Terreno Realty (TRNO) 10-K 7 Feb 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 05, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-34603
Entity Registrant Name	Terreno Realty Corporation
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-1262675
Entity Address, Street	10500 NE 8th Street
Entity Address, Suite	Suite 1910
Entity Address, City	Bellevue
Entity Address, State	WA
Entity Address, Postal Zip Code	98004
City Area Code	415
Local Phone Number	655-4580
Title of each class	Common Stock, $0.01 par value per share
Trading Symbol(s)	TRNO
Name of each exchange on which registered	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 4,921,615,444
Entity Common Stock, Shares Outstanding		87,995,761
Documents Incorporated by Reference	Documents Incorporated by Reference Part III of this Annual Report on Form 10-K incorporates by reference portions of Terreno Realty Corporation’s Proxy Statement for its 2024 Annual Meeting of Stockholders, which the registrant anticipates will be filed with the Securities and Exchange Commission no later than 120 days after the end of its 2023 fiscal year pursuant to Regulation 14A.
Entity Central Index Key	0001476150
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Seattle, Washington

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments in real estate
Land	$ 1,995,494	$ 1,850,860
Buildings and improvements	1,561,532	1,372,473
Construction in progress	343,485	51,896
Intangible assets	147,329	123,545
Total investments in properties	4,047,840	3,398,774
Accumulated depreciation and amortization	(384,480)	(323,631)
Net investments in properties	3,663,360	3,075,143
Cash and cash equivalents	165,400	26,393
Restricted cash	836	1,690
Other assets, net	75,081	61,215
Total assets	3,904,677	3,164,441
Liabilities
Credit facility	0	0
Term loans payable, net	199,145	198,993
Senior unsecured notes, net	572,418	571,825
Security deposits	32,934	27,454
Intangible liabilities, net	84,718	55,873
Dividends payable	39,052	30,753
Accounts payable and other liabilities	61,783	49,692
Total liabilities	990,050	934,590
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock: $0.01 par value, 400,000,000 shares authorized, and 87,487,098 and 76,463,482 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively.	876	765
Additional paid-in capital	2,849,961	2,167,276
Common stock held in deferred compensation plan, 508,663 and 417,665 shares at December 31, 2023 and December 31, 2022, respectively.	(31,788)	(26,462)
Retained earnings	95,578	88,272
Total stockholders’ equity	2,914,627	2,229,851
Total liabilities and equity	$ 3,904,677	$ 3,164,441

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	87,487,098	76,463,482
Common stock, shares outstanding (in shares)	87,487,098	76,463,482
Common Shares Held in Deferred Compensation Plan
Common stock held in deferred compensation plan (in shares)	508,663	417,665

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Rental revenues and tenant expense reimbursements	$ 323,590	$ 276,212	$ 221,930
Total revenues	323,590	276,212	221,930
COSTS AND EXPENSES
Property operating expenses	79,085	68,903	56,248
Depreciation and amortization	73,219	65,763	50,687
General and administrative	37,935	31,192	26,964
Acquisition costs and other	218	1,465	172
Total costs and expenses	190,457	167,323	134,071
OTHER INCOME (EXPENSE)
Interest and other income	4,964	809	822
Interest expense, including amortization	(24,796)	(23,850)	(18,054)
Gain on sales of real estate investments	38,156	112,166	16,627
Total other income (expense)	18,324	89,125	(605)
Net income	151,457	198,014	87,254
Allocation to participating securities	(712)	(854)	(311)
Net income available to common stockholders - basic	150,745	197,160	$ 86,943
Net income available to common stockholders - diluted	$ 150,745	$ 197,160
EARNINGS PER COMMON SHARE - BASIC AND DILUTED:
Net income available to common stockholders - basic (in dollars per share)	$ 1.81	$ 2.61	$ 1.23
Net income available to common stockholders - diluted (in dollars per share)	$ 1.81	$ 2.61	$ 1.23
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	83,169,028	75,498,107	70,534,202
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	83,371,099	75,586,480	70,793,670

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 151,457	$ 198,014	$ 87,254
Other comprehensive income:
Cash flow hedge adjustment	0	0	183
Comprehensive income	$ 151,457	$ 198,014	$ 87,437

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($)	Total	Common Stock	Additional Paid- in Capital	Common Shares Held in Deferred Compensation Plan	Deferred Compensation Plan	Retained (Deficit) Earnings	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2020	$ 1,588,184,000	$ 686,000	$ 1,589,301,000		$ (7,546,000)	$ 5,926,000	$ (183,000)
Beginning balance (in shares) at Dec. 31, 2020		68,376,364
Beginning balance (in shares) at Dec. 31, 2020				139,224
Increase (Decrease) in Stockholders' Equity
Net income	87,254,000					87,254,000
Issuance of common stock, net of issuance costs	$ 463,746,000	$ 66,000	463,680,000
Issuance of common stock, net of issuance costs (in shares)	2,569,771	6,736,455
Forfeiture of common stock related to employee awards (in shares)		(776)
Common shares acquired related to employee awards	$ (582,000)		(582,000)
Common shares acquired related to employee awards (in shares)		(6,534)
Issuance of restricted stock (in shares)		99,569
Stock-based compensation	9,554,000		9,554,000
Common stock dividends	(90,376,000)					(90,376,000)
Deposits to deferred compensation plan			7,651,000		(7,651,000)
Deposits to deferred compensation plan (in shares)		136,503
Other comprehensive income	183,000						183,000
Ending balance at Dec. 31, 2021	2,057,963,000	$ 752,000	2,069,604,000		(15,197,000)	2,804,000	0
Ending Balance (in shares) at Dec. 31, 2021		75,068,575
Ending balance (in shares) at Dec. 31, 2021				275,727
Increase (Decrease) in Stockholders' Equity
Underwriting discount and offering costs	6,123,000
Net income	198,014,000					198,014,000
Issuance of common stock, net of issuance costs	$ 77,294,000	$ 13,000	77,281,000
Issuance of common stock, net of issuance costs (in shares)	1,286,125	1,444,156
Forfeiture of common stock related to employee awards (in shares)		(29,391)
Common shares acquired related to employee awards	$ (1,045,000)		(1,045,000)
Common shares acquired related to employee awards (in shares)		(14,823)
Issuance of restricted stock (in shares)		136,903
Stock-based compensation	10,171,000		10,171,000
Common stock dividends	(112,546,000)					(112,546,000)
Deposits to deferred compensation plan			11,265,000		(11,265,000)
Deposits to deferred compensation plan (in shares)		141,938		141,938
Ending balance at Dec. 31, 2022	$ 2,229,851,000	$ 765,000	2,167,276,000		(26,462,000)	88,272,000	0
Ending Balance (in shares) at Dec. 31, 2022	76,463,482	76,463,482
Ending balance (in shares) at Dec. 31, 2022				417,665
Increase (Decrease) in Stockholders' Equity
Underwriting discount and offering costs	$ 1,557,000
Net income	151,457,000					151,457,000
Issuance of common stock, net of issuance costs	665,517,000	$ 111,000	665,406,000
Issuance of common stock, net of issuance costs (in shares)		11,012,883
Forfeiture of common stock related to employee awards (in shares)		(6,989)
Common shares acquired related to employee awards	(1,513,000)		(1,513,000)
Common shares acquired related to employee awards (in shares)		(23,854)
Issuance of restricted stock (in shares)		132,574
Stock-based compensation	13,466,000		13,466,000
Common stock dividends	(144,151,000)					(144,151,000)
Deposits to deferred compensation plan			5,326,000		(5,326,000)
Deposits to deferred compensation plan (in shares)		90,998		90,998
Ending balance at Dec. 31, 2023	$ 2,914,627,000	$ 876,000	$ 2,849,961,000		$ (31,788,000)	$ 95,578,000	$ 0
Ending Balance (in shares) at Dec. 31, 2023	87,487,098	87,487,098
Ending balance (in shares) at Dec. 31, 2023				508,663
Increase (Decrease) in Stockholders' Equity
Underwriting discount and offering costs	$ 5,830

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($)		3 Months Ended							12 Months Ended
	Nov. 10, 2021	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 3,300,000								$ 5,830	$ 1,557,000	$ 6,123,000
Dividends per share, common stock (in dollars per share)		$ 0.45	$ 0.45	$ 0.40	$ 0.40	$ 0.40	$ 0.34	$ 0.34	$ 1.70	$ 1.48	$ 1.26

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 151,457	$ 198,014	$ 87,254
Adjustments to reconcile net income to net cash provided by operating activities
Straight-line rents	(8,469)	(9,353)	(8,683)
Amortization of lease intangibles	(13,922)	(16,271)	(7,686)
Depreciation and amortization	73,219	65,763	50,687
Gain on sales of real estate investments	(38,156)	(112,166)	(16,627)
Deferred financing cost amortization	1,545	1,371	1,335
Stock-based compensation	13,466	10,171	9,554
Changes in assets and liabilities
Other assets	(6,599)	(1,368)	(3,669)
Accounts payable and other liabilities	7,136	7,049	20,043
Net cash provided by operating activities	179,677	143,210	132,208
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for property acquisitions	(466,840)	(407,558)	(644,956)
Proceeds from sales of real estate investments, net	73,077	162,145	41,082
Additions to construction in progress	(123,570)	(25,638)	(11,274)
Additions to buildings, improvements and leasing costs	(53,055)	(66,611)	(51,290)
Net cash used in investing activities	(570,388)	(337,662)	(666,438)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock	671,347	78,851	462,386
Issuance costs on issuance of common stock	(5,038)	(1,163)	(5,683)
Repurchase of common stock related to employee awards	(1,513)	(1,045)	(582)
Borrowings on credit facility	82,000	208,000	75,000
Payments on credit facility	(82,000)	(208,000)	(75,000)
Borrowings on term loans payable	0	100,000	0
Borrowings on senior unsecured notes	0	0	275,000
Payments on senior unsecured notes	0	(50,000)	0
Payments on mortgage loan payable	0	0	(11,271)
Payment of deferred financing costs	(80)	(1,498)	(4,027)
Dividends paid to common stockholders	(135,852)	(107,411)	(84,628)
Net cash provided by financing activities	528,864	17,734	631,195
Net increase (decrease) in cash and cash equivalents and restricted cash	138,153	(176,718)	96,965
Cash and cash equivalents and restricted cash at beginning of year	28,083	204,801	107,836
Cash and cash equivalents and restricted cash at end of year	166,236	28,083	204,801
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest, net of capitalized interest	31,713	25,219	15,144
Supplemental disclosures of non-cash transactions
Accounts payable related to capital improvements	26,912	18,158	16,873
Non-cash issuance of common stock to the deferred compensation plan	(5,326)	(11,265)	(7,651)
Lease liability arising from recognition of right-of-use asset	0	1,192	3,287
Reconciliation of cash paid for property acquisitions
Acquisition of properties	512,531	422,298	681,970
Assumption of other assets and liabilities	(45,691)	(14,740)	(37,014)
Net cash paid for property acquisitions	$ 466,840	$ 407,558	$ 644,956

Organization

Organization	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, the “Company”) acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these notes to the consolidated financial statements are unaudited. As of December 31, 2023, the Company owned 259 buildings aggregating approximately 16.0 million square feet, 45 improved land parcels consisting of approximately 152.4 acres, seven properties under development or redevelopment and approximately 62.7 acres of land entitled for future development. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2010.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Basis of Presentation. The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation. Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. Capitalization of Costs. The Company capitalizes costs directly related to the development, redevelopment, renovation and expansion of its investment in real estate. Costs associated with such projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the development, redevelopment, renovation or expansion project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. Costs incurred for maintaining and repairing properties, which do not extend their useful lives, are expensed as incurred. Interest is capitalized based on actual capital expenditures from the period when development, redevelopment, renovation or expansion commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. Investments in Real Estate. Investments in real estate, including tenant improvements, leasehold improvements and leasing costs, are stated at cost, less accumulated depreciation, unless circumstances indicate that the cost cannot be recovered, in which case, an adjustment to the carrying value of the property is made to reduce it to its estimated fair value. The Company also reviews the impact of above and below-market leases, in-place leases and lease origination costs for acquisitions and records an intangible asset or liability accordingly. Impairment. Carrying values for financial reporting purposes are reviewed for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Examples of such events or changes in circumstances may include classifying an asset to be held for sale, changing the intended hold period or when an asset remains vacant significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact how impairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash flows. If the asset carrying value is not supported on an undiscounted future cash flow basis, then the asset carrying value is measured against the lower of cost or the present value of expected cash flows over the expected hold period. An impairment charge to earnings is recognized for the excess of the asset’s carrying value over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold, impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions, among other things, regarding current and future economic and market conditions and the availability of capital. The Company determines the estimated fair values based on its assumptions regarding rental rates, lease-up and holding periods, as well as sales prices. When available, current market information is used to determine capitalization and rental growth rates. If available, current comparative sales values may also be used to establish fair value. When market information is not readily available, the inputs are based on the Company’s understanding of market conditions and the experience of the Company’s management team. Actual results could differ significantly from the Company’s estimates. The discount rates used in the fair value estimates represent a rate commensurate with the indicated holding period with a premium layered on for risk. There were no impairment charges recorded to the carrying values of the Company’s properties during the years ended December 31, 2023, 2022 or 2021. Property Acquisitions. In accordance with Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not considered a business. To be a business, the set of acquired activities and assets must include inputs and one or more substantive processes that together contribute to the ability to create outputs. The Company has determined that its real estate property acquisitions will generally be accounted for as asset acquisitions under the clarified definition. Upon acquisition of a property the Company estimates the fair value of acquired tangible assets (consisting generally of land, buildings and improvements) and intangible assets and liabilities (consisting generally of the above and below-market leases and the origination value of all in-place leases). The Company determines fair values using Level 3 inputs such as replacement cost, estimated cash flow projections and other valuation techniques and applying appropriate discount and capitalization rates based on available market information. Mortgage loans assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the date of acquisition. Acquisition-related costs associated with asset acquisitions are capitalized to individual tangible and intangible assets and liabilities assumed on a relative fair value basis and acquisition-related costs associated with business combinations are expensed as incurred. The fair value of the tangible assets is determined by valuing the property as if it were vacant. Land values are derived from current comparative sales values, when available, or management’s estimates of the fair value based on market conditions and the experience of the Company’s management team. Building and improvement values are calculated as replacement cost less depreciation, or management’s estimates of the fair value of these assets using discounted cash flow analyses or similar methods. The fair value of the above and below-market leases is based on the present value of the difference between the contractual amounts to be received pursuant to the acquired leases (using a discount rate that reflects the risks associated with the acquired leases) and the Company’s estimate of the market lease rates measured over a period equal to the remaining term of the leases plus the term of any below-market fixed rate renewal options. The above and below-market lease values are amortized to rental revenues over the remaining initial term plus the term of any below-market fixed rate renewal options that are considered bargain renewal options of the respective leases. The total net impact to rental revenues due to the amortization of above and below-market leases was a net increase of approximately $13.9 million, $16.3 million and $7.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The origination value of in-place leases is based on costs to execute similar leases, including commissions and other related costs. The origination value of in-place leases also includes real estate taxes, insurance and an estimate of lost rental revenue at market rates during the estimated time required to lease up the property from vacant to the occupancy level at the date of acquisition. The remaining weighted average lease term related to these intangible assets and liabilities as of December 31, 2023 was 6.5 years. As of December 31, 2023 and 2022, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands): December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net In-place leases $ 143,444 $ (93,476) $ 49,968 $ 119,959 $ (83,222) $ 36,737 Above-market leases 3,885 (3,463) 422 3,586 (3,558) 28 Below-market leases (137,047) 52,329 (84,718) (95,638) 39,765 (55,873) Total $ 10,282 $ (44,610) $ (34,328) $ 27,907 $ (47,015) $ (19,108) Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2023 is as follows (dollars in thousands): 2024 $ 250 2025 (1,739) 2026 (2,686) 2027 (3,061) 2028 (3,015) Thereafter (24,077) Total $ (34,328) Depreciation and Useful Lives of Real Estate and Intangible Assets. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities. Description Standard Depreciable Life Land Not depreciated Building 40 years Building Improvements 5-40 years Tenant Improvements Shorter of lease term or useful life Leasing Costs Lease term In-place Leases Lease term Above/Below-Market Leases Lease term Held for Sale Assets. The Company considers a property to be held for sale when it meets the criteria established under Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment (See “Note 5 - Held for Sale/Disposed Assets”). Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. Cash and Cash Equivalents. Cash and cash equivalents consists of cash held in a major banking institution and other highly liquid short-term investments with original maturities of three months or less. Cash equivalents are generally invested in U.S. government securities, government agency securities or money market accounts. Restricted Cash. Restricted cash includes cash held in escrow in connection with property acquisitions and reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations. The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands): For the Year Ended December 31, 2023 2022 2021 Beginning Cash and cash equivalents at beginning of year $ 26,393 $ 204,404 $ 107,180 Restricted cash 1,690 397 656 Cash and cash equivalents and restricted cash 28,083 204,801 107,836 Ending Cash and cash equivalents at end of year 165,400 26,393 204,404 Restricted cash 836 1,690 397 Cash and cash equivalents and restricted cash 166,236 28,083 204,801 Net increase (decrease) in cash and cash equivalents and restricted cash $ 138,153 $ (176,718) $ 96,965 Revenue Recognition. The Company records rental revenue from operating leases on a straight-line basis over the term of the leases and maintains an allowance for estimated losses that may result from the inability of its tenants to make required payments. If tenants fail to make contractual lease payments that are greater than the Company’s allowance for doubtful accounts, security deposits and letters of credit, then the Company may have to recognize additional doubtful account charges in future periods. The Company monitors the liquidity and creditworthiness of its tenants on an ongoing basis by reviewing their financial condition periodically as appropriate. Each period the Company reviews its outstanding accounts receivable, including straight-line rents, for doubtful accounts and provides allowances as needed. The Company also records lease termination fees when a tenant has executed a definitive termination agreement with the Company and the payment of the termination fee is not subject to any conditions that must be met or waived before the fee is due to the Company. If a tenant remains in the leased space following the execution of a definitive termination agreement, the applicable termination will be deferred and recognized over the term of such tenant’s occupancy. Tenant expense reimbursement income includes payments and amounts due from tenants pursuant to their leases for real estate taxes, insurance and other recoverable property operating expenses and is recognized as revenues during the same period the related expenses are incurred. As of December 31, 2023 and 2022, approximately $56.1 million and $48.0 million, respectively, of straight-line rent and accounts receivable, net of allowances of approximately $1.2 million and $0.6 million as of December 31, 2023 and 2022, respectively, were included as a component of other assets in the accompanying consolidated balance sheets. Deferred Financing Costs. Costs incurred in connection with financings are capitalized and amortized to interest expense using the effective interest method over the term of the related loan. Deferred financing costs associated with the Company’s revolving credit facility are classified as an asset, as a component of other assets in the accompanying consolidated balance sheets, and deferred financing costs associated with debt liabilities are reported as a direct deduction from the carrying amount of the debt liability in the accompanying consolidated balance sheets. Deferred financing costs related to the revolving credit facility and debt liabilities are carried at cost, net of accumulated amortization in the aggregate of approximately $13.5 million and $11.9 million as of December 31, 2023 and 2022, respectively. Income Taxes. The Company elected to be taxed as a REIT under the Code and operates as such beginning with its taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. ASC 740-10, Income Taxes (“ASC 740-10”) , provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. ASC 740-10 requires the evaluation of tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax benefits of positions not deemed to meet the more-likely-than-not threshold are recorded as a tax expense in the current year. As of December 31, 2023 and 2022, the Company did not have any unrecognized tax benefits and does not believe that there will be any material changes in unrecognized tax positions over the next 12 months. The Company’s tax returns are subject to examination by federal, state and local tax jurisdictions, which as of December 31, 2023, include years 2019 to 2022 for federal purposes. Stock-Based Compensation and Other Long-Term Incentive Compensation. The Company follows the provisions of ASC 718, Compensation-Stock Compensation, to account for its stock-based compensation plan, which requires that the compensation cost relating to stock-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) provides for the grant of restricted stock awards, performance share awards, unrestricted shares or any combination of the foregoing. Stock-based compensation is recognized as a general and administrative expense in the accompanying consolidated statements of operations and measured at the fair value of the award on the date of grant. The Company estimates the forfeiture rate based on historical experience as well as expected behavior. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the stock-based award. In addition, the Company has awarded long-term incentive target awards (the “Performance Share awards”) under its Amended and Restated Long-Term Incentive Plan (as amended and restated, the “Amended LTIP”), which the Company amended and restated on January 8, 2019, to its executives that may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period, which is generally three years. The amount that may be earned is variable depending on the relative total shareholder return of the Company’s common stock as compared to the total shareholder return of the MSCI U.S. REIT Index (RMS) and the FTSE Nareit Equity Industrial Index over the pre-established performance measurement period. Under the Amended LTIP, each participant’s Performance Share award granted will be expressed as a number of shares of common stock and settled in shares of common stock. The grant date fair value of the Performance Share awards will be determined using a Monte Carlo simulation model on the date of grant and recognized on a straight-line basis over the performance period. Fair Value of Financial Instruments . ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) (See “Note 8 - Fair Value Measurements”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). Segment Disclosure. ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of the Company’s assets has similar economic characteristics, the assets have been aggregated into one reportable segment.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2023
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company may maintain deposits in federally insured financial institutions in excess of federally insured limits. However, the Company’s management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. As of December 31, 2023, the Company owned 43 buildings aggregating approximately 2.6 million square feet and 13 improved land parcels consisting of approximately 68.0 acres located in Northern New Jersey/New York City, which accounted for a combined percentage of approximately 24.6% of its annualized base rent. Such annualized base rent is based on contractual monthly base rent per the leases, for all buildings and improved land parcels, excluding any partial or full rent abatements as of December 31, 2023, multiplied by 12. Other real estate companies compete with the Company in its real estate markets. This results in competition for tenants to occupy space. The existence of competing properties could have a material impact on the Company’s ability to lease space and on the level of rent that can be achieved. The Company had no tenant that accounted for greater than 10% of the Company's annualized base rent for the years ended 2023, 2022 and 2021.

Investments in Real Estate

Investments in Real Estate	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Investments in Real Estate	Investments in Real Estate During the year ended December 31, 2023, the Company acquired seven industrial properties with a total initial investment, including acquisition costs, of approximately $512.5 million, of which $325.8 million was recorded to land, $156.6 million to buildings and improvements, and $30.1 million to intangible assets. Additionally, the Company assumed $46.3 million in liabilities. The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2023: Property Name Location Acquisition Date Number of Square Improved Land Acreage Purchase Price (in thousands) 1 Countyline Phase IV 2 Hialeah, FL February 23, 2023 — — 121.0 $ 173,600 9th Street Long Island City, NY March 6, 2023 1 45,000 — 23,000 Morton Newark, CA March 30, 2023 4 603,000 — 186,000 25th Place NE Washington DC May 23, 2023 1 33,000 — 13,400 East Garry Avenue 3 Santa Ana, CA September 6, 2023 — — 4.9 14,800 Santa Fe Redondo Beach, CA October 10, 2023 2 112,000 — 45,700 Van Dyke Red Hook, Brooklyn, NY October 11, 2023 1 96,000 — 27,500 Total/Weighted Average 9 889,000 125.9 $ 484,000 1 Excludes intangible liabilities. The total aggregate initial investment was approximately $512.5 million, including $6.1 million in capitalized closing costs and acquisition costs and $42.9 million in assumed intangible liabilities and $20.5 million in other credits related to near term capital expenditures, free rent and tenant improvements at various properties. 2 Countyline Phase IV is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion. 3 East Garry Avenue is a 4.9-acre property that was placed into redevelopment upon acquisition. The property is expected to contain one approximately 92,000 square foot LEED-certified industrial distribution building at completion. The Company recorded revenues and net income for the year ended December 31, 2023 of approximately $14.8 million and $4.9 million, respectively, related to the 2023 acquisitions. During the year ended December 31, 2022, the Company acquired 20 industrial properties with a total initial investment, including acquisition costs, of approximately $422.3 million, of which $316.0 million was recorded to land, $94.4 million to buildings and improvements, and $11.9 million to intangible assets. Additionally, the Company assumed $17.1 million in liabilities. The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2022: Property Name Location Acquisition Date Number of Square Improved Land Acreage Purchase Price (in thousands) 1 Countyline 29 & 30 Hialeah, FL February 9, 2022 2 407,000 — $ 73,200 33rd Place Bellevue, WA February 23, 2022 2 29,000 1.2 13,040 NE 91st Redmond, WA April 8, 2022 2 32,000 — 9,780 87 Doremus Newark, NJ April 18, 2022 — — 9.7 17,300 3660 Thomas Road Santa Clara, CA May 4, 2022 1 135,000 — 54,600 127 Doremus Avenue Newark, NJ May 19, 2022 — — 2.4 11,900 3660 Fee Ana Anaheim, CA May 24, 2022 — — 2.1 15,000 332 Hindry Avenue Inglewood, CA May 25, 2022 1 19,000 — 9,280 8320-8400 Isis Avenue Los Angeles, CA May 25, 2022 1 40,000 — 17,902 Teagarden San Leandro, CA June 1, 2022 5 104,000 — 34,600 293 Roanoke Avenue Newark, NJ June 7, 2022 — — 1.8 13,000 8660 Willows Road Redmond, WA June 17, 2022 — — 3.5 19,900 8050 NW 90th St Medley, FL July 5, 2022 — — 6.7 20,000 4857 W 147th St Hawthorne, CA August 2, 2022 — — 1.3 6,500 19500 South Alameda St Rancho Dominguez, CA August 3, 2022 — — 3.0 32,075 3091 East Coronado St Anaheim, CA September 6, 2022 — — 1.2 7,325 7045 NW 46th St Miami, FL October 24, 2022 1 16,000 — 4,703 5401 West 104th St Los Angeles, CA November 1, 2022 1 26,000 — 17,000 629 Henry Elizabeth, NJ November 29, 2022 1 23,000 — 15,350 14805 S Maple Ave Rancho Dominguez, CA December 30, 2022 — — 2.8 22,358 Total/Weighted Average 17 831,000 35.7 $ 414,813 1 Excludes intangible liabilities. The total aggregate initial investment was approximately $422.3 million, including $13.0 million in capitalized closing costs and acquisition costs and $14.1 million in assumed intangible liabilities and $19.6 million in other credits related to near term capital expenditures at the Countyline 29 & 30 properties. The Company recorded revenues and net income for the year ended December 31, 2022 of approximately $11.4 million and $3.2 million, respectively, related to the 2022 acquisitions. The above assets and liabilities were recorded at fair value, which uses Level 3 inputs. The properties were acquired from unrelated third parties using existing cash on hand, proceeds from property sales and the issuance of common stock and borrowings on the revolving credit facility. As of December 31, 2023, the Company had seven properties under redevelopment that, upon completion, will consist of six buildings aggregating approximately 1.0 million square feet and one approximately 2.8-acre improved land parcel. Additionally, the Company owned approximately 62.7 acres of land entitled for future development that, upon completion, will consist of six buildings aggregating approximately 1.1 million square feet. The following table summarizes certain information with respect to the properties under development or redevelopment and the land entitled for future development as of December 31, 2023: Property Name Location Total Expected Investment (in thousands) 1 Estimated Post-Development Square Feet Estimated Post-Development Acreage Properties under development or redevelopment: Countyline Phase IV Countyline Building 38 2 Hialeah, FL $ 88,800 506,215 — Countyline Building 39 2 Hialeah, FL 43,802 178,201 — Countyline Building 40 2 Hialeah, FL 41,968 186,107 — Maple III Rancho Dominguez, CA 28,071 — 2.8 147th Street Hawthorne, CA 18,095 31,378 — East Garry Avenue Santa Ana, CA 40,553 91,500 — Paterson Plank III Carlstadt, NJ 35,042 47,316 — Total $ 296,331 1,040,717 2.8 Land entitled for future development: Countyline Phase IV Countyline Phase IV Land 2 Hialeah, FL 295,700 1,137,121 — Total $ 295,700 1,137,121 — 1 Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties include the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization. 2 Collectively, “Countyline Phase IV”, a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Countyline, immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion. During 2023, the Company completed development and redevelopment activities for two properties. The following table summarizes certain information with respect to the completed redevelopment properties as of December 31, 2023: Property Name Location Total Investment (in thousands) 1 Post-Development Post-Development Acreage Completion Quarter Berryessa San Jose, CA $ 26,296 — 6.3 Q2 2023 Countyline Building 41 Hialeah, FL 41,200 190,907 — Q4 2023 Total/Weighted Average $ 67,496 190,907 — 1 Total investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization. The Company capitalized interest associated with development, redevelopment and expansion activities of approximately $8.5 million, $2.6 million and $0.7 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Held for Sale_Disposed Assets

Held for Sale/Disposed Assets	12 Months Ended
	Dec. 31, 2023
Held For Sale/Disposed Assets [Abstract]
Held for Sale/Disposed Assets	Held for Sale/Disposed Assets The Company considers a property to be held for sale when it meets the criteria established under ASC 360, Property, Plant, and Equipment . Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. As of December 31, 2023, the Company did not have any properties held for sale. During the year ended December 31, 2023, the Company sold two properties located in the Northern New Jersey/New York City market for a total aggregate sales price of approximately $43.2 million, resulting in a gain of approximately $21.9 million, one property located in the Washington, D.C. market for a sales price of approximately $18.0 million, resulting in a gain of approximately $9.7 million and one property located in the Los Angeles market for a sales price of approximately $15.9 million, resulting in a gain of approximately $6.6 million. During the year ended December 31, 2022, the Company sold three properties located in the Northern New Jersey/New York City market for a total aggregate sales price of approximately $159.7 million, resulting in a gain of approximately $107.1 million, and one property located in the Seattle market for a sales price of approximately $8.6 million, resulting in a gain of approximately $5.1 million. During the year ended December 31, 2021, the Company sold one property located in the Seattle market for a sales price of approximately $10.3 million, resulting in a gain of approximately $3.2 million, and one property located in the Northern New Jersey/New York City market for a sales price of approximately $32.7 million, resulting in a gain of approximately $13.4 million.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt As of both December 31, 2023 and December 31, 2022, the Company had $775.0 million of unsecured debt and no secured debt. The following table summarizes the components of the Company’s indebtedness as of December 31, 2023 and 2022 (dollars in thousands): 2023 2022 Margin Above SOFR Interest Rate 1 Contractual Maturity Date Unsecured Debt: Credit Facility $ — $ — 1.1% 2 n/a 8/20/2025 5-Year Term Loan 100,000 100,000 1.3% 2 6.6 % 1/15/2027 5-Year Term Loan 100,000 100,000 1.3% 2 6.6 % 1/15/2028 $100M 7-Year Unsecured 3 100,000 100,000 n/a 3.8 % 7/14/2024 $50M 10-Year Unsecured 3 50,000 50,000 n/a 4.0 % 7/7/2026 $50M 12-Year Unsecured 3 50,000 50,000 n/a 4.7 % 10/31/2027 $100M 7-Year Unsecured 3 100,000 100,000 n/a 2.4 % 7/15/2028 $100M 10-Year Unsecured 3 100,000 100,000 n/a 3.1 % 12/3/2029 $125M 9-Year Unsecured 3 125,000 125,000 n/a 2.4 % 8/17/2030 $50M 10-Year Unsecured 3 50,000 50,000 n/a 2.8 % 7/15/2031 Total Unsecured Debt 775,000 775,000 Less: Unamortized debt issuance costs (3,437) (4,182) Total $ 771,563 $ 770,818 1 Reflects the contractual interest rate under the terms of each loan as of December 31, 2023. Excludes the effects of unamortized debt issuance costs. 2 The interest rates on these loans are comprised of the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of December 31, 2023) for the revolving credit facility and 1.25% to 1.75% (1.25% as of December 31, 2023) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. 3 Collectively, the “Senior Unsecured Notes”. The Company’s Sixth Amended and Restated Senior Credit Agreement (as amended, the “Amended Facility”) consists of a $400.0 million revolving credit facility that matures in August 2025, a $100.0 million term loan that matures in January 2027 and a $100.0 million term loan that matures in January 2028. As of both December 31, 2023 and December 31, 2022, there were no borrowings outstanding on the revolving credit facility and $200.0 million of borrowings outstanding on the term loans. The aggregate amount of the Amended Facility may be increased by up to an additional $500.0 million to a maximum amount not to exceed $1.1 billion, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Amended Facility are limited to the lesser of (i) the sum of the $400.0 million revolving credit facility, the $100.0 million term loan maturing in January 2027 and the $100.0 million term loan maturing in January 2028, or (ii) 60.0% of the value of the unencumbered properties. Interest on the Amended Facility, including the term loans, is generally to be paid based upon, at the Company’s option, either (i) SOFR plus the applicable SOFR margin or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, thirty-day SOFR plus the applicable SOFR margin for SOFR rate loans under the Amended Facility plus 1.25%, or 1.25% per annum. The applicable SOFR margin will range from 1.10% to 1.55% (1.10% as of December 31, 2023) for the revolving credit facility and 1.25% to 1.75% (1.25% as of December 31, 2023) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. The Amended Facility requires quarterly payments of an annual facility fee in an amount ranging from 0.15% to 0.30%, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value. The Amended Facility and the Senior Unsecured Notes are guaranteed by the Company and by substantially all of the current and to-be-formed subsidiaries of the Company that own an unencumbered property. The Amended Facility and the Senior Unsecured Notes are not secured by the Company’s properties or by interests in the subsidiaries that hold such properties. The Amended Facility and the Senior Unsecured Notes include a series of financial and other covenants with which the Company must comply. The Company was in compliance with the covenants under the Amended Facility and the Senior Unsecured Notes as of December 31, 2023 and 2022. The scheduled principal payments of the Company’s debt as of December 31, 2023 were as follows (dollars in thousands): Credit Term Loan Senior Total Debt 2024 $ — $ — $ 100,000 $ 100,000 2025 — — — — 2026 — — 50,000 50,000 2027 — 100,000 50,000 150,000 2028 — 100,000 100,000 200,000 Thereafter — — 275,000 275,000 Total debt — 200,000 575,000 775,000 Deferred financing costs, net — (855) (2,582) (3,437) Total debt, net $ — $ 199,145 $ 572,418 $ 771,563 Weighted average interest rate n/a 6.6 % 3.1 % 4.0 %

Leasing

Leasing	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leasing	Leasing The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of December 31, 2023. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes property operating expense reimbursements (dollars in thousands): 2024 $ 248,905 2025 238,909 2026 206,494 2027 157,881 2028 115,596 Thereafter 268,754 Total $ 1,236,539

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). Financial Instruments Disclosed at Fair Value As of December 31, 2023 and 2022, the fair values of cash and cash equivalents, accounts receivable and accounts payable approximated their carrying values because of the short-term nature of these investments or liabilities based on Level 1 inputs. The fair values of the Company’s Senior Unsecured Notes were estimated by calculating the present value of principal and interest payments, based on borrowing rates available to the Company, which are Level 2 inputs, adjusted with a credit spread, as applicable, and assuming the loans are outstanding through maturity. The fair value of the Company’s Amended Facility approximated its carrying value because the variable interest rates approximate market borrowing rates available to the Company, which are Level 2 inputs. The following table sets forth the carrying value and the estimated fair value of the Company’s debt as of December 31, 2023 and 2022 (dollars in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Significant Significant Carrying Value Liabilities Debt at: December 31, 2023 $ 721,269 $ — $ 721,269 $ — $ 771,563 December 31, 2022 $ 700,926 $ — $ 700,926 $ — $ 770,818

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company’s authorized capital stock consists of 400,000,000 shares of common stock, $0.01 par value per share, and 100,000,000 shares of preferred stock, $0.01 par value per share. The Company has an at-the-market equity offering program (the "$500 Million ATM Program") pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $500.0 million ($305.8 million remaining as of December 31, 2023) in amounts and at times to be determined by the Company from time to time. Prior to the implementation of the $500 Million ATM Program, the Company had two previous at-the-market equity offering programs (the "$300 Million ATM Program", and the "Previous $300 Million ATM Program"), which were substantially utilized as of September 5, 2023 and June 10, 2021, respectively, and are no longer active. Actual sales under the $500 Million ATM Program, if any, will depend on a variety of factors to be determined by the Company from time to time, including, among others, market conditions, the trading price of the Company’s common stock, determinations by the Company of the appropriate sources of funding for the Company and potential uses of funding available to the Company. During the year ended December 31, 2023, the Company issued an aggregate of 5,152,279 shares of common stock at a weighted average offering price of $61.15 per share under the $300 Million ATM Program and the $500 Million ATM Program, resulting in net proceeds of approximately $310.5 million and paying total compensation to the applicable sales agents of approximately $4.6 million. During the year ended December 31, 2022, the Company issued an aggregate of 1,286,125 shares of common stock at a weighted average offering price of $61.31 per share under the $300 Million ATM Program, resulting in net proceeds of approximately $77.7 million and paying total compensation to the applicable sales agents of approximately $1.1 million. During the year ended December 31, 2021, the Company issued an aggregate of 2,569,771 shares of common stock at a weighted average offering price of $63.23 per share under the Previous $300 Million ATM Program and the $300 Million ATM Program, resulting in net proceeds of approximately $160.1 million, and paying total compensation to the applicable sales agents of approximately $2.4 million. On February 13, 2023, the Company completed a public offering of 5,750,000 shares of common stock at a price per share of $62.50, which included the underwriters’ full exercise of their option to purchase an additional 750,000 shares. The net proceeds of the offering were approximately $355.9 million after deducting the underwriting discount and offering costs of approximately $3.5 million. The Company used the net proceeds for acquisitions. On November 8, 2021, the Company completed a public offering of 3,500,000 shares of common stock at a price per share of $74.50. On November 10, 2021, the Company sold an additional 525,000 shares upon the exercise by the underwriters of their option to purchase additional shares. The net proceeds of the offering were approximately $296.5 million after deducting the underwriting discount and offering costs of approximately $3.3 million. The Company used the net proceeds for general corporate purposes, which included, without limitation, working capital, repayment of indebtedness, future acquisitions and redevelopments. The Company has a share repurchase program authorizing the Company to repurchase up to 3,000,000 shares of its outstanding common stock from time to time through December 31, 2024. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by the Company in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. As of December 31, 2023, the Company had not repurchased any shares of common stock pursuant to its share repurchase program. In connection with the Annual Meeting of Stockholders on May 2, 2023, the Company granted a total of 12,480 unrestricted shares of the Company's common stock to its independent directors under the 2019 Plan with a grant date fair value per share of $60.10. The grant date fair value of the common stock was determined using the closing price of the Company’s common stock on the date of the grant. The Company recognized approximately $0.8 million in compensation costs for the year ended December 31, 2023 related to this issuance. The Company has a Non-Qualified Deferred Compensation Plan (the “Deferred Compensation Plan”) maintained for the benefit of select employees and members of the Company’s Board of Directors, in which certain of their cash and equity-based compensation may be deposited. Deferred Compensation Plan assets are held in a rabbi trust, which is subject to the claims of the Company’s creditors in the event of bankruptcy or insolvency. The shares held in the Deferred Compensation Plan are classified within stockholders’ equity in a manner similar to the manner in which treasury stock is classified. Subsequent changes in the fair value of the shares are not recognized. During the years ended December 31, 2023, 2022 and 2021, 96,874, 150,867 and 136,503 shares of common stock, respectively, were deposited into the Deferred Compensation Plan. During the years ended December 31, 2023, 2022 and 2021, 5,876, 8,929 and 0 shares of common stock, respectively, were withdrawn from the Deferred Compensation Plan. As of December 31, 2023, there were 1,898,961 shares of common stock authorized for issuance as restricted stock grants, unrestricted stock awards or Performance Share awards under the 2019 Plan, of which 500,490 were remaining and available for issuance. The grant date fair value per share of restricted stock awards issued during the period from February 16, 2010 (commencement of operations) to December 31, 2023 ranged from $14.20 to $78.33. The fair value of the restricted stock that was granted during the year ended December 31, 2023 was approximately $8.2 million and the vesting period for the restricted stock is typically between three The following is a summary of the total restricted shares granted to the Company’s executive officers and employees with the related weighted average grant date fair value share prices for the years ended December 31, 2023, 2022 and 2021: Restricted Stock Activity: Shares Weighted Average Grant Non-vested shares outstanding as of December 31, 2020 203,729 $ 50.19 Granted 99,569 65.90 Forfeited (776) 59.29 Vested (13,336) 43.04 Non-vested shares outstanding as of December 31, 2021 289,186 55.90 Granted 136,903 66.35 Forfeited (29,391) 59.69 Vested (40,066) 56.06 Non-vested shares outstanding as of December 31, 2022 356,632 59.58 Granted 132,574 61.58 Forfeited (6,989) 66.95 Vested (63,160) 53.64 Non-vested shares outstanding as of December 31, 2023 419,057 $ 60.99 The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2023: Non-vested Shares Vesting Schedule Number of Shares 2024 116,172 2025 84,052 2026 62,146 2027 83,617 2028 73,070 Thereafter — Total Non-vested Shares 419,057 Long-Term Incentive Plan: As of December 31, 2023, there were three open performance measurement periods for the Performance Share awards: January 1, 2021 to December 31, 2023, January 1, 2022 to December 31, 2024, and January 1, 2023 to December 31, 2025. During the year ended December 31, 2023, the Company issued 97,825 shares of common stock at a price of $58.56 per share related to the Performance Share awards for the performance period from January 1, 2020 to December 31, 2022. The following table summarizes certain information with respect to the Performance Share awards granted on or after January 1, 2019 and includes the forfeiture of certain of the Performance Share awards during 2022 (dollars in thousands): Performance Share Period Fair Value on Date of Grant 1 Expense for the Year Ended December 31, 2023 2022 2021 January 1, 2019 - December 31, 2021 $ 4,829 $ — $ — $ 1,609 January 1, 2020 - December 31, 2022 4,882 — 1,168 1,858 January 1, 2021 - December 31, 2023 4,820 1,608 1,393 1,822 January 1, 2022 - December 31, 2024 5,789 1,928 1,929 — January 1, 2023 - December 31, 2025 9,040 3,012 — — Total $ 29,360 $ 6,548 $ 4,490 $ 5,289 1 Reflects the fair value on date of grant for all performance shares outstanding at December 31, 2023. Dividends: The following table sets forth the cash dividends paid or payable per share during the years ended December 31, 2023 and 2022: For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2023 Common Stock $ 0.40 February 7, 2023 March 31, 2023 April 6, 2023 June 30, 2023 Common Stock $ 0.40 May 2, 2023 June 30, 2023 July 14, 2023 September 30, 2023 Common Stock $ 0.45 August 1, 2023 September 29, 2023 October 13, 2023 December 31, 2023 Common Stock $ 0.45 October 31, 2023 December 15, 2023 January 5, 2024 For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2022 Common Stock $ 0.34 February 8, 2022 March 25, 2022 April 8, 2022 June 30, 2022 Common Stock $ 0.34 May 3, 2022 June 30, 2022 July 14, 2022 September 30, 2022 Common Stock $ 0.40 August 2, 2022 September 30, 2022 October 14, 2022 December 31, 2022 Common Stock $ 0.40 November 1, 2022 December 30, 2022 January 13, 2023

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Pursuant to ASC 260-10-45, Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities , unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method of computing earnings per share allocates earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common stockholders and undistributed earnings allocated to common stockholders by the weighted average number of common shares outstanding for the period. The Company’s non-vested shares of restricted stock are considered participating securities since these share-based awards contain non-forfeitable rights to dividends irrespective of whether the awards ultimately vest or expire. The Company had no antidilutive securities or dilutive restricted stock awards outstanding for the years ended December 31, 2023, 2022 and 2021. In accordance with the Company’s policies of determining whether instruments granted in share-based payment transactions are participating securities and accounting for earnings per share, the net income (loss) per common share is adjusted for earnings distributed through declared dividends (if any) and allocated to all participating securities (weighted average common shares outstanding and unvested restricted shares outstanding) under the two-class method. Under this method, allocations were made to 393,059, 322,866 and 245,075 of weighted average unvested restricted shares outstanding for the years ended December 31, 2023, 2022 and 2021, respectively. Performance Share awards which may be payable in shares of the Company’s common stock after the conclusion of each pre-established performance measurement period are included as contingently issuable shares in the calculation of diluted weighted average common shares of stock outstanding assuming the reporting period is the end of the measurement period, and the effect is dilutive. Diluted shares related to the Performance Share awards were 202,071, 88,373 and 259,468 for the years ended December 31, 2023, 2022 and 2021, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Litigation . The Company is not involved in any material litigation nor, to its knowledge, is any material litigation threatened against it. In the normal course of business, from time to time, the Company may be involved in legal actions relating to the ownership and operations of its properties. Management does not expect that the liabilities, if any, that may ultimately result from such legal actions will have a material effect on the consolidated financial position, results of operations or cash flows of the Company.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 5, 2024, the Company acquired one industrial property in Bellevue, WA, for a total purchase price of approximately $6.5 million. The property was acquired from an unrelated third party using existing cash on hand. On February 6, 2024, the Company’s board of directors declared a cash dividend in the amount of $0.45 per share of its common stock payable on April 5, 2024 to the stockholders of record as of the close of business on March 28, 2024.

Schedule III Real Estate Invest

Schedule III Real Estate Investments and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III Real Estate Investments and Accumulated Depreciation	Schedule III Real Estate Investments and Accumulated Depreciation As of December 31, 2023 (in thousands) Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2023 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed Los Angeles 104th Street 1 Los Angeles, CA $ — $ 3,701 $ 976 $ 206 $ 3,701 $ 1,182 $ 4,883 $ 233 2017 1951 5401 West 104th St 1 Los Angeles, CA — 15,721 1,463 45 15,721 1,508 17,230 46 2022 1951 139th Street 2 Carson, CA — 21,236 15,783 720 21,236 16,503 37,739 2,760 2017 1965/2003 630 Glasgow 1 Inglewood, CA — 2,245 1,855 475 2,245 2,330 4,575 966 2011 1988 747 Glasgow 1 Inglewood, CA — 1,759 1,555 475 1,759 2,030 3,789 689 2014 1981 1150 & 1250 W. Trenton Ave 2 Orange, CA — 7,491 2,488 — 7,491 2,488 9,979 168 2021 1980 & 1971 13020 & 13030 Cerise 2 Hawthorne, CA — 6,986 1,371 1,536 6,986 2,907 9,895 118 2021 1956 & 1958 13025 Cerise 1 Hawthorne, CA — 6,864 1,330 73 6,864 1,403 8,267 80 2021 1955 14611 Broadway 1 Gardena, CA — 4,757 1,243 1,588 4,757 2,831 7,588 1,428 2013 1962 3660 Fee Ana — Anaheim, CA — 14,213 1,147 1,211 14,213 2,359 16,572 116 2022 1966/1993 19601 Hamilton 1 Torrance, CA — 7,409 4,072 1,881 7,409 5,953 13,362 2,081 2011 1985 8320-8400 Isis Avenue 1 Los Angeles, CA — 14,963 3,429 136 14,963 3,565 18,528 157 2022 1979 332 Hindry Avenue 1 Inglewood, CA — 6,977 2,800 155 6,977 2,955 9,932 134 2022 1983 709 Hindry 1 Inglewood, CA — 2,105 2,972 648 2,105 3,620 5,725 723 2016 1984 Acacia 1 Compton, CA — 5,143 1,985 500 5,143 2,485 7,628 527 2017 1972 Anderson 5 Los Angeles, CA — 17,095 1,271 5,436 17,095 6,708 23,803 728 2019 1912-1987 Aviation — Inglewood, CA — 9,544 498 1,592 9,544 2,090 11,634 189 2020 2013 Ceres Ave 2 Los Angeles, CA — 4,825 2,833 57 4,825 2,890 7,715 161 2021 2015 Dominguez — Los Angeles, CA — 11,370 1,535 3,235 11,370 4,770 16,140 1,169 2017 3091 East Coronado St — Anaheim, CA — 7,140 464 147 7,140 611 7,751 48 2022 2017 Garfield 5 Commerce, CA — 27,539 22,694 7,218 27,539 29,912 57,451 11,246 2012 2002 Gladwick 1 Rancho Dominguez, CA — 11,636 5,998 341 11,636 6,339 17,975 665 2020 2009 Gramercy Place 1 Torrance, CA — 4,846 1,503 252 4,846 1,756 6,602 184 2021 2015 Hawthorne 8 Hawthorne, CA — 17,226 10,069 2,394 17,226 12,463 29,689 2,570 2017 1952/1986 Las Hermanas 1 Compton, CA — 3,330 751 888 3,330 1,639 4,969 720 2014 1970 Lynwood 3 Lynwood, CA — 43,885 — — 43,885 — 43,885 — 2017 1988 McLaren 1 Irvine, CA — 7,459 668 — 7,459 668 8,127 72 2020 1982 Manhattan Beach 1 Redondo Beach, CA — 7,874 5,641 1,945 7,874 7,586 15,460 2,338 2012 1963/1970 Maple — Rancho Dominguez, CA — 9,371 607 592 9,371 1,199 10,570 250 2020 1978 Maple II — Rancho Dominguez, CA — 14,102 183 495 14,102 678 14,780 172 2021 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2023 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed Porter 1 Los Angeles, CA — 3,791 399 3 3,791 402 4,193 34 2020 1911 & 1968 San Pedro — Gardena, CA — 7,598 1,523 314 7,598 1,837 9,435 208 2021 Santa Fe 2 Redondo Beach, CA — 37,049 5,560 — 37,049 5,560 42,608 31 2023 1968 Shoemaker — Santa Fe Springs, CA — 4,759 1,099 281 4,759 1,380 6,139 262 2018 1986/1997 Slauson — Santa Fe Springs, CA — 4,679 697 957 4,679 1,654 6,333 269 2019 1967/1973 19500 South Alameda St — Rancho Dominguez, CA — 30,176 2,364 138 30,176 2,502 32,678 97 2022 1982/1985 South Main 2 Carson, CA — 16,371 7,045 17,452 16,371 24,497 40,868 8,793 2012/2014 2016 South Main III 1 Gardena, CA — 11,521 12,467 1,062 11,521 13,529 25,050 2,458 2017 2016 Telegraph Springs 2 Santa Fe Springs, CA — 7,063 7,236 667 7,063 7,903 14,966 1,630 2017 2007 Vermont 1 Torrance, CA — 10,173 7,105 848 10,173 7,953 18,126 1,298 2018 1978 Walnut II 1 Compton, CA — 6,097 5,069 955 6,097 6,024 12,121 1,141 2018 1969 Northern New Jersey/ 17 Madison 1 Fairfield, NJ — 974 1,647 771 974 2,418 3,392 918 2013 1979 22 Madison 1 Fairfield, NJ — 1,365 1,607 1,187 1,365 2,794 4,159 671 2015 1979 48th 3rd and 286 Central 1 Kearny, NJ — 12,061 1,664 1,101 12,061 2,765 14,826 371 2019 1978/1983 9th Street 1 Long Island City, NY — 18,410 5,116 4,099 18,410 9,215 27,625 195 2023 1939 49th Street 1 Queens, NY — 21,674 2,999 1,435 21,674 4,434 26,108 1,150 2019 1966 50 Kero 2 Carlstadt, NJ — 10,343 3,876 4,581 10,343 8,457 18,800 1,779 2017 1970 51 Kero — Carlstadt, NJ — 3,236 589 313 3,236 902 4,138 89 2019 1956-1966 74th North Bergen 1 North Bergen, NJ — 2,933 1,817 1,204 2,933 3,021 5,954 861 2016 1973 81 N. Hackensack — Kearny, NJ — 25,901 — 1,263 25,901 1,263 27,164 332 2019 85 Doremus — Newark, NJ — 5,918 513 26 5,918 539 6,457 102 2018 87 Doremus — Newark, NJ — 21,595 550 197 21,595 747 22,342 32 2022 N/A 127 Doremus — Newark, NJ — 12,111 430 520 12,111 950 13,061 34 2022 N/A 97 Third Street — Kearny, NJ — 25,580 1,566 1,690 25,580 3,256 28,836 396 2021 1970 190 Morgan 1 Brooklyn, NY — 4,363 249 1,186 4,363 1,435 5,798 138 2021 1969 341 Michele 1 Carlstadt, NJ — 2,372 4,798 1,275 2,372 6,073 8,445 1,877 2013 1973 422 Frelinghuysen — Newark, NJ — 16,728 — 6,786 16,728 6,786 23,514 1,754 2017 465 Meadow 1 Carlstadt, NJ — 713 1,618 319 713 1,937 2,650 527 2013 1972 550 Delancy 1 Newark, NJ — 9,230 4,855 2,400 9,230 7,255 16,485 2,508 2013 1987 620 Division 1 Elizabeth, NJ — 6,491 3,568 6,898 6,491 10,466 16,957 4,273 2011 1980 629 Henry 1 Elizabeth, NJ — 13,734 1,690 394 13,734 2,084 15,818 61 2022 2004 900 Hart 1 Piscataway, NJ — 3,202 3,866 1,787 3,202 5,653 8,855 1,839 2014 1983 901 North 1 Elizabeth, NJ — 8,035 913 881 8,035 1,794 9,829 764 2016 2016 228 North Ave 1 Elizabeth, NJ — 40,671 5,218 1,691 40,671 6,909 47,580 502 2021 1975 256 Patterson Plank 1 Carlstadt, NJ — 9,478 1,284 1,754 9,478 3,038 12,516 335 2021 1960 293 Roanoke Avenue — Newark, NJ — 11,395 2,217 381 11,395 2,598 13,992 183 2022 N/A Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2023 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed Avenue A 4 Carlstadt, NJ — 7,516 4,660 1,455 7,516 6,115 13,631 1,578 2017 1951/1957 Belleville 1 Kearny, NJ — 12,845 18,041 1,847 12,845 19,888 32,733 6,358 2011 2006 Commerce 1 Carlstadt, NJ — 1,656 1,544 345 1,656 1,889 3,545 259 2018 1969 Dell 1 Carlstadt, NJ — 6,641 771 888 6,641 1,659 8,300 545 2011 1972 Ethel 2 Piscataway, NJ — 2,748 3,801 2,643 2,748 6,444 9,192 2,100 2013 1981/1984 Interstate 2 South Brunswick, NJ — 13,686 12,135 13,879 13,686 26,014 39,700 9,109 2010/2013 1999/2014 JFK Airgate 4 Queens, NY — 18,282 32,933 9,325 18,282 42,258 60,540 13,641 2013 1986/1991 Manor 1 East Rutherford, NJ — 4,076 5,262 3,827 4,076 9,089 13,165 2,042 2015 1968 Morgan 2 Brooklyn, NY — 71,051 10,888 6,673 71,051 17,561 88,612 2,533 2019 1960/1980 & 1967 New Dutch 1 Fairfield, NJ — 4,773 2,004 — 4,773 2,004 6,777 473 2017 1976 Paterson Plank 1 Carlstadt, NJ — 4,127 455 1,470 4,127 1,925 6,052 297 2016 1998 Stockton — Newark, NJ — 12,327 1,282 536 12,327 1,818 14,145 723 2017 Terminal Way 2 Avenel, NJ — 3,537 3,598 1,334 3,537 4,932 8,469 1,358 2014 1950/1968 Van Dyke 1 Red Hook, Brooklyn, NY — 21,170 3,200 202 21,170 3,402 24,574 20 2023 1921 Whelan 1 East Rutherford, NJ — 6,366 5,704 598 6,366 6,302 12,668 891 2019 2005 Wilson 1 Newark, NJ — 2,016 484 813 2,016 1,297 3,313 535 2016 1970 Woodside 1 Queens, NY — 23,987 3,796 4,092 23,987 7,888 31,875 1,710 2018 2018 San Francisco Bay Area 20th Street 1 Oakland, CA — 18,092 6,730 2,030 18,092 8,760 26,852 1,279 2019 1970 & 2003 238/242 Lawrence 2 South San Francisco, CA — 6,674 2,655 2,131 6,674 4,786 11,460 2,258 2010 1986 240 Littlefield 1 South San Francisco, CA — 5,107 3,293 2,860 5,107 6,153 11,260 1,787 2013 2013 299 Lawrence 1 South San Francisco, CA — 1,352 1,198 571 1,352 1,769 3,121 781 2010 1968 631 Brennan 1 San Jose, CA — 1,932 2,245 1,040 1,932 3,285 5,217 1,184 2012 1975 3660 Thomas Road 1 Santa Clara, CA — 43,053 13,887 1,463 43,053 15,349 58,403 675 2022 1973 Ahern 2 Union City, CA — 3,246 2,749 1,730 3,246 4,479 7,725 1,859 2010 1986 Ahern II 1 Union City, CA — 2,467 4,527 844 2,467 5,371 7,838 1,430 2015 1997 Berryessa — San Jose, CA — 23,057 2,574 812 23,057 3,386 26,443 80 2021 Burroughs 3 San Leandro, CA — 5,400 7,092 1,736 5,400 8,828 14,228 2,634 2014 1966 Caribbean 3 Sunnyvale, CA — 17,483 14,493 2,965 17,483 17,458 34,941 6,097 2012 1980/1981 Carlton Court 1 South San Francisco, CA — 2,036 1,475 722 2,036 2,197 4,233 706 2012 1981 Clawiter 1 Hayward, CA — 5,964 1,159 189 5,964 1,348 7,312 391 2011 1967 East Gish — San Jose, CA — 6,759 726 2 6,759 729 7,487 67 2021 1959 Edison 3 San Leandro, CA — 14,797 2,806 2,203 14,797 5,008 19,805 483 2021 1975 Foley Street 2 Hayward, CA — 5,023 3,281 632 5,023 3,913 8,935 314 2021 1976 & 1972 Hotchkiss 1 Fremont, CA — 4,163 3,152 1,401 4,163 4,553 8,716 963 2017 1997 Hotchkiss II 1 Fremont, CA — 3,042 3,081 355 3,042 3,436 6,478 569 2018 1997 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2023 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed Merced 4 San Leandro, CA — 25,621 9,318 5,689 25,621 15,007 40,628 2,507 2018 1958 Michele 1 South San Francisco, CA — 2,710 2,540 822 2,710 3,362 6,072 706 2016 1979 Minnesota and Tennessee 2 San Francisco, CA — 34,738 13,141 2,530 34,738 15,671 50,409 1,899 2019 1963 Morton 4 Newark, CA — 65,640 115,039 158 65,640 115,197 180,837 2,384 2023 2020 Old Bayshore — San Jose, CA — 10,244 1,609 149 10,244 1,758 12,002 265 2020 1955 San Clemente 1 Hayward, CA — 5,126 3,938 782 5,126 4,720 9,846 716 2018 1982 Teagarden 5 San Leandro, CA — 19,172 15,221 605 19,172 15,825 34,997 677 2022 1970/1972 Starlite 1 South San Francisco, CA — 3,738 144 2,379 3,738 2,523 6,261 153 2020 1966 & 1972 West 140th 2 San Leandro, CA — 9,578 6,297 3,745 9,578 10,042 19,620 2,380 2016 1959 Whitney 3 San Leandro, CA — 13,821 9,016 2,706 13,821 11,722 25,543 2,303 2018 1974 Wicks 1 San Leandro, CA — 2,224 298 86 2,224 384 2,608 79 2018 1976 Central Pacific Business Park I 3 Union City, CA — 8,468 14,165 2,287 8,468 16,452 24,920 4,734 2014 1989 Central Pacific Business Park II 4 Union City, CA — 13,642 23,658 7,788 13,642 31,446 45,088 9,791 2015 2015 Seattle 1st Ave 1 Seattle, WA — 29,441 30,537 8,835 29,441 39,372 68,812 3,684 2018 1937 & 1967 33rd Place 2 Bellevue, WA — 10,655 3,930 144 10,655 4,074 14,729 222 2022 1968-2009 6th Ave South 1 Seattle, WA — 7,215 8,670 163 7,215 8,833 16,048 1,108 2020 1960 68th Kent 2 Kent, WA — 7,465 2,263 155 7,465 2,418 9,883 187 2021 1976 84th Kent — Kent, WA — 4,552 136 283 4,552 419 4,971 147 2020 1963 & 2000 117th Place NE 1 Kirkland, WA — 23,846 9,842 1,242 23,846 11,084 34,930 850 2021 1978 917 Valley 1 Puyallup, WA — 2,203 4,551 373 2,203 4,924 7,127 614 2019 2006 3401 Lind 1 Renton, WA — 2,999 6,707 1,451 2,999 8,158 11,157 2,076 2014 1984/2012 4225 2nd Avenue 1 Seattle, WA — 4,236 4,049 2,258 4,236 6,307 10,543 1,657 2015 1957 4930 3rd Avenue South 1 Seattle, WA — 3,984 2,424 1,246 3,984 3,670 7,654 946 2016 1964 12119 East Marginal — Tukwila, WA — 4,950 1,740 — 4,950 1,740 6,690 149 2020 1996 17600 West Valley Highway 1 Tukwila, WA — 3,361 5,260 1,934 3,361 7,194 10,555 2,723 2012 1986 Auburn 400 1 Auburn, WA — 4,415 5,234 832 4,415 6,066 10,481 827 2019 2000 Auburn 1307 1 Auburn, WA — 4,253 5,034 718 4,253 5,752 10,005 1,625 2014 2002 Dawson 1 Seattle, WA — 3,902 278 435 3,902 713 4,615 292 2017 1964 Denver 1 Seattle, WA — 3,203 1,345 666 3,203 2,011 5,214 694 2016 1953 East Valley 1 Renton, WA — 2,693 2,959 381 2,693 3,340 6,033 490 2018 1991 East Marginal — Renton, WA — 2,618 380 198 2,618 578 3,196 133 2019 1991 Hudson 1 Seattle, WA — 4,471 912 323 4,471 1,235 5,706 146 2020 2006 Kent 188 1 Kent, WA — 3,251 4,719 2,340 3,251 7,059 10,310 2,668 2010 1979 Kent 190 1 Kent, WA — 4,560 5,561 1,522 4,560 7,083 11,643 1,811 2015 1992/1999 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2023 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed Kent 192 1 Kent, WA — 12,752 20,642 533 12,752 21,175 33,927 2,511 2020 Kent 202 1 Kent, WA — 5,761 9,114 3,410 5,761 12,524 18,285 3,757 2015 1981 Kent 216 1 Kent, WA — 3,672 5,408 1,145 3,672 6,553 10,225 1,963 2014 1996 Kent Corporate Park 4 Kent, WA — 5,032 6,916 2,542 5,032 9,458 14,490 3,065 2015 1980/1981 Lucile 1 Seattle, WA — 4,498 3,504 1,674 4,498 5,178 9,676 1,398 2017 1976 Lund 1 Auburn, WA — 2,573 4,399 397 2,573 4,796 7,369 1,071 2016 1999 Occidental Avenue 3 Seattle, WA — 12,550 3,300 1,231 12,550 4,531 17,081 362 2021 1988 Olympic 1 Tukwila, WA — 1,499 1,431 713 1,499 2,144 3,643 843 2015 1978 MLK 9801 — Seattle, WA — 14,388 1,360 429 14,208 1,789 15,997 100 2021 MLK 9845 — Seattle, WA — 14,436 531 95 15,389 626 16,014 62 2021 MLK 9600 — Seattle, WA — 20,849 1,395 812 20,077 2,207 22,283 452 2021 1957 NE 91st 2 Redmond, WA — 7,944 1,866 — 7,944 1,866 9,810 84 2022 1986/1987 SeaTac 8th Avenue 1 Burien, WA — 2,501 4,020 2,098 2,501 6,118 8,619 2,102 2013 1988 SE 32nd Street 1 Bellevue, WA — 9,059 2,081 1,257 9,059 3,338 12,397 608 2020 1982 SW 16th Street — Renton, WA — 6,251 2,001 — 6,251 2,001 8,252 143 2021 1962 SW 34th 1 Renton, WA — 2,912 3,289 562 2,912 3,851 6,763 1,206 2014 1996/2010 Valley Corporate 2 Kent, WA — 5,264 9,096 2,253 5,264 11,349 16,613 4,567 2011 1987 Woodinville 1 Woodinville, WA — 12,490 12,244 2 12,490 12,246 24,736 695 2021 1996 Woodinville II 2 Woodinville, WA — 20,941 12,949 33 20,941 12,982 33,923 687 2021 1999 Willows — Redmond, WA — 3,067 581 179 3,067 760 3,827 47 2021 1970 8660 Willows Road — Redmond, WA — 18,034 2,180 1,360 18,034 3,540 21,574 173 2022 1987 Miami 26th Street 1 Miami, FL — 3,444 4,558 1,272 3,444 5,830 9,274 1,843 2012 1973 48th Avenue 2 Miami Gardens, FL — 4,322 2,187 1,028 4,322 3,215 7,537 932 2011 1987 70th Avenue 1 Miami, FL — 1,434 2,333 469 1,434 2,802 4,236 936 2011 1999 70th Avenue II 1 Miami, FL — 2,152 3,418 1,043 2,152 4,461 6,613 1,055 2016 1969 70th Avenue III 1 Miami, FL — 2,543 3,167 730 2,543 3,897 6,440 854 2016 1974 70th Avenue IV 1 Miami, FL — 1,119 1,456 672 1,119 2,128 3,247 407 2017 1969 70th Avenue V 1 Miami, FL — 5,036 3,419 2,455 5,036 5,874 10,910 911 2017 1974 73rd Street 2 Miami, FL — 6,130 13,932 453 6,130 14,385 20,515 691 2021 2022 74th Avenue 1 Miami, FL — 2,327 3,538 913 2,327 4,451 6,778 1,044 2016 1986 78th Avenue 1 Doral, FL — 2,445 1,755 3,015 2,445 4,770 7,215 1,808 2012 1977 81st Street 2 Medley, FL — 2,938 5,242 1,691 2,938 6,933 9,871 2,090 2015 1996/2003 94th Avenue 1 Doral, FL — 3,000 3,580 3,040 3,000 6,620 9,620 736 2017 1989 107th Avenue 1 Medley, FL — 2,787 2,036 902 2,787 2,938 5,725 1,091 2013 2001 101st Road 1 Medley, FL — 2,647 3,258 1,074 2,647 4,332 6,979 1,453 2013 2012 131st Street 1 Medley, FL — 2,903 5,729 1,285 2,903 7,014 9,917 1,932 2014 1999 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount Carried at December 31, 2023 Property Name No. of Bldgs. Location Encumbrances Land Buildings & Improvements Land Buildings & Improvements Total Accumulated Year Acquired Year Constructed 7045 NW 46th St 1 Miami, FL — 2,517 2,261 210 2,517 2,471 4,988 103 2022 1986 8050 NW 90th St — Medley, FL — 18,612 2,067 3,497 18,612 5,564 24,176 258 2022 N/A 12950 SW South River 1 Medley, FL — 1,971 4,029 843 1,971 4,872 6,843 1,089 2016 2000 Americas Gateway 5 Doral, FL — 9,088 9,552 5,326 9,088 14,878 23,966 5,154 2013 1978/1982 Americas Gateway 5 1 Doral, FL — 2,064 4,326 390 2,064 4,716 6,780 312 2013 2022 Countyline #24 & #25 2 Hialeah, FL — 15,552 27,898 6,636 15,552 34,534 50,086 3,260 2021 2021 & 2021 Countyline #26 1 Hialeah, FL — 11,826 24,407 4,958 11,826 29,365 41,191 2,397 2021 2021 Countyline #27 & #28 2 Hialeah, FL — 18,595 49,052 9,766 18,595 58,818 77,413 4,436 2021 2021 & 2021 Countyline #29 & #30 2 Hialeah, FL — 19,370 52,925 6,455 19,370 59,380 78,750 2,623 2022 2022 Countyline #41 1 Hialeah, FL — 14,044 31,261 385 14,044 31,646 45,690 53 2023 2023 Miami International Trade Center 4 Medley, FL — 5,063 10,958 2,791 5,063 13,749 18,812 3,514 2015 1996 Washington, D.C. 25th Place NE 1 Washington, D.C. — 7,845 4,932 — 7,845 4,932 12,777 79 2023 2023 75th Ave 5 Landover, MD — 10,658 18,615 6,391 10,658 25,006 35,664 6,880 2014 1987/1990 2920 V Street 1 Washington, D.C. — 2,248 1,670 1,499 2,248 3,169 5,417 670 2017 1958 3601 Pennsy 1 Landover, MD — 2,331 4,375 1,745 2,331 6,120 8,451 2,005 2013 1996 4230 Forbes 1 Lanham, MD — 1,736 2,395 1,374 1,736 3,769 5,505 1,080 2013 2003 4501 46th Street — Bladensburg, MD — 9,576 1,984 1,029 9,576 3,012 12,588 143 2021 1955 Business Parkway 1 Lanham, MD — 3,038 3,007 210 3,038 3,217 6,255 629 2016 2002 Eisenhower 3 Alexandria, VA — 36,755 23,768 2,438 36,755 26,206 62,961 1,412 2021 1974 Hampton Overlook 3 Capitol Heights, MD — 4,602 7,521 2,234 4,602 9,755 14,357 2,087 2016 1989/1990 Pickett 1 Alexandria, VA — 6,256 2,850 690 6,256 3,540 9,797 250 2021 1963 Tuxedo — Hyattsville, MD — 6,867 1,266 1,157 6,867 2,423 9,290 155 2021 1962 V Street 6 Washington, D.C. — 67,132 41,299 19,519 67,132 60,818 127,949 17,251 2015 1955/1963 Subtotal 259 — 1,995,494 1,211,327 350,205 1,995,494 1,561,532 3,557,026 287,541 Unamortized net premiums Unamortized net deferred financing costs Intangible assets 147,329 96,939 Total 259 $ — $ 1,995,494 $ 1,211,327 $ 350,205 $ 1,995,494 $ 1,561,532 $ 3,704,355 $ 384,480 Terreno Realty Corporation Schedule III Real Estate Investments and Accumulated Depreciation – (Continued) As of December 31, 2023 (in thousands) A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2023 and 2022 is as follows: 2023 2022 Investment in Properties Balance at beginning of year $ 3,398,774 $ 2,946,826 Acquisition of properties 512,531 422,298 Disposition of properties (43,854) (65,379) Construction in progress 139,974 21,623 Improvements, net of write-offs 40,415 73,406 Balance at end of year $ 4,047,840 $ 3,398,774 2023 2022 Accumulated Depreciation Balance at beginning of year $ 323,631 $ 279,062 Amortization of lease intangible assets 15,008 14,253 Depreciation expense 56,765 48,771 Disposition of properties and write-offs (10,924) (18,455) Balance at end of year $ 384,480 $ 323,631

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income	$ 151,457	$ 198,014	$ 87,254

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. The accompanying consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying consolidated financial statements include all of the Company’s accounts and its subsidiaries and all intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Capitalization of Costs	Capitalization of Costs. The Company capitalizes costs directly related to the development, redevelopment, renovation and expansion of its investment in real estate. Costs associated with such projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the development, redevelopment, renovation or expansion project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. Costs incurred for maintaining and repairing properties, which do not extend their useful lives, are expensed as incurred. Interest is capitalized based on actual capital expenditures from the period when development, redevelopment, renovation or expansion commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period.
Investments in Real Estate	Investments in Real Estate. Investments in real estate, including tenant improvements, leasehold improvements and leasing costs, are stated at cost, less accumulated depreciation, unless circumstances indicate that the cost cannot be recovered, in which case, an adjustment to the carrying value of the property is made to reduce it to its estimated fair value. The Company also reviews the impact of above and below-market leases, in-place leases and lease origination costs for acquisitions and records an intangible asset or liability accordingly.
Impairment	Impairment. Carrying values for financial reporting purposes are reviewed for impairment on a property-by-property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Examples of such events or changes in circumstances may include classifying an asset to be held for sale, changing the intended hold period or when an asset remains vacant significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact how impairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash flows. If the asset carrying value is not supported on an undiscounted future cash flow basis, then the asset carrying value is measured against the lower of cost or the present value of expected cash flows over the expected hold period. An impairment charge to earnings is recognized for the excess of the asset’s carrying value over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold, impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherently uncertain and relies on assumptions, among other things, regarding current and future economic and market conditions and the availability of capital. The Company determines the estimated fair values based on its assumptions regarding rental rates, lease-up and holding periods, as well as sales prices. When available, current market information is used to
Property Acquisitions	Property Acquisitions. In accordance with Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the integrated set of assets and activities is not considered a business. To be a business, the set of acquired activities and assets must include inputs and one or more substantive processes that together contribute to the ability to create outputs. The Company has determined that its real estate property acquisitions will generally be accounted for as asset acquisitions under the clarified definition. Upon acquisition of a property the Company estimates the fair value of acquired tangible assets (consisting generally of land, buildings and improvements) and intangible assets and liabilities (consisting generally of the above and below-market leases and the origination value of all in-place leases). The Company determines fair values using Level 3 inputs such as replacement cost, estimated cash flow projections and other valuation techniques and applying appropriate discount and capitalization rates based on available market information. Mortgage loans assumed in connection with acquisitions are recorded at their fair value using current market interest rates for similar debt at the date of acquisition. Acquisition-related costs associated with asset acquisitions are capitalized to individual tangible and intangible assets and liabilities assumed on a relative fair value basis and acquisition-related costs associated with business combinations are expensed as incurred.
Depreciation and Useful Lives of Real Estate and Intangible Assets	Depreciation and Useful Lives of Real Estate and Intangible Assets. Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the related assets or liabilities. The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities. Description Standard Depreciable Life Land Not depreciated Building 40 years Building Improvements 5-40 years Tenant Improvements Shorter of lease term or useful life Leasing Costs Lease term In-place Leases Lease term Above/Below-Market Leases Lease term
Held for Sale Assets	Held for Sale Assets. The Company considers a property to be held for sale when it meets the criteria established under Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment (See “Note 5 - Held for Sale/Disposed Assets”). Properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale.
Cash and Cash Equivalents	Cash and Cash Equivalents. Cash and cash equivalents consists of cash held in a major banking institution and other highly liquid short-term investments with original maturities of three months or less. Cash equivalents are generally invested in U.S. government securities, government agency securities or money market accounts.
Restricted Cash	Restricted Cash. Restricted cash includes cash held in escrow in connection with property acquisitions and reserves for certain capital improvements, leasing, interest and real estate tax and insurance payments as required by certain mortgage loan obligations.
Revenue Recognition	Revenue Recognition.
Deferred Financing Costs	Deferred Financing Costs.
Income Taxes	Income Taxes. The Company elected to be taxed as a REIT under the Code and operates as such beginning with its taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If it fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. ASC 740-10, Income Taxes (“ASC 740-10”) ,
Stock-Based Compensation and Other Long-Term Incentive Compensation	Stock-Based Compensation and Other Long-Term Incentive Compensation. The Company follows the provisions of ASC 718, Compensation-Stock Compensation, to account for its stock-based compensation plan, which requires that the compensation cost relating to stock-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) provides for the grant of restricted stock awards, performance share awards, unrestricted shares or any combination of the foregoing. Stock-based compensation is recognized as a general and administrative expense in the accompanying consolidated statements of operations and measured at the fair value of the award on the date of grant. The Company estimates the forfeiture rate based on historical experience as well as expected behavior. The amount of the expense may be subject to adjustment in future periods depending on the specific characteristics of the stock-based award. In addition, the Company has awarded long-term incentive target awards (the “Performance Share awards”) under its Amended and Restated Long-Term Incentive Plan (as amended and restated, the “Amended LTIP”), which the Company amended and
Fair Value of Financial Instruments	Fair Value of Financial Instruments . ASC 820, Fair Value Measurements and Disclosures (“ASC 820”) (See “Note 8 - Fair Value Measurements”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. ASC 820 requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3).
Segment Disclosure	Segment Disclosure. ASC 280, Segment Reporting , establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company has determined that it has one reportable segment, with activities related to investing in real estate. The Company’s investments in real estate are geographically diversified and the chief operating decision makers evaluate operating performance on an individual asset level. As each of the Company’s assets has similar economic characteristics, the assets have been aggregated into one reportable segment.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Intangible Assets and Liabilities	As of December 31, 2023 and 2022, the Company’s intangible assets and liabilities, including properties held for sale (if any), consisted of the following (dollars in thousands): December 31, 2023 December 31, 2022 Gross Accumulated Net Gross Accumulated Net In-place leases $ 143,444 $ (93,476) $ 49,968 $ 119,959 $ (83,222) $ 36,737 Above-market leases 3,885 (3,463) 422 3,586 (3,558) 28 Below-market leases (137,047) 52,329 (84,718) (95,638) 39,765 (55,873) Total $ 10,282 $ (44,610) $ (34,328) $ 27,907 $ (47,015) $ (19,108)
Schedule of expected amortization of intangible assets and liabilities	Projected net amortization of the intangible assets and liabilities for the next five years and thereafter as of December 31, 2023 is as follows (dollars in thousands): 2024 $ 250 2025 (1,739) 2026 (2,686) 2027 (3,061) 2028 (3,015) Thereafter (24,077) Total $ (34,328)
Schedule of Depreciation and Useful Lives of Real Estate and Intangible Assets	The following table reflects the standard depreciable lives typically used to compute depreciation and amortization. However, such depreciable lives may be different based on the estimated useful life of such assets or liabilities. Description Standard Depreciable Life Land Not depreciated Building 40 years Building Improvements 5-40 years Tenant Improvements Shorter of lease term or useful life Leasing Costs Lease term In-place Leases Lease term Above/Below-Market Leases Lease term
Schedule of Cash and Cash Equivalents and Restricted Cash	The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands): For the Year Ended December 31, 2023 2022 2021 Beginning Cash and cash equivalents at beginning of year $ 26,393 $ 204,404 $ 107,180 Restricted cash 1,690 397 656 Cash and cash equivalents and restricted cash 28,083 204,801 107,836 Ending Cash and cash equivalents at end of year 165,400 26,393 204,404 Restricted cash 836 1,690 397 Cash and cash equivalents and restricted cash 166,236 28,083 204,801 Net increase (decrease) in cash and cash equivalents and restricted cash $ 138,153 $ (176,718) $ 96,965
Schedule of Cash and Cash Equivalents and Restricted Cash	The following summarizes the reconciliation of cash and cash equivalents and restricted cash as presented in the accompanying consolidated statements of cash flows (dollars in thousands): For the Year Ended December 31, 2023 2022 2021 Beginning Cash and cash equivalents at beginning of year $ 26,393 $ 204,404 $ 107,180 Restricted cash 1,690 397 656 Cash and cash equivalents and restricted cash 28,083 204,801 107,836 Ending Cash and cash equivalents at end of year 165,400 26,393 204,404 Restricted cash 836 1,690 397 Cash and cash equivalents and restricted cash 166,236 28,083 204,801 Net increase (decrease) in cash and cash equivalents and restricted cash $ 138,153 $ (176,718) $ 96,965

Investments in Real Estate (Tab

Investments in Real Estate (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of Properties Under and Completed Redevelopment	The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2023: Property Name Location Acquisition Date Number of Square Improved Land Acreage Purchase Price (in thousands) 1 Countyline Phase IV 2 Hialeah, FL February 23, 2023 — — 121.0 $ 173,600 9th Street Long Island City, NY March 6, 2023 1 45,000 — 23,000 Morton Newark, CA March 30, 2023 4 603,000 — 186,000 25th Place NE Washington DC May 23, 2023 1 33,000 — 13,400 East Garry Avenue 3 Santa Ana, CA September 6, 2023 — — 4.9 14,800 Santa Fe Redondo Beach, CA October 10, 2023 2 112,000 — 45,700 Van Dyke Red Hook, Brooklyn, NY October 11, 2023 1 96,000 — 27,500 Total/Weighted Average 9 889,000 125.9 $ 484,000 1 Excludes intangible liabilities. The total aggregate initial investment was approximately $512.5 million, including $6.1 million in capitalized closing costs and acquisition costs and $42.9 million in assumed intangible liabilities and $20.5 million in other credits related to near term capital expenditures, free rent and tenant improvements at various properties. 2 Countyline Phase IV is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion. 3 East Garry Avenue is a 4.9-acre property that was placed into redevelopment upon acquisition. The property is expected to contain one approximately 92,000 square foot LEED-certified industrial distribution building at completion. The following table sets forth the wholly-owned industrial properties the Company acquired during the year ended December 31, 2022: Property Name Location Acquisition Date Number of Square Improved Land Acreage Purchase Price (in thousands) 1 Countyline 29 & 30 Hialeah, FL February 9, 2022 2 407,000 — $ 73,200 33rd Place Bellevue, WA February 23, 2022 2 29,000 1.2 13,040 NE 91st Redmond, WA April 8, 2022 2 32,000 — 9,780 87 Doremus Newark, NJ April 18, 2022 — — 9.7 17,300 3660 Thomas Road Santa Clara, CA May 4, 2022 1 135,000 — 54,600 127 Doremus Avenue Newark, NJ May 19, 2022 — — 2.4 11,900 3660 Fee Ana Anaheim, CA May 24, 2022 — — 2.1 15,000 332 Hindry Avenue Inglewood, CA May 25, 2022 1 19,000 — 9,280 8320-8400 Isis Avenue Los Angeles, CA May 25, 2022 1 40,000 — 17,902 Teagarden San Leandro, CA June 1, 2022 5 104,000 — 34,600 293 Roanoke Avenue Newark, NJ June 7, 2022 — — 1.8 13,000 8660 Willows Road Redmond, WA June 17, 2022 — — 3.5 19,900 8050 NW 90th St Medley, FL July 5, 2022 — — 6.7 20,000 4857 W 147th St Hawthorne, CA August 2, 2022 — — 1.3 6,500 19500 South Alameda St Rancho Dominguez, CA August 3, 2022 — — 3.0 32,075 3091 East Coronado St Anaheim, CA September 6, 2022 — — 1.2 7,325 7045 NW 46th St Miami, FL October 24, 2022 1 16,000 — 4,703 5401 West 104th St Los Angeles, CA November 1, 2022 1 26,000 — 17,000 629 Henry Elizabeth, NJ November 29, 2022 1 23,000 — 15,350 14805 S Maple Ave Rancho Dominguez, CA December 30, 2022 — — 2.8 22,358 Total/Weighted Average 17 831,000 35.7 $ 414,813 1 Excludes intangible liabilities. The total aggregate initial investment was approximately $422.3 million, including $13.0 million in capitalized closing costs and acquisition costs and $14.1 million in assumed intangible liabilities and $19.6 million in other credits related to near term capital expenditures at the Countyline 29 & 30 properties. Property Name Location Total Expected Investment (in thousands) 1 Estimated Post-Development Square Feet Estimated Post-Development Acreage Properties under development or redevelopment: Countyline Phase IV Countyline Building 38 2 Hialeah, FL $ 88,800 506,215 — Countyline Building 39 2 Hialeah, FL 43,802 178,201 — Countyline Building 40 2 Hialeah, FL 41,968 186,107 — Maple III Rancho Dominguez, CA 28,071 — 2.8 147th Street Hawthorne, CA 18,095 31,378 — East Garry Avenue Santa Ana, CA 40,553 91,500 — Paterson Plank III Carlstadt, NJ 35,042 47,316 — Total $ 296,331 1,040,717 2.8 Land entitled for future development: Countyline Phase IV Countyline Phase IV Land 2 Hialeah, FL 295,700 1,137,121 — Total $ 295,700 1,137,121 — 1 Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties include the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization. 2 Collectively, “Countyline Phase IV”, a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Countyline, immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion. Property Name Location Total Investment (in thousands) 1 Post-Development Post-Development Acreage Completion Quarter Berryessa San Jose, CA $ 26,296 — 6.3 Q2 2023 Countyline Building 41 Hialeah, FL 41,200 190,907 — Q4 2023 Total/Weighted Average $ 67,496 190,907 — 1 Total investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Outstanding	The following table summarizes the components of the Company’s indebtedness as of December 31, 2023 and 2022 (dollars in thousands): 2023 2022 Margin Above SOFR Interest Rate 1 Contractual Maturity Date Unsecured Debt: Credit Facility $ — $ — 1.1% 2 n/a 8/20/2025 5-Year Term Loan 100,000 100,000 1.3% 2 6.6 % 1/15/2027 5-Year Term Loan 100,000 100,000 1.3% 2 6.6 % 1/15/2028 $100M 7-Year Unsecured 3 100,000 100,000 n/a 3.8 % 7/14/2024 $50M 10-Year Unsecured 3 50,000 50,000 n/a 4.0 % 7/7/2026 $50M 12-Year Unsecured 3 50,000 50,000 n/a 4.7 % 10/31/2027 $100M 7-Year Unsecured 3 100,000 100,000 n/a 2.4 % 7/15/2028 $100M 10-Year Unsecured 3 100,000 100,000 n/a 3.1 % 12/3/2029 $125M 9-Year Unsecured 3 125,000 125,000 n/a 2.4 % 8/17/2030 $50M 10-Year Unsecured 3 50,000 50,000 n/a 2.8 % 7/15/2031 Total Unsecured Debt 775,000 775,000 Less: Unamortized debt issuance costs (3,437) (4,182) Total $ 771,563 $ 770,818 1 Reflects the contractual interest rate under the terms of each loan as of December 31, 2023. Excludes the effects of unamortized debt issuance costs. 2 The interest rates on these loans are comprised of the Secured Overnight Financing Rate (“SOFR”) plus a SOFR margin. The SOFR margins will range from 1.10% to 1.55% (1.10% as of December 31, 2023) for the revolving credit facility and 1.25% to 1.75% (1.25% as of December 31, 2023) for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value and includes a 10 basis points SOFR credit adjustment. 3 Collectively, the “Senior Unsecured Notes”.
Schedule of Principal Payments	The scheduled principal payments of the Company’s debt as of December 31, 2023 were as follows (dollars in thousands): Credit Term Loan Senior Total Debt 2024 $ — $ — $ 100,000 $ 100,000 2025 — — — — 2026 — — 50,000 50,000 2027 — 100,000 50,000 150,000 2028 — 100,000 100,000 200,000 Thereafter — — 275,000 275,000 Total debt — 200,000 575,000 775,000 Deferred financing costs, net — (855) (2,582) (3,437) Total debt, net $ — $ 199,145 $ 572,418 $ 771,563 Weighted average interest rate n/a 6.6 % 3.1 % 4.0 %

Leasing (Tables)

Leasing (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Minimum Future Cash Rentals on Tenant Operating Leases	The following is a schedule of minimum future cash rentals on tenant operating leases in effect as of December 31, 2023. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases and excludes property operating expense reimbursements (dollars in thousands): 2024 $ 248,905 2025 238,909 2026 206,494 2027 157,881 2028 115,596 Thereafter 268,754 Total $ 1,236,539

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and Fair Value of Senior Secured Loan and Debt	The following table sets forth the carrying value and the estimated fair value of the Company’s debt as of December 31, 2023 and 2022 (dollars in thousands): Fair Value Measurement Using Total Fair Value Quoted Price in Significant Significant Carrying Value Liabilities Debt at: December 31, 2023 $ 721,269 $ — $ 721,269 $ — $ 771,563 December 31, 2022 $ 700,926 $ — $ 700,926 $ — $ 770,818

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Total Restricted Shares Granted	The following is a summary of the total restricted shares granted to the Company’s executive officers and employees with the related weighted average grant date fair value share prices for the years ended December 31, 2023, 2022 and 2021: Restricted Stock Activity: Shares Weighted Average Grant Non-vested shares outstanding as of December 31, 2020 203,729 $ 50.19 Granted 99,569 65.90 Forfeited (776) 59.29 Vested (13,336) 43.04 Non-vested shares outstanding as of December 31, 2021 289,186 55.90 Granted 136,903 66.35 Forfeited (29,391) 59.69 Vested (40,066) 56.06 Non-vested shares outstanding as of December 31, 2022 356,632 59.58 Granted 132,574 61.58 Forfeited (6,989) 66.95 Vested (63,160) 53.64 Non-vested shares outstanding as of December 31, 2023 419,057 $ 60.99
Vesting Schedule of The Total Non-vested Shares of Restricted Stock Outstanding	The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2023: Non-vested Shares Vesting Schedule Number of Shares 2024 116,172 2025 84,052 2026 62,146 2027 83,617 2028 73,070 Thereafter — Total Non-vested Shares 419,057
Schedule of Certain Information With Respect to the Performance Share Awards	The following table summarizes certain information with respect to the Performance Share awards granted on or after January 1, 2019 and includes the forfeiture of certain of the Performance Share awards during 2022 (dollars in thousands): Performance Share Period Fair Value on Date of Grant 1 Expense for the Year Ended December 31, 2023 2022 2021 January 1, 2019 - December 31, 2021 $ 4,829 $ — $ — $ 1,609 January 1, 2020 - December 31, 2022 4,882 — 1,168 1,858 January 1, 2021 - December 31, 2023 4,820 1,608 1,393 1,822 January 1, 2022 - December 31, 2024 5,789 1,928 1,929 — January 1, 2023 - December 31, 2025 9,040 3,012 — — Total $ 29,360 $ 6,548 $ 4,490 $ 5,289 1 Reflects the fair value on date of grant for all performance shares outstanding at December 31, 2023.
Schedule of Cash Dividends Paid or Payable Per Share	The following table sets forth the cash dividends paid or payable per share during the years ended December 31, 2023 and 2022: For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2023 Common Stock $ 0.40 February 7, 2023 March 31, 2023 April 6, 2023 June 30, 2023 Common Stock $ 0.40 May 2, 2023 June 30, 2023 July 14, 2023 September 30, 2023 Common Stock $ 0.45 August 1, 2023 September 29, 2023 October 13, 2023 December 31, 2023 Common Stock $ 0.45 October 31, 2023 December 15, 2023 January 5, 2024 For the Three Months Ended Security Dividend per Share Declaration Date Record Date Date Paid March 31, 2022 Common Stock $ 0.34 February 8, 2022 March 25, 2022 April 8, 2022 June 30, 2022 Common Stock $ 0.34 May 3, 2022 June 30, 2022 July 14, 2022 September 30, 2022 Common Stock $ 0.40 August 2, 2022 September 30, 2022 October 14, 2022 December 31, 2022 Common Stock $ 0.40 November 1, 2022 December 30, 2022 January 13, 2023

Organization (Details)

Organization (Details) - 12 months ended Dec. 31, 2023	segment property	ft²	a
Real Estate
Number of markets | segment	6
Number of properties (property)	259
Buildings
Real Estate
Number of properties (property)	259
Buildings | Scenario, Plan
Real Estate
Area of real estate property | ft²		1,000,000
Improved Land Parcels
Real Estate
Number of properties (property)	45
Area of real estate property | ft²		16,000,000
Area of land (acre) | a			152.4
Redevelopment Property
Real Estate
Number of properties (property)	7
Area of land (acre) | a			2.8
Redevelopment Property | Scenario, Plan
Real Estate
Area of land (acre)		1,040,717	2.8
Land Entitled For Future Development | Scenario, Plan
Real Estate
Area of land (acre) | a			62.7

Significant Accounting Polici_4

Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Property impairment charges	$ 0	$ 0	$ 0
Amortization of above and below-market leases	$ 13,900,000	16,300,000	$ 7,700,000
Remaining weighted average lease term related to these intangible assets and liabilities (years)	6 years 6 months
Straight-line rent and accounts receivables, net of allowances	$ 56,100,000	48,000,000
Straight-line rent and accounts receivable, allowances	1,200,000	600,000
Deferred financing cost accumulated amortization	$ 13,500,000	$ 11,900,000
Performance measurement period (years)	3 years
Number of reportable segments | segment	1

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	$ 147,329	$ 123,545
Below-market leases, gross	(137,047)	(95,638)
Finite-lived intangible assets (liabilities), gross	10,282	27,907
Below-market lease, accumulated amortization	52,329	39,765
Finite-lived intangible assets (liabilities), accumulated amortization	(44,610)	(47,015)
Below-market leases, net	(84,718)	(55,873)
Total	(34,328)	(19,108)
In-place leases
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	143,444	119,959
Finite-lived intangible assets, accumulated amortization	(93,476)	(83,222)
Finite-lived intangible assets, net	49,968	36,737
Above-market leases
Finite-Lived Intangible Assets
Finite-lived intangible assets, gross	3,885	3,586
Finite-lived intangible assets, accumulated amortization	(3,463)	(3,558)
Finite-lived intangible assets, net	$ 422	$ 28

Significant Accounting Polici_6

Significant Accounting Policies - Schedule of Expected Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
2024	$ 250
2025	(1,739)
2026	(2,686)
2027	(3,061)
2028	(3,015)
Thereafter	(24,077)
Total	$ (34,328)	$ (19,108)

Significant Accounting Polici_7

Significant Accounting Policies - Schedule of Depreciation and Useful Lives of Real Estate and Intangible Assets (Details)	Dec. 31, 2023
Buildings
Finite-Lived Intangible Assets
Standard depreciable life	40 years
Building Improvements | Minimum
Finite-Lived Intangible Assets
Standard depreciable life	5 years
Building Improvements | Maximum
Finite-Lived Intangible Assets
Standard depreciable life	40 years

Significant Accounting Polici_8

Significant Accounting Policies - Summary of the Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Cash and cash equivalents	$ 165,400	$ 26,393	$ 204,404	$ 107,180
Restricted cash	836	1,690	397	656
Cash and cash equivalents and restricted cash	166,236	28,083	204,801	$ 107,836
Net increase (decrease) in cash and cash equivalents and restricted cash	$ 138,153	$ (176,718)	$ 96,965

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2023 ft² a property
Real Estate Properties
Number of properties (property)	259
Northern New Jersey/ New York City | Revenue Benchmark | Customer Concentration Risk
Real Estate Properties
Concentration risk (percentage)	24.60%
Office Building | Northern New Jersey/ New York City
Real Estate Properties
Number of properties (property)	43
Area of real estate property | ft²	2.6
Improved Land Parcels | Northern New Jersey/ New York City
Real Estate Properties
Number of properties (property)	13
Area of real estate property | a	68

Investments in Real Estate - Na

Investments in Real Estate - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)	Dec. 31, 2023 ft²	Dec. 31, 2023 a
Finite-Lived Intangible Assets
Rental revenues and tenant expense reimbursements	$ 323,590	$ 276,212	$ 221,930
Net income	$ 151,457	198,014	87,254
Number of properties (property) | property	259
Capitalized interest associated with redevelopment activities	$ 8,500	2,600	$ 700
Redevelopment Property
Finite-Lived Intangible Assets
Number of properties (property) | property	7
Area of land (acre) | a					2.8
Redevelopment Property | Scenario, Plan
Finite-Lived Intangible Assets
Area of land (acre)				1,040,717	2.8
Completed Redevelopments
Finite-Lived Intangible Assets
Asset acquisition, property additions	$ 67,496
Number of properties (property) | property	2
Area of real estate property (square feet) | ft²				190,907
Buildings
Finite-Lived Intangible Assets
Number of properties (property) | property	259
Buildings | Scenario, Plan
Finite-Lived Intangible Assets
Number of properties acquired (property) | property	6
Area of real estate property (square feet) | ft²				1,000,000
Area of real estate property acquired (square feet) | ft²				1,100,000
Land Entitled For Future Development | Scenario, Plan
Finite-Lived Intangible Assets
Area of land (acre) | a					62.7
Land | Scenario, Plan
Finite-Lived Intangible Assets
Area of land (acre) | ft²				1,137,121
Maple III | Redevelopment Property | Scenario, Plan
Finite-Lived Intangible Assets
Area of land (acre)				0	2.8
Berryessa | Redevelopment Property
Finite-Lived Intangible Assets
Area of real estate property (square feet) | a					6.3
Berryessa | Completed Redevelopments
Finite-Lived Intangible Assets
Asset acquisition, property additions	$ 26,296
Countyline Phase IV Land | Land | Scenario, Plan
Finite-Lived Intangible Assets
Area of land (acre) | ft²				1,137,121
Buildings | Redevelopment Property
Finite-Lived Intangible Assets
Number of properties (property) | property	6
Improved Land Parcels | Redevelopment Property
Finite-Lived Intangible Assets
Number of properties (property) | property	1
Asset Acquisitions 2023
Finite-Lived Intangible Assets
Rental revenues and tenant expense reimbursements	$ 14,800
Net income	4,900
Capitalized interest associated with redevelopment activities	$ 6,100
Asset Acquisitions 2023 | Industrial Building
Finite-Lived Intangible Assets
Number of properties acquired (property) | property	7
Asset acquisitions, assets acquired and liabilities assumed, net	$ 512,500
Finite-lived intangible assets acquired	30,100
Asset acquisition, liabilities	46,300
Asset Acquisitions 2023 | Land | Industrial Building
Finite-Lived Intangible Assets
Asset acquisition, property additions	325,800
Asset Acquisitions 2023 | Buildings | Industrial Building
Finite-Lived Intangible Assets
Asset acquisition, property additions	$ 156,600
Asset Acquisitions 2022
Finite-Lived Intangible Assets
Rental revenues and tenant expense reimbursements		11,400
Net income		$ 3,200
Asset Acquisitions 2022 | Industrial Building
Finite-Lived Intangible Assets
Number of properties acquired (property) | property		20
Asset acquisitions, assets acquired and liabilities assumed, net		$ 422,300
Finite-lived intangible assets acquired		11,900
Asset acquisition, liabilities		17,100
Asset Acquisitions 2022 | Land | Industrial Building
Finite-Lived Intangible Assets
Asset acquisition, property additions		316,000
Asset Acquisitions 2022 | Buildings | Industrial Building
Finite-Lived Intangible Assets
Asset acquisition, property additions		$ 94,400

Investments in Real Estate - Su

Investments in Real Estate - Summary of Wholly Owned Industrial Properties Acquired (Details) ft² in Thousands, $ in Thousands

12 Months Ended

Oct. 11, 2023 USD ($) a ft² property

Oct. 10, 2023 USD ($) ft² a property

Sep. 06, 2023 USD ($) a ft² property

May 23, 2023 USD ($) ft² a property

Mar. 30, 2023 USD ($) a ft² property

Mar. 06, 2023 USD ($) a ft² property

Feb. 23, 2023 USD ($) ft² a property

Dec. 30, 2022 USD ($) a property

Nov. 29, 2022 USD ($) a property

Nov. 01, 2022 USD ($) a property

Oct. 24, 2022 USD ($) a property

Sep. 06, 2022 USD ($) a property

Aug. 03, 2022 USD ($) a property

Aug. 02, 2022 USD ($) a property

Jul. 05, 2022 USD ($) a property

Jun. 17, 2022 USD ($) a property

Jun. 07, 2022 USD ($) a property

Jun. 01, 2022 USD ($) a property

May 25, 2022 USD ($) a property

May 24, 2022 USD ($) a property

May 19, 2022 USD ($) a property

May 04, 2022 USD ($) a property

Apr. 18, 2022 USD ($) a property

Apr. 08, 2022 USD ($) a property

Feb. 23, 2022 USD ($) a property

Feb. 09, 2022 USD ($) a property

Dec. 31, 2023 USD ($) a ft² property

Dec. 31, 2022 USD ($) a property

Dec. 31, 2021 USD ($)

Real Estate Properties

Number of properties (property) | property

259

Capitalized interest associated with redevelopment activities | $

$ 8,500

$ 2,600

$ 700

Asset Acquisitions 2023

Real Estate Properties

Capitalized interest associated with redevelopment activities | $

6,100

Asset Acquisitions 2023 | Industrial Building

Real Estate Properties

Purchase price | $

512,500

Asset acquisition, intangible liabilities | $

42,900

Capital expenditures in other credits | $

$ 20,500

Number of properties acquired (property) | property

7

Asset Acquisitions 2023 | Wholly Owned Properties | Industrial Building

Real Estate Properties

Number of properties (property) | property

9

Area of real estate property (square feet) | ft²

889

Improved land (acre)

125.9

Asset acquisition, consideration transferred | $

$ 484,000

Asset Acquisitions 2022 | Industrial Building

Real Estate Properties

Purchase price | $

$ 422,300

Number of properties acquired (property) | property

20

Asset Acquisitions 2022 | Wholly Owned Properties | Industrial Building

Real Estate Properties

Number of properties (property) | property

17

Area of real estate property (square feet)

831,000

Improved land (acre)

35.7

Asset acquisition, consideration transferred | $

$ 414,813

Asset Acquisitions 2021

Real Estate Properties

Capitalized interest associated with redevelopment activities | $

$ 13,000

Asset Acquisitions 2021 | Industrial Building

Real Estate Properties

Asset acquisition, intangible liabilities | $

14,100

Capital expenditures in other credits | $

$ 19,600

Countyline Phase IV | Asset Acquisitions 2023 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet) | ft²

0

Improved land (acre)

121

Asset acquisition, consideration transferred | $

$ 173,600

9th Street | Asset Acquisitions 2023 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet) | ft²

45

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 23,000

Morton | Asset Acquisitions 2023 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

4

Area of real estate property (square feet) | ft²

603

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 186,000

25th Place NE | Asset Acquisitions 2023 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet) | ft²

33

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 13,400

East Garry Avenue | Industrial Building

Real Estate Properties

Area of real estate property (square feet) | ft²

92

Improved land (acre)

4.9

East Garry Avenue | Asset Acquisitions 2023 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet) | ft²

0

Improved land (acre)

4.9

Asset acquisition, consideration transferred | $

$ 14,800

Santa Fe | Asset Acquisitions 2023 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

2

Area of real estate property (square feet) | ft²

112

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 45,700

Van Dyke | Asset Acquisitions 2023 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet) | ft²

96

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 27,500

Countyline 29 & 30 | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

2

Area of real estate property (square feet)

407,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 73,200

33rd Place | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

2

Area of real estate property (square feet)

29,000

Improved land (acre)

1.2

Asset acquisition, consideration transferred | $

$ 13,040

NE 91st | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

2

Area of real estate property (square feet)

32,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 9,780

87 Doremus | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

9.7

Asset acquisition, consideration transferred | $

$ 17,300

3660 Thomas Road | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet)

135,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 54,600

127 Doremus Avenue | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

2.4

Asset acquisition, consideration transferred | $

$ 11,900

3660 Fee Ana | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

2.1

Asset acquisition, consideration transferred | $

$ 15,000

332 Hindry Avenue | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet)

19,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 9,280

8320-8400 Isis Avenue | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet)

40,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 17,902

Teagarden | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

5

Area of real estate property (square feet)

104,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 34,600

293 Roanoke Avenue | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

1.8

Asset acquisition, consideration transferred | $

$ 13,000

8660 Willows Road | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

3.5

Asset acquisition, consideration transferred | $

$ 19,900

8050 NW 90th St | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

6.7

Asset acquisition, consideration transferred | $

$ 20,000

4857 W 147th St | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

1.3

Asset acquisition, consideration transferred | $

$ 6,500

19500 South Alameda St | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

3

Asset acquisition, consideration transferred | $

$ 32,075

3091 East Coronado St | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

1.2

Asset acquisition, consideration transferred | $

$ 7,325

7045 NW 46th St | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet)

16,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 4,703

5401 West 104th St | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet)

26,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 17,000

629 Henry | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

1

Area of real estate property (square feet)

23,000

Improved land (acre)

0

Asset acquisition, consideration transferred | $

$ 15,350

14805 S Maple Ave | Asset Acquisitions 2022 | Wholly Owned Properties

Real Estate Properties

Number of properties (property) | property

0

Area of real estate property (square feet)

0

Improved land (acre)

2.8

Asset acquisition, consideration transferred | $

$ 22,358

Redevelopment Adjacent To Florida Turnpike And Southern I 75 | Industrial Building

Real Estate Properties

Number of properties (property) | property

7

Redevelopment Adjacent To Florida Turnpike And Southern I 75 | Industrial Building | Scenario, Plan

Real Estate Properties

Number of properties acquired (property) | property

10

Industrial Distribution in Miami's Countyline | Industrial Building

Real Estate Properties

Area of real estate property (square feet) | ft²

2,200

Improved land (acre)

121

Investments in Real Estate - Sc

Investments in Real Estate - Schedule of Under and Redevelopment Properties (Details) - 12 months ended Dec. 31, 2023 $ in Thousands	USD ($) ft²	a
Redevelopment Property
Real Estate Properties
Area of land (acre) | a		2.8
Redevelopment Property | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 296,331
Area of land (acre)	1,040,717	2.8
Redevelopment Property | Countyline Building 38 | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 88,800
Area of land (acre) | ft²	506,215
Redevelopment Property | Countyline Building 39 | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 43,802
Area of land (acre) | ft²	178,201
Redevelopment Property | Countyline Building 40 | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 41,968
Area of land (acre) | ft²	186,107
Redevelopment Property | Maple III | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 28,071
Area of land (acre)	0	2.8
Redevelopment Property | 147th Street | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 18,095
Area of land (acre) | ft²	31,378
Redevelopment Property | Santa Fe | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 40,553
Area of land (acre) | ft²	91,500
Redevelopment Property | Paterson Plank III | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 35,042
Area of land (acre)	47,316	0
Redevelopment Property | Berryessa
Real Estate Properties
Area of real estate property (square feet) | a		6.3
Land | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 295,700
Area of land (acre) | ft²	1,137,121
Land | Countyline Phase IV Land | Scenario, Plan
Real Estate Properties
Asset acquisition, consideration transferred	$ 295,700
Area of land (acre) | ft²	1,137,121
Completed Redevelopments
Real Estate Properties
Asset acquisition, property additions	$ 67,496
Area of real estate property (square feet) | ft²	190,907
Completed Redevelopments | Berryessa
Real Estate Properties
Asset acquisition, property additions	$ 26,296
Completed Redevelopments | Countyline Building 41
Real Estate Properties
Asset acquisition, property additions	$ 41,200
Area of real estate property (square feet) | ft²	190,907

Held for Sale_Disposed Assets (

Held for Sale/Disposed Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties (property) | property	259
Disposed of by Sale | Northern New Jersey/New York
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties (property) | property	2	3	1
Proceeds from sale of real estate	$ 43.2	$ 159.7	$ 32.7
Gain on sale of real estate	$ 21.9	$ 107.1	13.4
Disposed of by Sale | Washington D.C.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties (property) | property	1
Proceeds from sale of real estate	$ 18
Gain on sale of real estate	$ 9.7
Disposed of by Sale | Los Angeles
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties (property) | property	1
Proceeds from sale of real estate	$ 15.9
Gain on sale of real estate	$ 6.6
Disposed of by Sale | Seattle
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations
Number of properties (property) | property		1
Proceeds from sale of real estate		$ 8.6	10.3
Gain on sale of real estate		$ 5.1	$ 3.2

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument
Total unsecured debt	$ 775,000,000	$ 775,000,000
Credit facility	0	0
Credit Facility
Debt Instrument
Credit facility, maximum	1,100,000,000
Additional borrowing capacity	$ 500,000,000
Line of Credit | SOFR
Debt Instrument
Debt instrument, basis spread on variable adjustment rate	0.10%
Line of Credit | Minimum | SOFR
Debt Instrument
Basis spread on variable rate (percent)	1.10%
Line of Credit | Maximum | SOFR
Debt Instrument
Basis spread on variable rate (percent)	1.55%
Amended Facility Maturing August 2025 | Credit Facility
Debt Instrument
Credit facility, maximum	$ 400,000,000
Credit facility	$ 0
Unencumbered properties (percent)	60%
Amended Facility Maturing August 2025 | Credit Facility | Federal Funds Rate
Debt Instrument
Variable rate threshold (percent)	0.50%
Amended Facility Maturing August 2025 | Credit Facility | SOFR
Debt Instrument
Variable rate threshold (percent)	1.25%
Amended Facility Maturing August 2025 | Credit Facility | Minimum
Debt Instrument
Credit facility, facility fee (percent)	0.15%
Amended Facility Maturing August 2025 | Credit Facility | Maximum
Debt Instrument
Credit facility, facility fee (percent)	0.30%
Unsecured Debt | 5-Year Term Loan
Debt Instrument
Total unsecured debt	$ 100,000,000	$ 100,000,000
Unsecured Debt | 5-Year Term Loan | SOFR
Debt Instrument
Basis spread on variable rate (percent)	1.25%
Unsecured Debt | 5-Year Term Loan | Minimum | SOFR
Debt Instrument
Basis spread on variable rate (percent)	1.25%
Unsecured Debt | 5-Year Term Loan | Maximum | SOFR
Debt Instrument
Basis spread on variable rate (percent)	1.75%
Term Loan
Debt Instrument
Total unsecured debt	$ 200,000,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument
Total Unsecured Debt	$ 775,000,000	$ 775,000,000
Less: Unamortized debt issuance costs	(3,437,000)	(4,182,000)
Total debt, net	$ 771,563,000	770,818,000
SOFR | Line of Credit
Debt Instrument
Debt instrument, basis spread on variable adjustment rate	0.10%
SOFR | Minimum | Line of Credit
Debt Instrument
Basis spread on variable rate	1.10%
SOFR | Maximum | Line of Credit
Debt Instrument
Basis spread on variable rate	1.55%
Line of Credit
Debt Instrument
Total Unsecured Debt	$ 0	0
Line of Credit | SOFR
Debt Instrument
Basis spread on variable rate	1.10%
Unsecured Debt | 5-Year Term Loan
Debt Instrument
Debt term (years)	5 years
Total Unsecured Debt	$ 100,000,000	100,000,000
Interest rate	6.60%
Unsecured Debt | 5-Year Term Loan | SOFR
Debt Instrument
Basis spread on variable rate	1.25%
Unsecured Debt | 5-Year Term Loan | SOFR | Minimum
Debt Instrument
Basis spread on variable rate	1.25%
Unsecured Debt | 5-Year Term Loan | SOFR | Maximum
Debt Instrument
Basis spread on variable rate	1.75%
Unsecured Debt | 5-Year Term Loan
Debt Instrument
Debt term (years)	5 years
Total Unsecured Debt	$ 100,000,000	100,000,000
Interest rate	6.60%
Unsecured Debt | 5-Year Term Loan | SOFR
Debt Instrument
Basis spread on variable rate	1.30%
Unsecured Debt | $100M 7-Year Unsecured
Debt Instrument
Debt instrument, face amount	$ 100,000,000
Debt term (years)	7 years
Total Unsecured Debt	$ 100,000,000	100,000,000
Interest rate	3.80%
Unsecured Debt | $50M 10-Year Unsecured
Debt Instrument
Debt instrument, face amount	$ 50,000,000
Debt term (years)	10 years
Total Unsecured Debt	$ 50,000,000	50,000,000
Interest rate	4%
Unsecured Debt | $50M 12-Year Unsecured
Debt Instrument
Debt instrument, face amount	$ 50,000,000
Debt term (years)	12 years
Total Unsecured Debt	$ 50,000,000	50,000,000
Interest rate	4.70%
Unsecured Debt | $100M 7-Year Unsecured
Debt Instrument
Debt instrument, face amount	$ 100,000,000
Debt term (years)	7 years
Total Unsecured Debt	$ 100,000,000	100,000,000
Interest rate	2.40%
Unsecured Debt | $100M 10-Year Unsecured
Debt Instrument
Debt instrument, face amount	$ 100,000,000
Debt term (years)	10 years
Total Unsecured Debt	$ 100,000,000	100,000,000
Interest rate	3.10%
Unsecured Debt | $125M 10-Year Unsecured
Debt Instrument
Debt instrument, face amount	$ 125,000,000
Debt term (years)	9 years
Total Unsecured Debt	$ 125,000,000	125,000,000
Interest rate	2.40%
Unsecured Debt | $50M 9-Year Unsecured
Debt Instrument
Debt instrument, face amount	$ 50,000,000
Debt term (years)	10 years
Total Unsecured Debt	$ 50,000,000	$ 50,000,000
Interest rate	2.80%

Debt - Schedule of Principal Pa

Debt - Schedule of Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Maturities of Long-term Debt
2024	$ 100,000
2025	0
2026	50,000
2027	150,000
2028	200,000
Thereafter	275,000
Total debt	775,000
Deferred financing costs, net	(3,437)
Total debt, net	$ 771,563	$ 770,818
Weighted average interest rate	4%
Credit Facility
Maturities of Long-term Debt
2024	$ 0
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total debt	0
Deferred financing costs, net	0
Total debt, net	0
Term Loan
Maturities of Long-term Debt
2024	0
2025	0
2026	0
2027	100,000
2028	100,000
Thereafter	0
Total debt	200,000
Deferred financing costs, net	(855)
Total debt, net	$ 199,145
Weighted average interest rate	6.60%
Senior Unsecured Notes
Maturities of Long-term Debt
2024	$ 100,000
2025	0
2026	50,000
2027	50,000
2028	100,000
Thereafter	275,000
Total debt	575,000
Deferred financing costs, net	(2,582)
Total debt, net	$ 572,418
Weighted average interest rate	3.10%

Leasing (Details)

Leasing (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity
2024	$ 248,905
2025	238,909
2026	206,494
2027	157,881
2028	115,596
Thereafter	268,754
Total	$ 1,236,539

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Estimated Fair Value of Company Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Liabilities
Debt, fair value	$ 721,269	$ 700,926
Debt, carrying value	771,563	770,818
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Liabilities
Debt, fair value	0	0
Significant Other Observable Inputs (Level 2)
Liabilities
Debt, fair value	721,269	700,926
Significant Unobservable Inputs (Level 3)
Liabilities
Debt, fair value	$ 0	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details)						3 Months Ended	12 Months Ended			167 Months Ended
	Sep. 04, 2023 USD ($)	May 02, 2023 $ / shares shares	Feb. 13, 2023 USD ($) $ / shares shares	Nov. 10, 2021 USD ($) shares	Nov. 08, 2021 $ / shares shares	Dec. 31, 2023 USD ($) period $ / shares shares	Dec. 31, 2023 USD ($) period $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) period $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (in shares) | shares						400,000,000	400,000,000	400,000,000		400,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01	$ 0.01		$ 0.01
Preferred stock, authorized (in shares) | shares						100,000,000	100,000,000			100,000,000
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01	$ 0.01			$ 0.01
Weighted average offering price (in dollars per share) | $ / shares							$ 61.15	$ 61.31	$ 63.23
Net proceeds form offerings				$ 296,500,000
Total compensation to the applicable sales agents							$ 4,600,000
Issuance of common stock (in shares) | shares								1,286,125	2,569,771
Underwriting discount and offering costs				$ 3,300,000			$ 5,830	$ 1,557,000	$ 6,123,000
Shares repurchase program, authorized repurchase amount (in shares) | shares						3,000,000	3,000,000			3,000,000
Withdraw from deferred compensation plan (in shares) | shares							5,876	8,929	0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Granted (in shares) | shares							132,574	136,903	99,569
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares							$ 61.58	$ 66.35	$ 65.90
Expense							$ 6,300,000	$ 4,900,000	$ 3,600,000
Fair value of the restricted stock granted							8,200,000
Unrecognized compensation costs related to restricted stock issuances						$ 14,400,000	$ 14,400,000			$ 14,400,000
Remaining weighted average period							3 years 1 month 6 days
Minimum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares										$ 14.20
Vesting period for the restricted stock							3 years
Maximum | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares										$ 78.33
Vesting period for the restricted stock							5 years
Common Shares Held in Deferred Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award
Deposits to deferred compensation plan (in shares) | shares							96,874	150,867	136,503
2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock, shares authorized (in shares) | shares						1,898,961	1,898,961			1,898,961
Granted (in shares) | shares		12,480
Grant date fair value per share of restricted stock awards (in dollars per share) | $ / shares		$ 60.10
Expense						$ 800,000	$ 800,000
Remaining balance of shares available (in shares) | shares						500,490	500,490			500,490
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares issued (in shares) | shares							97,825
Shares issued, price per share (in dollars per share) | $ / shares						$ 58.56	$ 58.56			$ 58.56
Number of measurement periods | period						3	3			3
$500 Million ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Common stock aggregate offering price							$ 500,000,000
Common stock aggregate offering price, remaining							$ 305,800,000
Number of shares issued (in shares) | shares							5,152,279
Net proceeds form offerings							$ 310,500,000
$300 Million ATM Program
Share-based Compensation Arrangement by Share-based Payment Award
Common stock aggregate offering price	$ 300,000,000
Net proceeds form offerings								$ 77,700,000	$ 160,100,000
Total compensation to the applicable sales agents								$ 1,100,000	$ 2,400,000
IPO | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares issued (in shares) | shares			5,750,000		3,500,000
Net proceeds form offerings			$ 355,900,000
Shares issued, price per share (in dollars per share) | $ / shares			$ 62.50		$ 74.50
Underwriting discount and offering costs			$ 3,500,000
Over-Allotment Option | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Number of shares issued (in shares) | shares			750,000	525,000

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Activity (Details) - $ / shares		12 Months Ended
	May 02, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Non-vested shares outstanding at end of period (in shares)		419,057
2019 Plan
Shares
Granted (in shares)	12,480
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 60.10
Restricted Stock
Shares
Non-vested shares outstanding at beginning of period (in shares)		356,632	289,186	203,729
Granted (in shares)		132,574	136,903	99,569
Forfeited (in shares)		(6,989)	(29,391)	(776)
Vested (in shares)		(63,160)	(40,066)	(13,336)
Non-vested shares outstanding at end of period (in shares)		419,057	356,632	289,186
Weighted Average Grant Date Fair Value
Non-vested shares outstanding at beginning of period (in dollars per share)		$ 59.58	$ 55.90	$ 50.19
Granted (in dollars per share)		61.58	66.35	65.90
Forfeited (in dollars per share)		66.95	59.69	59.29
Vested (in dollars per share)		53.64	56.06	43.04
Non-vested shares outstanding at end of period (in dollars per share)		$ 60.99	$ 59.58	$ 55.90

Stockholders' Equity - Vesting

Stockholders' Equity - Vesting Schedule of the Total Non-Vested Shares of Restricted Stock Outstanding (Details)	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award
Total non-vested shares (in shares)	419,057
2024
Share-based Compensation Arrangement by Share-based Payment Award
Total non-vested shares (in shares)	116,172
2025
Share-based Compensation Arrangement by Share-based Payment Award
Total non-vested shares (in shares)	84,052
2026
Share-based Compensation Arrangement by Share-based Payment Award
Total non-vested shares (in shares)	62,146
2027
Share-based Compensation Arrangement by Share-based Payment Award
Total non-vested shares (in shares)	83,617
2028
Share-based Compensation Arrangement by Share-based Payment Award
Total non-vested shares (in shares)	73,070
Thereafter
Share-based Compensation Arrangement by Share-based Payment Award
Total non-vested shares (in shares)	0

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Certain Information With Respect to the Performance Share Awards (Details) - Amended Long Term Incentive Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Fair Value on Date of Grant	$ 29,360
Expense	6,548	$ 4,490	$ 5,289
Performance Shares | January 1, 2020 - December 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award
Fair Value on Date of Grant	4,882
Expense	0	1,168	1,858
Performance Shares | January 1, 2021 - December 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award
Fair Value on Date of Grant	4,820
Expense	1,608	1,393	1,822
Performance Shares | January 1, 2022 - December 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award
Fair Value on Date of Grant	5,789
Expense	1,928	1,929	0
Performance Shares | January 1, 2023 - December 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award
Fair Value on Date of Grant	9,040
Expense	3,012	0
Performance Shares | January 1, 2019 - December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award
Fair Value on Date of Grant	4,829
Expense	$ 0	$ 0	$ 1,609

Stockholders' Equity - Cash Div

Stockholders' Equity - Cash Dividends Paid or Payable Per Share (Details) - $ / shares	3 Months Ended							12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Dividend per share, common stock (in dollars per share)	$ 0.45	$ 0.45	$ 0.40	$ 0.40	$ 0.40	$ 0.34	$ 0.34	$ 1.70	$ 1.48	$ 1.26

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - shares	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share
Weighted average unvested restricted shares outstanding (in shares)			393,059	322,866	245,075
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share
Dilutive restricted stock awards outstanding securities not participate in losses (in shares)	0	0	0	0
Performance Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share
Dilutive restricted stock awards outstanding securities not participate in losses (in shares)			202,071	88,373	259,468

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Feb. 06, 2024 USD ($) property	Dec. 31, 2023 property
Other Commitments
Number of properties (property)		259
Third-Party Seller | Subsequent Event | Scenario, Plan
Other Commitments
Number of properties (property)	1
Payments to acquire real estate | $	$ 12

Subsequent Events (Details)

Subsequent Events (Details) $ / shares in Units, $ in Thousands			3 Months Ended							12 Months Ended
	Feb. 26, 2024 $ / shares	Jan. 05, 2024 USD ($) property	Dec. 31, 2023 property $ / shares	Sep. 30, 2023 $ / shares	Jun. 30, 2023 $ / shares	Mar. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Sep. 30, 2022 $ / shares	Jun. 30, 2022 $ / shares	Dec. 31, 2023 USD ($) property $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares
Subsequent Event
Number of properties (property) | property			259							259
Net cash paid for property acquisitions | $										$ 466,840	$ 407,558	$ 644,956
Dividends per share, common stock (in dollars per share) | $ / shares			$ 0.45	$ 0.45	$ 0.40	$ 0.40	$ 0.40	$ 0.34	$ 0.34	$ 1.70	$ 1.48	$ 1.26
Subsequent Event
Subsequent Event
Dividends per share, common stock (in dollars per share) | $ / shares	$ 0.45
Industrial Property in Bellevue, W.A | Industrial Building | Subsequent Event
Subsequent Event
Number of properties (property) | property		1
Net cash paid for property acquisitions | $		$ 6,500

Schedule III Real Estate Inve_2

Schedule III Real Estate Investments and Accumulated Depreciation - Property Holdings (Details) $ in Thousands	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	259
Initial Cost of Land	$ 1,995,494
Initial Cost of Buildings & Improvements	1,211,327
Costs Capitalized Subsequent to Acquisition	350,205
Gross carrying amount, Land	1,995,494
Gross carrying amount, Building & Improvements	1,561,532
Total	3,704,355
Accumulated Depreciation	$ 384,480	$ 323,631	$ 279,062
Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	259
Initial Cost of Land	$ 1,995,494
Initial Cost of Buildings & Improvements	1,211,327
Costs Capitalized Subsequent to Acquisition	350,205
Gross carrying amount, Land	1,995,494
Gross carrying amount, Building & Improvements	1,561,532
Total	3,557,026
Accumulated Depreciation	287,541
Real estate investment property, intangible assets
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Total	147,329
Accumulated Depreciation	$ 96,939
104th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,701
Initial Cost of Buildings & Improvements	976
Costs Capitalized Subsequent to Acquisition	206
Gross carrying amount, Land	3,701
Gross carrying amount, Building & Improvements	1,182
Total	4,883
Accumulated Depreciation	$ 233
5401 West 104th St | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 15,721
Initial Cost of Buildings & Improvements	1,463
Costs Capitalized Subsequent to Acquisition	45
Gross carrying amount, Land	15,721
Gross carrying amount, Building & Improvements	1,508
Total	17,230
Accumulated Depreciation	$ 46
139th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 21,236
Initial Cost of Buildings & Improvements	15,783
Costs Capitalized Subsequent to Acquisition	720
Gross carrying amount, Land	21,236
Gross carrying amount, Building & Improvements	16,503
Total	37,739
Accumulated Depreciation	$ 2,760
630 Glasgow | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,245
Initial Cost of Buildings & Improvements	1,855
Costs Capitalized Subsequent to Acquisition	475
Gross carrying amount, Land	2,245
Gross carrying amount, Building & Improvements	2,330
Total	4,575
Accumulated Depreciation	$ 966
747 Glasgow | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,759
Initial Cost of Buildings & Improvements	1,555
Costs Capitalized Subsequent to Acquisition	475
Gross carrying amount, Land	1,759
Gross carrying amount, Building & Improvements	2,030
Total	3,789
Accumulated Depreciation	$ 689
1150 & 1250 W. Trenton Ave | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 7,491
Initial Cost of Buildings & Improvements	2,488
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	7,491
Gross carrying amount, Building & Improvements	2,488
Total	9,979
Accumulated Depreciation	$ 168
13020 & 13030 Cerise | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 6,986
Initial Cost of Buildings & Improvements	1,371
Costs Capitalized Subsequent to Acquisition	1,536
Gross carrying amount, Land	6,986
Gross carrying amount, Building & Improvements	2,907
Total	9,895
Accumulated Depreciation	$ 118
13025 Cerise | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 6,864
Initial Cost of Buildings & Improvements	1,330
Costs Capitalized Subsequent to Acquisition	73
Gross carrying amount, Land	6,864
Gross carrying amount, Building & Improvements	1,403
Total	8,267
Accumulated Depreciation	$ 80
14611 Broadway | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,757
Initial Cost of Buildings & Improvements	1,243
Costs Capitalized Subsequent to Acquisition	1,588
Gross carrying amount, Land	4,757
Gross carrying amount, Building & Improvements	2,831
Total	7,588
Accumulated Depreciation	$ 1,428
3660 Fee Ana | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	0
Initial Cost of Land	$ 14,213
Initial Cost of Buildings & Improvements	1,147
Costs Capitalized Subsequent to Acquisition	1,211
Gross carrying amount, Land	14,213
Gross carrying amount, Building & Improvements	2,359
Total	16,572
Accumulated Depreciation	$ 116
19601 Hamilton | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 7,409
Initial Cost of Buildings & Improvements	4,072
Costs Capitalized Subsequent to Acquisition	1,881
Gross carrying amount, Land	7,409
Gross carrying amount, Building & Improvements	5,953
Total	13,362
Accumulated Depreciation	$ 2,081
8320-8400 Isis Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 14,963
Initial Cost of Buildings & Improvements	3,429
Costs Capitalized Subsequent to Acquisition	136
Gross carrying amount, Land	14,963
Gross carrying amount, Building & Improvements	3,565
Total	18,528
Accumulated Depreciation	$ 157
332 Hindry Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 6,977
Initial Cost of Buildings & Improvements	2,800
Costs Capitalized Subsequent to Acquisition	155
Gross carrying amount, Land	6,977
Gross carrying amount, Building & Improvements	2,955
Total	9,932
Accumulated Depreciation	$ 134
709 Hindry | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,105
Initial Cost of Buildings & Improvements	2,972
Costs Capitalized Subsequent to Acquisition	648
Gross carrying amount, Land	2,105
Gross carrying amount, Building & Improvements	3,620
Total	5,725
Accumulated Depreciation	$ 723
Acacia | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 5,143
Initial Cost of Buildings & Improvements	1,985
Costs Capitalized Subsequent to Acquisition	500
Gross carrying amount, Land	5,143
Gross carrying amount, Building & Improvements	2,485
Total	7,628
Accumulated Depreciation	$ 527
Anderson | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	5
Initial Cost of Land	$ 17,095
Initial Cost of Buildings & Improvements	1,271
Costs Capitalized Subsequent to Acquisition	5,436
Gross carrying amount, Land	17,095
Gross carrying amount, Building & Improvements	6,708
Total	23,803
Accumulated Depreciation	728
Aviation | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	9,544
Initial Cost of Buildings & Improvements	498
Costs Capitalized Subsequent to Acquisition	1,592
Gross carrying amount, Land	9,544
Gross carrying amount, Building & Improvements	2,090
Total	11,634
Accumulated Depreciation	$ 189
Ceres Ave | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 4,825
Initial Cost of Buildings & Improvements	2,833
Costs Capitalized Subsequent to Acquisition	57
Gross carrying amount, Land	4,825
Gross carrying amount, Building & Improvements	2,890
Total	7,715
Accumulated Depreciation	161
Dominguez | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	11,370
Initial Cost of Buildings & Improvements	1,535
Costs Capitalized Subsequent to Acquisition	3,235
Gross carrying amount, Land	11,370
Gross carrying amount, Building & Improvements	4,770
Total	16,140
Accumulated Depreciation	1,169
3091 East Coronado St | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	7,140
Initial Cost of Buildings & Improvements	464
Costs Capitalized Subsequent to Acquisition	147
Gross carrying amount, Land	7,140
Gross carrying amount, Building & Improvements	611
Total	7,751
Accumulated Depreciation	$ 48
Garfield | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	5
Initial Cost of Land	$ 27,539
Initial Cost of Buildings & Improvements	22,694
Costs Capitalized Subsequent to Acquisition	7,218
Gross carrying amount, Land	27,539
Gross carrying amount, Building & Improvements	29,912
Total	57,451
Accumulated Depreciation	$ 11,246
Gladwick | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 11,636
Initial Cost of Buildings & Improvements	5,998
Costs Capitalized Subsequent to Acquisition	341
Gross carrying amount, Land	11,636
Gross carrying amount, Building & Improvements	6,339
Total	17,975
Accumulated Depreciation	$ 665
Gramercy Place | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,846
Initial Cost of Buildings & Improvements	1,503
Costs Capitalized Subsequent to Acquisition	252
Gross carrying amount, Land	4,846
Gross carrying amount, Building & Improvements	1,756
Total	6,602
Accumulated Depreciation	$ 184
Hawthorne | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	8
Initial Cost of Land	$ 17,226
Initial Cost of Buildings & Improvements	10,069
Costs Capitalized Subsequent to Acquisition	2,394
Gross carrying amount, Land	17,226
Gross carrying amount, Building & Improvements	12,463
Total	29,689
Accumulated Depreciation	$ 2,570
Las Hermanas | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,330
Initial Cost of Buildings & Improvements	751
Costs Capitalized Subsequent to Acquisition	888
Gross carrying amount, Land	3,330
Gross carrying amount, Building & Improvements	1,639
Total	4,969
Accumulated Depreciation	$ 720
Lynwood | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 43,885
Initial Cost of Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	43,885
Gross carrying amount, Building & Improvements	0
Total	43,885
Accumulated Depreciation	$ 0
McLaren | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 7,459
Initial Cost of Buildings & Improvements	668
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	7,459
Gross carrying amount, Building & Improvements	668
Total	8,127
Accumulated Depreciation	$ 72
Manhattan Beach | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 7,874
Initial Cost of Buildings & Improvements	5,641
Costs Capitalized Subsequent to Acquisition	1,945
Gross carrying amount, Land	7,874
Gross carrying amount, Building & Improvements	7,586
Total	15,460
Accumulated Depreciation	2,338
Maple | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	9,371
Initial Cost of Buildings & Improvements	607
Costs Capitalized Subsequent to Acquisition	592
Gross carrying amount, Land	9,371
Gross carrying amount, Building & Improvements	1,199
Total	10,570
Accumulated Depreciation	250
Maple II | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	14,102
Initial Cost of Buildings & Improvements	183
Costs Capitalized Subsequent to Acquisition	495
Gross carrying amount, Land	14,102
Gross carrying amount, Building & Improvements	678
Total	14,780
Accumulated Depreciation	$ 172
Porter | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,791
Initial Cost of Buildings & Improvements	399
Costs Capitalized Subsequent to Acquisition	3
Gross carrying amount, Land	3,791
Gross carrying amount, Building & Improvements	402
Total	4,193
Accumulated Depreciation	34
San Pedro | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	7,598
Initial Cost of Buildings & Improvements	1,523
Costs Capitalized Subsequent to Acquisition	314
Gross carrying amount, Land	7,598
Gross carrying amount, Building & Improvements	1,837
Total	9,435
Accumulated Depreciation	$ 208
Santa Fe | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 37,049
Initial Cost of Buildings & Improvements	5,560
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	37,049
Gross carrying amount, Building & Improvements	5,560
Total	42,608
Accumulated Depreciation	31
Shoemaker | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	4,759
Initial Cost of Buildings & Improvements	1,099
Costs Capitalized Subsequent to Acquisition	281
Gross carrying amount, Land	4,759
Gross carrying amount, Building & Improvements	1,380
Total	6,139
Accumulated Depreciation	262
Slauson | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	4,679
Initial Cost of Buildings & Improvements	697
Costs Capitalized Subsequent to Acquisition	957
Gross carrying amount, Land	4,679
Gross carrying amount, Building & Improvements	1,654
Total	6,333
Accumulated Depreciation	269
19500 South Alameda St | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	30,176
Initial Cost of Buildings & Improvements	2,364
Costs Capitalized Subsequent to Acquisition	138
Gross carrying amount, Land	30,176
Gross carrying amount, Building & Improvements	2,502
Total	32,678
Accumulated Depreciation	$ 97
South Main | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 16,371
Initial Cost of Buildings & Improvements	7,045
Costs Capitalized Subsequent to Acquisition	17,452
Gross carrying amount, Land	16,371
Gross carrying amount, Building & Improvements	24,497
Total	40,868
Accumulated Depreciation	$ 8,793
South Main III | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 11,521
Initial Cost of Buildings & Improvements	12,467
Costs Capitalized Subsequent to Acquisition	1,062
Gross carrying amount, Land	11,521
Gross carrying amount, Building & Improvements	13,529
Total	25,050
Accumulated Depreciation	$ 2,458
Telegraph Springs | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 7,063
Initial Cost of Buildings & Improvements	7,236
Costs Capitalized Subsequent to Acquisition	667
Gross carrying amount, Land	7,063
Gross carrying amount, Building & Improvements	7,903
Total	14,966
Accumulated Depreciation	$ 1,630
Vermont | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 10,173
Initial Cost of Buildings & Improvements	7,105
Costs Capitalized Subsequent to Acquisition	848
Gross carrying amount, Land	10,173
Gross carrying amount, Building & Improvements	7,953
Total	18,126
Accumulated Depreciation	$ 1,298
Walnut II | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 6,097
Initial Cost of Buildings & Improvements	5,069
Costs Capitalized Subsequent to Acquisition	955
Gross carrying amount, Land	6,097
Gross carrying amount, Building & Improvements	6,024
Total	12,121
Accumulated Depreciation	$ 1,141
17 Madison | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 974
Initial Cost of Buildings & Improvements	1,647
Costs Capitalized Subsequent to Acquisition	771
Gross carrying amount, Land	974
Gross carrying amount, Building & Improvements	2,418
Total	3,392
Accumulated Depreciation	$ 918
22 Madison | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,365
Initial Cost of Buildings & Improvements	1,607
Costs Capitalized Subsequent to Acquisition	1,187
Gross carrying amount, Land	1,365
Gross carrying amount, Building & Improvements	2,794
Total	4,159
Accumulated Depreciation	$ 671
48th 3rd and 286 Central | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 12,061
Initial Cost of Buildings & Improvements	1,664
Costs Capitalized Subsequent to Acquisition	1,101
Gross carrying amount, Land	12,061
Gross carrying amount, Building & Improvements	2,765
Total	14,826
Accumulated Depreciation	$ 371
9th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 18,410
Initial Cost of Buildings & Improvements	5,116
Costs Capitalized Subsequent to Acquisition	4,099
Gross carrying amount, Land	18,410
Gross carrying amount, Building & Improvements	9,215
Total	27,625
Accumulated Depreciation	$ 195
49th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 21,674
Initial Cost of Buildings & Improvements	2,999
Costs Capitalized Subsequent to Acquisition	1,435
Gross carrying amount, Land	21,674
Gross carrying amount, Building & Improvements	4,434
Total	26,108
Accumulated Depreciation	$ 1,150
50 Kero | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 10,343
Initial Cost of Buildings & Improvements	3,876
Costs Capitalized Subsequent to Acquisition	4,581
Gross carrying amount, Land	10,343
Gross carrying amount, Building & Improvements	8,457
Total	18,800
Accumulated Depreciation	1,779
51 Kero | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	3,236
Initial Cost of Buildings & Improvements	589
Costs Capitalized Subsequent to Acquisition	313
Gross carrying amount, Land	3,236
Gross carrying amount, Building & Improvements	902
Total	4,138
Accumulated Depreciation	$ 89
74th North Bergen | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,933
Initial Cost of Buildings & Improvements	1,817
Costs Capitalized Subsequent to Acquisition	1,204
Gross carrying amount, Land	2,933
Gross carrying amount, Building & Improvements	3,021
Total	5,954
Accumulated Depreciation	861
81 N. Hackensack | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	25,901
Initial Cost of Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition	1,263
Gross carrying amount, Land	25,901
Gross carrying amount, Building & Improvements	1,263
Total	27,164
Accumulated Depreciation	332
85 Doremus | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	5,918
Initial Cost of Buildings & Improvements	513
Costs Capitalized Subsequent to Acquisition	26
Gross carrying amount, Land	5,918
Gross carrying amount, Building & Improvements	539
Total	6,457
Accumulated Depreciation	102
87 Doremus | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	21,595
Initial Cost of Buildings & Improvements	550
Costs Capitalized Subsequent to Acquisition	197
Gross carrying amount, Land	21,595
Gross carrying amount, Building & Improvements	747
Total	22,342
Accumulated Depreciation	32
127 Doremus | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	12,111
Initial Cost of Buildings & Improvements	430
Costs Capitalized Subsequent to Acquisition	520
Gross carrying amount, Land	12,111
Gross carrying amount, Building & Improvements	950
Total	13,061
Accumulated Depreciation	34
97 Third Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	25,580
Initial Cost of Buildings & Improvements	1,566
Costs Capitalized Subsequent to Acquisition	1,690
Gross carrying amount, Land	25,580
Gross carrying amount, Building & Improvements	3,256
Total	28,836
Accumulated Depreciation	$ 396
190 Morgan | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,363
Initial Cost of Buildings & Improvements	249
Costs Capitalized Subsequent to Acquisition	1,186
Gross carrying amount, Land	4,363
Gross carrying amount, Building & Improvements	1,435
Total	5,798
Accumulated Depreciation	$ 138
341 Michele | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,372
Initial Cost of Buildings & Improvements	4,798
Costs Capitalized Subsequent to Acquisition	1,275
Gross carrying amount, Land	2,372
Gross carrying amount, Building & Improvements	6,073
Total	8,445
Accumulated Depreciation	1,877
422 Frelinghuysen | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	16,728
Initial Cost of Buildings & Improvements	0
Costs Capitalized Subsequent to Acquisition	6,786
Gross carrying amount, Land	16,728
Gross carrying amount, Building & Improvements	6,786
Total	23,514
Accumulated Depreciation	$ 1,754
465 Meadow | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 713
Initial Cost of Buildings & Improvements	1,618
Costs Capitalized Subsequent to Acquisition	319
Gross carrying amount, Land	713
Gross carrying amount, Building & Improvements	1,937
Total	2,650
Accumulated Depreciation	$ 527
550 Delancy | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 9,230
Initial Cost of Buildings & Improvements	4,855
Costs Capitalized Subsequent to Acquisition	2,400
Gross carrying amount, Land	9,230
Gross carrying amount, Building & Improvements	7,255
Total	16,485
Accumulated Depreciation	$ 2,508
620 Division | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 6,491
Initial Cost of Buildings & Improvements	3,568
Costs Capitalized Subsequent to Acquisition	6,898
Gross carrying amount, Land	6,491
Gross carrying amount, Building & Improvements	10,466
Total	16,957
Accumulated Depreciation	$ 4,273
629 Henry | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 13,734
Initial Cost of Buildings & Improvements	1,690
Costs Capitalized Subsequent to Acquisition	394
Gross carrying amount, Land	13,734
Gross carrying amount, Building & Improvements	2,084
Total	15,818
Accumulated Depreciation	$ 61
900 Hart | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,202
Initial Cost of Buildings & Improvements	3,866
Costs Capitalized Subsequent to Acquisition	1,787
Gross carrying amount, Land	3,202
Gross carrying amount, Building & Improvements	5,653
Total	8,855
Accumulated Depreciation	$ 1,839
901 North | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 8,035
Initial Cost of Buildings & Improvements	913
Costs Capitalized Subsequent to Acquisition	881
Gross carrying amount, Land	8,035
Gross carrying amount, Building & Improvements	1,794
Total	9,829
Accumulated Depreciation	$ 764
228 North Ave | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 40,671
Initial Cost of Buildings & Improvements	5,218
Costs Capitalized Subsequent to Acquisition	1,691
Gross carrying amount, Land	40,671
Gross carrying amount, Building & Improvements	6,909
Total	47,580
Accumulated Depreciation	$ 502
256 Patterson Plank | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 9,478
Initial Cost of Buildings & Improvements	1,284
Costs Capitalized Subsequent to Acquisition	1,754
Gross carrying amount, Land	9,478
Gross carrying amount, Building & Improvements	3,038
Total	12,516
Accumulated Depreciation	335
293 Roanoke Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	11,395
Initial Cost of Buildings & Improvements	2,217
Costs Capitalized Subsequent to Acquisition	381
Gross carrying amount, Land	11,395
Gross carrying amount, Building & Improvements	2,598
Total	13,992
Accumulated Depreciation	$ 183
Avenue A | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	4
Initial Cost of Land	$ 7,516
Initial Cost of Buildings & Improvements	4,660
Costs Capitalized Subsequent to Acquisition	1,455
Gross carrying amount, Land	7,516
Gross carrying amount, Building & Improvements	6,115
Total	13,631
Accumulated Depreciation	$ 1,578
Belleville | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 12,845
Initial Cost of Buildings & Improvements	18,041
Costs Capitalized Subsequent to Acquisition	1,847
Gross carrying amount, Land	12,845
Gross carrying amount, Building & Improvements	19,888
Total	32,733
Accumulated Depreciation	$ 6,358
Commerce | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,656
Initial Cost of Buildings & Improvements	1,544
Costs Capitalized Subsequent to Acquisition	345
Gross carrying amount, Land	1,656
Gross carrying amount, Building & Improvements	1,889
Total	3,545
Accumulated Depreciation	$ 259
Dell | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 6,641
Initial Cost of Buildings & Improvements	771
Costs Capitalized Subsequent to Acquisition	888
Gross carrying amount, Land	6,641
Gross carrying amount, Building & Improvements	1,659
Total	8,300
Accumulated Depreciation	$ 545
Ethel | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 2,748
Initial Cost of Buildings & Improvements	3,801
Costs Capitalized Subsequent to Acquisition	2,643
Gross carrying amount, Land	2,748
Gross carrying amount, Building & Improvements	6,444
Total	9,192
Accumulated Depreciation	$ 2,100
Interstate | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 13,686
Initial Cost of Buildings & Improvements	12,135
Costs Capitalized Subsequent to Acquisition	13,879
Gross carrying amount, Land	13,686
Gross carrying amount, Building & Improvements	26,014
Total	39,700
Accumulated Depreciation	$ 9,109
JFK Airgate | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	4
Initial Cost of Land	$ 18,282
Initial Cost of Buildings & Improvements	32,933
Costs Capitalized Subsequent to Acquisition	9,325
Gross carrying amount, Land	18,282
Gross carrying amount, Building & Improvements	42,258
Total	60,540
Accumulated Depreciation	$ 13,641
Manor | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,076
Initial Cost of Buildings & Improvements	5,262
Costs Capitalized Subsequent to Acquisition	3,827
Gross carrying amount, Land	4,076
Gross carrying amount, Building & Improvements	9,089
Total	13,165
Accumulated Depreciation	$ 2,042
Morgan | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 71,051
Initial Cost of Buildings & Improvements	10,888
Costs Capitalized Subsequent to Acquisition	6,673
Gross carrying amount, Land	71,051
Gross carrying amount, Building & Improvements	17,561
Total	88,612
Accumulated Depreciation	$ 2,533
New Dutch | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,773
Initial Cost of Buildings & Improvements	2,004
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	4,773
Gross carrying amount, Building & Improvements	2,004
Total	6,777
Accumulated Depreciation	$ 473
Paterson Plank | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,127
Initial Cost of Buildings & Improvements	455
Costs Capitalized Subsequent to Acquisition	1,470
Gross carrying amount, Land	4,127
Gross carrying amount, Building & Improvements	1,925
Total	6,052
Accumulated Depreciation	297
Stockton | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	12,327
Initial Cost of Buildings & Improvements	1,282
Costs Capitalized Subsequent to Acquisition	536
Gross carrying amount, Land	12,327
Gross carrying amount, Building & Improvements	1,818
Total	14,145
Accumulated Depreciation	$ 723
Terminal Way | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 3,537
Initial Cost of Buildings & Improvements	3,598
Costs Capitalized Subsequent to Acquisition	1,334
Gross carrying amount, Land	3,537
Gross carrying amount, Building & Improvements	4,932
Total	8,469
Accumulated Depreciation	$ 1,358
Van Dyke | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 21,170
Initial Cost of Buildings & Improvements	3,200
Costs Capitalized Subsequent to Acquisition	202
Gross carrying amount, Land	21,170
Gross carrying amount, Building & Improvements	3,402
Total	24,574
Accumulated Depreciation	$ 20
Whelan | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 6,366
Initial Cost of Buildings & Improvements	5,704
Costs Capitalized Subsequent to Acquisition	598
Gross carrying amount, Land	6,366
Gross carrying amount, Building & Improvements	6,302
Total	12,668
Accumulated Depreciation	$ 891
Wilson | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,016
Initial Cost of Buildings & Improvements	484
Costs Capitalized Subsequent to Acquisition	813
Gross carrying amount, Land	2,016
Gross carrying amount, Building & Improvements	1,297
Total	3,313
Accumulated Depreciation	$ 535
Woodside | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 23,987
Initial Cost of Buildings & Improvements	3,796
Costs Capitalized Subsequent to Acquisition	4,092
Gross carrying amount, Land	23,987
Gross carrying amount, Building & Improvements	7,888
Total	31,875
Accumulated Depreciation	$ 1,710
20th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 18,092
Initial Cost of Buildings & Improvements	6,730
Costs Capitalized Subsequent to Acquisition	2,030
Gross carrying amount, Land	18,092
Gross carrying amount, Building & Improvements	8,760
Total	26,852
Accumulated Depreciation	$ 1,279
238/242 Lawrence | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 6,674
Initial Cost of Buildings & Improvements	2,655
Costs Capitalized Subsequent to Acquisition	2,131
Gross carrying amount, Land	6,674
Gross carrying amount, Building & Improvements	4,786
Total	11,460
Accumulated Depreciation	$ 2,258
240 Littlefield | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 5,107
Initial Cost of Buildings & Improvements	3,293
Costs Capitalized Subsequent to Acquisition	2,860
Gross carrying amount, Land	5,107
Gross carrying amount, Building & Improvements	6,153
Total	11,260
Accumulated Depreciation	$ 1,787
299 Lawrence | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,352
Initial Cost of Buildings & Improvements	1,198
Costs Capitalized Subsequent to Acquisition	571
Gross carrying amount, Land	1,352
Gross carrying amount, Building & Improvements	1,769
Total	3,121
Accumulated Depreciation	$ 781
631 Brennan | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,932
Initial Cost of Buildings & Improvements	2,245
Costs Capitalized Subsequent to Acquisition	1,040
Gross carrying amount, Land	1,932
Gross carrying amount, Building & Improvements	3,285
Total	5,217
Accumulated Depreciation	$ 1,184
3660 Thomas Road | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 43,053
Initial Cost of Buildings & Improvements	13,887
Costs Capitalized Subsequent to Acquisition	1,463
Gross carrying amount, Land	43,053
Gross carrying amount, Building & Improvements	15,349
Total	58,403
Accumulated Depreciation	$ 675
Ahern | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 3,246
Initial Cost of Buildings & Improvements	2,749
Costs Capitalized Subsequent to Acquisition	1,730
Gross carrying amount, Land	3,246
Gross carrying amount, Building & Improvements	4,479
Total	7,725
Accumulated Depreciation	$ 1,859
Ahern II | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,467
Initial Cost of Buildings & Improvements	4,527
Costs Capitalized Subsequent to Acquisition	844
Gross carrying amount, Land	2,467
Gross carrying amount, Building & Improvements	5,371
Total	7,838
Accumulated Depreciation	$ 1,430
Berryessa | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	0
Initial Cost of Land	$ 23,057
Initial Cost of Buildings & Improvements	2,574
Costs Capitalized Subsequent to Acquisition	812
Gross carrying amount, Land	23,057
Gross carrying amount, Building & Improvements	3,386
Total	26,443
Accumulated Depreciation	$ 80
Burroughs | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 5,400
Initial Cost of Buildings & Improvements	7,092
Costs Capitalized Subsequent to Acquisition	1,736
Gross carrying amount, Land	5,400
Gross carrying amount, Building & Improvements	8,828
Total	14,228
Accumulated Depreciation	$ 2,634
Caribbean | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 17,483
Initial Cost of Buildings & Improvements	14,493
Costs Capitalized Subsequent to Acquisition	2,965
Gross carrying amount, Land	17,483
Gross carrying amount, Building & Improvements	17,458
Total	34,941
Accumulated Depreciation	$ 6,097
Carlton Court | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,036
Initial Cost of Buildings & Improvements	1,475
Costs Capitalized Subsequent to Acquisition	722
Gross carrying amount, Land	2,036
Gross carrying amount, Building & Improvements	2,197
Total	4,233
Accumulated Depreciation	$ 706
Clawiter | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 5,964
Initial Cost of Buildings & Improvements	1,159
Costs Capitalized Subsequent to Acquisition	189
Gross carrying amount, Land	5,964
Gross carrying amount, Building & Improvements	1,348
Total	7,312
Accumulated Depreciation	391
East Gish | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	6,759
Initial Cost of Buildings & Improvements	726
Costs Capitalized Subsequent to Acquisition	2
Gross carrying amount, Land	6,759
Gross carrying amount, Building & Improvements	729
Total	7,487
Accumulated Depreciation	$ 67
Edison | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 14,797
Initial Cost of Buildings & Improvements	2,806
Costs Capitalized Subsequent to Acquisition	2,203
Gross carrying amount, Land	14,797
Gross carrying amount, Building & Improvements	5,008
Total	19,805
Accumulated Depreciation	$ 483
Foley Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 5,023
Initial Cost of Buildings & Improvements	3,281
Costs Capitalized Subsequent to Acquisition	632
Gross carrying amount, Land	5,023
Gross carrying amount, Building & Improvements	3,913
Total	8,935
Accumulated Depreciation	$ 314
Hotchkiss | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,163
Initial Cost of Buildings & Improvements	3,152
Costs Capitalized Subsequent to Acquisition	1,401
Gross carrying amount, Land	4,163
Gross carrying amount, Building & Improvements	4,553
Total	8,716
Accumulated Depreciation	$ 963
Hotchkiss II | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,042
Initial Cost of Buildings & Improvements	3,081
Costs Capitalized Subsequent to Acquisition	355
Gross carrying amount, Land	3,042
Gross carrying amount, Building & Improvements	3,436
Total	6,478
Accumulated Depreciation	$ 569
Merced | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	4
Initial Cost of Land	$ 25,621
Initial Cost of Buildings & Improvements	9,318
Costs Capitalized Subsequent to Acquisition	5,689
Gross carrying amount, Land	25,621
Gross carrying amount, Building & Improvements	15,007
Total	40,628
Accumulated Depreciation	$ 2,507
Michele | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,710
Initial Cost of Buildings & Improvements	2,540
Costs Capitalized Subsequent to Acquisition	822
Gross carrying amount, Land	2,710
Gross carrying amount, Building & Improvements	3,362
Total	6,072
Accumulated Depreciation	$ 706
Minnesota and Tennessee | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 34,738
Initial Cost of Buildings & Improvements	13,141
Costs Capitalized Subsequent to Acquisition	2,530
Gross carrying amount, Land	34,738
Gross carrying amount, Building & Improvements	15,671
Total	50,409
Accumulated Depreciation	$ 1,899
Morton | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	4
Initial Cost of Land	$ 65,640
Initial Cost of Buildings & Improvements	115,039
Costs Capitalized Subsequent to Acquisition	158
Gross carrying amount, Land	65,640
Gross carrying amount, Building & Improvements	115,197
Total	180,837
Accumulated Depreciation	2,384
Old Bayshore | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	10,244
Initial Cost of Buildings & Improvements	1,609
Costs Capitalized Subsequent to Acquisition	149
Gross carrying amount, Land	10,244
Gross carrying amount, Building & Improvements	1,758
Total	12,002
Accumulated Depreciation	$ 265
San Clemente | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 5,126
Initial Cost of Buildings & Improvements	3,938
Costs Capitalized Subsequent to Acquisition	782
Gross carrying amount, Land	5,126
Gross carrying amount, Building & Improvements	4,720
Total	9,846
Accumulated Depreciation	$ 716
Teagarden | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	5
Initial Cost of Land	$ 19,172
Initial Cost of Buildings & Improvements	15,221
Costs Capitalized Subsequent to Acquisition	605
Gross carrying amount, Land	19,172
Gross carrying amount, Building & Improvements	15,825
Total	34,997
Accumulated Depreciation	$ 677
Starlite | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,738
Initial Cost of Buildings & Improvements	144
Costs Capitalized Subsequent to Acquisition	2,379
Gross carrying amount, Land	3,738
Gross carrying amount, Building & Improvements	2,523
Total	6,261
Accumulated Depreciation	$ 153
West 140th | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 9,578
Initial Cost of Buildings & Improvements	6,297
Costs Capitalized Subsequent to Acquisition	3,745
Gross carrying amount, Land	9,578
Gross carrying amount, Building & Improvements	10,042
Total	19,620
Accumulated Depreciation	$ 2,380
Whitney | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 13,821
Initial Cost of Buildings & Improvements	9,016
Costs Capitalized Subsequent to Acquisition	2,706
Gross carrying amount, Land	13,821
Gross carrying amount, Building & Improvements	11,722
Total	25,543
Accumulated Depreciation	$ 2,303
Wicks | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,224
Initial Cost of Buildings & Improvements	298
Costs Capitalized Subsequent to Acquisition	86
Gross carrying amount, Land	2,224
Gross carrying amount, Building & Improvements	384
Total	2,608
Accumulated Depreciation	$ 79
Central Pacific Business Park I | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 8,468
Initial Cost of Buildings & Improvements	14,165
Costs Capitalized Subsequent to Acquisition	2,287
Gross carrying amount, Land	8,468
Gross carrying amount, Building & Improvements	16,452
Total	24,920
Accumulated Depreciation	$ 4,734
Central Pacific Business Park II | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	4
Initial Cost of Land	$ 13,642
Initial Cost of Buildings & Improvements	23,658
Costs Capitalized Subsequent to Acquisition	7,788
Gross carrying amount, Land	13,642
Gross carrying amount, Building & Improvements	31,446
Total	45,088
Accumulated Depreciation	$ 9,791
1st Ave | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 29,441
Initial Cost of Buildings & Improvements	30,537
Costs Capitalized Subsequent to Acquisition	8,835
Gross carrying amount, Land	29,441
Gross carrying amount, Building & Improvements	39,372
Total	68,812
Accumulated Depreciation	$ 3,684
33rd Place | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 10,655
Initial Cost of Buildings & Improvements	3,930
Costs Capitalized Subsequent to Acquisition	144
Gross carrying amount, Land	10,655
Gross carrying amount, Building & Improvements	4,074
Total	14,729
Accumulated Depreciation	$ 222
6th Ave South | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 7,215
Initial Cost of Buildings & Improvements	8,670
Costs Capitalized Subsequent to Acquisition	163
Gross carrying amount, Land	7,215
Gross carrying amount, Building & Improvements	8,833
Total	16,048
Accumulated Depreciation	$ 1,108
68th Kent | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 7,465
Initial Cost of Buildings & Improvements	2,263
Costs Capitalized Subsequent to Acquisition	155
Gross carrying amount, Land	7,465
Gross carrying amount, Building & Improvements	2,418
Total	9,883
Accumulated Depreciation	187
84th Kent | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	4,552
Initial Cost of Buildings & Improvements	136
Costs Capitalized Subsequent to Acquisition	283
Gross carrying amount, Land	4,552
Gross carrying amount, Building & Improvements	419
Total	4,971
Accumulated Depreciation	$ 147
117th Place NE | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 23,846
Initial Cost of Buildings & Improvements	9,842
Costs Capitalized Subsequent to Acquisition	1,242
Gross carrying amount, Land	23,846
Gross carrying amount, Building & Improvements	11,084
Total	34,930
Accumulated Depreciation	$ 850
917 Valley | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,203
Initial Cost of Buildings & Improvements	4,551
Costs Capitalized Subsequent to Acquisition	373
Gross carrying amount, Land	2,203
Gross carrying amount, Building & Improvements	4,924
Total	7,127
Accumulated Depreciation	$ 614
3401 Lind | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,999
Initial Cost of Buildings & Improvements	6,707
Costs Capitalized Subsequent to Acquisition	1,451
Gross carrying amount, Land	2,999
Gross carrying amount, Building & Improvements	8,158
Total	11,157
Accumulated Depreciation	$ 2,076
4225 2nd Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,236
Initial Cost of Buildings & Improvements	4,049
Costs Capitalized Subsequent to Acquisition	2,258
Gross carrying amount, Land	4,236
Gross carrying amount, Building & Improvements	6,307
Total	10,543
Accumulated Depreciation	$ 1,657
4930 3rd Avenue South | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,984
Initial Cost of Buildings & Improvements	2,424
Costs Capitalized Subsequent to Acquisition	1,246
Gross carrying amount, Land	3,984
Gross carrying amount, Building & Improvements	3,670
Total	7,654
Accumulated Depreciation	946
12119 East Marginal | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	4,950
Initial Cost of Buildings & Improvements	1,740
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	4,950
Gross carrying amount, Building & Improvements	1,740
Total	6,690
Accumulated Depreciation	$ 149
17600 West Valley Highway | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,361
Initial Cost of Buildings & Improvements	5,260
Costs Capitalized Subsequent to Acquisition	1,934
Gross carrying amount, Land	3,361
Gross carrying amount, Building & Improvements	7,194
Total	10,555
Accumulated Depreciation	$ 2,723
Auburn 400 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,415
Initial Cost of Buildings & Improvements	5,234
Costs Capitalized Subsequent to Acquisition	832
Gross carrying amount, Land	4,415
Gross carrying amount, Building & Improvements	6,066
Total	10,481
Accumulated Depreciation	$ 827
Auburn 1307 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,253
Initial Cost of Buildings & Improvements	5,034
Costs Capitalized Subsequent to Acquisition	718
Gross carrying amount, Land	4,253
Gross carrying amount, Building & Improvements	5,752
Total	10,005
Accumulated Depreciation	$ 1,625
Dawson | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,902
Initial Cost of Buildings & Improvements	278
Costs Capitalized Subsequent to Acquisition	435
Gross carrying amount, Land	3,902
Gross carrying amount, Building & Improvements	713
Total	4,615
Accumulated Depreciation	$ 292
Denver | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,203
Initial Cost of Buildings & Improvements	1,345
Costs Capitalized Subsequent to Acquisition	666
Gross carrying amount, Land	3,203
Gross carrying amount, Building & Improvements	2,011
Total	5,214
Accumulated Depreciation	$ 694
East Valley | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,693
Initial Cost of Buildings & Improvements	2,959
Costs Capitalized Subsequent to Acquisition	381
Gross carrying amount, Land	2,693
Gross carrying amount, Building & Improvements	3,340
Total	6,033
Accumulated Depreciation	490
East Marginal | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	2,618
Initial Cost of Buildings & Improvements	380
Costs Capitalized Subsequent to Acquisition	198
Gross carrying amount, Land	2,618
Gross carrying amount, Building & Improvements	578
Total	3,196
Accumulated Depreciation	$ 133
Hudson | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,471
Initial Cost of Buildings & Improvements	912
Costs Capitalized Subsequent to Acquisition	323
Gross carrying amount, Land	4,471
Gross carrying amount, Building & Improvements	1,235
Total	5,706
Accumulated Depreciation	$ 146
Kent 188 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,251
Initial Cost of Buildings & Improvements	4,719
Costs Capitalized Subsequent to Acquisition	2,340
Gross carrying amount, Land	3,251
Gross carrying amount, Building & Improvements	7,059
Total	10,310
Accumulated Depreciation	$ 2,668
Kent 190 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,560
Initial Cost of Buildings & Improvements	5,561
Costs Capitalized Subsequent to Acquisition	1,522
Gross carrying amount, Land	4,560
Gross carrying amount, Building & Improvements	7,083
Total	11,643
Accumulated Depreciation	$ 1,811
Kent 192 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 12,752
Initial Cost of Buildings & Improvements	20,642
Costs Capitalized Subsequent to Acquisition	533
Gross carrying amount, Land	12,752
Gross carrying amount, Building & Improvements	21,175
Total	33,927
Accumulated Depreciation	$ 2,511
Kent 202 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 5,761
Initial Cost of Buildings & Improvements	9,114
Costs Capitalized Subsequent to Acquisition	3,410
Gross carrying amount, Land	5,761
Gross carrying amount, Building & Improvements	12,524
Total	18,285
Accumulated Depreciation	$ 3,757
Kent 216 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,672
Initial Cost of Buildings & Improvements	5,408
Costs Capitalized Subsequent to Acquisition	1,145
Gross carrying amount, Land	3,672
Gross carrying amount, Building & Improvements	6,553
Total	10,225
Accumulated Depreciation	$ 1,963
Kent Corporate Park | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	4
Initial Cost of Land	$ 5,032
Initial Cost of Buildings & Improvements	6,916
Costs Capitalized Subsequent to Acquisition	2,542
Gross carrying amount, Land	5,032
Gross carrying amount, Building & Improvements	9,458
Total	14,490
Accumulated Depreciation	$ 3,065
Lucile | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 4,498
Initial Cost of Buildings & Improvements	3,504
Costs Capitalized Subsequent to Acquisition	1,674
Gross carrying amount, Land	4,498
Gross carrying amount, Building & Improvements	5,178
Total	9,676
Accumulated Depreciation	$ 1,398
Lund | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,573
Initial Cost of Buildings & Improvements	4,399
Costs Capitalized Subsequent to Acquisition	397
Gross carrying amount, Land	2,573
Gross carrying amount, Building & Improvements	4,796
Total	7,369
Accumulated Depreciation	$ 1,071
Occidental Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 12,550
Initial Cost of Buildings & Improvements	3,300
Costs Capitalized Subsequent to Acquisition	1,231
Gross carrying amount, Land	12,550
Gross carrying amount, Building & Improvements	4,531
Total	17,081
Accumulated Depreciation	$ 362
Olympic | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,499
Initial Cost of Buildings & Improvements	1,431
Costs Capitalized Subsequent to Acquisition	713
Gross carrying amount, Land	1,499
Gross carrying amount, Building & Improvements	2,144
Total	3,643
Accumulated Depreciation	843
MLK 9801 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	14,388
Initial Cost of Buildings & Improvements	1,360
Costs Capitalized Subsequent to Acquisition	429
Gross carrying amount, Land	14,208
Gross carrying amount, Building & Improvements	1,789
Total	15,997
Accumulated Depreciation	100
MLK 9845 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	14,436
Initial Cost of Buildings & Improvements	531
Costs Capitalized Subsequent to Acquisition	95
Gross carrying amount, Land	15,389
Gross carrying amount, Building & Improvements	626
Total	16,014
Accumulated Depreciation	62
MLK 9600 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	20,849
Initial Cost of Buildings & Improvements	1,395
Costs Capitalized Subsequent to Acquisition	812
Gross carrying amount, Land	20,077
Gross carrying amount, Building & Improvements	2,207
Total	22,283
Accumulated Depreciation	$ 452
NE 91st | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 7,944
Initial Cost of Buildings & Improvements	1,866
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	7,944
Gross carrying amount, Building & Improvements	1,866
Total	9,810
Accumulated Depreciation	$ 84
SeaTac 8th Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,501
Initial Cost of Buildings & Improvements	4,020
Costs Capitalized Subsequent to Acquisition	2,098
Gross carrying amount, Land	2,501
Gross carrying amount, Building & Improvements	6,118
Total	8,619
Accumulated Depreciation	$ 2,102
SE 32nd Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 9,059
Initial Cost of Buildings & Improvements	2,081
Costs Capitalized Subsequent to Acquisition	1,257
Gross carrying amount, Land	9,059
Gross carrying amount, Building & Improvements	3,338
Total	12,397
Accumulated Depreciation	$ 608
SW 16th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	0
Initial Cost of Land	$ 6,251
Initial Cost of Buildings & Improvements	2,001
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	6,251
Gross carrying amount, Building & Improvements	2,001
Total	8,252
Accumulated Depreciation	$ 143
SW 34th | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,912
Initial Cost of Buildings & Improvements	3,289
Costs Capitalized Subsequent to Acquisition	562
Gross carrying amount, Land	2,912
Gross carrying amount, Building & Improvements	3,851
Total	6,763
Accumulated Depreciation	$ 1,206
Valley Corporate | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 5,264
Initial Cost of Buildings & Improvements	9,096
Costs Capitalized Subsequent to Acquisition	2,253
Gross carrying amount, Land	5,264
Gross carrying amount, Building & Improvements	11,349
Total	16,613
Accumulated Depreciation	$ 4,567
Woodinville | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 12,490
Initial Cost of Buildings & Improvements	12,244
Costs Capitalized Subsequent to Acquisition	2
Gross carrying amount, Land	12,490
Gross carrying amount, Building & Improvements	12,246
Total	24,736
Accumulated Depreciation	$ 695
Woodinville II | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 20,941
Initial Cost of Buildings & Improvements	12,949
Costs Capitalized Subsequent to Acquisition	33
Gross carrying amount, Land	20,941
Gross carrying amount, Building & Improvements	12,982
Total	33,923
Accumulated Depreciation	687
Willows | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	3,067
Initial Cost of Buildings & Improvements	581
Costs Capitalized Subsequent to Acquisition	179
Gross carrying amount, Land	3,067
Gross carrying amount, Building & Improvements	760
Total	3,827
Accumulated Depreciation	47
8660 Willows Road | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	18,034
Initial Cost of Buildings & Improvements	2,180
Costs Capitalized Subsequent to Acquisition	1,360
Gross carrying amount, Land	18,034
Gross carrying amount, Building & Improvements	3,540
Total	21,574
Accumulated Depreciation	$ 173
26th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,444
Initial Cost of Buildings & Improvements	4,558
Costs Capitalized Subsequent to Acquisition	1,272
Gross carrying amount, Land	3,444
Gross carrying amount, Building & Improvements	5,830
Total	9,274
Accumulated Depreciation	$ 1,843
48th Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 4,322
Initial Cost of Buildings & Improvements	2,187
Costs Capitalized Subsequent to Acquisition	1,028
Gross carrying amount, Land	4,322
Gross carrying amount, Building & Improvements	3,215
Total	7,537
Accumulated Depreciation	$ 932
70th Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,434
Initial Cost of Buildings & Improvements	2,333
Costs Capitalized Subsequent to Acquisition	469
Gross carrying amount, Land	1,434
Gross carrying amount, Building & Improvements	2,802
Total	4,236
Accumulated Depreciation	$ 936
70th Avenue II | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,152
Initial Cost of Buildings & Improvements	3,418
Costs Capitalized Subsequent to Acquisition	1,043
Gross carrying amount, Land	2,152
Gross carrying amount, Building & Improvements	4,461
Total	6,613
Accumulated Depreciation	$ 1,055
70th Avenue III | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,543
Initial Cost of Buildings & Improvements	3,167
Costs Capitalized Subsequent to Acquisition	730
Gross carrying amount, Land	2,543
Gross carrying amount, Building & Improvements	3,897
Total	6,440
Accumulated Depreciation	$ 854
70th Avenue IV | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,119
Initial Cost of Buildings & Improvements	1,456
Costs Capitalized Subsequent to Acquisition	672
Gross carrying amount, Land	1,119
Gross carrying amount, Building & Improvements	2,128
Total	3,247
Accumulated Depreciation	$ 407
70th Avenue V | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 5,036
Initial Cost of Buildings & Improvements	3,419
Costs Capitalized Subsequent to Acquisition	2,455
Gross carrying amount, Land	5,036
Gross carrying amount, Building & Improvements	5,874
Total	10,910
Accumulated Depreciation	$ 911
73rd Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 6,130
Initial Cost of Buildings & Improvements	13,932
Costs Capitalized Subsequent to Acquisition	453
Gross carrying amount, Land	6,130
Gross carrying amount, Building & Improvements	14,385
Total	20,515
Accumulated Depreciation	$ 691
74th Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,327
Initial Cost of Buildings & Improvements	3,538
Costs Capitalized Subsequent to Acquisition	913
Gross carrying amount, Land	2,327
Gross carrying amount, Building & Improvements	4,451
Total	6,778
Accumulated Depreciation	$ 1,044
78th Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,445
Initial Cost of Buildings & Improvements	1,755
Costs Capitalized Subsequent to Acquisition	3,015
Gross carrying amount, Land	2,445
Gross carrying amount, Building & Improvements	4,770
Total	7,215
Accumulated Depreciation	$ 1,808
81st Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 2,938
Initial Cost of Buildings & Improvements	5,242
Costs Capitalized Subsequent to Acquisition	1,691
Gross carrying amount, Land	2,938
Gross carrying amount, Building & Improvements	6,933
Total	9,871
Accumulated Depreciation	$ 2,090
94th Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,000
Initial Cost of Buildings & Improvements	3,580
Costs Capitalized Subsequent to Acquisition	3,040
Gross carrying amount, Land	3,000
Gross carrying amount, Building & Improvements	6,620
Total	9,620
Accumulated Depreciation	$ 736
107th Avenue | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,787
Initial Cost of Buildings & Improvements	2,036
Costs Capitalized Subsequent to Acquisition	902
Gross carrying amount, Land	2,787
Gross carrying amount, Building & Improvements	2,938
Total	5,725
Accumulated Depreciation	$ 1,091
101st Road | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,647
Initial Cost of Buildings & Improvements	3,258
Costs Capitalized Subsequent to Acquisition	1,074
Gross carrying amount, Land	2,647
Gross carrying amount, Building & Improvements	4,332
Total	6,979
Accumulated Depreciation	$ 1,453
131st Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,903
Initial Cost of Buildings & Improvements	5,729
Costs Capitalized Subsequent to Acquisition	1,285
Gross carrying amount, Land	2,903
Gross carrying amount, Building & Improvements	7,014
Total	9,917
Accumulated Depreciation	$ 1,932
7045 NW 46th St | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,517
Initial Cost of Buildings & Improvements	2,261
Costs Capitalized Subsequent to Acquisition	210
Gross carrying amount, Land	2,517
Gross carrying amount, Building & Improvements	2,471
Total	4,988
Accumulated Depreciation	103
8050 NW 90th St | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
Initial Cost of Land	18,612
Initial Cost of Buildings & Improvements	2,067
Costs Capitalized Subsequent to Acquisition	3,497
Gross carrying amount, Land	18,612
Gross carrying amount, Building & Improvements	5,564
Total	24,176
Accumulated Depreciation	$ 258
12950 SW South River | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,971
Initial Cost of Buildings & Improvements	4,029
Costs Capitalized Subsequent to Acquisition	843
Gross carrying amount, Land	1,971
Gross carrying amount, Building & Improvements	4,872
Total	6,843
Accumulated Depreciation	$ 1,089
Americas Gateway | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	5
Initial Cost of Land	$ 9,088
Initial Cost of Buildings & Improvements	9,552
Costs Capitalized Subsequent to Acquisition	5,326
Gross carrying amount, Land	9,088
Gross carrying amount, Building & Improvements	14,878
Total	23,966
Accumulated Depreciation	$ 5,154
Americas Gateway 5 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,064
Initial Cost of Buildings & Improvements	4,326
Costs Capitalized Subsequent to Acquisition	390
Gross carrying amount, Land	2,064
Gross carrying amount, Building & Improvements	4,716
Total	6,780
Accumulated Depreciation	$ 312
Countyline #24 & #25 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 15,552
Initial Cost of Buildings & Improvements	27,898
Costs Capitalized Subsequent to Acquisition	6,636
Gross carrying amount, Land	15,552
Gross carrying amount, Building & Improvements	34,534
Total	50,086
Accumulated Depreciation	$ 3,260
Countyline #26 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 11,826
Initial Cost of Buildings & Improvements	24,407
Costs Capitalized Subsequent to Acquisition	4,958
Gross carrying amount, Land	11,826
Gross carrying amount, Building & Improvements	29,365
Total	41,191
Accumulated Depreciation	$ 2,397
Countyline #27 & #28 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 18,595
Initial Cost of Buildings & Improvements	49,052
Costs Capitalized Subsequent to Acquisition	9,766
Gross carrying amount, Land	18,595
Gross carrying amount, Building & Improvements	58,818
Total	77,413
Accumulated Depreciation	$ 4,436
Countyline #29 & #30 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	2
Initial Cost of Land	$ 19,370
Initial Cost of Buildings & Improvements	52,925
Costs Capitalized Subsequent to Acquisition	6,455
Gross carrying amount, Land	19,370
Gross carrying amount, Building & Improvements	59,380
Total	78,750
Accumulated Depreciation	$ 2,623
Countyline #41 | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 14,044
Initial Cost of Buildings & Improvements	31,261
Costs Capitalized Subsequent to Acquisition	385
Gross carrying amount, Land	14,044
Gross carrying amount, Building & Improvements	31,646
Total	45,690
Accumulated Depreciation	$ 53
Miami International Trade Center | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	4
Initial Cost of Land	$ 5,063
Initial Cost of Buildings & Improvements	10,958
Costs Capitalized Subsequent to Acquisition	2,791
Gross carrying amount, Land	5,063
Gross carrying amount, Building & Improvements	13,749
Total	18,812
Accumulated Depreciation	$ 3,514
25th Place NE | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 7,845
Initial Cost of Buildings & Improvements	4,932
Costs Capitalized Subsequent to Acquisition	0
Gross carrying amount, Land	7,845
Gross carrying amount, Building & Improvements	4,932
Total	12,777
Accumulated Depreciation	$ 79
75th Ave | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	5
Initial Cost of Land	$ 10,658
Initial Cost of Buildings & Improvements	18,615
Costs Capitalized Subsequent to Acquisition	6,391
Gross carrying amount, Land	10,658
Gross carrying amount, Building & Improvements	25,006
Total	35,664
Accumulated Depreciation	$ 6,880
2920 V Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,248
Initial Cost of Buildings & Improvements	1,670
Costs Capitalized Subsequent to Acquisition	1,499
Gross carrying amount, Land	2,248
Gross carrying amount, Building & Improvements	3,169
Total	5,417
Accumulated Depreciation	$ 670
3601 Pennsy | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 2,331
Initial Cost of Buildings & Improvements	4,375
Costs Capitalized Subsequent to Acquisition	1,745
Gross carrying amount, Land	2,331
Gross carrying amount, Building & Improvements	6,120
Total	8,451
Accumulated Depreciation	$ 2,005
4230 Forbes | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 1,736
Initial Cost of Buildings & Improvements	2,395
Costs Capitalized Subsequent to Acquisition	1,374
Gross carrying amount, Land	1,736
Gross carrying amount, Building & Improvements	3,769
Total	5,505
Accumulated Depreciation	$ 1,080
4501 46th Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	0
Initial Cost of Land	$ 9,576
Initial Cost of Buildings & Improvements	1,984
Costs Capitalized Subsequent to Acquisition	1,029
Gross carrying amount, Land	9,576
Gross carrying amount, Building & Improvements	3,012
Total	12,588
Accumulated Depreciation	$ 143
Business Parkway | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 3,038
Initial Cost of Buildings & Improvements	3,007
Costs Capitalized Subsequent to Acquisition	210
Gross carrying amount, Land	3,038
Gross carrying amount, Building & Improvements	3,217
Total	6,255
Accumulated Depreciation	$ 629
Eisenhower | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 36,755
Initial Cost of Buildings & Improvements	23,768
Costs Capitalized Subsequent to Acquisition	2,438
Gross carrying amount, Land	36,755
Gross carrying amount, Building & Improvements	26,206
Total	62,961
Accumulated Depreciation	$ 1,412
Hampton Overlook | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	3
Initial Cost of Land	$ 4,602
Initial Cost of Buildings & Improvements	7,521
Costs Capitalized Subsequent to Acquisition	2,234
Gross carrying amount, Land	4,602
Gross carrying amount, Building & Improvements	9,755
Total	14,357
Accumulated Depreciation	$ 2,087
Pickett | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	1
Initial Cost of Land	$ 6,256
Initial Cost of Buildings & Improvements	2,850
Costs Capitalized Subsequent to Acquisition	690
Gross carrying amount, Land	6,256
Gross carrying amount, Building & Improvements	3,540
Total	9,797
Accumulated Depreciation	$ 250
Tuxedo | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	0
Initial Cost of Land	$ 6,867
Initial Cost of Buildings & Improvements	1,266
Costs Capitalized Subsequent to Acquisition	1,157
Gross carrying amount, Land	6,867
Gross carrying amount, Building & Improvements	2,423
Total	9,290
Accumulated Depreciation	$ 155
V Street | Real estate investment property, excluding unamortized net deferred financing costs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation
No. of Bldgs. | property	6
Initial Cost of Land	$ 67,132
Initial Cost of Buildings & Improvements	41,299
Costs Capitalized Subsequent to Acquisition	19,519
Gross carrying amount, Land	67,132
Gross carrying amount, Building & Improvements	60,818
Total	127,949
Accumulated Depreciation	$ 17,251

Schedule III Real Estate Inve_3

Schedule III Real Estate Investments and Accumulated Depreciation - Summary of Activity for Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate
Balance at beginning of year	$ 3,398,774	$ 2,946,826
Acquisition of properties	512,531	422,298
Disposition of properties	(43,854)	(65,379)
Construction in progress	139,974	21,623
Improvements, net of write-offs	40,415	73,406
Balance at end of year	$ 4,047,840	$ 3,398,774

Schedule III Real Estate Inve_4

Schedule III Real Estate Investments and Accumulated Depreciation - Summary of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation
Balance at beginning of year	$ 323,631	$ 279,062
Amortization of lease intangible assets	15,008	14,253
Depreciation expense	56,765	48,771
Disposition of properties and write-offs	(10,924)	(18,455)
Balance at end of year	$ 384,480	$ 323,631