certain lenders in conjunction with debt financing or transactions. The table below summarizes the Company’s restricted cash:
Balance as of December 31,
20252024
Cash reserves $4,909 $4,092 
Restricted lockbox2,858 3,604 
Total$7,767 $7,696 
Acquisitions of Real Estate
During the year ended December 31, 2025, we acquired nine IOS properties which were accounted for as asset acquisitions. For asset acquisitions, the Company allocates the acquisition cost, which assigns both cash and non-cash consideration paid to the seller and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed (including tangible assets and intangible assets and liabilities), according to their respective relative fair values.
Tangible Assets Acquired
The tangible assets consist of land, buildings, and site improvements. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach.
Under the cost approach, the fair value of real estate is based on estimated costs to construct a vacant building or site improvement, as applicable, with similar characteristics.
Under the income approach, we use the discounted cash flow method, which includes Level 3 unobservable inputs. For the discounted cash flow method, the fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term and over any additional hypothetical lease terms assumed and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. The respective Level 3 inputs include discount rates, capitalization rates, market rental rates and comparable sales data, including land sales for similar properties. The estimated future cash flows account for various factors, including historical performance, anticipated trends, and prevailing market and economic conditions.
Intangible Assets and Liabilities Acquired
The intangible assets and liabilities include the above- and below-market value of leases and the in-place leases, which include the value of tenant relationships. In assessing the fair value of intangible lease assets or liabilities, the Company, similarly, considers Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for
below-market leases determined to be reasonably certain of exercise, if applicable. The estimated fair value of acquired in-place at-market tenant leases is estimated based on the costs that would have been incurred to lease the property to the occupancy level at the acquisition date. This includes leasing commissions, legal and other costs, along with the estimated time necessary to lease the property to its occupancy level at the time of acquisition.
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. If circumstances indicate that the assumed exercise of renewal options has changed, we will reassess the expected lease term and adjust the remaining amortization period prospectively, accelerating or extending the recognition of the related intangibles as appropriate.
Depreciation and Amortization
The purchase price of real estate acquired and costs related to development, construction, and property improvements are capitalized. Repairs and maintenance costs include all costs that do not extend the useful life of the real estate asset and are expensed as incurred. The Company considers the period of future benefit of an asset to determine the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows:
Buildings
25-40 years
Building Improvements
5-20 years
Land Improvements
15-25 years
Tenant Improvements
Shorter of (i) estimated useful life and (ii) remaining contractual lease term
Above- and Below-market Lease Value and the In-place Leases
Remaining contractual lease term with consideration as to below-market extension options for below-market leases
Impairment of Real Estate and Related Intangible Assets and Liabilities
In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, where indicators of impairment exist, the Company evaluates the recoverability of its real estate assets by comparing the carrying amounts of the assets to the estimated undiscounted cash flows. Recoverability of real estate assets requires estimates of future market and economic conditions, including assumptions related to estimated selling prices, anticipated hold periods, potential vacancies, capitalization rates, market rental income amounts subsequent to the expiration of current lease agreements, and property operating expenses.
When the carrying amounts of the real estate assets are not recoverable based on the estimated undiscounted cash flows, the Company calculates an impairment charge in the amount the carrying value exceeds the estimated fair value of the real estate asset as of the measurement date. Fair value is determined through certain valuation techniques involving (i) discounted cash flow models applying significant assumptions related to market rent, terminal capitalization rates, and discount rates or (ii) estimated selling prices based on quoted market values and comparable property sales.
In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, the Company assesses the carrying values of our real estate assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Refer to Note 3. Real Estate, for further details.
Impairment of Goodwill
The Company’s goodwill has an indeterminate life and is not amortized. Goodwill is tested for impairment annually for each reporting unit, as applicable, or more frequently if events or changes in circumstances indicate that goodwill is more likely than not impaired. The Company performs a qualitative assessment to determine whether a potential impairment of goodwill exists prior to quantitatively estimating the fair value of each relevant reporting unit. If an impairment exists, the Company recognizes an impairment of goodwill based on the excess of the reporting unit’s carrying value compared to its fair value, up to the amount of goodwill for that reporting unit. Under the quantitative assessment, the Company focuses on the fair value of real estate assets and mortgage loans, as those comprise the significant components of fair value within each reporting unit. The analysis involves estimates around significant assumptions such as market rent, discount rates, terminal capitalization rates, and borrowing rates.
Revenue Recognition
We lease industrial properties to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses.
Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space.
Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain operating expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. As the timing and pattern of revenue recognition for base rent and tenant reimbursements is the same, and as the lease component would be classified as an operating lease if it were accounted for separately, base rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations.
We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the applicable providers (e.g. taxing authorities) on our behalf.
Lease termination fees, which are included in rental income, are recognized when the related leases are terminated and we have no continuing obligation to provide services to such former tenants. If the lessee continues to occupy the leased space for a period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease term.
Valuation of Operating Lease Receivables
On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.
Leases as Lessee
As of December 31, 2025, the Company is the lessee under two office leases classified as operating leases. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. The Company makes significant assumptions and judgments when determining the discount rate for the lease to calculate the present value of the lease payments. As the rate implicit in the lease is not readily determinable, the Company estimates the incremental borrowing rate (“IBR”) that it would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment, over a similar lease term. The Company utilizes a market-based approach to estimate the IBR for each individual lease. The base IBR is estimated utilizing observable mortgage rates, which are then adjusted to account for considerations related to the Company’s credit rating and the lease term to select an incremental borrowing rate for each lease. The lease liabilities and ROU assets are amortized on a straight-line basis over the lease term.
Derivative Instruments and Hedging Activities
The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. See Note 6, Interest Rate Contracts, for more detail.
Income Taxes
The Company has elected to be taxed as a REIT under the Internal Revenue Code (“Code”). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to shareholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available to pay dividends to shareholders. As of December 31, 2025, the Company believes it has satisfied the REIT requirements.
Pursuant to the Code, the Company has elected to treat its corporate subsidiary as a taxable REIT subsidiary (a “TRS”). In general, the TRS may perform non-customary services for the Company’s tenants and may engage in any real estate or non-real estate-related business. The TRS will be subject to corporate federal and state income tax.
Share-Based Compensation
We have granted restricted share units and restricted shares (together, “Restricted Shares”) to certain employees and non-employee trustees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees. We recognize these compensation costs for only those shares expected to vest on a straight-line basis over the requisite service or performance period of the award, as applicable. We include share-based compensation within “Additional paid-in capital” in the consolidated statements of equity and “General and administrative expenses” in the consolidated statements of operations.
Earnings Per Share
Basic earnings per share is computed by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net (loss) income attributable to common shareholders by the weighted-average number of outstanding common shares plus the potential effect of any dilutive securities (e.g. unvested time-based restricted share units and unvested time-based restricted shares (together, “Unvested Restricted Shares”), OP Units, etc.), using the more dilutive of either the two-class method or the treasury stock method.
For all periods presented, (a) OP Units were excluded from the dilutive earnings per share computation because they were not dilutive, and (b) using the treasury stock method, Unvested Restricted Shares were excluded from dilutive earnings per share because the inclusion would have been anti-dilutive or insignificant to the potential dilutive effect of the computation.
Year Ended December 31,
202520242023
Unvested Restricted Shares (1)
329,571 240,330 142,385 
(1)Unvested Restricted Shares that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to either the two-class method or treasury stock method, as applicable.
Reclassifications
Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation, solely related to classification of the Office Discontinued Operations Properties.
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Unaudited Data
Any references to the number of buildings, square footage, acreage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited and outside the scope of the Company's independent registered public accounting firm's audit of its consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (“PCAOB”).
Recently Issued Accounting Pronouncements
On November 4, 2024, the FASB issued ASU 2024-03, which requires public business entities to provide disaggregated disclosures of certain expense categories that are included in the income statement. The guidance does not change the presentation of expenses on the face of the income statement but mandates additional tabular disclosures for line items in continuing operations. Expenses that are already disclosed under existing U.S. GAAP should be incorporated into these disaggregated disclosures, while any remaining amounts should be described qualitatively. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The disclosures will be required on both an annual and interim basis. The Company is currently evaluating the potential impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.
v3.25.4
Real Estate
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Real Estate
Investment in Real Estate
The following table summarizes the Company’s gross investment in real estate (excluding the Office Discontinued Operations Properties) as of December 31, 2025 and 2024:
As of December 31,
20252024
Land$381,824 $341,702 
Building and improvements810,112 1,009,286 
In-place lease intangible assets
109,852 141,193 
Construction in progress4,233 962 
Total real estate$1,306,021 $1,493,143 
Depreciation expense for buildings and improvements for the years ended December 31, 2025, 2024 and 2023 was $36.3 million, $35.5 million, and $42.6 million respectively. Amortization expense for in-place lease intangible assets for the years ended December 31, 2025, 2024 and 2023 was $15.4 million, $11.0 million, and $17.3 million respectively.
Acquisitions
2025 Acquisitions
During the year ended December 31, 2025, the Company acquired nine IOS properties, which were deemed to be real estate acquisitions. The following is a summary of the acquisitions during the year ended December 31, 2025:
Property LocationDate of Acquisition
Number of Properties
Usable Acres
Total Purchase Price
(in thousands) (1)
Acquired Properties
Port Charlotte, FloridaJuly 28, 202519$10,590 
Smyrna, GeorgiaAugust 4, 202512741,116 
Fort Pierce, FloridaSeptember 30, 2025135,400 
Tampa, FloridaDecember 12, 2025158,320 
Tampa, FloridaDecember 12, 2025146,576 
Stone Mountain, GeorgiaDecember 12, 2025124,319 
Calhoun, GeorgiaDecember 12, 2025154,062 
Chattanooga, TennesseeDecember 12, 2025178,151 
Plano, TexasDecember 23, 2025147,676 
Total Acquired Properties
966$96,210 
(1)The total purchase price is comprised of the following items in aggregate for all acquisitions: i) the contractual purchase price of $96.2 million, ii) capitalized acquisition related costs of $1.5 million, offset by iii) certain credits and other closing adjustments of $1.5 million.
2024 Acquisitions
On November 4, 2024, the Company acquired a portfolio of 51 industrial outdoor storage properties (the “IOS Portfolio”) located throughout the United States, which was deemed a real estate acquisition. The IOS Portfolio comprised of i) 45 operating properties across 358 usable acres and ii) six properties designated for redevelopment or repositioning across 82 usable acres. The total purchase price of the IOS Portfolio was $500.6 million, which was comprised of a contractual purchase price of $490.0 million and capitalized acquisition related costs of $10.6 million.
Summary of Purchase Price Allocations
The aggregate purchase price allocation for all properties acquired during the years ended December 31, 2025 and 2024 is as follows:
December 31,
20252024
Assets acquired:
Land$60,000 $252,245 
Building and improvements30,566 252,046 
In-place lease intangible assets9,982 35,567 
Total real estate100,548 539,858 
Above-market lease intangible assets, net
184 1,101 
Total assets acquired100,732 540,959 
Liabilities acquired:
Below-market lease intangible liabilities, net
(4,522)(35,009)
Accrued expenses and other liabilities— (5,400)
Assets and liabilities acquired, net
$96,210 $500,550 
Dispositions of Real Estate
The following tables summarize the Company’s total dispositions during the years ended December 31, 2025 and 2024:
2025 Dispositions
2025 Dispositions (Continuing operations)
Office Segment Dispositions
Industrial Segment Dispositions
Total Dispositions
Square FeetGross Sales Price
Gain (Loss)
Three Months Ended March 31, 2025
2—2251,200$34,031 $(479)
Three Months Ended June 30, 2025
4—4655,500127,800 245 
Three Months Ended September 30, 2025
—33761,50071,584 6,641 
Total for the year ended December 31, 2025
6391,668,200$233,415 $6,407 
2025 Dispositions
(Office Discontinued Operations Properties)
Office Segment Dispositions
Square FeetGross Sales Price
Gain (Loss)
Three Months Ended June 30, 2025
3181,000$30,600 $(1,311)
Three Months Ended September 30, 2025
81,224,800247,450 24,767 
Three Months Ended December 31, 2025
163,048,200443,865 9,015 
Total for the year ended December 31, 2025
274,454,000$721,915 $32,471 
2024 Dispositions
2024 Dispositions
Office Segment Dispositions
Other Segment Dispositions
Total Dispositions
Square FeetGross Sales PriceGain (Loss)
Three Months Ended March 31, 2024
1341,233,100$79,525 $9,177 
Three Months Ended June 30, 2024
—1156,6008,650 (57)
Three Months Ended September 30, 2024
134338,44639,800 16,125 
Three Months Ended December 31, 2024
—10101,878,300189,450 13,123 
Total for the year ended December 31, 2024
217193,506,446$317,425 $38,368 
Real Estate Held for Sale
As of December 31, 2025 and 2024, no properties met the criteria for classification as held for sale.
Real Estate Impairments
During the year ended December 31, 2025, the Company recorded real estate impairments from: i) continuing operations of $18.2 million related to four Office segment properties and one Industrial segment property and ii) discontinued operations of $345.5 million related to 19 Office Discontinued Operations Properties.
These impairments resulted from changes during the year related to shortened anticipated hold periods and estimated selling prices. In determining the fair value of the properties, the Company considered Level 2 and Level 3 inputs. See Note 8, Fair Value Measurements, for details.
Real Estate and Acquired Lease Intangibles
The following table summarizes the Company’s allocation of acquired and contributed real estate asset value related to in-place leases, above- and below-market lease intangibles, and other intangibles, net of amortization (excluding the Office Discontinued Operations Properties) as of December 31, 2025 and 2024:
December 31,
20252024
In-place lease intangible assets$109,852 $141,193 
In-place lease intangible assets - accumulated amortization(54,592)(58,847)
In-place lease intangible assets, net (1)
$55,260 $82,346 
Above-market lease intangible assets$4,384 $5,845 
Above-market lease intangible assets - accumulated amortization(3,127)(3,444)
Above-market lease intangible assets, net1,257 2,401 
Below-market lease intangible liabilities$(48,878)$(46,533)
Below-market lease intangible liabilities - accumulated amortization14,617 6,701 
Below-market lease intangible liabilities, net (1)
$(34,261)$(39,832)
(1)The weighted average remaining amortization period of the Company’s in-place leases, above- and below-market lease intangibles was 6.7 years and 8.6 years as of December 31, 2025 and 2024, respectively.
The amortization of the intangible assets (excluding Office Discontinued Operations Properties) for the respective periods is as follows:
 
Amortization (income) expense for the Year Ended December 31,
 202520242023
In-place lease intangible assets
$15,374 $11,032 $17,334 
Above and below market leases, net$(9,407)$(1,685)$(900)
The following table sets forth the estimated annual amortization (income) expense for in-place lease intangible assets and above- and below-market lease intangibles, net of amortization as of December 31, 2025 for the next five years:
Year
In-place lease intangible assets
Above- and (below)-market lease intangible liabilities, net
2026$16,746 $(9,392)
2027$10,646 $(6,800)
2028$7,582 $(3,405)
2029$5,781 $(2,737)
2030$4,796 $(2,084)
v3.25.4
Investments in Unconsolidated Entities
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Investments in Unconsolidated Entities Investments in Unconsolidated Entities
As of August 28, 2024, the Company no longer had an investment in any unconsolidated entities. The Company, through its subsidiary GRT VAO OP, LLC (“GRT VAO Sub”), previously invested a combined $184.2 million for an approximately 49% interest in a joint venture (“Galaxy REIT, LLC” or the “Office Joint Venture”), through which it owned indirectly an approximate 49% interest in a 46-property office portfolio (the “JV Office Portfolio”). Following the Company’s impairment of its entire investment in the Office Joint Venture as of September 30, 2023, the Company no longer recorded any equity income or losses related to the Office Joint Venture. On August 28, 2024, the Company transferred all of its ownership interest in the Office Joint Venture to the other members of the Office Joint Venture.
Pursuant to Rule 3-09 of Regulation S-X, the Company has included, as Exhibit 99.1 within Item 15. Exhibits, Financial Statement Schedules, the Office Joint Venture’s combined financial statements i) as of August 27, 2024 and for the period from
January 1, 2024 through August 27, 2024, the date through which financial information was available prior to the Company transferring all of its ownership interest in the Office Joint Venture, and ii) as of December 31, 2023 and 2022, for the year ended December 31, 2023, and for the period from August 26, 2022 (Commencement of Operations) through December 31, 2022. Such financial statements were previously filed as Exhibit 99.1 to the Company’s amendment to its Annual Report on Form 10-K filed on March 27, 2025.
The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture during the Company’s ownership for the following comparative periods:
December 31, 2024 (1)
Assets
Real estate properties, net$1,060,234 
Other assets244,075 
Total Assets$1,304,309 
Liabilities
Mortgages payable, net$1,066,023 
Other liabilities81,635 
Total Liabilities$1,147,658 
(1)Due to the reporting of the Office Joint Venture on a one-quarter lag, amounts are as August 27, 2024, the date through which information was available prior to the Company transferring all of its ownership interest in the Office Joint Venture on August 28, 2024.
The table below presents condensed statements of operations for the unconsolidated Office Joint Venture during the Company’s ownership for the following comparative periods:
Year Ended December 31,
2024 (1)
2023 (2)
Total revenues$157,434 $195,193 
Expenses:
Operating expenses(63,771)(67,438)
General and administrative(6,137)(7,210)
Depreciation and amortization(69,238)(68,829)
Interest expense(104,859)(190,350)
Other income, net2,726 7,519 
Total Expenses(241,279)(326,308)
Net Loss$(83,845)$(131,115)
(1)Due to the reporting of the Office Joint Venture on a one-quarter lag, amounts represent the period from October 1, 2023 to August 27, 2024, the date through which information was available prior to the Company transferring all of its ownership interest in the Office Joint Venture on August 28, 2024.
(2)Due to the reporting of the Office Joint Venture on a one-quarter lag, amounts represent the period from October 1, 2022 to September 30, 2023.
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
As of December 31, 2025 and 2024, the Company’s consolidated debt consisted of the following (dollars in thousands):
Carrying Value
December 31,
20252024Contractual Interest 
Rate
Effective Interest Rate (1)
Loan
Maturity (2)
Secured Debt
BOA II Loan(3)
$90,610 $250,000 4.32%4.37%May 2028
Georgia Mortgage Loan(4)
37,722 37,722 5.31%5.31%November 2029
Illinois Mortgage Loan(5)
23,000 23,000 6.51%6.60%November 2029
Florida Mortgage Loan(6)
49,604 49,604 5.48%5.48%May 2032
Total Secured Debt 200,936 360,326 5.08%
Unsecured Debt(7)
Revolving Loan(8)
— 465,000 
SOF Rate + 1.80%
5.56% (8)
July 2028 (8)
2026 Term Loan(9)
— 150,000 
—%
—%
— (9)
2028 Term Loan I(10)
110,000 210,000 
SOF Rate + 1.75%
5.51%
July 2028 (10)
2028 Term Loan II (11)
175,000 175,000 
SOF Rate + 1.75%
5.51%
October 2028 (11)
Total Unsecured Debt285,000 1,000,000 5.51%
Total Debt485,936 1,360,326 5.33%
Unamortized Deferred Financing Costs, Premiums, and Discounts, net(11,930)(15,707)
Total Debt, net$474,006 $1,344,619 
(1)The Effective Interest Rate is calculated on a weighted average basis, using the Actual/360 interest method (where applicable), and is inclusive of the Company's floating to fixed interest rate swaps maturing on July 1, 2029 and have the effect of converting the applicable Secured Overnight Financing Rate (SOFR) to a weighted average fixed rate of 3.58%. The Effective Interest Rate is calculated based on the face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). When adjusting for the effect of amortization of discounts/premiums and deferred financing costs, and excluding the impact of interest rate swaps, the Company’s weighted average effective interest rate was 5.56%.
(2)Reflects the loan maturity dates as of December 31, 2025.
(3)The BOA II Loan has a fixed rate of interest and was originally secured by four properties. In August 2025 and December 2025, the Company paid down, in the aggregate, $159.4 million of the outstanding principal balance of its BOA II Loan using proceeds from the disposition of two Office Discontinued Operations Properties located in Birmingham, Alabama and Las Vegas, Nevada. In connection with the paydowns, the Company recognized and recorded $1.2 million within “Loss from discontinued operations” in the accompanying consolidated statement of operations. As of December 31, 2025, the BOA II Loan is secured by two Industrial segment properties located in Chicago, Illinois and Columbus, Ohio.
(4)The Georgia Mortgage Loan has a fixed-rate of interest and is secured by a property in Savannah, Georgia.
(5)The Illinois Mortgage Loan has a fixed-rate of interest and is secured by a property in Chicago, Illinois.
(6)The Florida Mortgage Loan has a fixed-rate of interest and is secured by a property in Jacksonville, Florida.
(7)The Contractual Interest Rate for the Company’s unsecured debt uses the applicable SOFR. As of December 31, 2025, the applicable rates were 3.66% (SOFR, as calculated per the credit facility), plus spreads of 1.80% (Revolving Loan), 1.75% (2028 Term Loan I) and 1.75% (2028 Term Loan II) and a 0.1% index.
(8)The Revolving Loan was paid down to zero in December 2025.
(9)The 2026 Term Loan was paid off in full in December 2025.
(10)The Company repaid $100.0 million of the 2028 Term Loan I in December 2025 and as a result the Company recognized and recorded $0.2 million within “Loss on extinguishment of debt” in the accompanying consolidated statement of operations.
(11)The 2028 Term Loan II has a contractual maturity of October 31, 2027. We have a one-year option to extend the maturity date to October 31, 2028, subject to certain conditions.
Second Amended and Restated Credit Agreement
As of December 31, 2025, the Second Amended and Restated Credit Agreement dated as of April 30, 2019 as amended by the following documents (collectively, the “Second Amended and Restated Credit Agreement”): First Amendment to the Second Amended and Restated Credit Agreement dated as of October 1, 2020 (the “First Amendment”), Second Amendment to the Second Amended and Restated Credit Agreement dated as of December 18, 2020 (the “Second Amendment”), Third Amendment to the Second Amended and Restated Credit Agreement dated as of July 14, 2021 (the “Third Amendment”), Fourth Amendment to the Second Amended and Restated Credit Agreement dated as of April 28, 2022 (the “Fourth
Amendment”), Fifth Amendment to the Second Amended and Restated Credit Agreement dated as of September 28, 2022 (the “Fifth Amendment”), Sixth Amendment to the Second Amended and Restated Credit Agreement dated as of November 30, 2022 (the “Sixth Amendment”), Seventh Amendment to the Second Amended and Restated Credit Agreement dated as of March 21, 2023 (the “Seventh Amendment”), Eighth Amendment to the Second Amended and Restated Credit Agreement dated as of July 25, 2024 (the “Eighth Amendment”) and Ninth Amendment to the Second Amended and Restated Credit Agreement dated as of October 31, 2024 (the “Ninth Amendment”) and Tenth Amendment to the Second Amended and Restated Credit Agreement dated as of December 19, 2025 (the “Tenth Amendment”), with KeyBank National Association (“KeyBank”) as administrative agent, and a syndicate of lenders, provided the Operating Partnership, as the borrower, with a $832.0 million credit facility (with the right to elect to increase total commitments to $1.3 billion) consisting of (i) a $547.0 million senior unsecured revolving credit facility (the “Revolving Credit Facility”), under which the Operating Partnership has no amounts currently drawn (the “Revolving Loan”), (ii) a $110.0 million senior unsecured term loan maturing in July 2028 (the “2028 Term Loan I”) and (iii) a $175.0 million senior unsecured term loan maturing in October 2028, assuming the one-year extension option is exercised (the “2028 Term Loan II” and together with the Revolving Loan and the 2028 Term Loan I, the “KeyBank Loans”). The Second Amended and Restated Credit Agreement also provides the option, subject to obtaining additional commitments from lenders and certain other customary conditions, to increase the commitments under the Revolving Credit Facility, to increase the existing term loans and/or incur new term loans by up to an additional $468.0 million in the aggregate. As of December 31, 2025, the available undrawn capacity under the Revolving Credit Facility, was $240.7 million.
Debt Covenant Compliance
Pursuant to the terms of the Company's mortgage loans and the KeyBank Loans, the Operating Partnership, in consolidation with the Company, is subject to certain loan compliance covenants. Pursuant to the Tenth Amendment to the Second Amended and Restated Credit Agreement, certain terms related to debt covenants in the Second Amended and Restated Credit Agreement were modified. The Company was in compliance with all of its debt covenants as of December 31, 2025.
The following summarizes the future scheduled principal repayments of all loans as of December 31, 2025 per the loan terms discussed above:
As of December 31, 2025
2028$375,610 
202960,722 
Thereafter49,604 
Total principal485,936 
Unamortized debt premium/(discount)496 
Unamortized deferred loan costs(12,426)
Total$474,006 
v3.25.4
Interest Rate Contracts
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Interest Rate Contracts Interest Rate Contracts
Risk Management Objective of Using Derivatives
The Company is exposed to certain risks arising from both business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of debt funding and the use of derivative financial instruments. Specifically, the Company enters into interest rate hedging instruments (collectively, “Interest Rate Swaps”) to provide greater predictability in interest expense by protecting against potential increases in floating interest rates and allow for more precise budgeting, financial planning and forecasting. Interest Rate Swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company does not use derivatives for trading or speculative purposes.
Derivative Instruments
As of December 31, 2025 and 2024, the Company has Interest Rate Swaps in place to hedge the variable cash flows associated with its variable-rate debt (which consists of the KeyBank Loans as of both periods). The Interest Rate Swaps are
cross-defaulted to other indebtedness of the Operating Partnership, if that indebtedness exceeds certain thresholds. The change in the fair value of the Interest Rate Swaps designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified into earnings through interest expense as interest payments are made on the Company's variable-rate debt.
The following table sets forth a summary of the Interest Rate Swaps at December 31, 2025 and 2024:
Fair Value (1)
Current Notional Amounts
Derivative InstrumentEffective DateMaturity DateInterest Strike RateDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Assets
Current Interest Rate Swaps(2)
Interest Rate Swap(3)
7/1/20257/1/20293.57%$— $1,346 $— $100,000 
Interest Rate Swap7/1/20257/1/20293.57%(696)1,341 85,000 100,000 
Interest Rate Swap7/1/20257/1/20293.60%(901)1,255 100,000 100,000 
Interest Rate Swap7/1/20257/1/20293.58%(847)1,310 100,000 100,000 
Interest Rate Swap(3)
7/1/20257/1/20293.57%— 1,338 — 100,000 
Interest Rate Swap(3)
7/1/20257/1/20293.62%— 585 — 50,000 
Total$(2,444)$7,175 $285,000 $550,000 
Previous Interest Rate Swaps
Interest Rate Swap3/10/20207/1/20250.83%$— $2,605 $— $150,000 
Interest Rate Swap3/10/20207/1/20250.84%— 1,732 — 100,000 
Interest Rate Swap3/10/20207/1/20250.86%— 1,291 — 75,000 
Interest Rate Swap7/1/20207/1/20252.82%— 938 — 125,000 
Interest Rate Swap7/1/20207/1/20252.82%— 748 — 100,000 
Interest Rate Swap7/1/20207/1/20252.83%— 747 — 100,000 
Interest Rate Swap(3)
7/1/20207/1/20252.84%— 738 — 100,000 
Total$— $8,799 $— $750,000 
(1)The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of December 31, 2025 and 2024, derivatives in an asset or liability position are included in the line item “Interest rate swap asset” or “Interest rate swap liability”, respectively, in the consolidated balance sheets at fair value.
(2)In connection with the Eighth Amendment, the Operating Partnership entered into certain interest rate swaps, in the form of forward-starting, floating to fixed SOFR interest rate swaps. These swaps become effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%.
(3)In December 2025, the Company terminated three interest rate swap agreements with an aggregate notional amount of $250.0 million and partially terminated an additional interest rate swap agreement for $15.0 million of notional amounts. The interest rate swaps were designated as and qualified as cash flow hedges and were terminated in connection with the repayment of the Company’s unsecured debt. Upon termination, approximately $2.2 million of losses previously recorded in AOCI were reclassified into earnings and recognized within “Loss on extinguishment of debt” in the accompanying consolidated statement of operations. In connection with the terminations, the Company entered into the Tenth Amendment which removed the Second Amended and Restated Credit Agreement’s requirement to maintain a minimum amount of interest rate swaps.
The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented:
Year Ended December 31,
202520242023
Interest Rate Swaps in Cash Flow Hedging Relationship:
Amount of gain (loss) recognized in AOCI on derivatives$9,673 $(14,305)$(9,295)
Amount reclassified from AOCI into earnings
$8,619 $25,146 $23,630 
Total “Interest expense” reported on the consolidated statements of operations
$56,565 $55,978 $59,371 
During the twelve months subsequent to December 31, 2025, the Company estimates that an additional $0.6 million of its income will be recognized from AOCI into earnings.
The Company was not required to post collateral related to these agreements
v3.25.4
Accrued Expenses and Other Liabilities
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities (excluding Office Discontinued Operations Properties) consisted of the following as of December 31, 2025 and 2024:
December 31,
20252024
Other liabilities$29,051 $27,343 
Interest payable9,068 15,400 
Deferred compensation10,875 10,201 
Prepaid tenant rent2,978 3,495 
Real estate taxes payable2,388 2,305 
Property operating expense payable2,043 1,572 
Accrued tenant improvements833 1,416 
Due to related parties212 580 
Accrued construction in progress810 — 
Total$58,258 $62,312 
v3.25.4
Fair Value Measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company is required to disclose fair value information about all financial instruments, for which it is practicable to estimate fair value, whether or not recognized in the consolidated balance sheets. The Company measures and discloses the estimated fair value of financial assets and liabilities utilizing a fair value hierarchy that distinguishes between data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. This hierarchy consists of three broad levels, as follows: (i) quoted prices in active markets for identical assets or liabilities, (ii) “significant other observable inputs,” and (iii) “significant unobservable inputs.” “Significant other observable inputs” can include quoted prices for similar assets or liabilities in active markets, as well as inputs that are observable for the asset or liability, such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. “Significant unobservable inputs” are typically based on an entity’s own assumptions, since there is little, if any, related market activity. In instances in which the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level of input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. There were no transfers between the levels in the fair value hierarchy during the years ended December 31, 2025 and 2024.
Recurring Measurements
The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024:
Assets/(Liabilities)Total Fair ValueQuoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable InputsSignificant Unobservable Inputs
December 31, 2025
Mutual Funds Asset$10,941 $10,941 $— $— 
Interest Rate Swap Liability $(2,444)$— $(2,444)$— 
December 31, 2024
Mutual Funds Asset$11,971 $11,971 $— $— 
Interest Rate Swap Asset$15,974 $— $15,974 $— 
Nonrecurring Measurement - Real Estate Impairment
During the year ended December 31, 2025, the Company recorded real estate impairments from: i) continuing operations of $18.2 million related to four Office segment properties and one Industrial segment property and ii) discontinued operations of $345.5 million related to 19 Office Discontinued Operations Properties.
The following table summarizes the fair value assumptions for the real estate impairments for the year ended December 31, 2025:
December 31, 2025
Continuing Operations
Discontinued Operations
Range of Inputs
Office Segment
Industrial Segment
Office Discontinued Operations Properties (1)
Estimated Selling Prices (Level 2 Inputs)
Number of Properties
4115
Estimated selling price per square foot (2)
$44 - $234
$150
$74 - $209
Discounted Cash Flows (Level 3 Inputs)
Number of Properties
——10
Market rent per square footN/AN/A
$15 - $41
Terminal capitalization ratesN/AN/A
8.25% - 10.50%
Discount ratesN/AN/A
10.00% - 12.50%
(1)Includes six Office Discontinued Operations Properties that are presented in both Level 2 and Level 3 inputs. These properties were impaired based on i) discounted cash flows as of June 30, 2025 and ii) further impaired based on estimated selling prices less closing costs (in accordance with held for sale guidance) as of September 30, 2025.
(2)Estimated selling prices per square foot were determined based on quoted market values or comparable property sales.
Nonrecurring Measurement - Goodwill Impairment
As of October 1, 2025, the Company performed its annual impairment evaluation of goodwill. There was no impairment of goodwill recorded for the year ended December 31, 2025.
As of December 31, 2025, the Company’s remaining goodwill balance was $68.4 million, all of which relates to the Industrial segment. Refer to Note 14, Segment Reporting, for allocation of goodwill presented for each segment.
Financial Instruments at Fair Value
Financial instruments as of December 31, 2025 and December 31, 2024 consisted of cash and cash equivalents, restricted cash, accounts receivable, notes receivable, accrued expenses and other liabilities, and consolidated debt, as defined in Note 5, Debt. With the exception of the secured debt in the table below, the amounts of the financial instruments presented in the consolidated financial statements substantially approximate their fair value as of December 31, 2025 and December 31, 2024.
The fair value of the secured debt in the table below is estimated by discounting each loan’s principal balance over the remaining term of the loan using current borrowing rates available to the Company for debt instruments with similar terms and maturities. The Company determined that the secured debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt.
 December 31, 2025December 31, 2024
 Fair Value
Carrying Value (1)
Fair Value
Carrying Value (1)
BOA II Loan$87,474 $90,610 $226,870 $250,000 
Florida Mortgage Loan47,910 49,604 47,057 49,604 
Georgia Mortgage Loan37,318 37,722 36,381 37,722 
Illinois Mortgage Loan23,390 23,000 22,810 23,000 
Total Secured Debt$196,092 $200,936 $333,118 $360,326 
(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of December 31, 2025 and December 31, 2024. See Note 5, Debt, for details.
v3.25.4
Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity Equity
Common Equity
On April 13, 2023, the Company listed its common shares on the New York Stock Exchange (the “Listing”).
As of December 31, 2025, there were 37,176,167 common shares outstanding.
ATM Program
In August 2023, the Company entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell common shares up to an aggregate purchase price of $200.0 million. The Company may sell such shares in amounts and at times to be determined by the Company from time to time, but the Company has no obligation to sell any of such shares. Actual sales, if any, will depend on a variety of factors to be determined by us from time to time, including, among other things, market conditions, the trading price of the Company’s common shares, and the Company’s determinations of its capital needs and the appropriate sources of funding. As of December 31, 2025, the Company has not sold any shares under the ATM.
Issuance of Restricted Shares - Long-Term Incentive Plan
On April 5, 2023, the Compensation Committee of the Board approved the Peakstone Realty Trust Second Amended and Restated Employee and Trustee Long-Term Incentive Plan (as amended, the “Plan”) which provides for the grant of share-based awards to the Company’s non-employee trustees, executive officers and other full-time employees of the Company or any affiliate of the Company, and certain persons who perform bona fide consulting or advisory services for the Company or any affiliate of the Company.
Awards granted under the Plan may consist of restricted share units and restricted shares (together, “Restricted Shares”), share options, share appreciation rights, distribution equivalent rights, profit interests in the Operating Partnership, and other equity-based awards.
The share-based awards are measured at fair value at issuance and recognized as compensation expense over the vesting period. The maximum number of shares authorized under the Plan is 4,063,478 shares. As of December 31, 2025, 2,418,002 common shares remained for issuance pursuant to awards granted under the Plan.
As of December 31, 2025 and December 31, 2024, there was $5.7 million and $6.3 million respectively, of unrecognized compensation expense remaining, which vests between approximately i) 1 month and 2.0 years and ii) 2 months and 2.1 years, respectively.
Total compensation expense related to Restricted Shares for the years ended December 31, 2025 and 2024 was approximately $6.4 million and $7.9 million, respectively.
The following table summarizes the activity of unvested Restricted Shares for the periods presented:
Number of Unvested Shares of Restricted SharesWeighted-Average Grant Date Fair Value per Share
Balance at December 31, 2023159,553 
Granted541,700 $11.63 
Forfeited(10,649)$26.65 
Vested(298,038)$28.09 
Balance at December 31, 2024392,566 
Granted541,585 $12.18 
Forfeited(59,415)$15.55 
Vested (1)
(387,693)$17.42 
Balance at December 31, 2025487,043 
(1)    Total shares vested include 176,928 common shares that were withheld (i.e., forfeited) by employees during the year ended December 31, 2025 to satisfy minimum statutory tax withholding requirements associated with the vesting of Restricted Shares.
Subsequent to December 31, 2025, in January 2026, the Company granted 443,484 shares under the Plan as part of its annual long-term incentive program, with a grant date fair value of approximately $6.3 million. As of January 31, 2026, total unvested awards were 930,527 shares.
v3.25.4
Noncontrolling Interests
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Noncontrolling Interests Noncontrolling Interests
Noncontrolling interests are OP Units owned by previously affiliated and unaffiliated third parties (the “limited partners”).
As of December 31, 2025, the limited partners of the Operating Partnership owned approximately 2.73 million OP Units consisting of approximately (i) 2.71 million OP Units, which were issued to previously affiliated parties and unaffiliated third parties in exchange for the contribution of certain properties to the Company and in connection with the Self-Administration Transaction (as defined in below), and (ii) 0.02 million OP Units, which were issued to unaffiliated third parties unrelated to property contributions.
As of December 31, 2025, assuming all OP Units held by the limited partners were converted to common shares, noncontrolling interests would constitute approximately 6.8% of total shares outstanding and 7.4% of weighted-average shares outstanding.
Subject to certain restrictions, all limited partners of the Operating Partnership have the right (the “Exchange Right”) to redeem their OP Units, pursuant and subject to the limited partnership agreement of the Operating Partnership and applicable contribution agreement, at an exchange price equal to the value of an equivalent number of common shares (“Share Value”). The Operating Partnership is obligated to satisfy the Exchange Right for cash equal to the Share Value unless the Company, as the general partner of the Operating Partnership, in its sole and absolute discretion, elects to directly (i) purchase the OP Units for cash equal to the Share Value or (ii) purchase the limited partner’s OP Units by issuing common shares of the Company for the OP Units, subject to certain transfer and ownership limitations included in the Company’s charter and the limited partnership agreement of the Operating Partnership.
The following summarizes the activity for noncontrolling interests recorded as equity for the years ended December 31, 2025 and 2024:
December 31,
20252024
Beginning balance$66,801 $91,629 
Exchange of noncontrolling interest(5,316)(20,153)
Distributions to noncontrolling interests(1,901)(2,840)
Allocated net income (loss)(24,926)(938)
Allocated other comprehensive income (loss)(1,380)(897)
Ending balance$33,278 $66,801 
Redemption of OP Units from Self-Administration Transaction
In connection with the transaction that resulted in the internalization of management of Griffin Capital Essential Asset REIT, Inc. (our “Predecessor”) in December 2018 (the “Self-Administration Transaction”), Griffin Capital, LLC (“GC LLC”), an entity controlled by our former Executive Chairman, Kevin A. Shields, and affiliated with Griffin Capital Company, LLC (“GCC”), the sponsor of our Predecessor, received OP units (approximately 2.7 million taking into effect the 9 to 1 reverse split) as consideration in exchange for the sale to our Predecessor of the advisory, asset management and property management business of Griffin Capital Real Estate Company, LLC (n/k/a PKST Management Company, LLC, the “Management Company”). GC LLC assigned approximately 50% of the OP Units received in connection with the Self-Administration Transaction to then participants in GC LLC’s long-term incentive plan. Mr. Shields is the plan administrator of such long-term incentive plan.
As previously disclosed, certain of our current and former employees and executive officers, including Michael Escalante, our Chief Executive Officer, and Javier Bitar, our Chief Financial Officer and Treasurer, were employed by affiliates of GC LLC prior to the Self-Administration Transaction and are therefore participants in a GC LLC’s long term incentive plan that made grants to such participants in connection with services rendered prior to the Self-Administration Transaction. Participants in GC LLC’s long-term incentive plan, including Messrs. Escalante and Bitar, are entitled to receive distributions from the long-term incentive plan in the form of either cash, common shares, or other property, or a combination thereof, as elected by the plan administrator.
The Listing required that certain awards under GC LLC’s long-term incentive plan be settled during the fourth quarter 2023 and in four annual installments thereafter, unless waived or modified.
On December 15, 2023, GC LLC settled the first of such installments by electing to redeem 209,954 OP Units, and we satisfied such redemption request with our common shares. On December 23, 2024, GC LLC settled the second installment by electing to redeem 213,043 OP Units, and we satisfied such redemption request with our common shares. On December 15, 2025, GC LLC settled the third installment by electing to redeem 212,613 OP Units, and we satisfied such redemption request with our common shares.
If GC LLC elects to redeem additional OP Units for further installments, the Company intends to satisfy such redemption request with our common shares. Any future redemption of OP Units in exchange for common shares would have no economically dilutive effect on our common shareholders.
v3.25.4
Related Party Transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Summarized below are the related party transaction expenses and payables for the following periods (which are presented in “Accrued expenses and other liabilities” on the Consolidated Balance Sheet):
Incurred for the Year EndedPayable as of
December 31,December 31,
20252024202320252024
Expensed
Costs advanced by related party$— $— $176 $— $— 
Office rent and related expenses570 617 1,153 — 55 
Other
Distributions1,306 2,246 2,954 234 525 
Total$1,876 $2,863 $4,283 $234 $580 
Office Sublease
The Operating Partnership is party to a sublease agreement dated March 25, 2022 with GCC (as amended, the “El Segundo Sublease”) for the building located at 1520 E. Grand Ave, El Segundo, CA (the “Building”) which is the location of the Company’s corporate headquarters and where the Company conducts day-to-day business. The Building is part of a campus that contains other buildings and parking (the “Campus”). The El Segundo Sublease also entitles the Company to use certain common areas on the Campus. The Campus is owned by GCPI, LLC (“GCPI”), and the Building is master leased by GCPI to
GCC. GCC is the sublessor under the El Segundo Sublease. GCC is controlled by, and GCPI is affiliated with the Company’s former Executive Chairman, who beneficially owns more than 5% of our common shares.
As of December 31, 2025, the right-of-use lease asset and liability related to the El Segundo Sublease was approximately $0.2 million, which is included in Right-of-use lease assets and Right-of-use lease liabilities on the Company’s consolidated balance sheet.
As of December 31, 2025, the El Segundo Sublease has an expiration date of June 30, 2026 and a monthly base rent of $0.04 million.
As of December 31, 2025, the Company entered into a 10-year lease for its future corporate headquarters in El Segundo, CA. The new lease is with an unrelated party and is expected to commence in 2026, at which time right-of-use assets and lease liabilities will be recognized.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Lessor
The Company, as Lessor, leases industrial properties to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses including, without limitation, real estate taxes, insurance, common area maintenance (“Recoverable Operating Expenses”).
Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.
Estimated reimbursements from tenants for Recoverable Operating Expenses are recognized in rental income in the period that the expenses are incurred.
For its continuing operations properties, the Company recognized $92.7 million, $100.1 million and $121.4 million of lease income related to operating lease payments for the years ended December 31, 2025, 2024 and 2023 respectively.
For its Office Discontinued Operations Properties, the Company recognized $84.0 million, $99.8 million, and $98.1 million of lease income related to operating lease payments for the years ended December 31, 2025, 2024 and 2023 respectively. These amounts are included within income from discontinued operations within the consolidated statements of operations.
The Company's current third-party tenant leases have expirations ranging from 2026 to 2038. The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of December 31, 2025 and (ii) excludes estimated reimbursements of Recoverable Operating Expenses:
ExpirationsDecember 31, 2025
2026
$76,015 
2027
70,571 
2028
62,978 
2029
54,484 
2030
42,757 
Thereafter74,382 
Total$381,187 
Lessee - Corporate Office Leases
As of December 31, 2025, the Operating Partnership or a wholly-owned subsidiary is the tenant (lessee) under the following two corporate office space leases, each of which is classified as a non-cancelable operating lease: (i) the El Segundo
Sublease described in Note 11, Related Party Transactions , above, and (ii) a lease for its office space in Chicago, Illinois (“Chicago Office Lease”).
For corporate office leases in which the Company is a lessee, the Company incurred costs of approximately $0.7 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively, which are included in “Corporate operating expenses to related parties” and “General and administrative expenses” as applicable, in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities for the corporate office leases was $0.7 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively.
The following table sets forth the weighted-average for the lease term and the discount rate for the office leases in which the Company is a lessee as of December 31, 2025:
As of December 31, 2025
Lease Term and Discount Rate
Operating - Office Leases
Weighted-average remaining lease term in years4.6
Weighted-average discount rate (1)
7.68%
(1)Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate at the commencement of each lease, the Company considered rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.
Lessee - Maturities of Lease Liabilities
The maturities of lease liabilities for the Company’s operating leases as of December 31, 2025 were as follows:
As of December 31, 2025
Operating Leases
2026$476 
2027238 
2028243 
2029250 
2030256 
Thereafter128 
Total undiscounted lease payments1,591 
Less imputed interest(257)
Total lease liabilities$1,334 
Leases Leases
Lessor
The Company, as Lessor, leases industrial properties to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses including, without limitation, real estate taxes, insurance, common area maintenance (“Recoverable Operating Expenses”).
Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.
Estimated reimbursements from tenants for Recoverable Operating Expenses are recognized in rental income in the period that the expenses are incurred.
For its continuing operations properties, the Company recognized $92.7 million, $100.1 million and $121.4 million of lease income related to operating lease payments for the years ended December 31, 2025, 2024 and 2023 respectively.
For its Office Discontinued Operations Properties, the Company recognized $84.0 million, $99.8 million, and $98.1 million of lease income related to operating lease payments for the years ended December 31, 2025, 2024 and 2023 respectively. These amounts are included within income from discontinued operations within the consolidated statements of operations.
The Company's current third-party tenant leases have expirations ranging from 2026 to 2038. The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of December 31, 2025 and (ii) excludes estimated reimbursements of Recoverable Operating Expenses:
ExpirationsDecember 31, 2025
2026
$76,015 
2027
70,571 
2028
62,978 
2029
54,484 
2030
42,757 
Thereafter74,382 
Total$381,187 
Lessee - Corporate Office Leases
As of December 31, 2025, the Operating Partnership or a wholly-owned subsidiary is the tenant (lessee) under the following two corporate office space leases, each of which is classified as a non-cancelable operating lease: (i) the El Segundo
Sublease described in Note 11, Related Party Transactions , above, and (ii) a lease for its office space in Chicago, Illinois (“Chicago Office Lease”).
For corporate office leases in which the Company is a lessee, the Company incurred costs of approximately $0.7 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively, which are included in “Corporate operating expenses to related parties” and “General and administrative expenses” as applicable, in the accompanying consolidated statement of operations. Total cash paid for amounts included in the measurement of operating lease liabilities for the corporate office leases was $0.7 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively.
The following table sets forth the weighted-average for the lease term and the discount rate for the office leases in which the Company is a lessee as of December 31, 2025:
As of December 31, 2025
Lease Term and Discount Rate
Operating - Office Leases
Weighted-average remaining lease term in years4.6
Weighted-average discount rate (1)
7.68%
(1)Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate at the commencement of each lease, the Company considered rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.
Lessee - Maturities of Lease Liabilities
The maturities of lease liabilities for the Company’s operating leases as of December 31, 2025 were as follows:
As of December 31, 2025
Operating Leases
2026$476 
2027238 
2028243 
2029250 
2030256 
Thereafter128 
Total undiscounted lease payments1,591 
Less imputed interest(257)
Total lease liabilities$1,334 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Capital Expenditure Projects, Leasing, and Tenant Improvement Commitments
As of December 31, 2025 the Company had an aggregate remaining contractual commitment for capital expenditure projects, leasing commissions and tenant improvements of approximately $2.2 million.
Corporate Office Lease
As of December 31, 2025, the Company entered into a 10-year lease for its future corporate headquarters in El Segundo, CA, which is expected to commence in 2026 (refer to Note 12, Leases, for further details). Aggregate future lease payments under this 10-year lease agreement are expected to approximate $6.6 million.
Retention Arrangements
In December 2025, the Board adopted the Peakstone Realty Trust Retention Bonus Plan (the “Retention Plan”), pursuant to which approximately 37 current Company employees are eligible to receive cash retention bonuses. The retention bonuses generally become payable upon the satisfaction of specified conditions, subject to the applicable employee’s continuous
employment. The total potential aggregate cost of the retention bonuses under the Retention Plan is currently estimated to be up to approximately $2.5 million.
Litigation
From time to time, the Company may become subject to legal and regulatory proceedings, claims and litigation arising in the ordinary course of business. The Company is not a party to, nor is the Company aware of any material pending legal proceedings nor is property of the Company subject to any material pending legal proceedings.
Environmental Matters
In connection with the ownership and operation of real estate, the Company may potentially be liable for costs and damages related to environmental matters in the ordinary course of business. As of December 31, 2025, the Company is not aware of any environmental condition that it believes will have a material adverse effect on the results of operations.
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment Profit/(Loss) Measures
Michael Escalante, the Company's Chief Executive Officer, is identified as the chief operating decision maker ("CODM"). The CODM evaluates the Company's portfolio and assesses the ongoing operations and performance of its properties within each reportable segment. The CODM evaluates the performance of each segment based on segment net operating income (“NOI”), which is calculated as net income or loss excluding (to the extent applicable during the periods presented) general and administrative expenses, corporate operating expenses to related parties, impairment of real estate, depreciation and amortization, interest expense, other income, net, gains or losses on early extinguishment of debt, gains or losses on sales of real estate, impairment of goodwill, investment income or loss, transaction expense and net income or loss from discontinued operations and equity in earnings of unconsolidated real estate joint ventures. This measure is used by the CODM to make decisions about resource allocation and evaluate the financial performance of each segment. Segment NOI is not a measure of operating income or cash flows from operating activities, is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit measures in the same manner. The Company considers segment NOI to be an appropriate supplemental measure to net income or loss because it assists both investors and management in understanding the core operations of our properties.
Industrial Segment
As of December 31, 2025, the Company’s portfolio consisted of 76 properties within one reportable Industrial segment. The portfolio included 60 IOS properties and 16 Traditional Industrial properties. Of the 76 properties in the Company’s portfolio, 72 were operating properties and four were designated for redevelopment or repositioning.
Office Segment Disposal in 2025
As of December 31, 2025, the Company completed the disposition of all Office segment properties, including the Office Discontinued Operations Properties. Therefore, as of December 31, 2025, the Office segment was eliminated. The Company presented the results of the Office segment through the year ended December 31, 2025, reflecting the Company’s ownership of the Office segment properties during that period. The results of the Office Discontinued Operations Properties have been separately reported within "Net income from discontinued operations" for the years ended December 31, 2025, 2024 and 2023 on the consolidated statement of operations. As such, the Office Discontinued Operations Properties are excluded from NOI metrics (refer to sections below).
Other Segment Disposal in 2024
Prior to December 31, 2024, the Company presented a third reportable segment, the “Other” segment, which consisted of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. On December 31, 2024, the Company sold the final property in its Other segment, and as a result, the Other segment was eliminated. The Company presented the results of the Other segment through the year ended December 31, 2024.
The following table presents a reconciliation of segment NOI and net income for the years ended December 31, 2025, 2024, and 2023 as follows:
Year Ended December 31,
202520242023
Industrial
Total Industrial revenues$100,204 $64,750 $57,304 
Less:
Industrial property operating expense (1)
5,793 3,916 3,424 
Industrial property tax expense (1)
8,193 5,156 4,231 
Industrial NOI
86,218 55,678 49,649 
Office
Total Office revenues5,777 20,825 32,288 
Less:
Office property operating expense (1)
213 1,909 2,804 
Office property tax expense (1)
96 654 1,815 
Office NOI
5,468 18,262 27,669 
Other
Total Other revenues— 30,782 54,246 
Less:
Other property operating expense (1)
— 7,839 13,085 
Other property tax expense (1)
— 4,108 7,391 
Other NOI
— 18,835 33,770 
Total NOI
$91,686 $92,775 $111,088 
Unallocated amounts:
Depreciation and amortization (2)
(52,182)(47,503)(61,169)
Real estate impairment provision (2)
(18,195)(53,313)(283,804)
General and administrative expenses (3)
(34,918)(36,973)(42,843)
Income before other income (expenses)196,981 230,564 498,904 
Less:
Other income (expenses):
Interest expense(56,565)(55,978)(59,371)
Other income, net7,351 14,479 13,107 
Net loss from investment in unconsolidated entity— — (176,767)
Gain from disposition of assets6,407 38,368 29,164 
(Loss) gain on extinguishment of debt
(2,482)10,466 — 
Goodwill impairment provision— (10,274)(16,031)
Corporate operating expenses to related parties(570)(617)(1,154)
Transaction expenses(555)(821)(24,961)
(Loss) income from discontinued operations(272,610)38,028 (92,361)
Net loss$(332,633)$(11,363)$(605,102)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Asset value information by segment are not reported because the CODM does not use these measures to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense and asset impairment are not allocated among segments. Refer to Segment Reporting sections below, for allocation of real estate assets and goodwill presented for each segment.
(3)General and administrative expenses are not reported by segment because the CODM evaluates these expenses at the corporate level and does not use this measure on a segment-by-segment basis for performance assessment or resource allocation decisions; therefore, general and administrative expenses are not allocated among segments.
A reconciliation of net loss to total NOI for the years ended December 31, 2025, 2024, and 2023 is as follows:
Year Ended December 31,
202520242023
Reconciliation of Net Loss to Total NOI
Net loss$(332,633)$(11,363)$(605,102)
General and administrative expenses34,918 36,973 42,843 
Corporate operating expenses to related parties570 617 1,154 
Real estate impairment provision18,195 53,313 283,804 
Depreciation and amortization52,182 47,503 61,169 
Interest expense56,565 55,978 59,371 
Other income, net(7,351)(14,479)(13,107)
Net loss from investment in unconsolidated entity— — 176,767 
Loss (gain) on extinguishment of debt
2,482 (10,466)— 
Gain from disposition of assets(6,407)(38,368)(29,164)
Goodwill impairment provision— 10,274 16,031 
Transaction expenses555 821 24,961 
Net loss (income) from discontinued operations272,610 (38,028)92,361 
Total NOI$91,686 $92,775 $111,088 
The following table presents the Company’s goodwill for each of the segments as of December 31, 2025 and 2024:
Year Ended December 31,
20252024
Goodwill
Industrial$68,373 $68,373 
Total Goodwill$68,373 $68,373 
The following table presents the Company’s total real estate assets, net, for each segment as of December 31, 2025 and 2024:
Year Ended December 31,
20252024
Industrial Real Estate, net
Total real estate$1,306,021 $1,281,815 
Accumulated depreciation and amortization(211,099)(180,879)
Industrial real estate, net1,094,922 1,100,936 
Office Real Estate, net
Total real estate— 211,328 
Accumulated depreciation and amortization— (43,368)
Office real estate, net— 167,960 
Total Real Estate, net$1,094,922 $1,268,896 
Year Ended December 31,
Discontinued Operations
20252024
Total Real Estate related to Discontinued Operations, net
Total real estate$— $1,291,432 
Accumulated depreciation and amortization— (296,280)
Real estate related to Discontinued Operations, net$— $995,152 
v3.25.4
Declaration of Dividends
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Declaration of Dividends Declaration of Dividends
Dividends
Earnings and profits, which determine the taxability of dividends paid to shareholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation expense.
The following unaudited table summarizes the federal income tax treatment for all distributions declared for the years ended December 31, 2025, 2024 and 2023 reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Code Section 857(b)(3)(C) and Treasury Regulation §1.857-6(e).
Year Ended December 31,
202520242023
Return of capital100 %100 %100 %
Total 100 %100 %100 %
Dividends declared$0.65 $0.90 $1.09 
On November 4, 2025, the Board declared an all-cash dividend for the quarter ended December 31, 2025 in the amount of $0.10 per common share and all-cash distribution in the amount of $0.10 per OP Unit. The Company paid such distributions on January 19, 2026 to shareholders and holders of OP Units of record as of December 31, 2025.
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Proposed Mergers
On February 2, 2026, we and the Operating Partnership (collectively, the “Company Parties”), BSREP V Neon Pooling REIT L.P., BSREP V Neon Pooling Non-REIT L.P. and BSREP V Brookfield Neon Sub L.P., each a Delaware limited partnership (collectively, “Parent”), Neon REIT Merger Sub LLC, a Delaware limited liability company and a subsidiary of Parent (“REIT Merger Sub”), and Neon OP Merger Sub LLC, a Delaware limited liability company and a subsidiary of Parent (“Operating Merger Sub” and, collectively with REIT Merger Sub and Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”).
The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, (i) Operating Merger Sub will be merged with and into the Operating Partnership, with the Operating Partnership surviving the merger (the “Surviving Partnership” and such merger, the “Partnership Merger”) and (ii) immediately following the consummation of the Partnership Merger, REIT Merger Sub will be merged with and into the Company, with the Company surviving the merger (the “Surviving Entity” and such merger, the “Company Merger” and, together with the Partnership Merger, the “Mergers”). Upon completion of the Company Merger, Parent (or subsidiaries thereof) will be the sole common shareholders of the Surviving Entity, and the Surviving Partnership will be wholly owned by Parent and the Surviving Entity (or subsidiaries thereof).
The Mergers and the other transactions contemplated by the Merger Agreement were unanimously approved and declared advisable by the Board.
Pursuant to the terms of the Merger Agreement, Peakstone has agreed to suspend payment of its regular quarterly dividend, effective immediately, until the earlier of the closing or the termination of the Merger Agreement.
v3.25.4
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization
PEAKSTONE REALTY TRUST
SCHEDULE III
REAL ESTATE ASSETS AND ACCUMULATED DEPRECIATION AND AMORTIZATION
(Dollars in thousands)
  
Initial Cost to Company (1)
Total Adjustment to Basis (2)
Gross Carrying Amount at
December 31, 2025		   Life on
which
depreciation
in latest
income
statement is
computed
Property Description
Encumbrances (4)
LandBuilding and ImprovementsBuilding and Improvements
Land (3)
Building and
Improvements (2)
TotalAccumulated Depreciation and AmortizationDate of ConstructionDate of Acquisition
 Industrial Segment
Traditional Industrial property in Emporia, KS$— $274 $7,567 $962 $274 $8,529 $8,803 $3,978  N/A 8/27/2010
5-40 years
Traditional Industrial property in Northern New Jersey, NJ— 3,773 9,030 910 3,773 9,940 13,713 4,134  N/A 5/31/2012
5-40 years
Traditional Industrial property in Chicago, IL— 2,674 13,229 1,900 2,674 15,129 17,803 6,357  N/A 11/8/2012
5-40 years
Traditional Industrial property in Chicago, IL (6)
23,000 7,697 21,843 5,879 7,697 27,722 35,419 12,266  N/A 8/13/2013
5-40 years
Traditional Industrial property in Detroit, MI— 875 11,375 2,632 875 14,007 14,882 5,687  N/A 11/5/2013
5-40 years
Traditional Industrial property in Jacksonville, FL (7)
49,604 5,040 42,490 268 5,040 42,758 47,798 14,559  N/A 12/11/2015
5-40 years
Traditional Industrial property in Stockton/Modesto, CA— 15,463 36,613 37,692 15,463 74,305 89,768 35,566  N/A 1/14/2016
5-40 years
Traditional Industrial property in Tampa, FL— 5,433 55,341 178 5,433 55,519 60,952 13,331  N/A 3/13/2018
5-40 years
Traditional Industrial property in Savannah, GA (8)
37,722 5,465 57,116 — 5,465 57,116 62,581 13,618  N/A 5/3/2018
5-40 years
Traditional Industrial property in Hampton Roads, VA— 3,100 15,903 191 3,100 16,094 19,194 5,432 N/A5/1/2019
5-40 years
Traditional Industrial property in Hampton Roads, VA— 3,113 15,968 173 3,113 16,141 19,254 5,448  N/A 5/1/2019
5-40 years
Traditional Industrial property in Columbus, OH— 978 16,705 — 978 16,705 17,683 5,667  N/A 5/1/2019
5-40 years
Traditional Industrial property in Charleston, SC— 1,226 14,662 21 1,226 14,683 15,909 3,432  N/A 5/1/2019
5-40 years
Traditional Industrial property in Chicago, IL (9)
37,589 5,802 82,148 — 5,802 82,148 87,950 18,771  N/A 5/1/2019
5-40 years
Traditional Industrial property in Columbus, OH (9)
53,021 4,773 107,021 — 4,773 107,021 111,794 27,123  N/A 5/1/2019
5-40 years
Traditional Industrial property in Winston-Salem, NC— 3,407 32,737 — 3,407 32,737 36,144 6,774  N/A 2/5/2020
5-40 years
Industrial Outdoor Storage property in Fort Lupton, CO— 2,783 5,832 — 2,783 5,832 8,615 559  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Pompano Beach, FL— 3,373 3,802 — 3,373 3,802 7,175 329  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Tampa, FL— 3,773 2,749 — 3,773 2,749 6,522 298  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Orlando, FL— 2,358 3,739 — 2,358 3,739 6,097 385  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Orlando, FL— 1,963 5,346 — 1,963 5,346 7,309 564  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Jacksonville, FL— 1,603 2,565 — 1,603 2,565 4,168 385  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Atlanta, GA— 20,911 28,192 — 20,911 28,192 49,103 2,226  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Atlanta, GA— 4,749 8,551 — 4,749 8,551 13,300 664  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Atlanta, GA— 4,233 3,712 — 4,233 3,712 7,945 537  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Lively, GA— 7,407 8,638 68 7,407 8,706 16,113 763  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Mableton, GA— 2,374 1,710 — 2,374 1,710 4,084 262  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Norcross, GA— 2,946 2,037 — 2,946 2,037 4,983 310  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Atlanta, GA— 8,959 4,623 — 8,959 4,623 13,582 415  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Savannah, GA— 12,528 13,575 — 12,528 13,575 26,103 1,413  N/A 11/4/2024
5-40 years
  
Initial Cost to Company (1)
Total Adjustment to Basis (2)
Gross Carrying Amount at
December 31, 2025		   Life on
which
depreciation
in latest
income
statement is
computed
Property Description
Encumbrances (4)
LandBuilding and ImprovementsBuilding and Improvements
Land (3)
Building and
Improvements (2)
TotalAccumulated Depreciation and AmortizationDate of ConstructionDate of AcquisitionLife on
which
depreciation
in latest
income
statement is
computed
Industrial Outdoor Storage property in Melrose Park, IL— 2,520 3,597 — 2,520 3,597 6,117 222  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Burlington, NJ— 2,232 4,020 — 2,232 4,020 6,252 230  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Carteret, NJ— 7,132 6,847 — 7,132 6,847 13,979 348  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in South Plainfield, NJ— 2,103 2,023 — 2,103 2,023 4,126 114  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Albuquerque, NM— 2,519 2,977 74 2,519 3,051 5,570 197  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Yaphank, NY— 5,583 3,170 — 5,583 3,170 8,753 486  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Cincinnati, OH— 823 1,823 — 823 1,823 2,646 168  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Pittsburgh, PA— 2,832 7,998 — 2,832 7,998 10,830 458  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Hatfield, PA— 19,074 10,900 — 19,074 10,900 29,974 1,211  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Philadelphia, PA— 11,619 10,646 1,386 11,619 12,032 23,651 937  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Philadelphia, PA— 9,922 6,609 — 9,922 6,609 16,531 436  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Philadelphia, PA— 7,261 7,497 — 7,261 7,497 14,758 572  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in North Charleston, SC— 1,057 3,685 — 1,057 3,685 4,742 260  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in North Charleston, SC— 1,055 2,965 — 1,055 2,965 4,020 247  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Ladson, SC— 1,409 3,251 — 1,409 3,251 4,660 262  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Greenville, SC— 1,029 6,997 — 1,029 6,997 8,026 590  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Hermitage, TN— 1,664 3,852 — 1,664 3,852 5,516 280  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Nashville, TN— 1,441 2,036 — 1,441 2,036 3,477 168  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Nashville, TN— 1,985 6,719 30 1,985 6,749 8,734 525  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Memphis, TN— 2,148 2,831 — 2,148 2,831 4,979 456  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Baytown, TX— 3,537 9,184 — 3,537 9,184 12,721 535  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Plano, TX— 914 3,469 — 914 3,469 4,383 342  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Fort Worth, TX— 4,709 9,617 — 4,709 9,617 14,326 798  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Houston, TX— 1,160 3,372 — 1,160 3,372 4,532 234  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in San Antonio, TX— 1,222 2,520 — 1,222 2,520 3,742 188  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Round Rock, TX— 2,084 5,745 — 2,084 5,745 7,829 511  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Houston, TX— 2,041 4,789 — 2,041 4,789 6,830 1,023  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Houston, TX— 1,268 4,421 — 1,268 4,421 5,689 605  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Manassas, VA— 4,782 3,065 — 4,782 3,065 7,847 493  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Norfolk, VA— 16,238 14,927 — 16,238 14,927 31,165 1,459  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Norfolk, VA— 2,166 7,298 — 2,166 7,298 9,464 591  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Everett, WA— 20,156 9,525 — 20,156 9,525 29,681 2,350  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Savannah, GA— 4,138 1,393 723 4,138 2,116 6,254 208  N/A 11/4/2024
5-40 years
Industrial Outdoor Storage property in Port Charlotte, FL— 7,826 2,791 — 7,826 2,791 10,617 727  N/A 7/28/2025
5-40 years
Industrial Outdoor Storage property in Smyrna, GA— 27,698 17,223 — 27,698 17,223 44,921 618  N/A 8/4/2025
5-40 years
  
Initial Cost to Company (1)
Total Adjustment to Basis (2)
Gross Carrying Amount at
December 31, 2025		   Life on
which
depreciation
in latest
income
statement is
computed
Property Description
Encumbrances (4)
LandBuilding and ImprovementsBuilding and Improvements
Land (3)
Building and
Improvements (2)
TotalAccumulated Depreciation and AmortizationDate of ConstructionDate of AcquisitionLife on
which
depreciation
in latest
income
statement is
computed
Industrial Outdoor Storage property in Fort Pierce, FL— 3,034 2,400 — 3,034 2,400 5,434 43  N/A 9/30/2025
5-40 years
Industrial Outdoor Storage property in Plano, TX— 4,826 2,850 — 4,826 2,850 7,676 —  N/A 12/23/2025
5-40 years
Industrial Outdoor Storage property in Tampa, FL— 5,049 3,562 — 5,049 3,562 8,611 —  N/A 12/12/2025
5-40 years
Industrial Outdoor Storage property in Tampa, FL— 3,007 3,879 — 3,007 3,879 6,886 —  N/A 12/12/2025
5-40 years
Industrial Outdoor Storage property in Stone Mountain, GA— 2,908 1,452 — 2,908 1,452 4,360 —  N/A 12/12/2025
5-40 years
Industrial Outdoor Storage property in Calhoun, GA— 2,403 1,658 — 2,403 1,658 4,061 —  N/A 12/12/2025
5-40 years
Industrial Outdoor Storage property in Chattanooga, TN— 3,248 4,734 — 3,248 4,734 7,982 —  N/A 12/12/2025
5-40 years
Redevelopment property in Kennesaw, GA— 1,837 1,428 1,972 1,837 3,400 5,237 175  N/A 11/4/2024
5-40 years
Redevelopment property in Burlington, NJ— 3,744 4,103 997 3,744 5,100 8,844 306  N/A 11/4/2024
5-40 years
Redevelopment property in Burlington, NJ— 4,295 7,037 232 4,295 7,269 11,564 386  N/A 11/4/2024
5-40 years
Redevelopment property in Hatfield, PA— 12,584 205 — 13,073 205 13,278 87  N/A 11/4/2024
5-40 years
Total Industrial$200,936 $381,335 $867,909 $56,288 $381,824 $924,197 $1,306,021 $211,099 
Total Portfolio(5)
$200,936 $381,335 $867,909 $56,288 $381,824 $924,197 $1,306,021 $211,099 
(1)Building and improvements include in-place lease intangible assets.
(2)Consists of capital expenditure, real estate development costs, and impairment charges to building and improvements.
(3)Consists of additions and impairment charges to land.
(4)Amounts do not include unamortized deferred financing costs and discounts, net.
(5)For federal income tax purposes, the aggregate cost of real estate the Company and consolidated subsidiaries owned was approximately $1.2 billion as of December 31, 2025.
(6)This property secures the Illinois Mortgage Loan.
(7)This property secures the Florida Mortgage Loan.
(8)This property secures the Georgia Mortgage Loan.
(9)This property secures the BOA II Loan.
  Activity for the Year Ended December 31,
 20252024 2023
Real estate facilities
Balance at beginning of year$1,493,143 $1,321,583   $2,082,264 
Acquisitions100,548 539,858   — 
Construction costs and improvements6,178 534   3,869 
Other adjustments(40)1,833 (10)
Impairment provision(22,975)(80,993)(376,666)
Sale of real estate assets(1)
(270,833)(289,672)(323,586)
Real estate assets held for sale— — (64,288)
Balance at end of year$1,306,021 $1,493,143 $1,321,583 
Accumulated depreciation
Balance at beginning of year$224,247 $301,127   $431,551 
Depreciation and amortization expense49,433 23,696 59,941 
Impairment provision(4,810)(5,235)(92,862)
Other adjustments2,204 — (19)
Less: Non-real estate assets depreciation expense— 318 — 
Less: Sale of real estate assets depreciation expense(59,975)(95,659)(82,848)
Less: Real estate assets held for sale— — (14,636)
Balance at end of year$211,099 $224,247   $301,127 
Real estate facilities, net$1,094,922 $1,268,896 $1,020,456 
(1)Includes sales of continuing operations properties and Office Discontinued Operations Properties.
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]
The cybersecurity risk management program, processes and strategy described in this section are limited to the personal and business information belonging to or maintained by the Company (collectively, “Confidential Information”) and our own third-party critical systems and services supporting or used by the Company (collectively, “Critical Systems”). The Company’s subsidiaries lease to and, in some instances, manage for our tenants the properties we own, but we do not have actual or contractual access to the systems or information maintained or used by our tenants. Our tenants are directly or indirectly (through their own service providers) responsible for maintaining programs and processes to protect their systems and information from various risks from cybersecurity threats.
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our Confidential Information and Critical Systems. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas.
We design and assess our program based on industry standard cybersecurity frameworks published by the International Organization for Standardization and the National Institute of Standards and Technology. This does not imply that we meet any particular technical standards, specifications, or requirements, but only that we may source controls applicable to our industry from these frameworks as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business.
Key elements of our cybersecurity risk management program include but are not limited to the following:
•risk assessments designed to help identify material risks from cybersecurity threats to our Confidential Information and Critical Systems;
•a security team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•the use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security processes;
•cybersecurity awareness and spear-phishing resistance training of our employees, incident response personnel, and senior management;
•a cybersecurity incident response plan that includes procedures for responding to cybersecurity incidents; and
•a vendor management policy for key service providers based on our assessment of their criticality to our operations and respective risk profiles, which may include service providers that provide an automated service or system that stores, transmits or processes our Confidential Information.
We have not identified risks from known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. We face risks from cybersecurity threats that, if realized, could have a material adverse effect on us including an adverse effect on our business, financial condition and results of operations. See “Risk Factors—General Risks—Cybersecurity risks and cyber incidents or the failure to comply with laws and regulations concerning data privacy and security may adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential information, and/or damage to our business relationships, any of which could have a material adverse effect on us.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our Confidential Information and Critical Systems. Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee of the Board (the “Audit Committee”) oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
The Audit Committee receives periodic reports from management or our information technology Service Provider on our cybersecurity risks and cybersecurity risk management program. In addition, the executive management team is responsible for updating the Audit Committee, as necessary, regarding significant cybersecurity incidents.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives period reports from management or our information technology Service Provider on our cybersecurity risks and cybersecurity risk management program. Our Board also receives presentations on cybersecurity topics from our information technology Service Provider as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee of the Board (the “Audit Committee”) oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee of the Board (the “Audit Committee”) oversight of cybersecurity and other information technology risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
The Audit Committee receives periodic reports from management or our information technology Service Provider on our cybersecurity risks and cybersecurity risk management program. In addition, the executive management team is responsible for updating the Audit Committee, as necessary, regarding significant cybersecurity incidents.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives period reports from management or our information technology Service Provider on our cybersecurity risks and cybersecurity risk management program. Our Board also receives presentations on cybersecurity topics from our information technology Service Provider as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Role of Management [Text Block]
A security team consisting of our executive management team, our Managing Director, Administration and Legal, and our managed information technology Service Provider, Porcaro Stolarek Mete Partners, LLC (“PSM Partners”), is responsible for assessing and managing risks from cybersecurity threats to the Company, including our Confidential Information and Critical Systems. The team has primary responsibility for our overall cybersecurity risk management program. PSM Partners has
provided information technology support, cybersecurity audits, and full-coverage managed IT services to financial industry participants for over a decade.
Our management team meets with our information technology Service Provider regularly to discuss then-current cybersecurity issues, which may include efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, including threat intelligence and other information obtained from governmental, public or private sources, and external service providers engaged by us; and alerts and reports produced by security tools deployed in the information technology environment including a spear-phishing report.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] A security team consisting of our executive management team, our Managing Director, Administration and Legal, and our managed information technology Service Provider, Porcaro Stolarek Mete Partners, LLC (“PSM Partners”), is responsible for assessing and managing risks from cybersecurity threats to the Company, including our Confidential Information and Critical Systems. The team has primary responsibility for our overall cybersecurity risk management program.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] PSM Partners has provided information technology support, cybersecurity audits, and full-coverage managed IT services to financial industry participants for over a decade.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our management team meets with our information technology Service Provider regularly to discuss then-current cybersecurity issues, which may include efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, including threat intelligence and other information obtained from governmental, public or private sources, and external service providers engaged by us; and alerts and reports produced by security tools deployed in the information technology environment including a spear-phishing report.
The Audit Committee receives periodic reports from management or our information technology Service Provider on our cybersecurity risks and cybersecurity risk management program. In addition, the executive management team is responsible for updating the Audit Committee, as necessary, regarding significant cybersecurity incidents.
The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives period reports from management or our information technology Service Provider on our cybersecurity risks and cybersecurity risk management program. Our Board also receives presentations on cybersecurity topics from our information technology Service Provider as part of the Board’s continuing education on topics that impact public companies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Accounting
The accompanying consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with generally accepted accounting principles in the United States (“GAAP”) as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. The consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company's financial position, results of operations and cash flows for each of the three years in the period ended December 31, 2025, 2024 and 2023.
The consolidated financial statements of the Company include all accounts of the Company, the Operating Partnership, and its consolidated subsidiaries. Intercompany transactions are shown on the consolidated statements if and to the extent required pursuant to GAAP. Each property-owning entity is a wholly-owned subsidiary which is a special purpose entity (“SPE”).
Principles of Consolidation and Consolidation Considerations
Principles of Consolidation
The Company's financial statements, and the financial statements of the Operating Partnership, including its wholly-owned subsidiaries, are consolidated in the accompanying consolidated financial statements. The portion of these entities not wholly-owned by the Company is presented as noncontrolling interests. All significant intercompany accounts and transactions have been eliminated in consolidation.
Consolidation Considerations
The Company consolidates variable interest entities (“VIEs”) in which it is considered to be the primary beneficiary. VIEs are entities in which the equity investors do not have sufficient equity at risk to finance their endeavors without additional financial support or that the holders of the equity investment at risk do not have substantive participating rights. The primary beneficiary is defined by the entity having both of the following characteristics: (i) the power to direct the activities that most significantly impact the economic performance of the VIE, and (ii) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE.
The Company has determined that the Operating Partnership is a VIE because the holders of limited partnership interests do not have substantive kick-out rights or participation rights. Furthermore, the Company is the primary beneficiary of the Operating Partnership because the Company has the obligation to absorb losses and the right to receive benefits from the
Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2025 and 2024, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.
Segment Information
Segment Information
Industrial Segment
As of December 31, 2025, the Company has one reportable Industrial segment, which includes 76 industrial properties comprised of 60 IOS properties and 16 Traditional Industrial properties. Of the 76 properties in the Company’s portfolio, 72 were operating properties, and four were designated for redevelopment or repositioning.
Office Segment Disposal
As of December 31, 2025, the Company completed the disposition of all Office segment properties, including the Office Discontinued Operations Properties. Therefore, as of December 31, 2025, the Office segment was eliminated. The Company presented the results of the Office segment through the year ended December 31, 2025, reflecting the Company’s ownership of the Office segment properties during that period. The results of the Office Discontinued Operations Properties have been separately reported within "Net income from discontinued operations" for the years ended December 31, 2025, 2024 and 2023 on the consolidated statement of operations.
Other Segment Disposal
Prior to December 31, 2024, the Company presented a third reportable segment, the “Other” segment, which consisted of vacant and non-core properties, together with other properties in the same cross-collateralized loan pools. On December 31, 2024, the Company sold the final property in its Other segment, and as a result, the Other segment was eliminated. The Company presented the results of the Other segment through the year ended December 31, 2024.
Assets Held for Sale
Assets Held for Sale
The Company generally classifies real estate assets that are subject to operating leases as held for sale when it believes it is probable that the disposition will occur within one year. When the Company classifies an asset as held for sale, it compares the asset’s fair value less estimated cost to sell to its carrying value, and if the fair value less estimated cost to sell is less than the property’s carrying value, the Company reduces the carrying value to the fair value less estimated cost to sell. The Company will continue to review the property for subsequent changes in the fair value, and may recognize an additional impairment charge, if warranted. Assets classified as held for sale are further evaluated for classification as discontinued operations (as described under Discontinued Operations below).
Discontinued Operations
A component or group of components is classified as discontinued operations, (i) when it has been disposed of or meets the criteria to be classified as held for sale and (ii) the disposal or intended disposal represents a strategic shift that has or is expected to have, a major effect on the Company’s operations and financial results. A discontinued operation includes components that comprise operations and cash flows that can be clearly distinguished from the Company’s continuing operations.
As described in Note 1, Organization, the Company’s disposal of its Office segment properties represented a strategic shift in the Company’s business that met the criteria for classification as discontinued operations.
Accordingly, during the third quarter of 2025, the Company began to separately present the results of the Office Discontinued Operations Properties in its consolidated financial statements and notes for all periods presented, and reclassified prior-period amounts to conform to this presentation. All previously disposed Office segment properties not included within Office Discontinued Operations Properties are included within continuing operations for all periods presented.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all short-term, highly liquid investments that are readily convertible to cash with a maturity of three months or less at the time of purchase to be cash equivalents. Short-term investments are stated at cost, which approximates fair value. Our cash and cash equivalents are held in the custody of several financial institutions, and these balances, at times, exceed federally insurable limits. We seek to mitigate this risk by depositing funds only with major financial institutions.
Restricted Cash
Restricted Cash
Restricted cash is presented on the consolidated balance sheet and consists primarily of reserves that the Company funded as required by the applicable governing documents with certain lenders in conjunction with debt financing or transactions.
Acquisitions of Real Estate
Acquisitions of Real Estate
During the year ended December 31, 2025, we acquired nine IOS properties which were accounted for as asset acquisitions. For asset acquisitions, the Company allocates the acquisition cost, which assigns both cash and non-cash consideration paid to the seller and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed (including tangible assets and intangible assets and liabilities), according to their respective relative fair values.
Tangible Assets Acquired
The tangible assets consist of land, buildings, and site improvements. Land is typically valued utilizing the sales comparison (or market) approach. Buildings are valued, as if vacant, using the cost and/or income approach. Site improvements are valued using the cost approach.
Under the cost approach, the fair value of real estate is based on estimated costs to construct a vacant building or site improvement, as applicable, with similar characteristics.
Under the income approach, we use the discounted cash flow method, which includes Level 3 unobservable inputs. For the discounted cash flow method, the fair value of real estate is determined (i) by applying a discounted cash flow analysis to the estimated net operating income for each property in the portfolio during the remaining anticipated lease term and over any additional hypothetical lease terms assumed and (ii) by the estimated residual value, which is based on a hypothetical sale of the property upon expiration of a lease factoring in the re-tenanting of such property at estimated market rental rates, and applying a selected capitalization rate. The respective Level 3 inputs include discount rates, capitalization rates, market rental rates and comparable sales data, including land sales for similar properties. The estimated future cash flows account for various factors, including historical performance, anticipated trends, and prevailing market and economic conditions.
Intangible Assets and Liabilities Acquired
The intangible assets and liabilities include the above- and below-market value of leases and the in-place leases, which include the value of tenant relationships. In assessing the fair value of intangible lease assets or liabilities, the Company, similarly, considers Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for
below-market leases determined to be reasonably certain of exercise, if applicable. The estimated fair value of acquired in-place at-market tenant leases is estimated based on the costs that would have been incurred to lease the property to the occupancy level at the acquisition date. This includes leasing commissions, legal and other costs, along with the estimated time necessary to lease the property to its occupancy level at the time of acquisition.
If a lease is terminated, we charge the unamortized portion of above- and below-market lease values to rental income and in-place lease values to amortization expense. If a lease is amended, we will determine whether the economics of the amended lease continue to support the existence of the above- or below-market lease intangibles. If circumstances indicate that the assumed exercise of renewal options has changed, we will reassess the expected lease term and adjust the remaining amortization period prospectively, accelerating or extending the recognition of the related intangibles as appropriate.
Depreciation and Amortization
Depreciation and Amortization
The purchase price of real estate acquired and costs related to development, construction, and property improvements are capitalized. Repairs and maintenance costs include all costs that do not extend the useful life of the real estate asset and are expensed as incurred. The Company considers the period of future benefit of an asset to determine the appropriate useful life. The Company anticipates the estimated useful lives of its assets by class to be generally as follows:
Buildings
25-40 years
Building Improvements
5-20 years
Land Improvements
15-25 years
Tenant Improvements
Shorter of (i) estimated useful life and (ii) remaining contractual lease term
Above- and Below-market Lease Value and the In-place Leases
Remaining contractual lease term with consideration as to below-market extension options for below-market leases
Impairment of Real Estate and Related Intangible Assets and Liabilities and Impairment of Goodwill
Impairment of Real Estate and Related Intangible Assets and Liabilities
In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, where indicators of impairment exist, the Company evaluates the recoverability of its real estate assets by comparing the carrying amounts of the assets to the estimated undiscounted cash flows. Recoverability of real estate assets requires estimates of future market and economic conditions, including assumptions related to estimated selling prices, anticipated hold periods, potential vacancies, capitalization rates, market rental income amounts subsequent to the expiration of current lease agreements, and property operating expenses.
When the carrying amounts of the real estate assets are not recoverable based on the estimated undiscounted cash flows, the Company calculates an impairment charge in the amount the carrying value exceeds the estimated fair value of the real estate asset as of the measurement date. Fair value is determined through certain valuation techniques involving (i) discounted cash flow models applying significant assumptions related to market rent, terminal capitalization rates, and discount rates or (ii) estimated selling prices based on quoted market values and comparable property sales.
In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, the Company assesses the carrying values of our real estate assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Refer to Note 3. Real Estate, for further details.
Impairment of Goodwill
The Company’s goodwill has an indeterminate life and is not amortized. Goodwill is tested for impairment annually for each reporting unit, as applicable, or more frequently if events or changes in circumstances indicate that goodwill is more likely than not impaired. The Company performs a qualitative assessment to determine whether a potential impairment of goodwill exists prior to quantitatively estimating the fair value of each relevant reporting unit. If an impairment exists, the Company recognizes an impairment of goodwill based on the excess of the reporting unit’s carrying value compared to its fair value, up to the amount of goodwill for that reporting unit. Under the quantitative assessment, the Company focuses on the fair value of real estate assets and mortgage loans, as those comprise the significant components of fair value within each reporting unit. The analysis involves estimates around significant assumptions such as market rent, discount rates, terminal capitalization rates, and borrowing rates.
Revenue Recognition
Revenue Recognition
We lease industrial properties to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses.
Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space.
Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain operating expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. As the timing and pattern of revenue recognition for base rent and tenant reimbursements is the same, and as the lease component would be classified as an operating lease if it were accounted for separately, base rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations.
We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the applicable providers (e.g. taxing authorities) on our behalf.
Lease termination fees, which are included in rental income, are recognized when the related leases are terminated and we have no continuing obligation to provide services to such former tenants. If the lessee continues to occupy the leased space for a period of time after the lease termination is agreed upon, the termination fee is accounted for as a lease modification based on the modified lease term.
Valuation of Operating Lease Receivables
Valuation of Operating Lease Receivables
On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.
Leases as Lessee
Leases as Lessee
As of December 31, 2025, the Company is the lessee under two office leases classified as operating leases. Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments under the lease. The Company makes significant assumptions and judgments when determining the discount rate for the lease to calculate the present value of the lease payments. As the rate implicit in the lease is not readily determinable, the Company estimates the incremental borrowing rate (“IBR”) that it would need to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment, over a similar lease term. The Company utilizes a market-based approach to estimate the IBR for each individual lease. The base IBR is estimated utilizing observable mortgage rates, which are then adjusted to account for considerations related to the Company’s credit rating and the lease term to select an incremental borrowing rate for each lease. The lease liabilities and ROU assets are amortized on a straight-line basis over the lease term.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities
The Company measures derivative instruments, including certain derivative instruments embedded in other contracts, at fair value and records them as an asset or liability, depending on the Company’s rights or obligations under the applicable derivative contract. For derivatives designated as cash flow hedges, the effective portions of the derivative are reported in other comprehensive income and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedging and ineffective portions of hedges are recognized in earnings in the affected period. See Note 6, Interest Rate Contracts, for more detail.
Income Taxes
Income Taxes
The Company has elected to be taxed as a REIT under the Internal Revenue Code (“Code”). To qualify as a REIT, the Company must meet certain organizational and operational requirements. The Company intends to adhere to these requirements and maintain its REIT status for the current year and subsequent years. As a REIT, the Company generally will not be subject to federal income taxes on taxable income that is distributed to shareholders. However, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed taxable income, if any. If the Company fails to qualify as a REIT in any taxable year, the Company will then be subject to federal income taxes on the taxable income at regular corporate rates and will not be permitted to qualify for treatment as a REIT for federal income tax purposes for four years following the year during which qualification is lost unless the Internal Revenue Service (“IRS”) grants the Company relief under certain statutory provisions. Such an event could materially adversely affect net income and net cash available to pay dividends to shareholders. As of December 31, 2025, the Company believes it has satisfied the REIT requirements.
Pursuant to the Code, the Company has elected to treat its corporate subsidiary as a taxable REIT subsidiary (a “TRS”). In general, the TRS may perform non-customary services for the Company’s tenants and may engage in any real estate or non-real estate-related business. The TRS will be subject to corporate federal and state income tax.
Share-Based Compensation
Share-Based Compensation
We have granted restricted share units and restricted shares (together, “Restricted Shares”) to certain employees and non-employee trustees. Grants were awarded in the name of the recipient subject to certain restrictions of transferability and a risk of forfeiture. Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments, which includes awards granted to certain nonemployees. We recognize these compensation costs for only those shares expected to vest on a straight-line basis over the requisite service or performance period of the award, as applicable. We include share-based compensation within “Additional paid-in capital” in the consolidated statements of equity and “General and administrative expenses” in the consolidated statements of operations.
Earnings Per Share
Earnings Per Share
Basic earnings per share is computed by dividing net (loss) income attributable to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net (loss) income attributable to common shareholders by the weighted-average number of outstanding common shares plus the potential effect of any dilutive securities (e.g. unvested time-based restricted share units and unvested time-based restricted shares (together, “Unvested Restricted Shares”), OP Units, etc.), using the more dilutive of either the two-class method or the treasury stock method.
For all periods presented, (a) OP Units were excluded from the dilutive earnings per share computation because they were not dilutive, and (b) using the treasury stock method, Unvested Restricted Shares were excluded from dilutive earnings per share because the inclusion would have been anti-dilutive or insignificant to the potential dilutive effect of the computation.
Year Ended December 31,
202520242023
Unvested Restricted Shares (1)
329,571 240,330 142,385 
(1)Unvested Restricted Shares that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to either the two-class method or treasury stock method, as applicable.
Reclassifications
Reclassifications
Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation, solely related to classification of the Office Discontinued Operations Properties.
Use of Estimates
Use of Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates.
Unaudited Data
Unaudited Data
Any references to the number of buildings, square footage, acreage, number of leases, occupancy, and any amounts derived from these values in the notes to the consolidated financial statements are unaudited and outside the scope of the Company's independent registered public accounting firm's audit of its consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board (“PCAOB”).
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements
On November 4, 2024, the FASB issued ASU 2024-03, which requires public business entities to provide disaggregated disclosures of certain expense categories that are included in the income statement. The guidance does not change the presentation of expenses on the face of the income statement but mandates additional tabular disclosures for line items in continuing operations. Expenses that are already disclosed under existing U.S. GAAP should be incorporated into these disaggregated disclosures, while any remaining amounts should be described qualitatively. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The disclosures will be required on both an annual and interim basis. The Company is currently evaluating the potential impact of adopting ASU 2024-03 on our consolidated financial statements and related disclosures.
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Disposal Groups, Including Discontinued Operations
The following table summarizes the major components of assets and liabilities related to the Office Discontinued Operations Properties as of December 31, 2024:
Office Discontinued Operations Properties
ASSETSDecember 31, 2024
Land$108,515 
Building and improvements943,456 
In-place lease intangible assets
239,406 
Construction in progress55 
Total real estate1,291,432 
Less: accumulated depreciation(296,280)
Total real estate, net995,152 
Above-market lease and other intangible assets, net25,614 
Deferred rent receivable37,413 
Deferred leasing costs, net8,852 
Right-of-use lease assets32,212 
Other assets2,113 
Total real estate and other assets held for sale$1,101,356 
LIABILITIES
Below-market lease and other intangible liabilities, net
$7,144 
Right-of-use lease liabilities46,143 
Accrued expenses and other liabilities14,939 
Liabilities of real estate assets held for sale$68,226 
The following table summarizes (loss) income from Office Discontinued Operations Properties for the years ended December 31, 2025, 2024 and 2023:
Year Ended December 31,
202520242023
Revenue:
Rental income$94,842 $111,716 $110,446 
Expenses:
Property operating expense11,931 12,395 11,590 
Property tax expense6,331 7,745 8,086 
Real estate impairment provision(1)
345,493 — 125,708 
Depreciation and amortization30,217 47,479 51,035 
Total expenses393,972 67,619 196,419 
Interest expense(2)
(4,665)(6,072)(6,252)
Other (expense) income, net(43)3 (136)
Loss on extinguishment of debt(3)
(1,243)— — 
(Loss) income from discontinued operations
(305,081)38,028 (92,361)
Gain from disposition of assets(1)
32,471 — — 
Net (loss) income from discontinued operations
$(272,610)$38,028 $(92,361)
(1)Refer to Note 3, Real Estate for further details.
(2)Interest expense was directly related to the portion of the Company’s BOA II Loan that was secured by two Office Discontinued Operations Properties as described in Note 5, Debt.
(3)Refer to Note 5, Debt for further details.
Schedule of Restrictions on Cash and Cash Equivalents The table below summarizes the Company’s restricted cash:
Balance as of December 31,
20252024
Cash reserves $4,909 $4,092 
Restricted lockbox2,858 3,604 
Total$7,767 $7,696 
Schedule of Estimated Useful Lives of Assets The Company anticipates the estimated useful lives of its assets by class to be generally as follows:
Buildings
25-40 years
Building Improvements
5-20 years
Land Improvements
15-25 years
Tenant Improvements
Shorter of (i) estimated useful life and (ii) remaining contractual lease term
Above- and Below-market Lease Value and the In-place Leases
Remaining contractual lease term with consideration as to below-market extension options for below-market leases
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
Year Ended December 31,
202520242023
Unvested Restricted Shares (1)
329,571 240,330 142,385 
(1)Unvested Restricted Shares that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to either the two-class method or treasury stock method, as applicable.
v3.25.4
Real Estate (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Real Estate Properties
The following table summarizes the Company’s gross investment in real estate (excluding the Office Discontinued Operations Properties) as of December 31, 2025 and 2024:
As of December 31,
20252024
Land$381,824 $341,702 
Building and improvements810,112 1,009,286 
In-place lease intangible assets
109,852 141,193 
Construction in progress4,233 962 
Total real estate$1,306,021 $1,493,143 
Schedule of Acquisitions of Real Estate
During the year ended December 31, 2025, the Company acquired nine IOS properties, which were deemed to be real estate acquisitions. The following is a summary of the acquisitions during the year ended December 31, 2025:
Property LocationDate of Acquisition
Number of Properties
Usable Acres
Total Purchase Price
(in thousands) (1)
Acquired Properties
Port Charlotte, FloridaJuly 28, 202519$10,590 
Smyrna, GeorgiaAugust 4, 202512741,116 
Fort Pierce, FloridaSeptember 30, 2025135,400 
Tampa, FloridaDecember 12, 2025158,320 
Tampa, FloridaDecember 12, 2025146,576 
Stone Mountain, GeorgiaDecember 12, 2025124,319 
Calhoun, GeorgiaDecember 12, 2025154,062 
Chattanooga, TennesseeDecember 12, 2025178,151 
Plano, TexasDecember 23, 2025147,676 
Total Acquired Properties
966$96,210 
(1)The total purchase price is comprised of the following items in aggregate for all acquisitions: i) the contractual purchase price of $96.2 million, ii) capitalized acquisition related costs of $1.5 million, offset by iii) certain credits and other closing adjustments of $1.5 million.
Schedule of Aggregate Purchase Price Allocation
The aggregate purchase price allocation for all properties acquired during the years ended December 31, 2025 and 2024 is as follows:
December 31,
20252024
Assets acquired:
Land$60,000 $252,245 
Building and improvements30,566 252,046 
In-place lease intangible assets9,982 35,567 
Total real estate100,548 539,858 
Above-market lease intangible assets, net
184 1,101 
Total assets acquired100,732 540,959 
Liabilities acquired:
Below-market lease intangible liabilities, net
(4,522)(35,009)
Accrued expenses and other liabilities— (5,400)
Assets and liabilities acquired, net
$96,210 $500,550 
Schedule of Dispositions of Real Estate
The following tables summarize the Company’s total dispositions during the years ended December 31, 2025 and 2024:
2025 Dispositions
2025 Dispositions (Continuing operations)
Office Segment Dispositions
Industrial Segment Dispositions
Total Dispositions
Square FeetGross Sales Price
Gain (Loss)
Three Months Ended March 31, 2025
2—2251,200$34,031 $(479)
Three Months Ended June 30, 2025
4—4655,500127,800 245 
Three Months Ended September 30, 2025
—33761,50071,584 6,641 
Total for the year ended December 31, 2025
6391,668,200$233,415 $6,407 
2025 Dispositions
(Office Discontinued Operations Properties)
Office Segment Dispositions
Square FeetGross Sales Price
Gain (Loss)
Three Months Ended June 30, 2025
3181,000$30,600 $(1,311)
Three Months Ended September 30, 2025
81,224,800247,450 24,767 
Three Months Ended December 31, 2025
163,048,200443,865 9,015 
Total for the year ended December 31, 2025
274,454,000$721,915 $32,471 
2024 Dispositions
2024 Dispositions
Office Segment Dispositions
Other Segment Dispositions
Total Dispositions
Square FeetGross Sales PriceGain (Loss)
Three Months Ended March 31, 2024
1341,233,100$79,525 $9,177 
Three Months Ended June 30, 2024
—1156,6008,650 (57)
Three Months Ended September 30, 2024
134338,44639,800 16,125 
Three Months Ended December 31, 2024
—10101,878,300189,450 13,123 
Total for the year ended December 31, 2024
217193,506,446$317,425 $38,368 
Schedule of Allocation of Real Estate and Acquired Lease Intangibles
The following table summarizes the Company’s allocation of acquired and contributed real estate asset value related to in-place leases, above- and below-market lease intangibles, and other intangibles, net of amortization (excluding the Office Discontinued Operations Properties) as of December 31, 2025 and 2024:
December 31,
20252024
In-place lease intangible assets$109,852 $141,193 
In-place lease intangible assets - accumulated amortization(54,592)(58,847)
In-place lease intangible assets, net (1)
$55,260 $82,346 
Above-market lease intangible assets$4,384 $5,845 
Above-market lease intangible assets - accumulated amortization(3,127)(3,444)
Above-market lease intangible assets, net1,257 2,401 
Below-market lease intangible liabilities$(48,878)$(46,533)
Below-market lease intangible liabilities - accumulated amortization14,617 6,701 
Below-market lease intangible liabilities, net (1)
$(34,261)$(39,832)
(1)The weighted average remaining amortization period of the Company’s in-place leases, above- and below-market lease intangibles was 6.7 years and 8.6 years as of December 31, 2025 and 2024, respectively.
Summary of Amortization of Intangible Assets and Other Leasing Costs
The amortization of the intangible assets (excluding Office Discontinued Operations Properties) for the respective periods is as follows:
 
Amortization (income) expense for the Year Ended December 31,
 202520242023
In-place lease intangible assets
$15,374 $11,032 $17,334 
Above and below market leases, net$(9,407)$(1,685)$(900)
Schedule of Estimated Annual Amortization (Income) Expense of Intangible Assets
The following table sets forth the estimated annual amortization (income) expense for in-place lease intangible assets and above- and below-market lease intangibles, net of amortization as of December 31, 2025 for the next five years:
Year
In-place lease intangible assets
Above- and (below)-market lease intangible liabilities, net
2026$16,746 $(9,392)
2027$10,646 $(6,800)
2028$7,582 $(3,405)
2029$5,781 $(2,737)
2030$4,796 $(2,084)
v3.25.4
Investments in Unconsolidated Entities (Tables)
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
Summary of Information of Unconsolidated Office Joint Venture
The table below presents the condensed balance sheet for the unconsolidated Office Joint Venture during the Company’s ownership for the following comparative periods:
December 31, 2024 (1)
Assets
Real estate properties, net$1,060,234 
Other assets244,075 
Total Assets$1,304,309 
Liabilities
Mortgages payable, net$1,066,023 
Other liabilities81,635 
Total Liabilities$1,147,658 
(1)Due to the reporting of the Office Joint Venture on a one-quarter lag, amounts are as August 27, 2024, the date through which information was available prior to the Company transferring all of its ownership interest in the Office Joint Venture on August 28, 2024.
The table below presents condensed statements of operations for the unconsolidated Office Joint Venture during the Company’s ownership for the following comparative periods:
Year Ended December 31,
2024 (1)
2023 (2)
Total revenues$157,434 $195,193 
Expenses:
Operating expenses(63,771)(67,438)
General and administrative(6,137)(7,210)
Depreciation and amortization(69,238)(68,829)
Interest expense(104,859)(190,350)
Other income, net2,726 7,519 
Total Expenses(241,279)(326,308)
Net Loss$(83,845)$(131,115)
(1)Due to the reporting of the Office Joint Venture on a one-quarter lag, amounts represent the period from October 1, 2023 to August 27, 2024, the date through which information was available prior to the Company transferring all of its ownership interest in the Office Joint Venture on August 28, 2024.
(2)Due to the reporting of the Office Joint Venture on a one-quarter lag, amounts represent the period from October 1, 2022 to September 30, 2023.
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
As of December 31, 2025 and 2024, the Company’s consolidated debt consisted of the following (dollars in thousands):
Carrying Value
December 31,
20252024Contractual Interest 
Rate
Effective Interest Rate (1)
Loan
Maturity (2)
Secured Debt
BOA II Loan(3)
$90,610 $250,000 4.32%4.37%May 2028
Georgia Mortgage Loan(4)
37,722 37,722 5.31%5.31%November 2029
Illinois Mortgage Loan(5)
23,000 23,000 6.51%6.60%November 2029
Florida Mortgage Loan(6)
49,604 49,604 5.48%5.48%May 2032
Total Secured Debt 200,936 360,326 5.08%
Unsecured Debt(7)
Revolving Loan(8)
— 465,000 
SOF Rate + 1.80%
5.56% (8)
July 2028 (8)
2026 Term Loan(9)
— 150,000 
—%
—%
— (9)
2028 Term Loan I(10)
110,000 210,000 
SOF Rate + 1.75%
5.51%
July 2028 (10)
2028 Term Loan II (11)
175,000 175,000 
SOF Rate + 1.75%
5.51%
October 2028 (11)
Total Unsecured Debt285,000 1,000,000 5.51%
Total Debt485,936 1,360,326 5.33%
Unamortized Deferred Financing Costs, Premiums, and Discounts, net(11,930)(15,707)
Total Debt, net$474,006 $1,344,619 
(1)The Effective Interest Rate is calculated on a weighted average basis, using the Actual/360 interest method (where applicable), and is inclusive of the Company's floating to fixed interest rate swaps maturing on July 1, 2029 and have the effect of converting the applicable Secured Overnight Financing Rate (SOFR) to a weighted average fixed rate of 3.58%. The Effective Interest Rate is calculated based on the face value of debt outstanding (i.e., excludes debt premium/discount and debt financing costs). When adjusting for the effect of amortization of discounts/premiums and deferred financing costs, and excluding the impact of interest rate swaps, the Company’s weighted average effective interest rate was 5.56%.
(2)Reflects the loan maturity dates as of December 31, 2025.
(3)The BOA II Loan has a fixed rate of interest and was originally secured by four properties. In August 2025 and December 2025, the Company paid down, in the aggregate, $159.4 million of the outstanding principal balance of its BOA II Loan using proceeds from the disposition of two Office Discontinued Operations Properties located in Birmingham, Alabama and Las Vegas, Nevada. In connection with the paydowns, the Company recognized and recorded $1.2 million within “Loss from discontinued operations” in the accompanying consolidated statement of operations. As of December 31, 2025, the BOA II Loan is secured by two Industrial segment properties located in Chicago, Illinois and Columbus, Ohio.
(4)The Georgia Mortgage Loan has a fixed-rate of interest and is secured by a property in Savannah, Georgia.
(5)The Illinois Mortgage Loan has a fixed-rate of interest and is secured by a property in Chicago, Illinois.
(6)The Florida Mortgage Loan has a fixed-rate of interest and is secured by a property in Jacksonville, Florida.
(7)The Contractual Interest Rate for the Company’s unsecured debt uses the applicable SOFR. As of December 31, 2025, the applicable rates were 3.66% (SOFR, as calculated per the credit facility), plus spreads of 1.80% (Revolving Loan), 1.75% (2028 Term Loan I) and 1.75% (2028 Term Loan II) and a 0.1% index.
(8)The Revolving Loan was paid down to zero in December 2025.
(9)The 2026 Term Loan was paid off in full in December 2025.
(10)The Company repaid $100.0 million of the 2028 Term Loan I in December 2025 and as a result the Company recognized and recorded $0.2 million within “Loss on extinguishment of debt” in the accompanying consolidated statement of operations.
(11)The 2028 Term Loan II has a contractual maturity of October 31, 2027. We have a one-year option to extend the maturity date to October 31, 2028, subject to certain conditions.
Schedule of Future Principal Repayments of all Loans
The following summarizes the future scheduled principal repayments of all loans as of December 31, 2025 per the loan terms discussed above:
As of December 31, 2025
2028$375,610 
202960,722 
Thereafter49,604 
Total principal485,936 
Unamortized debt premium/(discount)496 
Unamortized deferred loan costs(12,426)
Total$474,006 
v3.25.4
Interest Rate Contracts (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swaps
The following table sets forth a summary of the Interest Rate Swaps at December 31, 2025 and 2024:
Fair Value (1)
Current Notional Amounts
Derivative InstrumentEffective DateMaturity DateInterest Strike RateDecember 31, 2025December 31, 2024December 31, 2025December 31, 2024
Assets
Current Interest Rate Swaps(2)
Interest Rate Swap(3)
7/1/20257/1/20293.57%$— $1,346 $— $100,000 
Interest Rate Swap7/1/20257/1/20293.57%(696)1,341 85,000 100,000 
Interest Rate Swap7/1/20257/1/20293.60%(901)1,255 100,000 100,000 
Interest Rate Swap7/1/20257/1/20293.58%(847)1,310 100,000 100,000 
Interest Rate Swap(3)
7/1/20257/1/20293.57%— 1,338 — 100,000 
Interest Rate Swap(3)
7/1/20257/1/20293.62%— 585 — 50,000 
Total$(2,444)$7,175 $285,000 $550,000 
Previous Interest Rate Swaps
Interest Rate Swap3/10/20207/1/20250.83%$— $2,605 $— $150,000 
Interest Rate Swap3/10/20207/1/20250.84%— 1,732 — 100,000 
Interest Rate Swap3/10/20207/1/20250.86%— 1,291 — 75,000 
Interest Rate Swap7/1/20207/1/20252.82%— 938 — 125,000 
Interest Rate Swap7/1/20207/1/20252.82%— 748 — 100,000 
Interest Rate Swap7/1/20207/1/20252.83%— 747 — 100,000 
Interest Rate Swap(3)
7/1/20207/1/20252.84%— 738 — 100,000 
Total$— $8,799 $— $750,000 
(1)The Company records all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly there are no offsetting amounts that net assets against liabilities. As of December 31, 2025 and 2024, derivatives in an asset or liability position are included in the line item “Interest rate swap asset” or “Interest rate swap liability”, respectively, in the consolidated balance sheets at fair value.
(2)In connection with the Eighth Amendment, the Operating Partnership entered into certain interest rate swaps, in the form of forward-starting, floating to fixed SOFR interest rate swaps. These swaps become effective July 1, 2025, and mature July 1, 2029 and have the effect of converting SOFR to a weighted average fixed rate of 3.58%.
(3)In December 2025, the Company terminated three interest rate swap agreements with an aggregate notional amount of $250.0 million and partially terminated an additional interest rate swap agreement for $15.0 million of notional amounts. The interest rate swaps were designated as and qualified as cash flow hedges and were terminated in connection with the repayment of the Company’s unsecured debt. Upon termination, approximately $2.2 million of losses previously recorded in AOCI were reclassified into earnings and recognized within “Loss on extinguishment of debt” in the accompanying consolidated statement of operations. In connection with the terminations, the Company entered into the Tenth Amendment which removed the Second Amended and Restated Credit Agreement’s requirement to maintain a minimum amount of interest rate swaps.
Schedule of Derivative Instruments, Gain (Loss)
The following table sets forth the impact of the Interest Rate Swaps on the consolidated statements of operations for the periods presented:
Year Ended December 31,
202520242023
Interest Rate Swaps in Cash Flow Hedging Relationship:
Amount of gain (loss) recognized in AOCI on derivatives$9,673 $(14,305)$(9,295)
Amount reclassified from AOCI into earnings
$8,619 $25,146 $23,630 
Total “Interest expense” reported on the consolidated statements of operations
$56,565 $55,978 $59,371 
v3.25.4
Accrued Expenses and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities (excluding Office Discontinued Operations Properties) consisted of the following as of December 31, 2025 and 2024:
December 31,
20252024
Other liabilities$29,051 $27,343 
Interest payable9,068 15,400 
Deferred compensation10,875 10,201 
Prepaid tenant rent2,978 3,495 
Real estate taxes payable2,388 2,305 
Property operating expense payable2,043 1,572 
Accrued tenant improvements833 1,416 
Due to related parties212 580 
Accrued construction in progress810 — 
Total$58,258 $62,312 
v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
The following table sets forth the assets and liabilities that the Company measures at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024:
Assets/(Liabilities)Total Fair ValueQuoted Prices in Active Markets for Identical Assets and Liabilities Significant Other Observable InputsSignificant Unobservable Inputs
December 31, 2025
Mutual Funds Asset$10,941 $10,941 $— $— 
Interest Rate Swap Liability $(2,444)$— $(2,444)$— 
December 31, 2024
Mutual Funds Asset$11,971 $11,971 $— $— 
Interest Rate Swap Asset$15,974 $— $15,974 $— 
Schedule of Quantitative Information Related to Non-Recurring Fair Value Measurements
The following table summarizes the fair value assumptions for the real estate impairments for the year ended December 31, 2025:
December 31, 2025
Continuing Operations
Discontinued Operations
Range of Inputs
Office Segment
Industrial Segment
Office Discontinued Operations Properties (1)
Estimated Selling Prices (Level 2 Inputs)
Number of Properties
4115
Estimated selling price per square foot (2)
$44 - $234
$150
$74 - $209
Discounted Cash Flows (Level 3 Inputs)
Number of Properties
——10
Market rent per square footN/AN/A
$15 - $41
Terminal capitalization ratesN/AN/A
8.25% - 10.50%
Discount ratesN/AN/A
10.00% - 12.50%
(1)Includes six Office Discontinued Operations Properties that are presented in both Level 2 and Level 3 inputs. These properties were impaired based on i) discounted cash flows as of June 30, 2025 and ii) further impaired based on estimated selling prices less closing costs (in accordance with held for sale guidance) as of September 30, 2025.
(2)Estimated selling prices per square foot were determined based on quoted market values or comparable property sales.
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments The Company determined that the secured debt valuation in its entirety is classified in Level 2 of the fair value hierarchy, as the fair value is based on current pricing for debt with similar terms as the in-place debt.
 December 31, 2025December 31, 2024
 Fair Value
Carrying Value (1)
Fair Value
Carrying Value (1)
BOA II Loan$87,474 $90,610 $226,870 $250,000 
Florida Mortgage Loan47,910 49,604 47,057 49,604 
Georgia Mortgage Loan37,318 37,722 36,381 37,722 
Illinois Mortgage Loan23,390 23,000 22,810 23,000 
Total Secured Debt$196,092 $200,936 $333,118 $360,326 
(1)The carrying values do not include the debt premium/(discount) or deferred financing costs as of December 31, 2025 and December 31, 2024. See Note 5, Debt, for details.
v3.25.4
Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Unvested Shares of Restricted Stock Awards Activity
The following table summarizes the activity of unvested Restricted Shares for the periods presented:
Number of Unvested Shares of Restricted SharesWeighted-Average Grant Date Fair Value per Share
Balance at December 31, 2023159,553 
Granted541,700 $11.63 
Forfeited(10,649)$26.65 
Vested(298,038)$28.09 
Balance at December 31, 2024392,566 
Granted541,585 $12.18 
Forfeited(59,415)$15.55 
Vested (1)
(387,693)$17.42 
Balance at December 31, 2025487,043 
(1)    Total shares vested include 176,928 common shares that were withheld (i.e., forfeited) by employees during the year ended December 31, 2025 to satisfy minimum statutory tax withholding requirements associated with the vesting of Restricted Shares.
v3.25.4
Noncontrolling Interests (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Activity for Noncontrolling Interests
The following summarizes the activity for noncontrolling interests recorded as equity for the years ended December 31, 2025 and 2024:
December 31,
20252024
Beginning balance$66,801 $91,629 
Exchange of noncontrolling interest(5,316)(20,153)
Distributions to noncontrolling interests(1,901)(2,840)
Allocated net income (loss)(24,926)(938)
Allocated other comprehensive income (loss)(1,380)(897)
Ending balance$33,278 $66,801 
v3.25.4
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
Summarized below are the related party transaction expenses and payables for the following periods (which are presented in “Accrued expenses and other liabilities” on the Consolidated Balance Sheet):
Incurred for the Year EndedPayable as of
December 31,December 31,
20252024202320252024
Expensed
Costs advanced by related party$— $— $176 $— $— 
Office rent and related expenses570 617 1,153 — 55 
Other
Distributions1,306 2,246 2,954 234 525 
Total$1,876 $2,863 $4,283 $234 $580 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Undiscounted Cash Flow The following table (i) sets forth undiscounted cash flows for future contractual base rents to be received under operating leases as of December 31, 2025 and (ii) excludes estimated reimbursements of Recoverable Operating Expenses:
ExpirationsDecember 31, 2025
2026
$76,015 
2027
70,571 
2028
62,978 
2029
54,484 
2030
42,757 
Thereafter74,382 
Total$381,187 
Schedule of Lease, Cost
The following table sets forth the weighted-average for the lease term and the discount rate for the office leases in which the Company is a lessee as of December 31, 2025:
As of December 31, 2025
Lease Term and Discount Rate
Operating - Office Leases
Weighted-average remaining lease term in years4.6
Weighted-average discount rate (1)
7.68%
(1)Because the rate implicit in each of the Company's leases was not readily determinable, the Company used an incremental borrowing rate. In determining the Company's incremental borrowing rate at the commencement of each lease, the Company considered rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to the Company's creditworthiness, the impact of collateralization and the term of each of the Company's lease agreements.
Schedule of Operating Lease Liability Maturity
The maturities of lease liabilities for the Company’s operating leases as of December 31, 2025 were as follows:
As of December 31, 2025
Operating Leases
2026$476 
2027238 
2028243 
2029250 
2030256 
Thereafter128 
Total undiscounted lease payments1,591 
Less imputed interest(257)
Total lease liabilities$1,334 
v3.25.4
Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reconciliation of Segment NOI to Net Income
The following table presents a reconciliation of segment NOI and net income for the years ended December 31, 2025, 2024, and 2023 as follows:
Year Ended December 31,
202520242023
Industrial
Total Industrial revenues$100,204 $64,750 $57,304 
Less:
Industrial property operating expense (1)
5,793 3,916 3,424 
Industrial property tax expense (1)
8,193 5,156 4,231 
Industrial NOI
86,218 55,678 49,649 
Office
Total Office revenues5,777 20,825 32,288 
Less:
Office property operating expense (1)
213 1,909 2,804 
Office property tax expense (1)
96 654 1,815 
Office NOI
5,468 18,262 27,669 
Other
Total Other revenues— 30,782 54,246 
Less:
Other property operating expense (1)
— 7,839 13,085 
Other property tax expense (1)
— 4,108 7,391 
Other NOI
— 18,835 33,770 
Total NOI
$91,686 $92,775 $111,088 
Unallocated amounts:
Depreciation and amortization (2)
(52,182)(47,503)(61,169)
Real estate impairment provision (2)
(18,195)(53,313)(283,804)
General and administrative expenses (3)
(34,918)(36,973)(42,843)
Income before other income (expenses)196,981 230,564 498,904 
Less:
Other income (expenses):
Interest expense(56,565)(55,978)(59,371)
Other income, net7,351 14,479 13,107 
Net loss from investment in unconsolidated entity— — (176,767)
Gain from disposition of assets6,407 38,368 29,164 
(Loss) gain on extinguishment of debt
(2,482)10,466 — 
Goodwill impairment provision— (10,274)(16,031)
Corporate operating expenses to related parties(570)(617)(1,154)
Transaction expenses(555)(821)(24,961)
(Loss) income from discontinued operations(272,610)38,028 (92,361)
Net loss$(332,633)$(11,363)$(605,102)
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.
(2)Asset value information by segment are not reported because the CODM does not use these measures to assess performance or make decisions to allocate resources; therefore, depreciation and amortization expense and asset impairment are not allocated among segments. Refer to Segment Reporting sections below, for allocation of real estate assets and goodwill presented for each segment.
(3)General and administrative expenses are not reported by segment because the CODM evaluates these expenses at the corporate level and does not use this measure on a segment-by-segment basis for performance assessment or resource allocation decisions; therefore, general and administrative expenses are not allocated among segments.
A reconciliation of net loss to total NOI for the years ended December 31, 2025, 2024, and 2023 is as follows:
Year Ended December 31,
202520242023
Reconciliation of Net Loss to Total NOI
Net loss$(332,633)$(11,363)$(605,102)
General and administrative expenses34,918 36,973 42,843 
Corporate operating expenses to related parties570 617 1,154 
Real estate impairment provision18,195 53,313 283,804 
Depreciation and amortization52,182 47,503 61,169 
Interest expense56,565 55,978 59,371 
Other income, net(7,351)(14,479)(13,107)
Net loss from investment in unconsolidated entity— — 176,767 
Loss (gain) on extinguishment of debt
2,482 (10,466)— 
Gain from disposition of assets(6,407)(38,368)(29,164)
Goodwill impairment provision— 10,274 16,031 
Transaction expenses555 821 24,961 
Net loss (income) from discontinued operations272,610 (38,028)92,361 
Total NOI$91,686 $92,775 $111,088 
Schedule of Segment Information
The following table presents the Company’s goodwill for each of the segments as of December 31, 2025 and 2024:
Year Ended December 31,
20252024
Goodwill
Industrial$68,373 $68,373 
Total Goodwill$68,373 $68,373 
The following table presents the Company’s total real estate assets, net, for each segment as of December 31, 2025 and 2024:
Year Ended December 31,
20252024
Industrial Real Estate, net
Total real estate$1,306,021 $1,281,815 
Accumulated depreciation and amortization(211,099)(180,879)
Industrial real estate, net1,094,922 1,100,936 
Office Real Estate, net
Total real estate— 211,328 
Accumulated depreciation and amortization— (43,368)
Office real estate, net— 167,960 
Total Real Estate, net$1,094,922 $1,268,896 
Year Ended December 31,
Discontinued Operations
20252024
Total Real Estate related to Discontinued Operations, net
Total real estate$— $1,291,432 
Accumulated depreciation and amortization— (296,280)
Real estate related to Discontinued Operations, net$— $995,152 
v3.25.4
Declaration of Dividends (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Dividends Declared
The following unaudited table summarizes the federal income tax treatment for all distributions declared for the years ended December 31, 2025, 2024 and 2023 reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Code Section 857(b)(3)(C) and Treasury Regulation §1.857-6(e).
Year Ended December 31,
202520242023
Return of capital100 %100 %100 %
Total 100 %100 %100 %
Dividends declared$0.65 $0.90 $1.09 
v3.25.4
Organization (Details)
 3 Months Ended 12 Months Ended
Dec. 31, 2025
property
Sep. 30, 2025
property
Jun. 30, 2025
property
Dec. 31, 2024
property
Sep. 30, 2024
property
Jun. 30, 2024
property
Mar. 31, 2024
property
Dec. 31, 2025
property
segment
Dec. 31, 2024
property
Segment Reporting Information [Line Items]                  
Number of properties disposed       10 4 1 4   19
Industrial                  
Segment Reporting Information [Line Items]                  
Number of properties 76             76  
Number of reportable segments | segment               1  
Number of operating real estate properties 72             72  
Number of real estate properties designated for redevelopment or repositioning 4             4  
Industrial | IOS Properties                  
Segment Reporting Information [Line Items]                  
Number of properties 60             60  
Industrial | Traditional Industrial Properties                  
Segment Reporting Information [Line Items]                  
Number of properties 16             16  
Office                  
Segment Reporting Information [Line Items]                  
Number of properties disposed       0 1 0 1   2
Office | Discontinued Operations                  
Segment Reporting Information [Line Items]                  
Number of properties disposed 16 8 3         27  
GCEAR Operating Partnership                  
Segment Reporting Information [Line Items]                  
Ownership interest (as a percent)               93.20%  
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details) - Industrial
 12 Months Ended
Dec. 31, 2025
property
segment
Segment Reporting Information [Line Items]  
Number of reportable segments | segment 1
Number of properties 76
Number of operating real estate properties 72
Number of real estate properties designated for redevelopment or repositioning 4
IOS Properties  
Segment Reporting Information [Line Items]  
Number of properties 60
Traditional Industrial Properties  
Segment Reporting Information [Line Items]  
Number of properties 16
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Assets and Liabilities Related to Discontinued Operations (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
property
Sep. 30, 2025
property
Jun. 30, 2025
property
Dec. 31, 2024
USD ($)
property
Sep. 30, 2024
property
Jun. 30, 2024
property
Mar. 31, 2024
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Number of properties disposed | property       10 4 1 4   19
ASSETS                  
Total real estate and other assets held for sale $ 0     $ 1,101,356       $ 0 $ 1,101,356
LIABILITIES                  
Liabilities of real estate assets held for sale $ 0     $ 68,226       $ 0 $ 68,226
Office                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Number of properties disposed | property       0 1 0 1   2
ASSETS                  
Total real estate       $ 1,291,432         $ 1,291,432
Less: accumulated depreciation       (296,280)         (296,280)
Total real estate, net       995,152         995,152
Above-market lease and other intangible assets, net       25,614         25,614
Deferred rent receivable       37,413         37,413
Deferred leasing costs, net       8,852         8,852
Right-of-use lease assets       32,212         32,212
Other assets       2,113         2,113
Total real estate and other assets held for sale       1,101,356         1,101,356
LIABILITIES                  
Below-market lease and other intangible liabilities, net       7,144         7,144
Right-of-use lease liabilities       46,143         46,143
Accrued expenses and other liabilities       14,939         14,939
Liabilities of real estate assets held for sale       68,226         68,226
Office | Discontinued Operations                  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]                  
Number of properties disposed | property 16 8 3         27  
Office | Land                  
ASSETS                  
Total real estate       108,515         108,515
Office | Building and improvements                  
ASSETS                  
Total real estate       943,456         943,456
Office | In-place lease intangible assets                  
ASSETS                  
Total real estate       239,406         239,406
Office | Construction in progress                  
ASSETS                  
Total real estate       $ 55         $ 55
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Income (Loss) from Office Discontinued Operations (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Expenses:      
(Loss) income from discontinued operations $ (305,081) $ 38,028 $ (92,361)
Gain from disposition of assets 32,471 0 0
Net (loss) income from discontinued operations (272,610) 38,028 (92,361)
Office      
Revenue:      
Rental income 94,842 111,716 110,446
Expenses:      
Property operating expense 11,931 12,395 11,590
Property tax expense 6,331 7,745 8,086
Real estate impairment provision 345,493 0 125,708
Depreciation and amortization 30,217 47,479 51,035
Total expenses 393,972 67,619 196,419
Interest expense (4,665) (6,072) (6,252)
Other (expense) income, net (43) 3 (136)
Loss on extinguishment of debt (1,243) 0 0
(Loss) income from discontinued operations (305,081) 38,028 (92,361)
Gain from disposition of assets 32,471 0 0
Net (loss) income from discontinued operations $ (272,610) $ 38,028 $ (92,361)
Office | Discontinued Operations      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of properties pledged as collateral | property 2    
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash $ 7,767 $ 7,696
Cash reserves    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash 4,909 4,092
Restricted lockbox    
Restricted Cash and Cash Equivalent Item [Line Items]    
Restricted cash $ 2,858 $ 3,604
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Acquisitions of Real Estate (Details) - property
 12 Months Ended
Nov. 04, 2024
Dec. 31, 2025
IOS Portfolio    
Real Estate [Line Items]    
Number of real estate properties acquired 51 9
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Depreciation and Amortization (Details)
Dec. 31, 2025
Buildings | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated life of assets 25 years
Buildings | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated life of assets 40 years
Building Improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated life of assets 5 years
Building Improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated life of assets 20 years
Land Improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Estimated life of assets 15 years
Land Improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Estimated life of assets 25 years
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Leases as Lessee (Details)
Dec. 31, 2025
lease
Accounting Policies [Abstract]  
Number of leases 2
v3.25.4
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Unvested Restricted Shares 329,571 240,330 142,385
v3.25.4
Real Estate - Gross Investment in Real Estate (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Abstract]    
Land $ 381,824 $ 341,702
Building and improvements 810,112 1,009,286
In-place lease intangible assets 109,852 141,193
Construction in progress 4,233 962
Total real estate $ 1,306,021 $ 1,493,143
v3.25.4
Real Estate - Narrative (Details)
$ in Thousands
 12 Months Ended
Nov. 04, 2024
USD ($)
a
property
Dec. 31, 2025
USD ($)
a
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Real Estate [Line Items]        
Depreciation expense | $   $ 36,292 $ 35,539 $ 42,608
Amortization of intangible assets | $   15,400 11,000 17,300
Real estate impairment provision | $   $ 18,195 $ 53,313 $ 283,804
Industrial        
Real Estate [Line Items]        
Number of properties   76    
Continuing Operations        
Real Estate [Line Items]        
Real estate impairment provision | $   $ 18,200    
Continuing Operations | Office | Level 2        
Real Estate [Line Items]        
Number of real estate properties impaired   4    
Continuing Operations | Industrial | Level 2        
Real Estate [Line Items]        
Number of real estate properties impaired   1    
Discontinued Operations        
Real Estate [Line Items]        
Real estate impairment provision | $   $ 345,500    
Discontinued Operations | Office        
Real Estate [Line Items]        
Number of real estate properties impaired   19    
Discontinued Operations | Office | Level 2        
Real Estate [Line Items]        
Number of real estate properties impaired   15    
Held-for-sale        
Real Estate [Line Items]        
Number of properties   0 0  
Operating Properties        
Real Estate [Line Items]        
Area of real estate property (in acres) | a 358      
Redevelopment Properties        
Real Estate [Line Items]        
Area of real estate property (in acres) | a 82      
IOS Portfolio        
Real Estate [Line Items]        
Number of real estate properties acquired 51 9    
Area of real estate property (in acres) | a   66    
Total purchase price | $ $ 500,600      
Gross contractual purchase price | $ 490,000 $ 96,200    
Capitalized acquisition related costs | $ $ 10,600 $ 1,500    
IOS Portfolio | Operating Properties        
Real Estate [Line Items]        
Number of real estate properties acquired 45      
IOS Portfolio | Redevelopment Properties        
Real Estate [Line Items]        
Number of real estate properties acquired 6      
v3.25.4
Real Estate - Acquisitions of Real Estate (Details)
$ in Thousands
 12 Months Ended
Nov. 04, 2024
USD ($)
property
Dec. 31, 2025
USD ($)
a
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Real Estate [Line Items]        
Total Purchase Price   $ 95,379 $ 493,496 $ 0
IOS Portfolio        
Real Estate [Line Items]        
Number of Properties | property 51 9    
Usable Acres | a   66    
Total Purchase Price   $ 96,210    
Gross contractual purchase price $ 490,000 96,200    
Capitalized acquisition related costs $ 10,600 1,500    
Asset acquisition, adjustment   $ (1,500)    
IOS Portfolio | Port Charlotte, Florida        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   9    
Total Purchase Price   $ 10,590    
IOS Portfolio | Smyrna, Georgia        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   27    
Total Purchase Price   $ 41,116    
IOS Portfolio | Fort Pierce, Florida        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   3    
Total Purchase Price   $ 5,400    
IOS Portfolio | Tampa, Florida        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   5    
Total Purchase Price   $ 8,320    
IOS Portfolio | Tampa, Florida        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   4    
Total Purchase Price   $ 6,576    
IOS Portfolio | Stone Mountain, Georgia        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   2    
Total Purchase Price   $ 4,319    
IOS Portfolio | Calhoun, Georgia        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   5    
Total Purchase Price   $ 4,062    
IOS Portfolio | Chattanooga, Tennessee        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   7    
Total Purchase Price   $ 8,151    
IOS Portfolio | Plano, Texas        
Real Estate [Line Items]        
Number of Properties | property   1    
Usable Acres | a   4    
Total Purchase Price   $ 7,676    
v3.25.4
Real Estate - Aggregate Purchase Price Allocation (Details) - IOS Portfolio - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Assets acquired:    
Total real estate $ 100,548 $ 539,858
Above-market lease intangible assets, net 184 1,101
Total assets acquired 100,732 540,959
Liabilities acquired:    
Below-market lease intangible liabilities, net (4,522) (35,009)
Accrued expenses and other liabilities 0 (5,400)
Assets and liabilities acquired, net 96,210 500,550
Land    
Assets acquired:    
Total real estate 60,000 252,245
Building and improvements    
Assets acquired:    
Total real estate 30,566 252,046
In-place lease intangible assets    
Assets acquired:    
Total real estate $ 9,982 $ 35,567
v3.25.4
Real Estate - Dispositions of Real Estate (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
property
Sep. 30, 2025
USD ($)
ft²
property
Jun. 30, 2025
USD ($)
ft²
property
Mar. 31, 2025
USD ($)
ft²
property
Dec. 31, 2024
USD ($)
ft²
property
Sep. 30, 2024
USD ($)
ft²
property
Jun. 30, 2024
USD ($)
ft²
property
Mar. 31, 2024
USD ($)
ft²
property
Dec. 31, 2025
USD ($)
ft²
property
Dec. 31, 2024
USD ($)
ft²
property
Real Estate [Line Items]                    
Total Dispositions         10 4 1 4   19
Square Feet | ft²         1,878,300 338,446 56,600 1,233,100   3,506,446
Gross Sales Price | $         $ 189,450 $ 39,800 $ 8,650 $ 79,525   $ 317,425
Gain (Loss) | $         $ 13,123 $ 16,125 $ (57) $ 9,177   $ 38,368
Continuing Operations                    
Real Estate [Line Items]                    
Total Dispositions   3 4 2         9  
Square Feet | ft²   761,500 655,500 251,200         1,668,200  
Gross Sales Price | $   $ 71,584 $ 127,800 $ 34,031         $ 233,415  
Gain (Loss) | $   $ 6,641 $ 245 $ (479)         $ 6,407  
Discontinued Operations                    
Real Estate [Line Items]                    
Square Feet | ft² 3,048,200 1,224,800 181,000           4,454,000  
Gross Sales Price | $ $ 443,865 $ 247,450 $ 30,600           $ 721,915  
Gain (Loss) | $ $ 9,015 $ 24,767 $ (1,311)           $ 32,471  
Office                    
Real Estate [Line Items]                    
Total Dispositions         0 1 0 1   2
Office | Continuing Operations                    
Real Estate [Line Items]                    
Total Dispositions   0 4 2         6  
Office | Discontinued Operations                    
Real Estate [Line Items]                    
Total Dispositions 16 8 3           27  
Industrial | Continuing Operations                    
Real Estate [Line Items]                    
Total Dispositions   3 0 0         3  
Other                    
Real Estate [Line Items]                    
Total Dispositions         10 3 1 3   17
v3.25.4
Real Estate - Allocation of Real Estate and Acquired Intangibles (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Line Items]    
In-place lease intangible assets $ 109,852 $ 141,193
In-place lease intangible assets - accumulated amortization (54,592) (58,847)
In-place lease intangible assets, net 55,260 82,346
Above-market lease intangible assets, net 1,257 2,401
Below-market lease intangible liabilities (48,878) (46,533)
Below-market lease intangible liabilities - accumulated amortization 14,617 6,701
Below-market lease intangible liabilities, net $ (34,261) $ (39,832)
Useful life 6 years 8 months 12 days 8 years 7 months 6 days
Above-market lease intangible assets    
Real Estate [Line Items]    
Above-market lease intangible assets $ 4,384 $ 5,845
Above-market lease intangible assets - accumulated amortization (3,127) (3,444)
Above-market lease intangible assets, net $ 1,257 $ 2,401
v3.25.4
Real Estate - Amortization of Intangible Assets and Other Leasing Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate [Abstract]      
In-place lease intangible assets $ 15,374 $ 11,032 $ 17,334
Above and below market leases, net $ (9,407) $ (1,685) $ (900)
v3.25.4
Real Estate - Schedule of Estimated Annual Amortization (Income) Expense of Intangible Assets (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
In-place lease intangible assets  
2026 $ 16,746
2027 10,646
2028 7,582
2029 5,781
2030 4,796
Above- and (below)-market lease intangible liabilities, net  
2026 (9,392)
2027 (6,800)
2028 (3,405)
2029 (2,737)
2030 $ (2,084)
v3.25.4
Investments in Unconsolidated Entities - Narrative (Details)
$ in Millions
Aug. 28, 2024
USD ($)
property
Schedule of Equity Method Investments [Line Items]  
Payments to acquire interest in joint venture | $ $ 184.2
GRT VAO OP, LLC  
Schedule of Equity Method Investments [Line Items]  
Ownership interest (percent) 49.00%
Number of properties | property 46
v3.25.4
Investments in Unconsolidated Entities - Schedule of Balance Sheet for the Unconsolidated Office Joint Venture (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Real estate properties, net $ 1,094,922 $ 1,268,896 $ 1,020,456
Other assets 18,449 36,296  
Total assets 1,352,824 2,676,232  
Liabilities      
Total liabilities $ 574,121 1,524,210  
Office Joint Venture      
Assets      
Real estate properties, net   1,060,234  
Other assets   244,075  
Total assets   1,304,309  
Liabilities      
Mortgages payable, net   1,066,023  
Other liabilities   81,635  
Total liabilities   $ 1,147,658  
v3.25.4
Investments in Unconsolidated Entities - Schedule of Statements of Operations of the Unconsolidated Office Joint Venture (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Total revenues $ 105,981 $ 116,357 $ 143,838
Expenses:      
Operating expenses (120,160) (161,988) (421,720)
General and administrative (34,918) (36,973) (42,843)
Depreciation and amortization (52,182) (47,503) (61,169)
Interest expense (56,565) (55,978) (59,371)
Other income, net 7,351 14,479 13,107
Net loss attributable to common shareholders $ (307,707) (10,425) (557,929)
Office Joint Venture      
Schedule of Equity Method Investments [Line Items]      
Total revenues   157,434 195,193
Expenses:      
Operating expenses   (63,771) (67,438)
General and administrative   (6,137) (7,210)
Depreciation and amortization   (69,238) (68,829)
Interest expense   (104,859) (190,350)
Other income, net   2,726 7,519
Total Expenses   (241,279) (326,308)
Net loss attributable to common shareholders   $ (83,845) $ (131,115)
v3.25.4
Debt - Schedule of Debt (Details)
$ in Thousands
 1 Months Ended 3 Months Ended 5 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2025
USD ($)
property
Sep. 30, 2025
property
Jun. 30, 2025
property
Dec. 31, 2024
USD ($)
property
Sep. 30, 2024
property
Jun. 30, 2024
property
Mar. 31, 2024
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Debt Instrument [Line Items]                        
Total Debt $ 485,936 $ 485,936     $ 1,360,326       $ 485,936 $ 485,936 $ 1,360,326  
Unamortized Deferred Financing Costs, Premiums, and Discounts, net (11,930) (11,930)     (15,707)       (11,930) (11,930) (15,707)  
Total $ 474,006 $ 474,006     $ 1,344,619       $ 474,006 $ 474,006 1,344,619  
Effective Interest Rate (as a percent) 5.33% 5.33%             5.33% 5.33%    
Weighted average interest rate (percent) 5.56% 5.56%             5.56% 5.56%    
Paydown of secured debt                   $ 159,390 $ 225,228 $ 41,283
Number of properties disposed | property         10 4 1 4     19  
Paydown of unsecured debt                   250,000 $ 190,000 400,000
(Loss) gain on extinguishment of debt                   (2,482) $ 10,466 0
Office                        
Debt Instrument [Line Items]                        
Number of properties disposed | property         0 1 0 1     2  
Loss on extinguishment of debt                   $ (1,243) $ 0 $ 0
Discontinued Operations | Office                        
Debt Instrument [Line Items]                        
Number of properties pledged as collateral | property 2 2             2 2    
Number of properties disposed | property   16 8 3           27    
Discontinued Operations | Office | Birmingham, Alabama and Las Vegas, Nevada                        
Debt Instrument [Line Items]                        
Number of properties disposed | property                   2    
Forward-Starting, Floating to Fixed SOFR Interest Rate Swap                        
Debt Instrument [Line Items]                        
Average fixed interest rate (percent) 3.58% 3.58%             3.58% 3.58%    
Secured Debt                        
Debt Instrument [Line Items]                        
Total Debt $ 200,936 $ 200,936     $ 360,326       $ 200,936 $ 200,936 360,326  
Effective Interest Rate (as a percent) 5.08% 5.08%             5.08% 5.08%    
Secured Debt | BOA II Loan                        
Debt Instrument [Line Items]                        
Total Debt $ 90,610 $ 90,610     $ 250,000       $ 90,610 $ 90,610 $ 250,000  
Contractual Interest Rate (as a percent) 4.32% 4.32%             4.32% 4.32%    
Effective Interest Rate (as a percent) 4.37% 4.37%             4.37% 4.37%    
Number of properties pledged as collateral | property 2 2     4       2 2 4  
Paydown of secured debt                 $ 159,400      
Loss on extinguishment of debt                   $ (1,200)    
Secured Debt | Georgia Mortgage Loan                        
Debt Instrument [Line Items]                        
Total Debt $ 37,722 $ 37,722     $ 37,722       $ 37,722 $ 37,722 $ 37,722  
Contractual Interest Rate (as a percent) 5.31% 5.31%             5.31% 5.31%    
Effective Interest Rate (as a percent) 5.31% 5.31%             5.31% 5.31%    
Secured Debt | Illinois Mortgage Loan                        
Debt Instrument [Line Items]                        
Total Debt $ 23,000 $ 23,000     23,000       $ 23,000 $ 23,000 23,000  
Contractual Interest Rate (as a percent) 6.51% 6.51%             6.51% 6.51%    
Effective Interest Rate (as a percent) 6.60% 6.60%             6.60% 6.60%    
Secured Debt | Florida Mortgage Loan                        
Debt Instrument [Line Items]                        
Total Debt $ 49,604 $ 49,604     49,604       $ 49,604 $ 49,604 49,604  
Contractual Interest Rate (as a percent) 5.48% 5.48%             5.48% 5.48%    
Effective Interest Rate (as a percent) 5.48% 5.48%             5.48% 5.48%    
Line of Credit | Revolving Credit Facility                        
Debt Instrument [Line Items]                        
Total Debt $ 0 $ 0     465,000       $ 0 $ 0 465,000  
Spread on Variable Rate (as a percent)                   1.80%    
Effective Interest Rate (as a percent) 5.56% 5.56%             5.56% 5.56%    
Unsecured Debt                        
Debt Instrument [Line Items]                        
Total Debt $ 285,000 $ 285,000     1,000,000       $ 285,000 $ 285,000 1,000,000  
Effective Interest Rate (as a percent) 5.51% 5.51%             5.51% 5.51%    
Variable rate (as a percent) 0.0366 0.0366             0.0366 0.0366    
Index adjustment (as a percent) 0.10% 0.10%             0.10% 0.10%    
Unsecured Debt | 2026 Term Loan                        
Debt Instrument [Line Items]                        
Total Debt $ 0 $ 0     150,000       $ 0 $ 0 150,000  
Spread on Variable Rate (as a percent)                   0.00%    
Effective Interest Rate (as a percent) 0.00% 0.00%             0.00% 0.00%    
Unsecured Debt | 2028 Term Loan I                        
Debt Instrument [Line Items]                        
Total Debt $ 110,000 $ 110,000     210,000       $ 110,000 $ 110,000 210,000  
Spread on Variable Rate (as a percent)                   1.75%    
Effective Interest Rate (as a percent) 5.51% 5.51%             5.51% 5.51%    
Paydown of unsecured debt $ 100,000                      
(Loss) gain on extinguishment of debt                   $ (200)    
Unsecured Debt | 2028 Term Loan II                        
Debt Instrument [Line Items]                        
Total Debt $ 175,000 $ 175,000     $ 175,000       $ 175,000 $ 175,000 $ 175,000  
Spread on Variable Rate (as a percent)                   1.75%    
Effective Interest Rate (as a percent) 5.51% 5.51%             5.51% 5.51%    
Extension option, period                   1 year    
v3.25.4
Debt - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Unsecured Debt | Second Amended and Restated Credit Agreement  
Debt Instrument [Line Items]  
Current borrowing capacity $ 832.0
Credit facility, maximum borrowing capacity 1,300.0
Unsecured Debt | 2028 Term Loan I  
Debt Instrument [Line Items]  
Current borrowing capacity 110.0
Unsecured Debt | 2028 Term Loan II  
Debt Instrument [Line Items]  
Current borrowing capacity $ 175.0
Extension option, period 1 year
Line of Credit | Revolving Credit Facility  
Debt Instrument [Line Items]  
Current borrowing capacity $ 547.0
Increase limit on borrowing capacity 468.0
Remaining borrowing capacity $ 240.7
v3.25.4
Debt - Schedule of Future Principal Repayments of Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2028 $ 375,610  
2029 60,722  
Thereafter 49,604  
Total principal 485,936 $ 1,360,326
Unamortized debt premium/(discount) 496  
Unamortized deferred loan costs (12,426)  
Total $ 474,006 $ 1,344,619
v3.25.4
Interest Rate Contracts - Schedule of Interest Rate Swaps (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Dec. 31, 2025
USD ($)
agreement
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Derivative [Line Items]        
(Loss) gain on extinguishment of debt   $ (2,482) $ 10,466 $ 0
Current Interest Rate Swaps        
Derivative [Line Items]        
Fair Value $ (2,444) (2,444) 7,175  
Current Notional Amounts $ 285,000 $ 285,000 550,000  
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.57%        
Derivative [Line Items]        
Interest Strike Rate 3.57% 3.57%    
Fair Value $ 0 $ 0 1,346  
Current Notional Amounts $ 0 $ 0 100,000  
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.57%        
Derivative [Line Items]        
Interest Strike Rate 3.57% 3.57%    
Fair Value $ (696) $ (696) 1,341  
Current Notional Amounts $ 85,000 $ 85,000 100,000  
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.60%        
Derivative [Line Items]        
Interest Strike Rate 3.60% 3.60%    
Fair Value $ (901) $ (901) 1,255  
Current Notional Amounts $ 100,000 $ 100,000 100,000  
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.58%        
Derivative [Line Items]        
Interest Strike Rate 3.58% 3.58%    
Fair Value $ (847) $ (847) 1,310  
Current Notional Amounts $ 100,000 $ 100,000 100,000  
Interest Rate Swap, Effective July 1, 2025 - $100,000 Notional Amount, Interest Rate 3.57%        
Derivative [Line Items]        
Interest Strike Rate 3.57% 3.57%    
Fair Value $ 0 $ 0 1,338  
Current Notional Amounts $ 0 $ 0 100,000  
Interest Rate Swap, Effective July 1, 2025 - $50,000 Notional Amount, Interest Rate 3.62%        
Derivative [Line Items]        
Interest Strike Rate 3.62% 3.62%    
Fair Value $ 0 $ 0 585  
Current Notional Amounts 0 0 50,000  
Previous Interest Rate Swaps        
Derivative [Line Items]        
Fair Value 0 0 8,799  
Current Notional Amounts $ 0 $ 0 750,000  
Interest Rate Swap, Effective March 10, 2020 - $150,000 Notional Amount, Interest Rate 0.83%        
Derivative [Line Items]        
Interest Strike Rate 0.83% 0.83%    
Fair Value $ 0 $ 0 2,605  
Current Notional Amounts $ 0 $ 0 150,000  
Interest Rate Swap, Effective March 10, 2020 - $100,000 Notional Amount, Interest Rate 0.84%        
Derivative [Line Items]        
Interest Strike Rate 0.84% 0.84%    
Fair Value $ 0 $ 0 1,732  
Current Notional Amounts $ 0 $ 0 100,000  
Interest Rate Swap, Effective March 10, 2020 - $75,000 Notional Amount, Interest Rate 0.86%        
Derivative [Line Items]        
Interest Strike Rate 0.86% 0.86%    
Fair Value $ 0 $ 0 1,291  
Current Notional Amounts $ 0 $ 0 75,000  
Interest Rate Swap Effective Date July 1, 2020, $125,000 Notional Amount, Interest Rate 2.82%        
Derivative [Line Items]        
Interest Strike Rate 2.82% 2.82%    
Fair Value $ 0 $ 0 938  
Current Notional Amounts $ 0 $ 0 125,000  
Interest Rate Swap Effective Date July 1, 2020, $100,000 Notional Amount, Interest Rate 2.82%        
Derivative [Line Items]        
Interest Strike Rate 2.82% 2.82%    
Fair Value $ 0 $ 0 748  
Current Notional Amounts $ 0 $ 0 100,000  
Interest Rate Swap, Effective July 1, 2020 - $100,000 Notional Amount, Interest Rate 2.83%        
Derivative [Line Items]        
Interest Strike Rate 2.83% 2.83%    
Fair Value $ 0 $ 0 747  
Current Notional Amounts $ 0 $ 0 100,000  
Interest Rate Swap, Effective July 1, 2020 - $100,000 Notional Amount, Interest Rate 2.84%        
Derivative [Line Items]        
Interest Strike Rate 2.84% 2.84%    
Fair Value $ 0 $ 0 738  
Current Notional Amounts $ 0 $ 0 $ 100,000  
Forward-Starting, Floating to Fixed SOFR Interest Rate Swap        
Derivative [Line Items]        
Average fixed interest rate (percent) 3.58% 3.58%    
Interest Rate Swap        
Derivative [Line Items]        
Number of derivatives terminated | agreement 3      
Interest Rate Swap | Reclassification out of Accumulated Other Comprehensive Income | Cash Flow Hedge        
Derivative [Line Items]        
(Loss) gain on extinguishment of debt $ (2,200)      
Interest Rate Swap Terminated        
Derivative [Line Items]        
Current Notional Amounts 250,000 $ 250,000    
Additional Interest Rate Swap Terminated        
Derivative [Line Items]        
Current Notional Amounts $ 15,000 $ 15,000    
v3.25.4
Interest Rate Contracts - Schedule of Derivative Instruments, Gain (Loss) (Details) - Interest Rate Swap - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Amount of gain (loss) recognized in AOCI on derivatives $ 9,673 $ (14,305) $ (9,295)
Amount reclassified from AOCI into earnings 8,619 25,146 23,630
Total “Interest expense” reported on the consolidated statements of operations $ 56,565 $ 55,978 $ 59,371
v3.25.4
Interest Rate Contracts - Narrative (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Amount expected to be reclassified from AOCI into earnings in the next 12 months $ 0.6
v3.25.4
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Payables And Accruals [Line Items]    
Interest payable $ 9,068 $ 15,400
Deferred compensation 10,875 10,201
Prepaid tenant rent 2,978 3,495
Real estate taxes payable 2,388 2,305
Property operating expense payable 2,043 1,572
Accrued tenant improvements 833 1,416
Accrued construction in progress 810 0
Total 58,258 62,312
Nonrelated Party    
Payables And Accruals [Line Items]    
Other liabilities 29,051 27,343
Related Party    
Payables And Accruals [Line Items]    
Other liabilities 212 580
Total $ 234 $ 580
v3.25.4
Fair Value Measurements - Schedule of Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mutual Funds Asset $ 10,941 $ 11,971
Interest Rate Swap Liability (2,444) 0
Interest Rate Swap Asset 0 15,974
Quoted Prices in Active Markets for Identical Assets and Liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mutual Funds Asset 10,941 11,971
Significant Other Observable Inputs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mutual Funds Asset 0 0
Significant Unobservable Inputs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Mutual Funds Asset 0 0
Interest Rate Swap    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swap Liability (2,444)  
Interest Rate Swap Asset   15,974
Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets and Liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swap Liability 0  
Interest Rate Swap Asset   0
Interest Rate Swap | Significant Other Observable Inputs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swap Liability (2,444)  
Interest Rate Swap Asset   15,974
Interest Rate Swap | Significant Unobservable Inputs    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Interest Rate Swap Liability $ 0  
Interest Rate Swap Asset   $ 0
v3.25.4
Fair Value Measurements - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Real estate impairment provision $ 18,195 $ 53,313 $ 283,804
Goodwill impairment provision 0 10,274 $ 16,031
Goodwill 68,373 68,373  
Industrial      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Goodwill 68,373 $ 68,373  
Continuing Operations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Real estate impairment provision $ 18,200    
Continuing Operations | Office | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of real estate properties impaired | property 4    
Continuing Operations | Industrial | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of real estate properties impaired | property 1    
Discontinued Operations      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Real estate impairment provision $ 345,500    
Discontinued Operations | Office      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of real estate properties impaired | property 19    
Discontinued Operations | Office | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Number of real estate properties impaired | property 15    
v3.25.4
Fair Value Measurements - Real Estate Impairment (Details)
 12 Months Ended
Dec. 31, 2025
$ / shares
property
Discontinued Operations | Office  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 19
Level 2 | Continuing Operations | Office  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 4
Level 2 | Continuing Operations | Office | Estimated selling price per square foot | Minimum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs | $ / shares 44
Level 2 | Continuing Operations | Office | Estimated selling price per square foot | Maximum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs | $ / shares 234
Level 2 | Continuing Operations | Industrial  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 1
Level 2 | Continuing Operations | Industrial | Estimated selling price per square foot  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs | $ / shares 150
Level 2 | Discontinued Operations | Office  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 15
Level 2 | Discontinued Operations | Office | Estimated selling price per square foot | Minimum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs | $ / shares 74
Level 2 | Discontinued Operations | Office | Estimated selling price per square foot | Maximum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs | $ / shares 209
Level 3 | Continuing Operations | Office  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 0
Level 3 | Continuing Operations | Industrial  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 0
Level 3 | Discontinued Operations | Office  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 10
Level 3 | Discontinued Operations | Office | Market rent per square foot | Minimum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs | $ / shares 15
Level 3 | Discontinued Operations | Office | Market rent per square foot | Maximum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs | $ / shares 41
Level 3 | Discontinued Operations | Office | Terminal capitalization rates | Minimum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs 0.0825
Level 3 | Discontinued Operations | Office | Terminal capitalization rates | Maximum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs 0.1050
Level 3 | Discontinued Operations | Office | Discount rates | Minimum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs 0.1000
Level 3 | Discontinued Operations | Office | Discount rates | Maximum  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Range of Inputs 0.1250
Level 2 and Level 3 | Discontinued Operations | Office  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Number of Properties 6
v3.25.4
Fair Value Measurements - Financial Instruments at Fair Value (Details) - Secured Debt - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value | Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt $ 196,092 $ 333,118
Fair Value | Level 2 | BOA II Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 87,474 226,870
Fair Value | Level 2 | Florida Mortgage Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 47,910 47,057
Fair Value | Level 2 | Georgia Mortgage Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 37,318 36,381
Fair Value | Level 2 | Illinois Mortgage Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 23,390 22,810
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 200,936 360,326
Carrying Value | BOA II Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 90,610 250,000
Carrying Value | Florida Mortgage Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 49,604 49,604
Carrying Value | Georgia Mortgage Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt 37,722 37,722
Carrying Value | Illinois Mortgage Loan    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total Secured Debt $ 23,000 $ 23,000
v3.25.4
Equity - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2026
Aug. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]          
Common stock, number of shares outstanding (in shares)     37,176,167 36,733,327  
Common Stock, Shares Issued Not Disclosed     true    
Number of shares authorized (in shares)     4,063,478    
Number of remaining shares authorized (in shares)     2,418,002    
Restricted Shares          
Class of Stock [Line Items]          
Costs not yet recognized     $ 5.7 $ 6.3  
Total compensation expense     $ 6.4 $ 7.9  
Number of awards granted (in shares)     541,585 541,700  
Number of unvested awards (in shares)     487,043 392,566 159,553
Restricted Shares | Subsequent Event          
Class of Stock [Line Items]          
Number of awards granted (in shares) 443,484        
Grant date fair value $ 6.3        
Number of unvested awards (in shares) 930,527        
Restricted Shares | Minimum          
Class of Stock [Line Items]          
Recognition period for unrecognized expense     1 month 2 months  
Restricted Shares | Maximum          
Class of Stock [Line Items]          
Recognition period for unrecognized expense     2 years 2 years 1 month 6 days  
ATM Program          
Class of Stock [Line Items]          
Value of shares authorized   $ 200.0      
v3.25.4
Equity - Schedule of Unvested Shares of Restricted Stock Awards Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Common Shares      
Weighted-Average Grant Date Fair Value per Share      
Shares tendered by employees to satisfy employee tax withholding requirements upon vesting of restricted stock awards (in shares) 176,928 117,976 114,420
Restricted Shares      
Number of Unvested Shares of Restricted Shares      
Balance at beginning of period (in shares) 392,566 159,553  
Granted (in shares) 541,585 541,700  
Forfeited (in shares) (59,415) (10,649)  
Vested (in shares) (387,693) (298,038)  
Balance at end of period (in shares) 487,043 392,566 159,553
Weighted-Average Grant Date Fair Value per Share      
Granted (in usd per share) $ 12.18 $ 11.63  
Forfeited (in usd per share) 15.55 26.65  
Vested (in usd per share) $ 17.42 $ 28.09  
v3.25.4
Noncontrolling Interests - Narrative (Details)
 3 Months Ended 12 Months Ended
Dec. 15, 2025
shares
Dec. 23, 2024
shares
Dec. 15, 2023
shares
Dec. 31, 2023
installment
Dec. 31, 2025
shares
Noncontrolling Interest [Line Items]          
Limited partnership units issued (in shares)         2,730,000
Percentage of noncontrolling interest based on weighted average shares         7.40%
Number of annual installments for awards settlement | installment       4  
Limited partnership redeem (in shares) 212,613 213,043 209,954    
Griffin Capital, LLC          
Noncontrolling Interest [Line Items]          
Units received (in shares)         2,700,000
Reverse stock split         9
Units received, percentage         50.00%
Griffin Capital Essential Asset Operating Partnership, L.P.          
Noncontrolling Interest [Line Items]          
Percentage of noncontrolling interests based on total shares         6.80%
Property Contributions by Previously Affiliated Parties and Unaffiliated Third Parties          
Noncontrolling Interest [Line Items]          
Limited partnership units issued (in shares)         2,710,000
Property Contributions by Unaffiliated Third Parties          
Noncontrolling Interest [Line Items]          
Limited partnership units issued (in shares)         20,000.00
v3.25.4
Noncontrolling Interests - Schedule of Activity for Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance $ 66,801 $ 91,629  
Exchange of noncontrolling interest (5,316) (20,153)  
Distributions to noncontrolling interests (1,901) (2,840) $ (2,989)
Allocated net income (loss) (24,926) (938) (54,555)
Allocated other comprehensive income (loss) (1,380) (897)  
Ending balance $ 33,278 $ 66,801 $ 91,629
v3.25.4
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Total expenses $ 120,160 $ 161,988 $ 421,720
Payables 58,258 62,312  
Related Party      
Related Party Transaction [Line Items]      
Total expenses 1,876 2,863 4,283
Payables 234 580  
Related Party | Costs advanced by related party      
Related Party Transaction [Line Items]      
Total expenses 0 0 176
Payables 0 0  
Related Party | Office rent and related expenses      
Related Party Transaction [Line Items]      
Total expenses 570 617 1,153
Payables 0 55  
Related Party | Distributions      
Related Party Transaction [Line Items]      
Total expenses 1,306 2,246 $ 2,954
Payables $ 234 $ 525  
v3.25.4
Related Party Transactions - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Related Party Transaction [Line Items]    
Right-of-use lease assets $ 1,325 $ 755
Right-of-use lease liabilities $ 1,334 $ 744
Lessee, operating lease, term of contract 10 years  
Related Party    
Related Party Transaction [Line Items]    
Operating sublease monthly base rent $ 40  
Related Party | GCC    
Related Party Transaction [Line Items]    
Right-of-use lease assets 200  
Right-of-use lease liabilities $ 200  
Common Shares Owned | Beneficial Owner    
Related Party Transaction [Line Items]    
Related party transaction, rate (as a percent) 5.00%  
v3.25.4
Leases - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
lease
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Lessor, Lease, Description [Line Items]      
Number of leases | lease 2    
Operating lease cost $ 0.7 $ 0.5  
Operating lease payments 0.7 0.5  
Continuing Operations      
Lessor, Lease, Description [Line Items]      
Lease income 92.7 100.1 $ 121.4
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Total revenues
Discontinued Operations | Office      
Lessor, Lease, Description [Line Items]      
Lease income $ 84.0 $ 99.8 $ 98.1
v3.25.4
Leases - Schedule of Undiscounted Cash Flow (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 76,015
2027 70,571
2028 62,978
2029 54,484
2030 42,757
Thereafter 74,382
Total $ 381,187
v3.25.4
Leases - Schedule of Lease, Cost (Details)
Dec. 31, 2025
Leases [Abstract]  
Weighted-average remaining lease term in years 4 years 7 months 6 days
Weighted-average discount rate 7.68%
v3.25.4
Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 476  
2027 238  
2028 243  
2029 250  
2030 256  
Thereafter 128  
Total undiscounted lease payments 1,591  
Less imputed interest (257)  
Total lease liabilities $ 1,334 $ 744
v3.25.4
Commitments and Contingencies (Details)
$ in Millions
Dec. 31, 2025
USD ($)
employee
Other Commitments [Line Items]  
Capital expenditure projects, leasing and tenant improvement commitments $ 2.2
Lessee, operating lease, term of contract 10 years
Unrecorded unconditional purchase obligation on lease not yet commenced $ 6.6
Retention Agreement  
Other Commitments [Line Items]  
Number of employees eligible for cash retention bonus | employee 37
Estimated potential cost $ 2.5
v3.25.4
Segment Reporting - Narrative (Details) - Industrial
 12 Months Ended
Dec. 31, 2025
property
segment
Segment Reporting Information [Line Items]  
Number of properties 76
Number of reportable segments | segment 1
Number of operating real estate properties 72
Number of real estate properties designated for redevelopment or repositioning 4
IOS Properties  
Segment Reporting Information [Line Items]  
Number of properties 60
Traditional Industrial Properties  
Segment Reporting Information [Line Items]  
Number of properties 16
v3.25.4
Segment Reporting - Reconciliation Segment NOI and Net Income (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total revenues $ 105,981 $ 116,357 $ 143,838
Property operating expense 6,006 13,664 19,313
Property tax expense 8,289 9,918 13,437
Total NOI 91,686 92,775 111,088
Depreciation and amortization (52,182) (47,503) (61,169)
Real estate impairment provision (18,195) (53,313) (283,804)
General and administrative expenses (34,918) (36,973) (42,843)
Income before other income (expenses) 196,981 230,564 498,904
Other income (expenses):      
Interest expense (56,565) (55,978) (59,371)
Other income, net 7,351 14,479 13,107
Net loss from investment in unconsolidated entity 0 0 (176,767)
Gain from disposition of assets 6,407 38,368 29,164
(Loss) gain on extinguishment of debt (2,482) 10,466 0
Goodwill impairment provision 0 (10,274) (16,031)
Corporate operating expenses to related parties (570) (617) (1,154)
Transaction expenses (555) (821) (24,961)
(Loss) income from discontinued operations (272,610) 38,028 (92,361)
Net loss (332,633) (11,363) (605,102)
Industrial      
Segment Reporting Information [Line Items]      
Total revenues 100,204 64,750 57,304
Property operating expense 5,793 3,916 3,424
Property tax expense 8,193 5,156 4,231
Total NOI 86,218 55,678 49,649
Office      
Segment Reporting Information [Line Items]      
Total revenues 5,777 20,825 32,288
Property operating expense 213 1,909 2,804
Property tax expense 96 654 1,815
Total NOI 5,468 18,262 27,669
Other income (expenses):      
(Loss) income from discontinued operations (272,610) 38,028 (92,361)
Other      
Segment Reporting Information [Line Items]      
Total revenues 0 30,782 54,246
Property operating expense 0 7,839 13,085
Property tax expense 0 4,108 7,391
Total NOI $ 0 $ 18,835 $ 33,770
v3.25.4
Segment Reporting - Reconciliation of Net (Loss) Income to Total NOI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting [Abstract]      
Net loss $ (332,633) $ (11,363) $ (605,102)
General and administrative expenses 34,918 36,973 42,843
Corporate operating expenses to related parties 570 617 1,154
Real estate impairment provision 18,195 53,313 283,804
Depreciation and amortization 52,182 47,503 61,169
Interest expense 56,565 55,978 59,371
Other income, net (7,351) (14,479) (13,107)
Net loss from investment in unconsolidated entity 0 0 176,767
Loss (gain) on extinguishment of debt 2,482 (10,466) 0
Gain from disposition of assets (6,407) (38,368) (29,164)
Goodwill impairment provision 0 10,274 16,031
Transaction expenses 555 821 24,961
Net loss (income) from discontinued operations 272,610 (38,028) 92,361
Total NOI $ 91,686 $ 92,775 $ 111,088
v3.25.4
Segment Reporting - Segment Information (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total Goodwill $ 68,373 $ 68,373  
Total real estate 1,306,021 1,493,143  
Accumulated depreciation and amortization (211,099) (224,247)  
Total real estate, net 1,094,922 1,268,896 $ 1,020,456
Continuing Operations      
Segment Reporting Information [Line Items]      
Total real estate, net 1,094,922 1,268,896  
Discontinued Operations      
Segment Reporting Information [Line Items]      
Total real estate 0 1,291,432  
Accumulated depreciation and amortization 0 (296,280)  
Total real estate, net 0 995,152  
Industrial      
Segment Reporting Information [Line Items]      
Total Goodwill 68,373 68,373  
Industrial | Continuing Operations      
Segment Reporting Information [Line Items]      
Total real estate 1,306,021 1,281,815  
Accumulated depreciation and amortization (211,099) (180,879)  
Total real estate, net 1,094,922 1,100,936  
Office | Continuing Operations      
Segment Reporting Information [Line Items]      
Total real estate 0 211,328  
Accumulated depreciation and amortization 0 (43,368)  
Total real estate, net $ 0 $ 167,960  
v3.25.4
Declaration of Dividends - Schedule of Distributions Declared (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]        
Return of capital (as a percent)   100.00% 100.00% 100.00%
Total   100.00% 100.00% 100.00%
Dividends declared (in usd per share) $ 0.10 $ 0.65 $ 0.90 $ 1.09
v3.25.4
Declaration of Dividends - Narrative (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity [Abstract]        
Cash dividend declared per common share (in usd per share) $ 0.10 $ 0.65 $ 0.90 $ 1.09
Cash distribution declared per OP Unit (in usd per unit) $ 0.10      
v3.25.4
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization - Schedule III (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 200,936      
Initial Cost to Company, Land 381,335      
Initial Cost to Company, Building and Improvements 867,909      
Total Adjustment to Basis, Building and Improvements 56,288      
Gross Carrying Amount, Land 381,824      
Gross Carrying Amount, Building and Improvements 924,197      
Gross Carrying Amount, Total 1,306,021 $ 1,493,143 $ 1,321,583 $ 2,082,264
Accumulated Depreciation and Amortization 211,099 $ 224,247 $ 301,127 $ 431,551
Aggregate cost of real estate owned for income tax purposes 1,200,000      
Industrial        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 200,936      
Initial Cost to Company, Land 381,335      
Initial Cost to Company, Building and Improvements 867,909      
Total Adjustment to Basis, Building and Improvements 56,288      
Gross Carrying Amount, Land 381,824      
Gross Carrying Amount, Building and Improvements 924,197      
Gross Carrying Amount, Total 1,306,021      
Accumulated Depreciation and Amortization 211,099      
Industrial | Traditional Industrial property in Emporia, KS        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 0      
Initial Cost to Company, Land 274      
Initial Cost to Company, Building and Improvements 7,567      
Total Adjustment to Basis, Building and Improvements 962      
Gross Carrying Amount, Land 274      
Gross Carrying Amount, Building and Improvements 8,529      
Gross Carrying Amount, Total 8,803      
Accumulated Depreciation and Amortization $ 3,978      
Industrial | Traditional Industrial property in Emporia, KS | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Emporia, KS | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Northern New Jersey, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,773      
Initial Cost to Company, Building and Improvements 9,030      
Total Adjustment to Basis, Building and Improvements 910      
Gross Carrying Amount, Land 3,773      
Gross Carrying Amount, Building and Improvements 9,940      
Gross Carrying Amount, Total 13,713      
Accumulated Depreciation and Amortization $ 4,134      
Industrial | Traditional Industrial property in Northern New Jersey, NJ | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Northern New Jersey, NJ | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Chicago, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,674      
Initial Cost to Company, Building and Improvements 13,229      
Total Adjustment to Basis, Building and Improvements 1,900      
Gross Carrying Amount, Land 2,674      
Gross Carrying Amount, Building and Improvements 15,129      
Gross Carrying Amount, Total 17,803      
Accumulated Depreciation and Amortization $ 6,357      
Industrial | Traditional Industrial property in Chicago, IL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Chicago, IL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Chicago, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 23,000      
Initial Cost to Company, Land 7,697      
Initial Cost to Company, Building and Improvements 21,843      
Total Adjustment to Basis, Building and Improvements 5,879      
Gross Carrying Amount, Land 7,697      
Gross Carrying Amount, Building and Improvements 27,722      
Gross Carrying Amount, Total 35,419      
Accumulated Depreciation and Amortization $ 12,266      
Industrial | Traditional Industrial property in Chicago, IL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Chicago, IL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Detroit, MI        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 875      
Initial Cost to Company, Building and Improvements 11,375      
Total Adjustment to Basis, Building and Improvements 2,632      
Gross Carrying Amount, Land 875      
Gross Carrying Amount, Building and Improvements 14,007      
Gross Carrying Amount, Total 14,882      
Accumulated Depreciation and Amortization $ 5,687      
Industrial | Traditional Industrial property in Detroit, MI | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Detroit, MI | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Jacksonville, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 49,604      
Initial Cost to Company, Land 5,040      
Initial Cost to Company, Building and Improvements 42,490      
Total Adjustment to Basis, Building and Improvements 268      
Gross Carrying Amount, Land 5,040      
Gross Carrying Amount, Building and Improvements 42,758      
Gross Carrying Amount, Total 47,798      
Accumulated Depreciation and Amortization $ 14,559      
Industrial | Traditional Industrial property in Jacksonville, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Jacksonville, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Stockton/Modesto, CA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 15,463      
Initial Cost to Company, Building and Improvements 36,613      
Total Adjustment to Basis, Building and Improvements 37,692      
Gross Carrying Amount, Land 15,463      
Gross Carrying Amount, Building and Improvements 74,305      
Gross Carrying Amount, Total 89,768      
Accumulated Depreciation and Amortization $ 35,566      
Industrial | Traditional Industrial property in Stockton/Modesto, CA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Stockton/Modesto, CA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 5,433      
Initial Cost to Company, Building and Improvements 55,341      
Total Adjustment to Basis, Building and Improvements 178      
Gross Carrying Amount, Land 5,433      
Gross Carrying Amount, Building and Improvements 55,519      
Gross Carrying Amount, Total 60,952      
Accumulated Depreciation and Amortization $ 13,331      
Industrial | Traditional Industrial property in Tampa, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Tampa, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Savannah, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 37,722      
Initial Cost to Company, Land 5,465      
Initial Cost to Company, Building and Improvements 57,116      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 5,465      
Gross Carrying Amount, Building and Improvements 57,116      
Gross Carrying Amount, Total 62,581      
Accumulated Depreciation and Amortization $ 13,618      
Industrial | Traditional Industrial property in Savannah, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Savannah, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Hampton Roads, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,100      
Initial Cost to Company, Building and Improvements 15,903      
Total Adjustment to Basis, Building and Improvements 191      
Gross Carrying Amount, Land 3,100      
Gross Carrying Amount, Building and Improvements 16,094      
Gross Carrying Amount, Total 19,194      
Accumulated Depreciation and Amortization $ 5,432      
Industrial | Traditional Industrial property in Hampton Roads, VA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Hampton Roads, VA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Hampton Roads, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,113      
Initial Cost to Company, Building and Improvements 15,968      
Total Adjustment to Basis, Building and Improvements 173      
Gross Carrying Amount, Land 3,113      
Gross Carrying Amount, Building and Improvements 16,141      
Gross Carrying Amount, Total 19,254      
Accumulated Depreciation and Amortization $ 5,448      
Industrial | Traditional Industrial property in Hampton Roads, VA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Hampton Roads, VA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Columbus, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 978      
Initial Cost to Company, Building and Improvements 16,705      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 978      
Gross Carrying Amount, Building and Improvements 16,705      
Gross Carrying Amount, Total 17,683      
Accumulated Depreciation and Amortization $ 5,667      
Industrial | Traditional Industrial property in Columbus, OH | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Columbus, OH | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Charleston, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,226      
Initial Cost to Company, Building and Improvements 14,662      
Total Adjustment to Basis, Building and Improvements 21      
Gross Carrying Amount, Land 1,226      
Gross Carrying Amount, Building and Improvements 14,683      
Gross Carrying Amount, Total 15,909      
Accumulated Depreciation and Amortization $ 3,432      
Industrial | Traditional Industrial property in Charleston, SC | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Charleston, SC | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Chicago, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 37,589      
Initial Cost to Company, Land 5,802      
Initial Cost to Company, Building and Improvements 82,148      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 5,802      
Gross Carrying Amount, Building and Improvements 82,148      
Gross Carrying Amount, Total 87,950      
Accumulated Depreciation and Amortization $ 18,771      
Industrial | Traditional Industrial property in Chicago, IL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Chicago, IL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Columbus, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 53,021      
Initial Cost to Company, Land 4,773      
Initial Cost to Company, Building and Improvements 107,021      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 4,773      
Gross Carrying Amount, Building and Improvements 107,021      
Gross Carrying Amount, Total 111,794      
Accumulated Depreciation and Amortization $ 27,123      
Industrial | Traditional Industrial property in Columbus, OH | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Columbus, OH | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Traditional Industrial property in Winston-Salem, NC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,407      
Initial Cost to Company, Building and Improvements 32,737      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 3,407      
Gross Carrying Amount, Building and Improvements 32,737      
Gross Carrying Amount, Total 36,144      
Accumulated Depreciation and Amortization $ 6,774      
Industrial | Traditional Industrial property in Winston-Salem, NC | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Traditional Industrial property in Winston-Salem, NC | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Fort Lupton, CO        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,783      
Initial Cost to Company, Building and Improvements 5,832      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,783      
Gross Carrying Amount, Building and Improvements 5,832      
Gross Carrying Amount, Total 8,615      
Accumulated Depreciation and Amortization $ 559      
Industrial | Industrial Outdoor Storage property in Fort Lupton, CO | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Fort Lupton, CO | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Pompano Beach, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,373      
Initial Cost to Company, Building and Improvements 3,802      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 3,373      
Gross Carrying Amount, Building and Improvements 3,802      
Gross Carrying Amount, Total 7,175      
Accumulated Depreciation and Amortization $ 329      
Industrial | Industrial Outdoor Storage property in Pompano Beach, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Pompano Beach, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,773      
Initial Cost to Company, Building and Improvements 2,749      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 3,773      
Gross Carrying Amount, Building and Improvements 2,749      
Gross Carrying Amount, Total 6,522      
Accumulated Depreciation and Amortization $ 298      
Industrial | Industrial Outdoor Storage property in Tampa, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Tampa, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Orlando, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,358      
Initial Cost to Company, Building and Improvements 3,739      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,358      
Gross Carrying Amount, Building and Improvements 3,739      
Gross Carrying Amount, Total 6,097      
Accumulated Depreciation and Amortization $ 385      
Industrial | Industrial Outdoor Storage property in Orlando, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Orlando, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Orlando, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,963      
Initial Cost to Company, Building and Improvements 5,346      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,963      
Gross Carrying Amount, Building and Improvements 5,346      
Gross Carrying Amount, Total 7,309      
Accumulated Depreciation and Amortization $ 564      
Industrial | Industrial Outdoor Storage property in Orlando, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Orlando, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Jacksonville, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,603      
Initial Cost to Company, Building and Improvements 2,565      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,603      
Gross Carrying Amount, Building and Improvements 2,565      
Gross Carrying Amount, Total 4,168      
Accumulated Depreciation and Amortization $ 385      
Industrial | Industrial Outdoor Storage property in Jacksonville, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Jacksonville, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 20,911      
Initial Cost to Company, Building and Improvements 28,192      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 20,911      
Gross Carrying Amount, Building and Improvements 28,192      
Gross Carrying Amount, Total 49,103      
Accumulated Depreciation and Amortization $ 2,226      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 4,749      
Initial Cost to Company, Building and Improvements 8,551      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 4,749      
Gross Carrying Amount, Building and Improvements 8,551      
Gross Carrying Amount, Total 13,300      
Accumulated Depreciation and Amortization $ 664      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 4,233      
Initial Cost to Company, Building and Improvements 3,712      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 4,233      
Gross Carrying Amount, Building and Improvements 3,712      
Gross Carrying Amount, Total 7,945      
Accumulated Depreciation and Amortization $ 537      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Lively, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 7,407      
Initial Cost to Company, Building and Improvements 8,638      
Total Adjustment to Basis, Building and Improvements 68      
Gross Carrying Amount, Land 7,407      
Gross Carrying Amount, Building and Improvements 8,706      
Gross Carrying Amount, Total 16,113      
Accumulated Depreciation and Amortization $ 763      
Industrial | Industrial Outdoor Storage property in Lively, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Lively, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Mableton, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,374      
Initial Cost to Company, Building and Improvements 1,710      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,374      
Gross Carrying Amount, Building and Improvements 1,710      
Gross Carrying Amount, Total 4,084      
Accumulated Depreciation and Amortization $ 262      
Industrial | Industrial Outdoor Storage property in Mableton, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Mableton, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Norcross, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,946      
Initial Cost to Company, Building and Improvements 2,037      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,946      
Gross Carrying Amount, Building and Improvements 2,037      
Gross Carrying Amount, Total 4,983      
Accumulated Depreciation and Amortization $ 310      
Industrial | Industrial Outdoor Storage property in Norcross, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Norcross, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 8,959      
Initial Cost to Company, Building and Improvements 4,623      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 8,959      
Gross Carrying Amount, Building and Improvements 4,623      
Gross Carrying Amount, Total 13,582      
Accumulated Depreciation and Amortization $ 415      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Atlanta, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Savannah, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 12,528      
Initial Cost to Company, Building and Improvements 13,575      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 12,528      
Gross Carrying Amount, Building and Improvements 13,575      
Gross Carrying Amount, Total 26,103      
Accumulated Depreciation and Amortization $ 1,413      
Industrial | Industrial Outdoor Storage property in Savannah, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Savannah, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Melrose Park, IL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,520      
Initial Cost to Company, Building and Improvements 3,597      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,520      
Gross Carrying Amount, Building and Improvements 3,597      
Gross Carrying Amount, Total 6,117      
Accumulated Depreciation and Amortization $ 222      
Industrial | Industrial Outdoor Storage property in Melrose Park, IL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Melrose Park, IL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Burlington, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,232      
Initial Cost to Company, Building and Improvements 4,020      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,232      
Gross Carrying Amount, Building and Improvements 4,020      
Gross Carrying Amount, Total 6,252      
Accumulated Depreciation and Amortization $ 230      
Industrial | Industrial Outdoor Storage property in Burlington, NJ | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Burlington, NJ | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Carteret, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 7,132      
Initial Cost to Company, Building and Improvements 6,847      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 7,132      
Gross Carrying Amount, Building and Improvements 6,847      
Gross Carrying Amount, Total 13,979      
Accumulated Depreciation and Amortization $ 348      
Industrial | Industrial Outdoor Storage property in Carteret, NJ | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Carteret, NJ | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in South Plainfield, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,103      
Initial Cost to Company, Building and Improvements 2,023      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,103      
Gross Carrying Amount, Building and Improvements 2,023      
Gross Carrying Amount, Total 4,126      
Accumulated Depreciation and Amortization $ 114      
Industrial | Industrial Outdoor Storage property in South Plainfield, NJ | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in South Plainfield, NJ | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Albuquerque, NM        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,519      
Initial Cost to Company, Building and Improvements 2,977      
Total Adjustment to Basis, Building and Improvements 74      
Gross Carrying Amount, Land 2,519      
Gross Carrying Amount, Building and Improvements 3,051      
Gross Carrying Amount, Total 5,570      
Accumulated Depreciation and Amortization $ 197      
Industrial | Industrial Outdoor Storage property in Albuquerque, NM | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Albuquerque, NM | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Yaphank, NY        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 5,583      
Initial Cost to Company, Building and Improvements 3,170      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 5,583      
Gross Carrying Amount, Building and Improvements 3,170      
Gross Carrying Amount, Total 8,753      
Accumulated Depreciation and Amortization $ 486      
Industrial | Industrial Outdoor Storage property in Yaphank, NY | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Yaphank, NY | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Cincinnati, OH        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 823      
Initial Cost to Company, Building and Improvements 1,823      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 823      
Gross Carrying Amount, Building and Improvements 1,823      
Gross Carrying Amount, Total 2,646      
Accumulated Depreciation and Amortization $ 168      
Industrial | Industrial Outdoor Storage property in Cincinnati, OH | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Cincinnati, OH | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Pittsburgh, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,832      
Initial Cost to Company, Building and Improvements 7,998      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,832      
Gross Carrying Amount, Building and Improvements 7,998      
Gross Carrying Amount, Total 10,830      
Accumulated Depreciation and Amortization $ 458      
Industrial | Industrial Outdoor Storage property in Pittsburgh, PA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Pittsburgh, PA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Hatfield, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 19,074      
Initial Cost to Company, Building and Improvements 10,900      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 19,074      
Gross Carrying Amount, Building and Improvements 10,900      
Gross Carrying Amount, Total 29,974      
Accumulated Depreciation and Amortization $ 1,211      
Industrial | Industrial Outdoor Storage property in Hatfield, PA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Hatfield, PA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 11,619      
Initial Cost to Company, Building and Improvements 10,646      
Total Adjustment to Basis, Building and Improvements 1,386      
Gross Carrying Amount, Land 11,619      
Gross Carrying Amount, Building and Improvements 12,032      
Gross Carrying Amount, Total 23,651      
Accumulated Depreciation and Amortization $ 937      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 9,922      
Initial Cost to Company, Building and Improvements 6,609      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 9,922      
Gross Carrying Amount, Building and Improvements 6,609      
Gross Carrying Amount, Total 16,531      
Accumulated Depreciation and Amortization $ 436      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 7,261      
Initial Cost to Company, Building and Improvements 7,497      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 7,261      
Gross Carrying Amount, Building and Improvements 7,497      
Gross Carrying Amount, Total 14,758      
Accumulated Depreciation and Amortization $ 572      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Philadelphia, PA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in North Charleston, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,057      
Initial Cost to Company, Building and Improvements 3,685      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,057      
Gross Carrying Amount, Building and Improvements 3,685      
Gross Carrying Amount, Total 4,742      
Accumulated Depreciation and Amortization $ 260      
Industrial | Industrial Outdoor Storage property in North Charleston, SC | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in North Charleston, SC | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in North Charleston, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,055      
Initial Cost to Company, Building and Improvements 2,965      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,055      
Gross Carrying Amount, Building and Improvements 2,965      
Gross Carrying Amount, Total 4,020      
Accumulated Depreciation and Amortization $ 247      
Industrial | Industrial Outdoor Storage property in North Charleston, SC | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in North Charleston, SC | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Ladson, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,409      
Initial Cost to Company, Building and Improvements 3,251      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,409      
Gross Carrying Amount, Building and Improvements 3,251      
Gross Carrying Amount, Total 4,660      
Accumulated Depreciation and Amortization $ 262      
Industrial | Industrial Outdoor Storage property in Ladson, SC | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Ladson, SC | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Greenville, SC        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,029      
Initial Cost to Company, Building and Improvements 6,997      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,029      
Gross Carrying Amount, Building and Improvements 6,997      
Gross Carrying Amount, Total 8,026      
Accumulated Depreciation and Amortization $ 590      
Industrial | Industrial Outdoor Storage property in Greenville, SC | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Greenville, SC | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Hermitage, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,664      
Initial Cost to Company, Building and Improvements 3,852      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,664      
Gross Carrying Amount, Building and Improvements 3,852      
Gross Carrying Amount, Total 5,516      
Accumulated Depreciation and Amortization $ 280      
Industrial | Industrial Outdoor Storage property in Hermitage, TN | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Hermitage, TN | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Nashville, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,441      
Initial Cost to Company, Building and Improvements 2,036      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,441      
Gross Carrying Amount, Building and Improvements 2,036      
Gross Carrying Amount, Total 3,477      
Accumulated Depreciation and Amortization $ 168      
Industrial | Industrial Outdoor Storage property in Nashville, TN | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Nashville, TN | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Nashville, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,985      
Initial Cost to Company, Building and Improvements 6,719      
Total Adjustment to Basis, Building and Improvements 30      
Gross Carrying Amount, Land 1,985      
Gross Carrying Amount, Building and Improvements 6,749      
Gross Carrying Amount, Total 8,734      
Accumulated Depreciation and Amortization $ 525      
Industrial | Industrial Outdoor Storage property in Nashville, TN | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Nashville, TN | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Memphis, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,148      
Initial Cost to Company, Building and Improvements 2,831      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,148      
Gross Carrying Amount, Building and Improvements 2,831      
Gross Carrying Amount, Total 4,979      
Accumulated Depreciation and Amortization $ 456      
Industrial | Industrial Outdoor Storage property in Memphis, TN | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Memphis, TN | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Baytown, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,537      
Initial Cost to Company, Building and Improvements 9,184      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 3,537      
Gross Carrying Amount, Building and Improvements 9,184      
Gross Carrying Amount, Total 12,721      
Accumulated Depreciation and Amortization $ 535      
Industrial | Industrial Outdoor Storage property in Baytown, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Baytown, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Plano, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 914      
Initial Cost to Company, Building and Improvements 3,469      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 914      
Gross Carrying Amount, Building and Improvements 3,469      
Gross Carrying Amount, Total 4,383      
Accumulated Depreciation and Amortization $ 342      
Industrial | Industrial Outdoor Storage property in Plano, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Plano, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Fort Worth, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 4,709      
Initial Cost to Company, Building and Improvements 9,617      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 4,709      
Gross Carrying Amount, Building and Improvements 9,617      
Gross Carrying Amount, Total 14,326      
Accumulated Depreciation and Amortization $ 798      
Industrial | Industrial Outdoor Storage property in Fort Worth, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Fort Worth, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Houston, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,160      
Initial Cost to Company, Building and Improvements 3,372      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,160      
Gross Carrying Amount, Building and Improvements 3,372      
Gross Carrying Amount, Total 4,532      
Accumulated Depreciation and Amortization $ 234      
Industrial | Industrial Outdoor Storage property in Houston, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Houston, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in San Antonio, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,222      
Initial Cost to Company, Building and Improvements 2,520      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,222      
Gross Carrying Amount, Building and Improvements 2,520      
Gross Carrying Amount, Total 3,742      
Accumulated Depreciation and Amortization $ 188      
Industrial | Industrial Outdoor Storage property in San Antonio, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in San Antonio, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Round Rock, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,084      
Initial Cost to Company, Building and Improvements 5,745      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,084      
Gross Carrying Amount, Building and Improvements 5,745      
Gross Carrying Amount, Total 7,829      
Accumulated Depreciation and Amortization $ 511      
Industrial | Industrial Outdoor Storage property in Round Rock, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Round Rock, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Houston, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,041      
Initial Cost to Company, Building and Improvements 4,789      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,041      
Gross Carrying Amount, Building and Improvements 4,789      
Gross Carrying Amount, Total 6,830      
Accumulated Depreciation and Amortization $ 1,023      
Industrial | Industrial Outdoor Storage property in Houston, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Houston, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Houston, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,268      
Initial Cost to Company, Building and Improvements 4,421      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 1,268      
Gross Carrying Amount, Building and Improvements 4,421      
Gross Carrying Amount, Total 5,689      
Accumulated Depreciation and Amortization $ 605      
Industrial | Industrial Outdoor Storage property in Houston, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Houston, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Manassas, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 4,782      
Initial Cost to Company, Building and Improvements 3,065      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 4,782      
Gross Carrying Amount, Building and Improvements 3,065      
Gross Carrying Amount, Total 7,847      
Accumulated Depreciation and Amortization $ 493      
Industrial | Industrial Outdoor Storage property in Manassas, VA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Manassas, VA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Norfolk, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 16,238      
Initial Cost to Company, Building and Improvements 14,927      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 16,238      
Gross Carrying Amount, Building and Improvements 14,927      
Gross Carrying Amount, Total 31,165      
Accumulated Depreciation and Amortization $ 1,459      
Industrial | Industrial Outdoor Storage property in Norfolk, VA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Norfolk, VA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Norfolk, VA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,166      
Initial Cost to Company, Building and Improvements 7,298      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,166      
Gross Carrying Amount, Building and Improvements 7,298      
Gross Carrying Amount, Total 9,464      
Accumulated Depreciation and Amortization $ 591      
Industrial | Industrial Outdoor Storage property in Norfolk, VA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Norfolk, VA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Everett, WA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 20,156      
Initial Cost to Company, Building and Improvements 9,525      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 20,156      
Gross Carrying Amount, Building and Improvements 9,525      
Gross Carrying Amount, Total 29,681      
Accumulated Depreciation and Amortization $ 2,350      
Industrial | Industrial Outdoor Storage property in Everett, WA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Everett, WA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Savannah, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 4,138      
Initial Cost to Company, Building and Improvements 1,393      
Total Adjustment to Basis, Building and Improvements 723      
Gross Carrying Amount, Land 4,138      
Gross Carrying Amount, Building and Improvements 2,116      
Gross Carrying Amount, Total 6,254      
Accumulated Depreciation and Amortization $ 208      
Industrial | Industrial Outdoor Storage property in Savannah, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Savannah, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Port Charlotte, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 7,826      
Initial Cost to Company, Building and Improvements 2,791      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 7,826      
Gross Carrying Amount, Building and Improvements 2,791      
Gross Carrying Amount, Total 10,617      
Accumulated Depreciation and Amortization $ 727      
Industrial | Industrial Outdoor Storage property in Port Charlotte, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Port Charlotte, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Smyrna, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 27,698      
Initial Cost to Company, Building and Improvements 17,223      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 27,698      
Gross Carrying Amount, Building and Improvements 17,223      
Gross Carrying Amount, Total 44,921      
Accumulated Depreciation and Amortization $ 618      
Industrial | Industrial Outdoor Storage property in Smyrna, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Smyrna, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Fort Pierce, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,034      
Initial Cost to Company, Building and Improvements 2,400      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 3,034      
Gross Carrying Amount, Building and Improvements 2,400      
Gross Carrying Amount, Total 5,434      
Accumulated Depreciation and Amortization $ 43      
Industrial | Industrial Outdoor Storage property in Fort Pierce, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Fort Pierce, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Plano, TX        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 4,826      
Initial Cost to Company, Building and Improvements 2,850      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 4,826      
Gross Carrying Amount, Building and Improvements 2,850      
Gross Carrying Amount, Total 7,676      
Accumulated Depreciation and Amortization $ 0      
Industrial | Industrial Outdoor Storage property in Plano, TX | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Plano, TX | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 5,049      
Initial Cost to Company, Building and Improvements 3,562      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 5,049      
Gross Carrying Amount, Building and Improvements 3,562      
Gross Carrying Amount, Total 8,611      
Accumulated Depreciation and Amortization $ 0      
Industrial | Industrial Outdoor Storage property in Tampa, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Tampa, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Tampa, FL        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,007      
Initial Cost to Company, Building and Improvements 3,879      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 3,007      
Gross Carrying Amount, Building and Improvements 3,879      
Gross Carrying Amount, Total 6,886      
Accumulated Depreciation and Amortization $ 0      
Industrial | Industrial Outdoor Storage property in Tampa, FL | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Tampa, FL | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Stone Mountain, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,908      
Initial Cost to Company, Building and Improvements 1,452      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,908      
Gross Carrying Amount, Building and Improvements 1,452      
Gross Carrying Amount, Total 4,360      
Accumulated Depreciation and Amortization $ 0      
Industrial | Industrial Outdoor Storage property in Stone Mountain, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Stone Mountain, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Calhoun, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 2,403      
Initial Cost to Company, Building and Improvements 1,658      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 2,403      
Gross Carrying Amount, Building and Improvements 1,658      
Gross Carrying Amount, Total 4,061      
Accumulated Depreciation and Amortization $ 0      
Industrial | Industrial Outdoor Storage property in Calhoun, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Calhoun, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Industrial Outdoor Storage property in Chattanooga, TN        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,248      
Initial Cost to Company, Building and Improvements 4,734      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 3,248      
Gross Carrying Amount, Building and Improvements 4,734      
Gross Carrying Amount, Total 7,982      
Accumulated Depreciation and Amortization $ 0      
Industrial | Industrial Outdoor Storage property in Chattanooga, TN | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Industrial Outdoor Storage property in Chattanooga, TN | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Redevelopment property in Kennesaw, GA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 1,837      
Initial Cost to Company, Building and Improvements 1,428      
Total Adjustment to Basis, Building and Improvements 1,972      
Gross Carrying Amount, Land 1,837      
Gross Carrying Amount, Building and Improvements 3,400      
Gross Carrying Amount, Total 5,237      
Accumulated Depreciation and Amortization $ 175      
Industrial | Redevelopment property in Kennesaw, GA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Redevelopment property in Kennesaw, GA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Redevelopment property in Burlington, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 3,744      
Initial Cost to Company, Building and Improvements 4,103      
Total Adjustment to Basis, Building and Improvements 997      
Gross Carrying Amount, Land 3,744      
Gross Carrying Amount, Building and Improvements 5,100      
Gross Carrying Amount, Total 8,844      
Accumulated Depreciation and Amortization $ 306      
Industrial | Redevelopment property in Burlington, NJ | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Redevelopment property in Burlington, NJ | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Redevelopment property in Burlington, NJ        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 4,295      
Initial Cost to Company, Building and Improvements 7,037      
Total Adjustment to Basis, Building and Improvements 232      
Gross Carrying Amount, Land 4,295      
Gross Carrying Amount, Building and Improvements 7,269      
Gross Carrying Amount, Total 11,564      
Accumulated Depreciation and Amortization $ 386      
Industrial | Redevelopment property in Burlington, NJ | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Redevelopment property in Burlington, NJ | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
Industrial | Redevelopment property in Hatfield, PA        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company, Land 12,584      
Initial Cost to Company, Building and Improvements 205      
Total Adjustment to Basis, Building and Improvements 0      
Gross Carrying Amount, Land 13,073      
Gross Carrying Amount, Building and Improvements 205      
Gross Carrying Amount, Total 13,278      
Accumulated Depreciation and Amortization $ 87      
Industrial | Redevelopment property in Hatfield, PA | Minimum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 5 years      
Industrial | Redevelopment property in Hatfield, PA | Maximum        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Life on which depreciation in latest income statement is computed 40 years      
v3.25.4
Schedule III - Real Estate Assets and Accumulated Depreciation and Amortization - Rollforward (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real estate facilities      
Balance at beginning of year $ 1,493,143 $ 1,321,583 $ 2,082,264
Acquisitions 100,548 539,858 0
Construction costs and improvements 6,178 534 3,869
Other adjustments (40) 1,833 (10)
Impairment provision (22,975) (80,993) (376,666)
Sale of real estate assets (270,833) (289,672) (323,586)
Real estate assets held for sale 0 0 (64,288)
Balance at end of year 1,306,021 1,493,143 1,321,583
Accumulated depreciation      
Balance at beginning of year 224,247 301,127 431,551
Depreciation and amortization expense 49,433 23,696 59,941
Impairment provision (4,810) (5,235) (92,862)
Other adjustments 2,204 0 (19)
Less: Non-real estate assets depreciation expense 0 318 0
Less: Sale of real estate assets depreciation expense (59,975) (95,659) (82,848)
Less: Real estate assets held for sale 0 0 (14,636)
Balance at end of year 211,099 224,247 301,127
Total real estate, net $ 1,094,922 $ 1,268,896 $ 1,020,456