STAG Industrial (STAG) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	1-34907
Entity Registrant Name	STAG Industrial, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3099608
Entity Address, Address Line One	One Federal Street
Entity Address, Address Line Two	23rd Floor
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	574-4777
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	STAG
Security Exchange Name	NYSE
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		182,110,351
Entity Central Index Key	0001479094
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001479094
Current Fiscal Year End Date	--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Rental Property:
Land	$ 716,613,000	$ 698,633,000
Buildings and improvements, net of accumulated depreciation of $998,633 and $921,846, respectively	4,982,291,000	4,838,522,000
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively	421,560,000	435,722,000
Total rental property, net	6,120,464,000	5,972,877,000
Cash and cash equivalents	33,273,000	20,741,000
Restricted cash	1,247,000	1,127,000
Tenant accounts receivable	125,172,000	128,274,000
Prepaid expenses and other assets	80,855,000	80,455,000
Interest rate swaps	54,510,000	50,418,000
Operating lease right-of-use assets	28,598,000	29,566,000
Total assets	6,444,119,000	6,283,458,000
Liabilities:
Unsecured credit facility	127,000,000	402,000,000
Unsecured term loans, net	1,021,175,000	1,021,773,000
Unsecured notes, net	1,643,538,000	1,195,872,000
Mortgage notes, net	4,299,000	4,401,000
Accounts payable, accrued expenses and other liabilities	98,828,000	83,152,000
Tenant prepaid rent and security deposits	44,876,000	44,238,000
Dividends and distributions payable	22,936,000	22,726,000
Deferred leasing intangibles, net of accumulated amortization of $26,796 and $26,613, respectively	33,454,000	29,908,000
Operating lease liabilities	32,683,000	33,577,000
Total liabilities	3,028,789,000	2,837,647,000
Commitments and contingencies (Note 11)
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock	0	0
Common stock, par value $0.01 per share, 300,000,000 shares authorized at June 30, 2024 and December 31, 2023, 182,105,303 and 181,690,867 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	1,821,000	1,817,000
Additional paid-in capital	4,276,498,000	4,272,376,000
Cumulative dividends in excess of earnings	(987,218,000)	(948,720,000)
Accumulated other comprehensive income	53,228,000	49,207,000
Total stockholders’ equity	3,344,329,000	3,374,680,000
Noncontrolling interest	71,001,000	71,131,000
Total equity	3,415,330,000	3,445,811,000
Total liabilities and equity	$ 6,444,119,000	$ 6,283,458,000

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Building and Improvements, accumulated depreciation	$ 998,633	$ 921,846
Deferred leasing intangible assets, accumulated amortization	364,564	360,094
Deferred leasing intangible liabilities, accumulated amortization	$ 26,796	$ 26,613
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Outstanding	182,105,303	181,690,867
Common Stock, Shares, Issued	182,105,303	181,690,867

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues [Abstract]
Rental income	$ 186,467	$ 171,439	$ 373,869	$ 344,707
Other income	3,310	255	3,451	540
Total revenue	189,777	171,694	377,320	345,247
Expenses
Property	37,478	32,675	76,549	68,556
General and administrative	11,828	12,060	24,780	24,736
Depreciation and amortization	75,280	68,494	146,707	137,438
Loss on impairment	4,967	0	4,967	0
Other expenses	595	357	1,158	3,336
Total expenses	130,148	113,586	254,161	234,066
Other income (expense)
Interest and other income	14	17	25	36
Interest expense	(27,372)	(22,860)	(52,793)	(45,472)
Debt extinguishment and modification expenses	0	0	(667)	0
Gain on involuntary conversion	5,717	0	5,717	0
Gain on the sales of rental property, net	23,086	17,532	23,086	37,660
Total other income (expense)	1,445	(5,311)	(24,632)	(7,776)
Net income	61,074	52,797	98,527	103,405
Less: income attributable to noncontrolling interest	1,291	1,191	2,117	2,333
Net income attributable to STAG Industrial, Inc.	59,783	51,606	96,410	101,072
Less: amount allocated to participating securities	46	53	93	106
Net income attributable to common stockholders	$ 59,737	$ 51,553	$ 96,317	$ 100,966
Weighted average common shares outstanding — basic	181,961	179,413	181,834	179,305
Weighted average common shares outstanding — diluted	182,185	179,738	182,088	179,518
Net income per share attributable to common stockholders — basic	$ 0.33	$ 0.29	$ 0.53	$ 0.56
Net income per share attributable to common stockholders — diluted	$ 0.33	$ 0.29	$ 0.53	$ 0.56

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 61,074	$ 52,797	$ 98,527	$ 103,405
Other comprehensive income (loss):
Income (loss) on interest rate swaps	(2,967)	15,821	4,109	(191)
Other comprehensive income (loss)	(2,967)	15,821	4,109	(191)
Comprehensive income	58,107	68,618	102,636	103,214
Income attributable to noncontrolling interest	(1,291)	(1,191)	(2,117)	(2,333)
Other comprehensive (income) loss attributable to noncontrolling interest	68	(357)	(88)	4
Comprehensive income attributable to STAG Industrial, Inc.	$ 56,884	$ 67,070	$ 100,431	$ 100,885

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Dividends in excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest - Unit holders in Operating Partnership
Balance at Dec. 31, 2022	$ 3,458,181	$ 0	$ 1,792	$ 4,188,677	$ (876,145)	$ 70,500	$ 3,384,824	$ 73,357
Balance (in shares) at Dec. 31, 2022			179,248,980
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	$ 8,495		$ 3	8,492			8,495
Proceeds from sales of common stock (in shares)			249,016
Common Stock, Dividends, Per Share, Cash Paid	$ 0.74
Dividends, Common Stock					(131,905)
Dividends							(131,905)
Distribution Made to Limited Partner, Cash Distributions Declared								252
Dividends and Distributions, Net	$ (131,653)
APIC, Share-Based Payment Arrangement, Option, Increase for Cost Recognition				(1,935)
Non-cash compensation activity, net	5,622						(2,017)	7,639
Non-cash compensation activity (in shares)			83,941
Non-cash compensation activity (in excess of earnings)			$ 1		(83)
Redemption of common units to common stock			$ (1)	(1,482)			(1,483)	(1,483)
Redemption of common units to common stock (in shares)			78,834
Rebalancing of noncontrolling interest				4,835			4,835	(4,835)
Other comprehensive loss	(191)					(187)	(187)	(4)
Net income	103,405				101,072		101,072	2,333
Balance at Jun. 30, 2023	3,443,859	0	$ 1,797	4,201,551	(907,061)	70,313	3,366,600	77,259
Balance (in shares) at Jun. 30, 2023			179,660,771
Balance at Mar. 31, 2023	3,430,820	0	$ 1,794	4,188,960	(892,676)	54,849	3,352,927	77,893
Balance (in shares) at Mar. 31, 2023			179,372,871
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	$ 8,647		$ 3	8,644			8,647
Proceeds from sales of common stock (in shares)			249,016
Common Stock, Dividends, Per Share, Cash Paid	$ 0.37
Dividends, Common Stock					(65,991)
Dividends							(65,991)
Distribution Made to Limited Partner, Cash Distributions Declared								(1,564)
Dividends and Distributions, Net	$ (67,555)
Non-cash compensation activity, net	3,329			1,896			1,896	1,433
Non-cash compensation activity (in shares)			3,884
Non-cash compensation activity (in excess of earnings)			$ 0		0
Redemption of common units to common stock			$ 0	(654)			(654)	(654)
Redemption of common units to common stock (in shares)			35,000
Rebalancing of noncontrolling interest				1,397			1,397	(1,397)
Other comprehensive loss	15,821					15,464	15,464	357
Net income	52,797				51,606		51,606	1,191
Balance at Jun. 30, 2023	3,443,859	0	$ 1,797	4,201,551	(907,061)	70,313	3,366,600	77,259
Balance (in shares) at Jun. 30, 2023			179,660,771
Balance at Dec. 31, 2023	3,445,811	0	$ 1,817	4,272,376	(948,720)	49,207	3,374,680	71,131
Balance (in shares) at Dec. 31, 2023			181,690,867
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	$ (259)		$ 0	(259)			(259)
Proceeds from sales of common stock (in shares)			0
Common Stock, Dividends, Per Share, Cash Paid	$ 0.74
Dividends, Common Stock					(134,674)
Dividends							(134,674)
Distribution Made to Limited Partner, Cash Distributions Declared								(3,113)
Dividends and Distributions, Net	$ (137,787)
Non-cash compensation activity, net	4,929			(407)			(640)	5,569
Non-cash compensation activity (in shares)			69,454
Non-cash compensation activity (in excess of earnings)			$ 1		(234)
Redemption of common units to common stock			$ (3)	(6,402)			(6,405)	$ (6,405)
Redemption of common units to common stock (in shares)			344,982					0
Rebalancing of noncontrolling interest				(1,614)			(1,614)	$ 1,614
Other comprehensive loss	4,109					4,021	4,021	88
Net income	98,527				96,410		96,410	2,117
Balance at Jun. 30, 2024	3,415,330	0	$ 1,821	4,276,498	(987,218)	53,228	3,344,329	71,001
Balance (in shares) at Jun. 30, 2024			182,105,303
Balance at Mar. 31, 2024	3,423,220	0	$ 1,821	4,273,183	(979,629)	56,127	3,351,502	71,718
Balance (in shares) at Mar. 31, 2024			182,074,776
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock, net	$ (89)		$ 0	(89)			(89)
Proceeds from sales of common stock (in shares)			0
Common Stock, Dividends, Per Share, Cash Paid	$ 0.37
Dividends, Common Stock					(67,372)
Dividends							(67,372)
Distribution Made to Limited Partner, Cash Distributions Declared								(1,543)
Dividends and Distributions, Net	$ (68,915)
Non-cash compensation activity, net	3,007			2,085			2,085	922
Non-cash compensation activity (in shares)			527
Non-cash compensation activity (in excess of earnings)			$ 0		0
Redemption of common units to common stock			$ 0	(552)			(552)	(552)
Redemption of common units to common stock (in shares)			30,000
Rebalancing of noncontrolling interest				767			767	(767)
Other comprehensive loss	(2,967)					(2,899)	(2,899)	(68)
Net income	61,074				59,783		59,783	1,291
Balance at Jun. 30, 2024	$ 3,415,330	$ 0	$ 1,821	$ 4,276,498	$ (987,218)	$ 53,228	$ 3,344,329	$ 71,001
Balance (in shares) at Jun. 30, 2024			182,105,303

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 98,527	$ 103,405
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	146,707	137,438
Loss on impairment	4,967	0
Gain on involuntary conversion	5,717	0
Non-cash portion of interest expense	2,036	1,948
Amortization of above and below market leases, net	532	(192)
Straight-line rent adjustments, net	(7,531)	(9,466)
Gain on the sales of rental property, net	(23,086)	(37,660)
Non-cash compensation expense	5,871	6,404
Change in assets and liabilities:
Tenant accounts receivable	9,232	10,719
Prepaid expenses and other assets	(11,732)	(13,081)
Accounts payable, accrued expenses and other liabilities	6,953	(6,288)
Tenant prepaid rent and security deposits	638	2,996
Total adjustments	128,870	92,818
Net cash provided by operating activities	227,397	196,223
Payments for Capital Improvements	41,857	55,382
Cash flows from investing activities:
Additions of land and buildings and improvements	(250,202)	(37,425)
Payments to Acquire Other Receivables	(196)	0
Payments for (Proceeds from) Other Investing Activities	0	511
Proceeds from sales of rental property, net	75,706	69,320
Acquisition deposits, net	(400)	1,120
Acquisitions of deferred leasing intangibles	(30,662)	(3,750)
Net cash used in investing activities	(247,611)	(25,606)
Cash flows from financing activities:
Proceeds from unsecured credit facility	630,000	337,000
Repayments of Lines of Credit	(905,000)	(296,000)
Repayments of Notes Payable	0	(100,000)
Repayments of Secured Debt	(107)	(172)
Payments of Financing Costs	(3,197)	0
Proceeds from sales of common stock, net		8,532
Payments of Dividends	(137,572)	(131,420)
Repurchase and retirement of share-based compensation	(1,014)	(812)
Net cash provided by (used in) financing activities	32,866	(182,872)
Increase (decrease) in cash and cash equivalents and restricted cash	12,652	(12,255)
Cash and cash equivalents and restricted cash—beginning of period	21,868	26,789
Cash and cash equivalents and restricted cash—end of period	34,520	14,534
Supplemental disclosure:
Interest Paid, Capitalized, Investing Activities	1,259	1,000
Interest Paid, Excluding Capitalized Interest, Operating Activities	49,130	44,842
Supplemental schedule of non-cash investing and financing activities
Acquisitions of land and buildings and improvements	(2,456)	0
Acquisitions of deferred leasing intangibles	(357)	0
Additions to building and other capital improvements from involuntary conversion	(8,685)	0
Investing other receivables due to involuntary conversion of building	2,968	0
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities	(6,499)	(3,018)
Additions to building and other capital improvements from non-cash compensation	(80)	(26)
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities	(849)	(37)
Dividends and distributions payable	22,936	22,515
Proceeds from unsecured notes	450,000	$ 0
Proceeds from sales of common stock, net	$ 244

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Organization and Description of Business STAG Industrial, Inc. (the “Company”) is an industrial real estate operating company focused on the acquisition and operation of industrial properties throughout the United States. The Company was formed as a Maryland corporation and has elected to be treated and intends to continue to qualify as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of June 30, 2024 and December 31, 2023, the Company owned 97.9% and 97.9%, respectively, of the common units of the limited partnership interests in the Operating Partnership. The Company, through its wholly owned subsidiary, is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to STAG Industrial, Inc. and its consolidated subsidiaries, including the Operating Partnership, except where context otherwise requires. As of June 30, 2024, the Company owned 573 industrial buildings in 41 states with approximately 114.1 million rentable square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented. Restricted Cash The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of Cash and Cash Equivalents and Restricted Cash (in thousands) June 30, 2024 December 31, 2023 Cash and cash equivalents $ 33,273 $ 20,741 Restricted cash 1,247 1,127 Total cash and cash equivalents and restricted cash $ 34,520 $ 21,868 Uncertain Tax Positions As of June 30, 2024 and December 31, 2023, there were no liabilities for uncertain tax positions. Concentrations of Credit Risk

Rental Property

Rental Property	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Rental Property	Rental Property The following table summarizes the components of rental property, net as of June 30, 2024 and December 31, 2023. Rental Property (in thousands) June 30, 2024 December 31, 2023 Land $ 716,613 $ 698,633 Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively 4,438,474 4,330,799 Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively 41,210 39,145 Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively 365,204 369,724 Construction in progress 137,403 98,854 Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively 421,560 435,722 Total rental property, net $ 6,120,464 $ 5,972,877 Acquisitions The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Cincinnati, OH March 18, 2024 697,500 1 $ 50,073 Three months ended March 31, 2024 697,500 1 50,073 Milwaukee, WI April 8, 2024 150,002 1 16,062 Portland, OR April 15, 2024 99,136 1 17,058 Louisville, IN April 16, 2024 592,800 1 52,352 Portland, OR (2) June 6, 2024 — — 8,178 El Paso, TX June 10, 2024 254,103 1 32,182 Chicago, IL June 24, 2024 947,436 5 87,560 Columbus, OH June 26, 2024 150,207 1 20,408 Three Months ended June 30, 2024 2,193,684 10 233,800 Six months ended June 30, 2024 2,891,184 11 $ 283,873 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel. The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Six Months Ended June 30, 2024 Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 25,628 N/A Buildings 211,995 N/A Tenant improvements 2,997 N/A Building and land improvements 10,255 N/A Construction in progress 1,783 N/A Other assets 196 N/A Deferred leasing intangibles - In-place leases 23,919 5.3 Deferred leasing intangibles - Tenant relationships 14,934 9.2 Deferred leasing intangibles - Above market leases 51 1.7 Deferred leasing intangibles - Below market leases (7,885) 6.1 Total purchase price $ 283,873 Dispositions The following table summarizes the Company’s dispositions during the six months ended June 30, 2024. All of the dispositions were sold to third parties and were accounted for under the full accrual method. Sales of rental property, net (dollars in thousands) Six months ended June 30, 2024 Number of buildings 7 Building square feet (in millions) 1.1 Proceeds from sales of rental property, net $ 75,706 Net book value $ 52,620 Gain on the sales of rental property, net (1) $ 23,086 (1) Inclusive of a loss on the sale of rental property, net, of approximately $2.0 million. The following table summarizes the results of operations for the three and six months ended June 30, 2024 and 2023 for the buildings sold during the six months ended June 30, 2024, which are included in the Company’s Consolidated Statements of Operations prior to the date of sale. Three months ended June 30, Six months ended June 30, Sales of rental property, net (dollars in thousands) 2024 2023 2024 2023 Sold buildings contribution to net income (loss) (1) $ (93) $ 1,111 $ 319 $ 1,664 (1) Exclusive of gain on the sales of rental property, net. Loss on Impairment The following table summarizes the Company’s loss on impairment for assets held and used during the three and six months ended June 30, 2024. The Company did not recognize a loss on impairment during the three and six months ended June 30, 2023. Market (1) Buildings Event or Change in Circumstance Leading to Impairment Evaluation (2) Valuation Technique Utilized to Estimate Fair Value Fair Value (3) Loss on Impairment (in thousands) Salt Lake City, UT 1 Change in estimated hold period Discounted cash flows (4) $ 21,827 $ 4,967 Three and six months ended June 30, 2024 $ 4,967 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company tested the asset group for impairment utilizing a probability weighted recovery analysis of certain scenarios, and it was determined that the carrying value of the property and intangibles were not recoverable from the estimated future undiscounted cash flows. (3) The estimated fair value of the property is based on Level 3 inputs and is a non-recurring fair value measurement. Level 3 is defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. (4) Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%. Involuntary Conversion During the six months ended June 30, 2024, the approximately $3.0 million receivable at December 31, 2023 from the insurance coverage related to the involuntary conversion event that occurred in December 2023 was relieved and exchanged for improvements made to the building and included as non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. During the three and six months ended June 30, 2024, the Company recognized a gain on involuntary conversion of approximately $5.7 million. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 76,670 $ (37,203) $ 39,467 $ 79,946 $ (35,698) $ 44,248 Other intangible lease assets 709,454 (327,361) 382,093 715,870 (324,396) 391,474 Total deferred leasing intangible assets $ 786,124 $ (364,564) $ 421,560 $ 795,816 $ (360,094) $ 435,722 Below market leases $ 60,250 $ (26,796) $ 33,454 $ 56,521 $ (26,613) $ 29,908 Total deferred leasing intangible liabilities $ 60,250 $ (26,796) $ 33,454 $ 56,521 $ (26,613) $ 29,908 The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2024 2023 2024 2023 Net increase (decrease) to rental income related to above and below market lease amortization $ (840) $ 57 $ (543) $ 181 Amortization expense related to other intangible lease assets $ 25,142 $ 21,858 $ 47,216 $ 44,303
Asset Acquisition	Acquisitions The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Cincinnati, OH March 18, 2024 697,500 1 $ 50,073 Three months ended March 31, 2024 697,500 1 50,073 Milwaukee, WI April 8, 2024 150,002 1 16,062 Portland, OR April 15, 2024 99,136 1 17,058 Louisville, IN April 16, 2024 592,800 1 52,352 Portland, OR (2) June 6, 2024 — — 8,178 El Paso, TX June 10, 2024 254,103 1 32,182 Chicago, IL June 24, 2024 947,436 5 87,560 Columbus, OH June 26, 2024 150,207 1 20,408 Three Months ended June 30, 2024 2,193,684 10 233,800 Six months ended June 30, 2024 2,891,184 11 $ 283,873 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Disclosure	Debt The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2024 and December 31, 2023. Indebtedness (dollars in thousands) June 30, 2024 December 31, 2023 Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 127,000 $ 402,000 Term SOFR + 0.875% October 23, 2026 i Total unsecured credit facility 127,000 402,000 Unsecured term loans: Unsecured Term Loan G 300,000 300,000 1.80 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.16 % March 15, 2027 i Unsecured Term Loan H 187,500 187,500 3.35 % January 25, 2028 i Unsecured Term Loan I 187,500 187,500 3.51 % January 25, 2028 i Unsecured Term Loan F (5) 200,000 200,000 2.96 % March 23, 2029 i Total unsecured term loans 1,025,000 1,025,000 Total unamortized deferred financing fees and debt issuance costs (3,825) (3,227) Total carrying value unsecured term loans, net 1,021,175 1,021,773 Unsecured notes: Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series L Unsecured Notes 175,000 — 6.05 % May 28, 2029 ii Series M Unsecured Notes 125,000 — 6.17 % May 28, 2031 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 400,000 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Series N Unsecured Notes 150,000 — 6.30 % May 28, 2034 ii Total unsecured notes 1,650,000 1,200,000 Total unamortized deferred financing fees and debt issuance costs (6,462) (4,128) Total carrying value unsecured notes, net 1,643,538 1,195,872 Mortgage notes (secured debt): United of Omaha Life Insurance Company 4,430 4,537 3.71 % October 1, 2039 ii Total mortgage notes 4,430 4,537 Net unamortized fair market value discount (131) (136) Total carrying value mortgage notes, net 4,299 4,401 Total / weighted average interest rate (6) $ 2,796,012 $ 2,624,046 3.92 % (1) Interest rate as of June 30, 2024. At June 30, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 5.33717%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of June 30, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%. (3) Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty. (4) The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.4 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly. (5) The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The aggregate undrawn nominal commitment on the unsecured credit facility as of June 30, 2024 was approximately $869.6 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $16.0 million and $14.6 million as of June 30, 2024 and December 31, 2023, respectively, and is included in accounts payable, accrued expenses and other liabilities on the accompanying Consolidated Balance Sheets. The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Costs Included in Interest Expense (in thousands) 2024 2023 2024 2023 Amortization of deferred financing fees and debt issuance costs and fair market value discounts $ 1,052 $ 972 $ 2,036 $ 1,948 Facility, unused, and other fees $ 439 $ 437 $ 878 $ 872 Debt Activity On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on the Company’s unsecured credit facility and each of the unsecured term loans ended in accordance with the respective loan agreements. On March 25, 2024, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions (discussed below), that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the loan agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the loan agreement), less a sustainability-related adjustment. As of March 25, 2024, the Unsecured Term Loan F had a stated annual interest rate equal to the one-month Term SOFR, which includes an adjustment of 0.10%, plus a spread of 0.85%, less a sustainability-related adjustment of 0.02%. Other than the maturity and interest rate provisions described above, the material terms remain unchanged. The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125% of the outstanding amount on the effective day of each extension period. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan F, the Company intended to exercise both extension options. In connection with the amended loan agreement, the Company incurred approximately $1.2 million in costs which are being deferred, including approximately $0.5 million of accrued extension fees, and are being amortized through the extended maturity date of March 23, 2029. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. On March 13, 2024, the Company entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, the Operating Partnership issued all of the notes under the March 2024 NPA. Financial Covenant Considerations The Company was in compliance with all such applicable restrictions and financial and other covenants as of June 30, 2024 and December 31, 2023 related to its unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes. The real estate net book value of the properties that are collateral for the Company’s debt arrangements was approximately $7.4 million and $7.5 million at June 30, 2024 and December 31, 2023, respectively, and is limited to senior, property-level secured debt financing arrangements. Fair Value of Debt The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 127,000 $ 127,000 $ 402,000 $ 402,000 Unsecured term loans 1,025,000 1,025,000 1,025,000 1,025,000 Unsecured notes 1,650,000 1,524,610 1,200,000 1,074,003 Mortgage notes 4,430 3,290 4,537 3,535 Total principal amount 2,806,430 $ 2,679,900 2,631,537 $ 2,504,538 Net unamortized fair market value discount (131) (136) Total unamortized deferred financing fees and debt issuance costs (10,287) (7,355) Total carrying value $ 2,796,012 $ 2,624,046 The applicable fair value guidance establishes a three tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value of the Company’s debt is based on Level 3 inputs.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company’s use of derivative instruments is limited to the utilization of interest rate swaps to manage interest rate risk exposure on existing and future liabilities and not for speculative purposes. The principal objective of such arrangements is to minimize the risks and related costs associated with the Company’s operating and financial structure. During the six months ended June 30, 2024, the Company entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98%, effective January 15, 2025 and mature on March 25, 2027 and were designated as cash flow hedges. As of June 30, 2024, the Company had 21 interest rate swaps, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of June 30, 2024 and December 31, 2023. Balance Sheet Line Item (in thousands) Cuurent Notional Amount June 30, 2024 Fair Value June 30, 2024 Current Notional Amount December 31, 2023 Fair Value December 31, 2023 Interest rate swaps-gross asset $ 1,025,000 $ 54,510 $ 1,025,000 $ 50,418 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate swaps are to add stability to interest expense and to manage its exposure to interest rate movements. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $30.5 million will be reclassified from accumulated other comprehensive income as a decrease to interest expense over the next 12 months. The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Effect of Cash Flow Hedge Accounting (in thousands) 2024 2023 2024 2023 Income recognized in accumulated other comprehensive income on interest rate swaps $ 6,351 $ 24,168 $ 22,756 $ 15,626 Income reclassified from accumulated other comprehensive income into income as interest expense $ 9,318 $ 8,347 $ 18,647 $ 15,817 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 27,372 $ 22,860 $ 52,793 $ 45,472 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of June 30, 2024, the Company had not breached the provisions of these agreements and had not posted any collateral related to these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value. Fair Value of Interest Rate Swaps The Company’s valuation of the interest rate swaps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs including interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of June 30, 2024 and December 31, 2023, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2024 and December 31, 2023. Fair Value Measurements as of June 30, 2024 Using Balance Sheet Line Item (in thousands) Fair Value June 30, 2024 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 54,510 $ — $ 54,510 $ — Fair Value Measurements as of December 31, 2023 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2023 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 50,418 $ — $ 50,418 $ —

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Equity	Equity Preferred Stock The Company is authorized to issue up to 20,000,000 shares of preferred stock, par value $0.01 per share. As of June 30, 2024 and December 31, 2023, there were no shares of preferred stock issued or outstanding. Common Stock The Company is authorized to issue up to 300,000,000 shares of common stock, par value $0.01 per share. The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2024. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of June 30, 2024 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 606,831 On April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. Restricted Stock-Based Compensation The Company granted restricted shares of common stock under the 2011 Plan on January 8, 2024 to certain employees of the Company, which will vest over four years in equal installments on January 1 of each year beginning on January 1, 2025, subject to the recipient’s continued employment. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the six months ended June 30, 2024. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2023 144,032 $ 35.73 Granted 41,911 $ 38.92 Vested (1) (59,232) $ 34.51 Forfeited (4,448) $ 38.51 Balance at June 30, 2024 122,263 $ 37.31 (1) The Company repurchased and retired 21,151 restricted shares of common stock that vested during the six months ended June 30, 2024. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at June 30, 2024 was approximately $3.4 million and is expected to be recognized over a weighted average period of approximately 2.4 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Vested Restricted Shares of Common Stock 2024 2023 2024 2023 Vested restricted shares of common stock — — 59,232 68,625 Fair value of vested restricted shares of common stock (in thousands) $ — $ — $ 2,325 $ 2,217

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2024. Noncontrolling Interest LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2023 2,361,920 1,467,718 3,829,638 2.1 % Granted/Issued 381,517 — 381,517 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (344,982) 344,982 — N/A Redemptions from Other Common Units to common stock — (344,982) (344,982) N/A Balance at June 30, 2024 2,398,455 1,467,718 3,866,173 2.1 % LTIP Units The Company granted LTIP units under the 2011 Plan on January 8, 2024 to non-employee, independent directors, which will vest on January 1, 2025, subject to the recipient’s continued service. The Company granted LTIP units under the 2011 Plan on January 8, 2024 to certain executive officers and senior employees of the Company, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2024, subject to the recipient’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted on January 8, 2024 pursuant to the 2021 performance units. The fair value of the LTIP units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units are based on Level 3 inputs and non-recurring fair value measurements. The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8). LTIP Units Grant date January 8, 2024 Expected term (years) 10 Expected stock price volatility 25.0 % Expected dividend yield 4.0 % Risk-free interest rate 4.11 % Fair value of LTIP units at issuance (in thousands) $ 4,597 LTIP units at issuance 124,235 Fair value unit price per LTIP unit at issuance $ 37.00 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2024. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2023 176,926 $ 34.25 Granted 381,517 $ 37.00 Vested (318,868) $ 36.33 Forfeited — $ — Balance at June 30, 2024 239,575 $ 35.86 The unrecognized compensation expense associated with the Company’s LTIP units at June 30, 2024 was approximately $6.1 million and is expected to be recognized over a weighted average period of approximately 2.6 years. The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Vested LTIP units 2024 2023 2024 2023 Vested LTIP units 17,599 23,472 318,868 235,702 Fair value of vested LTIP units (in thousands) $ 635 $ 839 $ 12,255 $ 7,862

Equity Incentive Plan

Equity Incentive Plan	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan On January 8, 2024, the compensation committee of the board of directors approved and the Company granted performance units under the 2011 Plan to the executive officers and certain key employees of the Company. The terms of the performance units granted on January 8, 2024 are substantially the same as the terms of the performance units granted in January 2023, except that the measuring period commenced on January 1, 2024 and ends on December 31, 2026. The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the vesting period. The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2024. Performance Units Grant date January 8, 2024 Expected stock price volatility 24.5 % Expected dividend yield 4.0 % Risk-free interest rate 4.113 % Fair value of performance units grant (in thousands) $ 6,502 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year performance period. On December 31, 2023, the measuring period for the 2021 performance units concluded, and it was determined that the Company’s TSR exceeded the threshold percentage and return hurdle. The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the six months ended June 30, 2024. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2021 Performance Units Measuring period conclusion date December 31, 2023 Issuance date January 8, 2024 Vested LTIP units 257,282 Vested shares of common stock 49,106 Shares of common stock repurchased and retired 4,716 The unrecognized compensation expense associated with the Company’s performance units at June 30, 2024 was approximately $8.9 million and is expected to be recognized over a weighted average period of approximately 2.0 years. Non-cash Compensation Expense The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2024 2023 2024 2023 Restricted shares of common stock $ 457 $ 516 $ 932 $ 1,025 LTIP units 923 1,414 1,822 2,742 Performance units 1,399 1,235 2,756 2,354 Director compensation (1) 174 128 351 264 Total non-cash compensation expense $ 2,953 $ 3,293 $ 5,861 $ 6,385 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date.

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Rental Income (in thousands) 2024 2023 2024 2023 Fixed lease payments $ 144,278 $ 133,164 $ 286,389 $ 264,250 Variable lease payments 38,218 33,723 80,407 70,669 Straight-line rental income 4,811 4,495 7,616 9,607 Net increase (decrease) to rental income related to above and below market lease amortization (840) 57 (543) 181 Total rental income $ 186,467 $ 171,439 $ 373,869 $ 344,707 As of June 30, 2024 and December 31, 2023, the Company had accrued rental income of approximately $112.0 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $22.2 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2024. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2024 $ 294,666 2025 $ 563,989 2026 $ 487,155 2027 $ 399,884 2028 $ 328,734 Thereafter $ 788,004 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.8 years to 46.2 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. Operating Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term (years) 31.9 31.6 Weighted average discount rate 6.8 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Operating Lease Cost (in thousands) 2024 2023 2024 2023 Operating lease cost included in property expense attributable to ground leases $ 616 $ 618 $ 1,232 $ 1,236 Operating lease cost included in general and administrative expense attributable to corporate office leases 431 434 861 871 Total operating lease cost $ 1,047 $ 1,052 $ 2,093 $ 2,107 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. Six months ended June 30, Operating Leases (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,978 $ 1,933 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 141 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2024 $ 1,997 2025 4,022 2026 3,014 2027 2,023 2028 2,064 Thereafter 79,898 Total lease payments 93,018 Less: Imputed interest (60,335) Present value of operating lease liabilities $ 32,683 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
Leases	Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Rental Income (in thousands) 2024 2023 2024 2023 Fixed lease payments $ 144,278 $ 133,164 $ 286,389 $ 264,250 Variable lease payments 38,218 33,723 80,407 70,669 Straight-line rental income 4,811 4,495 7,616 9,607 Net increase (decrease) to rental income related to above and below market lease amortization (840) 57 (543) 181 Total rental income $ 186,467 $ 171,439 $ 373,869 $ 344,707 As of June 30, 2024 and December 31, 2023, the Company had accrued rental income of approximately $112.0 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of June 30, 2024 and December 31, 2023, the Company’s total liability associated with lease security deposits was approximately $22.2 million and $21.8 million, respectively, which is included in tenant prepaid rent and security deposits on the accompanying Consolidated Balance Sheets. The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2024. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2024 $ 294,666 2025 $ 563,989 2026 $ 487,155 2027 $ 399,884 2028 $ 328,734 Thereafter $ 788,004 Lessee Leases The Company has operating leases in which it is the lessee for its ground leases and corporate office leases. These leases have remaining lease terms of approximately 1.8 years to 46.2 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. Operating Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term (years) 31.9 31.6 Weighted average discount rate 6.8 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Operating Lease Cost (in thousands) 2024 2023 2024 2023 Operating lease cost included in property expense attributable to ground leases $ 616 $ 618 $ 1,232 $ 1,236 Operating lease cost included in general and administrative expense attributable to corporate office leases 431 434 861 871 Total operating lease cost $ 1,047 $ 1,052 $ 2,093 $ 2,107 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. Six months ended June 30, Operating Leases (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,978 $ 1,933 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 141 The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2024 $ 1,997 2025 4,022 2026 3,014 2027 2,023 2028 2,064 Thereafter 79,898 Total lease payments 93,018 Less: Imputed interest (60,335) Present value of operating lease liabilities $ 32,683 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share During the three and six months ended June 30, 2024 and 2023, there were 125,389, 144,032, 124,492 and 141,699 of unvested restricted shares of common stock (on a weighted average basis), respectively, that were considered participating securities for the purposes of computing earnings per share. The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Earnings Per Share (in thousands, except per share data) 2024 2023 2024 2023 Numerator Net income attributable to common stockholders $ 59,737 $ 51,553 $ 96,317 $ 100,966 Denominator Weighted average common shares outstanding — basic 181,961 179,413 181,834 179,305 Effect of dilutive securities (1) Share-based compensation 224 318 253 210 Shares issuable under forward sales agreements — 7 1 3 Weighted average common shares outstanding — diluted 182,185 179,738 182,088 179,518 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.33 $ 0.29 $ 0.53 $ 0.56 Net income per share attributable to common stockholders — diluted $ 0.33 $ 0.29 $ 0.53 $ 0.56 (1) During the three and six months ended June 30, 2024 and 2023, there were approximately 125, 144, 124 and 142

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are generally covered by insurance subject to deductible requirements. Management believes that the ultimate settlement of these actions will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events There were no recognized or non-recognized subsequent events.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 59,783	$ 51,606	$ 96,410	$ 101,072

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Quarterly Financial Information	Interim Financial Information The accompanying interim financial statements have been presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying interim financial statements include all adjustments, consisting of normal recurring items, necessary for their fair statement in conformity with GAAP. Interim results are not necessarily indicative of results for a full year. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of Cash and Cash Equivalents and Restricted Cash (in thousands) June 30, 2024 December 31, 2023 Cash and cash equivalents $ 33,273 $ 20,741 Restricted cash 1,247 1,127 Total cash and cash equivalents and restricted cash $ 34,520 $ 21,868

Rental Property (Tables)

Rental Property (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table summarizes the components of rental property, net as of June 30, 2024 and December 31, 2023. Rental Property (in thousands) June 30, 2024 December 31, 2023 Land $ 716,613 $ 698,633 Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively 4,438,474 4,330,799 Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively 41,210 39,145 Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively 365,204 369,724 Construction in progress 137,403 98,854 Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively 421,560 435,722 Total rental property, net $ 6,120,464 $ 5,972,877
Asset Acquisition	The following table summarizes the Company’s acquisitions during the three and six months ended June 30, 2024. The Company accounted for all of its acquisitions as asset acquisitions. Market (1) Date Acquired Square Feet Number of Buildings Purchase Price (in thousands) Cincinnati, OH March 18, 2024 697,500 1 $ 50,073 Three months ended March 31, 2024 697,500 1 50,073 Milwaukee, WI April 8, 2024 150,002 1 16,062 Portland, OR April 15, 2024 99,136 1 17,058 Louisville, IN April 16, 2024 592,800 1 52,352 Portland, OR (2) June 6, 2024 — — 8,178 El Paso, TX June 10, 2024 254,103 1 32,182 Chicago, IL June 24, 2024 947,436 5 87,560 Columbus, OH June 26, 2024 150,207 1 20,408 Three Months ended June 30, 2024 2,193,684 10 233,800 Six months ended June 30, 2024 2,891,184 11 $ 283,873 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition	The following table summarizes the allocation of the consideration paid at the date of acquisition during the six months ended June 30, 2024 for the acquired assets and liabilities in connection with the acquisitions identified in the table above. Six Months Ended June 30, 2024 Acquired Assets and Liabilities Purchase Price (in thousands) Weighted Average Amortization Period (years) of Intangibles at Acquisition Land $ 25,628 N/A Buildings 211,995 N/A Tenant improvements 2,997 N/A Building and land improvements 10,255 N/A Construction in progress 1,783 N/A Other assets 196 N/A Deferred leasing intangibles - In-place leases 23,919 5.3 Deferred leasing intangibles - Tenant relationships 14,934 9.2 Deferred leasing intangibles - Above market leases 51 1.7 Deferred leasing intangibles - Below market leases (7,885) 6.1 Total purchase price $ 283,873
Schedule of Finite-Lived Intangible Assets and Below Market Leases	The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 76,670 $ (37,203) $ 39,467 $ 79,946 $ (35,698) $ 44,248 Other intangible lease assets 709,454 (327,361) 382,093 715,870 (324,396) 391,474 Total deferred leasing intangible assets $ 786,124 $ (364,564) $ 421,560 $ 795,816 $ (360,094) $ 435,722 Below market leases $ 60,250 $ (26,796) $ 33,454 $ 56,521 $ (26,613) $ 29,908 Total deferred leasing intangible liabilities $ 60,250 $ (26,796) $ 33,454 $ 56,521 $ (26,613) $ 29,908 The following table summarizes the net increase to rental income and amortization expense for the amortization of deferred leasing intangibles during the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Deferred Leasing Intangibles Amortization (in thousands) 2024 2023 2024 2023 Net increase (decrease) to rental income related to above and below market lease amortization $ (840) $ 57 $ (543) $ 181 Amortization expense related to other intangible lease assets $ 25,142 $ 21,858 $ 47,216 $ 44,303

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Summary of the mortgage notes payable, unsecured term loans and credit facility	The following table summarizes the Company’s outstanding indebtedness, including borrowings under the Company’s unsecured credit facility, unsecured term loans, unsecured notes, and mortgage notes as of June 30, 2024 and December 31, 2023. Indebtedness (dollars in thousands) June 30, 2024 December 31, 2023 Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 127,000 $ 402,000 Term SOFR + 0.875% October 23, 2026 i Total unsecured credit facility 127,000 402,000 Unsecured term loans: Unsecured Term Loan G 300,000 300,000 1.80 % February 5, 2026 i Unsecured Term Loan A 150,000 150,000 2.16 % March 15, 2027 i Unsecured Term Loan H 187,500 187,500 3.35 % January 25, 2028 i Unsecured Term Loan I 187,500 187,500 3.51 % January 25, 2028 i Unsecured Term Loan F (5) 200,000 200,000 2.96 % March 23, 2029 i Total unsecured term loans 1,025,000 1,025,000 Total unamortized deferred financing fees and debt issuance costs (3,825) (3,227) Total carrying value unsecured term loans, net 1,021,175 1,021,773 Unsecured notes: Series A Unsecured Notes 50,000 50,000 4.98 % October 1, 2024 ii Series D Unsecured Notes 100,000 100,000 4.32 % February 20, 2025 ii Series G Unsecured Notes 75,000 75,000 4.10 % June 13, 2025 ii Series B Unsecured Notes 50,000 50,000 4.98 % July 1, 2026 ii Series C Unsecured Notes 80,000 80,000 4.42 % December 30, 2026 ii Series E Unsecured Notes 20,000 20,000 4.42 % February 20, 2027 ii Series H Unsecured Notes 100,000 100,000 4.27 % June 13, 2028 ii Series L Unsecured Notes 175,000 — 6.05 % May 28, 2029 ii Series M Unsecured Notes 125,000 — 6.17 % May 28, 2031 ii Series I Unsecured Notes 275,000 275,000 2.80 % September 29, 2031 ii Series K Unsecured Notes 400,000 400,000 4.12 % June 28, 2032 ii Series J Unsecured Notes 50,000 50,000 2.95 % September 28, 2033 ii Series N Unsecured Notes 150,000 — 6.30 % May 28, 2034 ii Total unsecured notes 1,650,000 1,200,000 Total unamortized deferred financing fees and debt issuance costs (6,462) (4,128) Total carrying value unsecured notes, net 1,643,538 1,195,872 Mortgage notes (secured debt): United of Omaha Life Insurance Company 4,430 4,537 3.71 % October 1, 2039 ii Total mortgage notes 4,430 4,537 Net unamortized fair market value discount (131) (136) Total carrying value mortgage notes, net 4,299 4,401 Total / weighted average interest rate (6) $ 2,796,012 $ 2,624,046 3.92 % (1) Interest rate as of June 30, 2024. At June 30, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 5.33717%. The current interest rate is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The spread over the applicable rate for the Company’s unsecured credit facility and unsecured term loans is based on the Company’s debt rating and leverage ratio, as defined in the respective loan agreements. (2) The unsecured credit facility has a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.775%. The unsecured term loans have a stated interest rate of one-month Term SOFR plus a 0.10% adjustment and a spread of 0.85%. As of June 30, 2024, one-month Term SOFR for the Unsecured Term Loans A, F, G, H, and I was swapped to a fixed rate of 1.31%, 2.11%, 0.95%, 2.50%, and 2.66%, respectively (which includes the 0.10% adjustment). The Unsecured Term Loan F provides for the election of Daily Simple Secured Overnight Financing Rate (“Daily SOFR”), and effective January 15, 2025, Daily SOFR will be swapped to a fixed rate of 3.98%. (3) Prepayment terms consist of (i) pre-payable with no penalty; and (ii) pre-payable with penalty. (4) The capacity of the unsecured credit facility is $1.0 billion. Deferred financing fees and debt issuance costs, net of accumulated amortization related to the unsecured credit facility of approximately $2.4 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, respectively. The initial maturity date is October 24, 2025, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each six-month option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. The Company is required to pay a facility fee on the aggregate commitment amount (currently $1.0 billion) at a rate per annum of 0.1% to 0.3%, depending on the Company’s debt rating, as defined in the credit agreement. The facility fee is due and payable quarterly. (5) The initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
Interest Income and Interest Expense Disclosure [Table Text Block]	The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Costs Included in Interest Expense (in thousands) 2024 2023 2024 2023 Amortization of deferred financing fees and debt issuance costs and fair market value discounts $ 1,052 $ 972 $ 2,036 $ 1,948 Facility, unused, and other fees $ 439 $ 437 $ 878 $ 872
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value	The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of June 30, 2024 and December 31, 2023. June 30, 2024 December 31, 2023 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 127,000 $ 127,000 $ 402,000 $ 402,000 Unsecured term loans 1,025,000 1,025,000 1,025,000 1,025,000 Unsecured notes 1,650,000 1,524,610 1,200,000 1,074,003 Mortgage notes 4,430 3,290 4,537 3,535 Total principal amount 2,806,430 $ 2,679,900 2,631,537 $ 2,504,538 Net unamortized fair market value discount (131) (136) Total unamortized deferred financing fees and debt issuance costs (10,287) (7,355) Total carrying value $ 2,796,012 $ 2,624,046

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	The following table summarizes the fair value of the interest rate swaps as of June 30, 2024 and December 31, 2023. Balance Sheet Line Item (in thousands) Cuurent Notional Amount June 30, 2024 Fair Value June 30, 2024 Current Notional Amount December 31, 2023 Fair Value December 31, 2023 Interest rate swaps-gross asset $ 1,025,000 $ 54,510 $ 1,025,000 $ 50,418
Schedule of the location in the financial statements of the gain or loss recognized on interest rate swaps	The following table summarizes the effect of cash flow hedge accounting and the location of amounts related to Company’s derivatives in the consolidated financial statements for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Effect of Cash Flow Hedge Accounting (in thousands) 2024 2023 2024 2023 Income recognized in accumulated other comprehensive income on interest rate swaps $ 6,351 $ 24,168 $ 22,756 $ 15,626 Income reclassified from accumulated other comprehensive income into income as interest expense $ 9,318 $ 8,347 $ 18,647 $ 15,817 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 27,372 $ 22,860 $ 52,793 $ 45,472
Schedule of financial instruments accounted for at fair value on a recurring basis	The following table summarizes the Company’s financial instruments that were recorded at fair value on a recurring basis as of June 30, 2024 and December 31, 2023. Fair Value Measurements as of June 30, 2024 Using Balance Sheet Line Item (in thousands) Fair Value June 30, 2024 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 54,510 $ — $ 54,510 $ — Fair Value Measurements as of December 31, 2023 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2023 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 50,418 $ — $ 50,418 $ —

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of stock sale activity	The following table summarizes the terms of the Company’s at-the market (“ATM”) common stock offering program as of June 30, 2024. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of June 30, 2024 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 606,831 On April 1, 2024, the Company sold 227,146 shares on a forward basis under the ATM common stock offering program at a sale price of $39.1020 per share (an aggregate of approximately $8.9 million gross sale price), or $38.6621 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of March 31, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date. On January 9, 2024, the Company sold 567,112 shares on a forward basis under the ATM common stock offering program at a sale price of $38.8818 per share (an aggregate of approximately $22.1 million gross sale price), or $38.5058 per share net of commissions. The Company did not receive any proceeds from the sale of such shares on a forward basis. The Company expects to fully physically settle the applicable forward sale agreement on one or more dates prior to the scheduled maturity date of January 9, 2025, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreement at any time through the scheduled maturity date.
Schedule of activity related to unvested restricted stock awards	The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the six months ended June 30, 2024. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2023 144,032 $ 35.73 Granted 41,911 $ 38.92 Vested (1) (59,232) $ 34.51 Forfeited (4,448) $ 38.51 Balance at June 30, 2024 122,263 $ 37.31 (1) The Company repurchased and retired 21,151 restricted shares of common stock that vested during the six months ended June 30, 2024.
Schedule of vested restricted shares of common stock activity	The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Vested Restricted Shares of Common Stock 2024 2023 2024 2023 Vested restricted shares of common stock — — 59,232 68,625 Fair value of vested restricted shares of common stock (in thousands) $ — $ — $ 2,325 $ 2,217

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2024
Noncontrolling Interest [Abstract]
Noncontrolling interest activity	The following table summarizes the activity for noncontrolling interest in the Company during the six months ended June 30, 2024. Noncontrolling Interest LTIP Units Other Common Units Total Noncontrolling Common Units Noncontrolling Interest Balance at December 31, 2023 2,361,920 1,467,718 3,829,638 2.1 % Granted/Issued 381,517 — 381,517 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (344,982) 344,982 — N/A Redemptions from Other Common Units to common stock — (344,982) (344,982) N/A Balance at June 30, 2024 2,398,455 1,467,718 3,866,173 2.1 %
Schedule of share-based payment award, LTIP unit awards, valuation assumptions	The following table summarizes the assumptions used in valuing such LTIP units granted during the six months ended June 30, 2024 (excluding the LTIP units granted pursuant to the 2021 performance units discussed in Note 8). LTIP Units Grant date January 8, 2024 Expected term (years) 10 Expected stock price volatility 25.0 % Expected dividend yield 4.0 % Risk-free interest rate 4.11 % Fair value of LTIP units at issuance (in thousands) $ 4,597 LTIP units at issuance 124,235 Fair value unit price per LTIP unit at issuance $ 37.00
Schedule of activity related to unvested LTIP unit awards	The following table summarizes activity related to the Company’s unvested LTIP units during the six months ended June 30, 2024. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value per Unit Balance at December 31, 2023 176,926 $ 34.25 Granted 381,517 $ 37.00 Vested (318,868) $ 36.33 Forfeited — $ — Balance at June 30, 2024 239,575 $ 35.86
Schedule of vested LTIP unit award activity	The following table summarizes the fair value at vesting for the LTIP units that vested during the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Vested LTIP units 2024 2023 2024 2023 Vested LTIP units 17,599 23,472 318,868 235,702 Fair value of vested LTIP units (in thousands) $ 635 $ 839 $ 12,255 $ 7,862

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of share-based payment award, performance unit awards, valuation assumptions	The following table summarizes the assumptions used in valuing the performance units granted during the six months ended June 30, 2024. Performance Units Grant date January 8, 2024 Expected stock price volatility 24.5 % Expected dividend yield 4.0 % Risk-free interest rate 4.113 % Fair value of performance units grant (in thousands) $ 6,502
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table summarizes the issuances of LTIP units and shares of common stock approved by the compensation committee of the board of directors and issued upon the settlement of the 2021 performance units at the conclusion of the applicable measuring period during the six months ended June 30, 2024. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2021 Performance Units Measuring period conclusion date December 31, 2023 Issuance date January 8, 2024 Vested LTIP units 257,282 Vested shares of common stock 49,106 Shares of common stock repurchased and retired 4,716
Summary of Equity Compensation Expense	The following table summarizes the amount recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Non-Cash Compensation Expense (in thousands) 2024 2023 2024 2023 Restricted shares of common stock $ 457 $ 516 $ 932 $ 1,025 LTIP units 923 1,414 1,822 2,742 Performance units 1,399 1,235 2,756 2,354 Director compensation (1) 174 128 351 264 Total non-cash compensation expense $ 2,953 $ 3,293 $ 5,861 $ 6,385 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the three and six months ended June 30, 2024 and 2023. The number of shares of common stock granted was calculated based on the trailing 10 day average common stock price on the third business day preceding the grant date.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Rental Income (in thousands) 2024 2023 2024 2023 Fixed lease payments $ 144,278 $ 133,164 $ 286,389 $ 264,250 Variable lease payments 38,218 33,723 80,407 70,669 Straight-line rental income 4,811 4,495 7,616 9,607 Net increase (decrease) to rental income related to above and below market lease amortization (840) 57 (543) 181 Total rental income $ 186,467 $ 171,439 $ 373,869 $ 344,707
Lessor, Operating Lease, Payments to be Received, Maturity	The following table summarizes the maturity of fixed lease payments under the Company’s leases as of June 30, 2024. Year Maturity of Fixed Lease Payments (in thousands) Remainder of 2024 $ 294,666 2025 $ 563,989 2026 $ 487,155 2027 $ 399,884 2028 $ 328,734 Thereafter $ 788,004
Lease, Cost [Table Text Block]	The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023. Operating Lease Term and Discount Rate June 30, 2024 December 31, 2023 Weighted average remaining lease term (years) 31.9 31.6 Weighted average discount rate 6.8 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Operating Lease Cost (in thousands) 2024 2023 2024 2023 Operating lease cost included in property expense attributable to ground leases $ 616 $ 618 $ 1,232 $ 1,236 Operating lease cost included in general and administrative expense attributable to corporate office leases 431 434 861 871 Total operating lease cost $ 1,047 $ 1,052 $ 2,093 $ 2,107 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023. Six months ended June 30, Operating Leases (in thousands) 2024 2023 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 1,978 $ 1,933 Right-of-use assets obtained in exchange for new lease liabilities $ — $ 141
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The following table summarizes the maturity of operating lease liabilities under the Company’s ground leases and corporate office leases as of June 30, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) Remainder of 2024 $ 1,997 2025 4,022 2026 3,014 2027 2,023 2028 2,064 Thereafter 79,898 Total lease payments 93,018 Less: Imputed interest (60,335) Present value of operating lease liabilities $ 32,683 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted earnings per common share	The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per share of common stock for the three and six months ended June 30, 2024 and 2023. Three months ended June 30, Six months ended June 30, Earnings Per Share (in thousands, except per share data) 2024 2023 2024 2023 Numerator Net income attributable to common stockholders $ 59,737 $ 51,553 $ 96,317 $ 100,966 Denominator Weighted average common shares outstanding — basic 181,961 179,413 181,834 179,305 Effect of dilutive securities (1) Share-based compensation 224 318 253 210 Shares issuable under forward sales agreements — 7 1 3 Weighted average common shares outstanding — diluted 182,185 179,738 182,088 179,518 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 0.33 $ 0.29 $ 0.53 $ 0.56 Net income per share attributable to common stockholders — diluted $ 0.33 $ 0.29 $ 0.53 $ 0.56 (1) During the three and six months ended June 30, 2024 and 2023, there were approximately 125, 144, 124 and 142

Organization and Description _2

Organization and Description of Business (Details) ft² in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 ft² building state	Dec. 31, 2023
Real Estate Properties [Line Items]
Number of properties | building	573
Number of states in which the entity owned buildings | state	41
Area (in square feet) | ft²	114.1
STAG Industrial, Inc. [Member]
Real Estate Properties [Line Items]
Ownership interest in Operating Partnership (as a percent)	97.90%	97.90%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 33,273	$ 20,741
Restricted cash	1,247	1,127
Cash and cash equivalents and restricted cash—end of period	$ 34,520	$ 21,868	$ 14,534	$ 26,789

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Uncertain Tax Position (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Liabilities for uncertain tax positions	$ 0	$ 0

Rental Property - Summary (Deta

Rental Property - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Subject to or Available for Operating Lease [Line Items]
Land	$ 716,613	$ 698,633
Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively	4,438,474	4,330,799
Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively	41,210	39,145
Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively	365,204	369,724
Construction in progress	137,403	98,854
Deferred leasing intangibles, net of accumulated amortization of $364,564 and $360,094, respectively	421,560	435,722
Building and Improvements, accumulated depreciation	998,633	921,846
Deferred leasing intangible assets, accumulated amortization	364,564	360,094
Total rental property, net	6,120,464	5,972,877
Buildings, net of accumulated depreciation of $677,979 and $622,941, respectively
Property Subject to or Available for Operating Lease [Line Items]
Building and Improvements, accumulated depreciation	677,979	622,941
Tenant improvements, net of accumulated depreciation of $38,127 and $36,920, respectively
Property Subject to or Available for Operating Lease [Line Items]
Building and Improvements, accumulated depreciation	38,127	36,920
Building and land improvements, net of accumulated depreciation of $282,527 and $261,985, respectively
Property Subject to or Available for Operating Lease [Line Items]
Building and Improvements, accumulated depreciation	$ 282,527	$ 261,985

Rental Property - Acquisitions

Rental Property - Acquisitions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft² building	Mar. 31, 2024 USD ($) ft² building	Jun. 30, 2024 USD ($) ft² building
Asset Acquisition [Line Items]
Area (in square feet) | ft²	114,100,000		114,100,000
Number of properties | building	573		573
Acquisitions Q2 2024
Asset Acquisition [Line Items]
Area (in square feet) | ft²	2,193,684		2,193,684
Number of properties | building	10		10
Business Combination, Consideration Transferred | $	$ 233,800
Acquisitions 2024
Asset Acquisition [Line Items]
Area (in square feet) | ft²	2,891,184		2,891,184
Number of properties | building	11		11
Business Combination, Consideration Transferred | $			$ 283,873
Acquisitions 2024
Asset Acquisition [Line Items]
Area (in square feet) | ft²		697,500
Number of properties | building		1
Asset Acquisition, Consideration Transferred | $		$ 50,073
West Chester, Ohio, 3-18-2024
Asset Acquisition [Line Items]
Area (in square feet) | ft²		697,500
Number of properties | building		1
Asset Acquisition, Consideration Transferred | $		$ 50,073
Milwaukee, WI 4-08-24 (Sussex)
Asset Acquisition [Line Items]
Area (in square feet) | ft²	150,002		150,002
Number of properties | building	1		1
Asset Acquisition, Consideration Transferred | $	$ 16,062
Portland, OR 4-15-2024 (Sherwood)
Asset Acquisition [Line Items]
Area (in square feet) | ft²	99,136		99,136
Number of properties | building	1		1
Asset Acquisition, Consideration Transferred | $	$ 17,058
Louisville, IN 4-16-2024 (Jeffersonville)
Asset Acquisition [Line Items]
Area (in square feet) | ft²	592,800		592,800
Number of properties | building	1		1
Asset Acquisition, Consideration Transferred | $	$ 52,352
Portland, OR 6-06-24 (North Plains)
Asset Acquisition [Line Items]
Area (in square feet) | ft²	0		0
Number of properties | building	0		0
Asset Acquisition, Consideration Transferred | $	$ 8,178
El Paso, TX 6-10-2024 (Socorro)
Asset Acquisition [Line Items]
Area (in square feet) | ft²	254,103		254,103
Number of properties | building	1		1
Asset Acquisition, Consideration Transferred | $	$ 32,182
Elgin, IL 6-24-2024
Asset Acquisition [Line Items]
Area (in square feet) | ft²	947,436		947,436
Number of properties | building	5		5
Asset Acquisition, Consideration Transferred | $	$ 87,560
Canal Winchester, OH 6-17-2024
Asset Acquisition [Line Items]
Area (in square feet) | ft²	150,207		150,207
Number of properties | building	1		1
Asset Acquisition, Consideration Transferred | $	$ 20,408

Rental Property - Acquisition_2

Rental Property - Acquisitions - Allocation of Consideration (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land	$ 25,628
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings	211,995
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Leasehold Improvements	2,997
Business Acquisition, Purchase Price Allocation Building and Land Improvements	10,255
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	1,783
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	196
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Before Debt Incurred	283,873
In-place leases
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 23,919
Weighted average amortization period of lease intangibles	5 years 3 months 18 days
Tenant relationships
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 14,934
Weighted average amortization period of lease intangibles	9 years 2 months 12 days
Above market leases
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 51
Weighted average amortization period of lease intangibles	1 year 8 months 12 days
Below market leases
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ (7,885)
Weighted average amortization period of lease intangibles	6 years 1 month 6 days

Rental Property - Disposals (De

Rental Property - Disposals (Details) $ in Thousands, ft² in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) ft² building	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft² building	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings disposed | building	573		573
Area (in square feet) | ft²	114.1		114.1
Total rental property, net	$ 6,120,464		$ 6,120,464		$ 5,972,877
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of buildings disposed | building	7		7
Area (in square feet) | ft²	1.1		1.1
Proceeds from Sale of Real Estate Held-for-investment			$ 75,706
Total rental property, net	$ 52,620		52,620
Gain (Loss) on Sale	2,000		23,086
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	$ (93)	$ 1,111	$ 319	$ 1,664

Rental Property - Loss on Impai

Rental Property - Loss on Impairments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) building
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Number of Buildings Impaired | building	1
Operating Income (Loss) [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impairment of Real Estate	$ 4,967
Fair Value, Nonrecurring
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impaired Real Estate Assets, Fair Value Disclosure	$ 21,827
Fair Value, Nonrecurring | Measurement Input, Discount Rate
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Real Estate Property, Measurement Input	0.093
Fair Value, Nonrecurring | Measurement Input, Cap Rate
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Real Estate Property, Measurement Input	0.063

Rental Property - Gain on Invol

Rental Property - Gain on Involuntary Conversion (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Real Estate [Abstract]
Estimated Insurance Recoveries					$ 3,000
Gain on involuntary conversion	$ 5,717	$ 0	$ 5,717	$ 0
Gain on involuntary conversion	$ 5,717	$ 0	5,717	$ 0
Operating Income (Loss) [Member]
Real Estate [Abstract]
Gain on involuntary conversion			5,700
Gain on involuntary conversion			$ 5,700

Rental Property - Deferred Leas

Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	$ 786,124		$ 786,124		$ 795,816
Deferred leasing intangibles assets, accumulated amortization	(364,564)		(364,564)		(360,094)
Deferred leasing intangibles, net	421,560		421,560		435,722
Below market lease, gross	60,250		60,250		56,521
Below market lease, accumulated amortization	(26,796)		(26,796)		(26,613)
Below market lease, net	33,454		33,454		29,908
Net increase (decrease) to rental income related to above and below market lease amortization	(840)	$ 57	(543)	$ 181
Above market leases
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	76,670		76,670		79,946
Deferred leasing intangibles assets, accumulated amortization	(37,203)		(37,203)		(35,698)
Deferred leasing intangibles, net	39,467		39,467		44,248
Other intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	709,454		709,454		715,870
Deferred leasing intangibles assets, accumulated amortization	(327,361)		(327,361)		(324,396)
Deferred leasing intangibles, net	382,093		382,093		$ 391,474
Amortization expense related to other intangible lease assets	$ 25,142	$ 21,858	$ 47,216	$ 44,303

Debt - Summary (Details)

Debt - Summary (Details) $ in Thousands		3 Months Ended	6 Months Ended			17 Months Ended
	Mar. 25, 2024	Jun. 30, 2024 USD ($) extention extension Rate	Jun. 30, 2024 USD ($) extention extension Rate	Jun. 30, 2024 USD ($) extention extension Rate	Jun. 30, 2024 USD ($) extention extension Rate	Jun. 29, 2024	Jan. 15, 2025 Rate	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal outstanding		$ 2,796,012	$ 2,796,012	$ 2,796,012	$ 2,796,012			$ 2,624,046
Long-term debt, gross		2,806,430	2,806,430	2,806,430	2,806,430			2,631,537
Debt Instrument, Unamortized Discount (Premium), Net		(131)	(131)	(131)	(131)			(136)
Unamortized debt issuance costs		$ (10,287)	$ (10,287)	$ (10,287)	$ (10,287)			(7,355)
Weighted average interest rate		3.92%	3.92%	3.92%	3.92%
Minimum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage					0.10%
Maximum [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage					0.30%
Interest Rate Swaps
Debt Instrument [Line Items]
Derivative notional amount swapped		$ 1,025,000	$ 1,025,000	$ 1,025,000	$ 1,025,000
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Stated interest rate		5.33717%	5.33717%	5.33717%	5.33717%
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)					0.10%
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate					0.85%
Debt Instrument, Interest Rate, Increase (Decrease)					0.10%
$200 Million Unsecured Term Loan F [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)						0.02%
Number of the Extensions | extension		2	2	2	2
Extensions Period		1 year
$200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Fixed Interest Rate (as a percent) | Rate							3.98%
$200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)					0.10%
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal outstanding		$ 127,000	$ 127,000	$ 127,000	$ 127,000			402,000
Debt Instrument, Maturity Date			Oct. 23, 2026
Maximum borrowing capacity		$ 1,000,000	$ 1,000,000	$ 1,000,000	$ 1,000,000
Number Of Extensions | extention		2	2	2	2
Debt Instrument Term Extension Period			6 months
Unsecured Credit Facility | Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Unamortized debt issuance costs		$ (2,400)	$ (2,400)	$ (2,400)	$ (2,400)			(3,300)
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.875%	0.775%
Unsecured Term Loans
Debt Instrument [Line Items]
Principal outstanding		1,021,175	1,021,175	$ 1,021,175	$ 1,021,175			1,021,773
Long-term debt, gross		1,025,000	1,025,000	1,025,000	1,025,000			1,025,000
Unamortized debt issuance costs		(3,825)	(3,825)	(3,825)	(3,825)			(3,227)
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 200,000	$ 200,000	$ 200,000	$ 200,000			200,000
Interest rate, effective percentage		2.96%	2.96%	2.96%	2.96%
Debt Instrument, Maturity Date			Mar. 23, 2029
Fixed Interest Rate (as a percent)		2.11%	2.11%	2.11%	2.11%
Debt Instrument, Interest Rate, Increase (Decrease)	0.10%
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Fixed Interest Rate (as a percent)							3.98%
Unsecured Term Loans | $200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Unsecured Term Loans | $300 Million Unsecured Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 300,000	$ 300,000	$ 300,000	$ 300,000			300,000
Interest rate, effective percentage		1.80%	1.80%	1.80%	1.80%
Debt Instrument, Maturity Date			Feb. 05, 2026
Fixed Interest Rate (as a percent)		0.95%	0.95%	0.95%	0.95%
Unsecured Term Loans | $150 Million Wells Fargo Unsecured Term Loan A
Debt Instrument [Line Items]
Long-term debt, gross		$ 150,000	$ 150,000	$ 150,000	$ 150,000			150,000
Interest rate, effective percentage		2.16%	2.16%	2.16%	2.16%
Debt Instrument, Maturity Date			Mar. 15, 2027
Fixed Interest Rate (as a percent)		1.31%	1.31%	1.31%	1.31%
Unsecured Term Loans | $187.5 Million Unsecured Term Loan H
Debt Instrument [Line Items]
Long-term debt, gross		$ 187,500	$ 187,500	$ 187,500	$ 187,500			187,500
Interest rate, effective percentage		3.35%	3.35%	3.35%	3.35%
Debt Instrument, Maturity Date			Jan. 25, 2028
Fixed Interest Rate (as a percent)		2.50%	2.50%	2.50%	2.50%
Unsecured Term Loans | $187.5 Million Unsecured Term Loan I
Debt Instrument [Line Items]
Long-term debt, gross		$ 187,500	$ 187,500	$ 187,500	$ 187,500			187,500
Interest rate, effective percentage		3.51%	3.51%	3.51%	3.51%
Debt Instrument, Maturity Date			Jan. 25, 2028
Fixed Interest Rate (as a percent)		2.66%	2.66%	2.66%	2.66%
Unsecured Notes
Debt Instrument [Line Items]
Principal outstanding		$ 1,643,538	$ 1,643,538	$ 1,643,538	$ 1,643,538			1,195,872
Long-term debt, gross		1,650,000	1,650,000	1,650,000	1,650,000			1,200,000
Unamortized debt issuance costs		(6,462)	(6,462)	(6,462)	(6,462)			(4,128)
Unsecured Notes | $50 Million Series A Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 50,000	$ 50,000	$ 50,000	$ 50,000			50,000
Stated interest rate		4.98%	4.98%	4.98%	4.98%
Debt Instrument, Maturity Date			Oct. 01, 2024
Unsecured Notes | $100 Million Series D Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 100,000	$ 100,000	$ 100,000	$ 100,000			100,000
Stated interest rate		4.32%	4.32%	4.32%	4.32%
Debt Instrument, Maturity Date			Feb. 20, 2025
Unsecured Notes | $75 Million Series G Unsecured Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 75,000	$ 75,000	$ 75,000	$ 75,000			75,000
Stated interest rate		4.10%	4.10%	4.10%	4.10%
Debt Instrument, Maturity Date			Jun. 13, 2025
Unsecured Notes | $50 Million Series B Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 50,000	$ 50,000	$ 50,000	$ 50,000			50,000
Stated interest rate		4.98%	4.98%	4.98%	4.98%
Debt Instrument, Maturity Date			Jul. 01, 2026
Unsecured Notes | $80 Million Series C Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 80,000	$ 80,000	$ 80,000	$ 80,000			80,000
Stated interest rate		4.42%	4.42%	4.42%	4.42%
Debt Instrument, Maturity Date			Dec. 30, 2026
Unsecured Notes | $20 Million Series E Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 20,000	$ 20,000	$ 20,000	$ 20,000			20,000
Stated interest rate		4.42%	4.42%	4.42%	4.42%
Debt Instrument, Maturity Date			Feb. 20, 2027
Unsecured Notes | $100 Million Series H Unsecured Notes [Member]
Debt Instrument [Line Items]
Long-term debt, gross		$ 100,000	$ 100,000	$ 100,000	$ 100,000			100,000
Stated interest rate		4.27%	4.27%	4.27%	4.27%
Debt Instrument, Maturity Date			Jun. 13, 2028
Unsecured Notes | $275 Million Series I Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 275,000	$ 275,000	$ 275,000	$ 275,000			275,000
Stated interest rate		2.80%	2.80%	2.80%	2.80%
Debt Instrument, Maturity Date			Sep. 29, 2031
Unsecured Notes | $400 Million Series K Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 400,000	$ 400,000	$ 400,000	$ 400,000			400,000
Stated interest rate		4.12%	4.12%	4.12%	4.12%
Debt Instrument, Maturity Date			Jun. 28, 2032
Unsecured Notes | $50 Million Series J Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 50,000	$ 50,000	$ 50,000	$ 50,000			50,000
Stated interest rate		2.95%	2.95%	2.95%	2.95%
Debt Instrument, Maturity Date			Sep. 28, 2033
Unsecured Notes | $175 Million Series L Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 175,000	$ 175,000	$ 175,000	$ 175,000			0
Stated interest rate | Rate		6.05%	6.05%	6.05%	6.05%
Debt Instrument, Maturity Date			May 28, 2029
Unsecured Notes | $125 Million Series M Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 125,000	$ 125,000	$ 125,000	$ 125,000			0
Stated interest rate | Rate		6.17%	6.17%	6.17%	6.17%
Debt Instrument, Maturity Date			May 28, 2031
Unsecured Notes | $150 Million Series N Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 150,000	$ 150,000	$ 150,000	$ 150,000			0
Stated interest rate		6.30%	6.30%	6.30%	6.30%
Debt Instrument, Maturity Date			May 28, 2034
Mortgage Loans Payable
Debt Instrument [Line Items]
Principal outstanding		$ 4,299	$ 4,299	$ 4,299	$ 4,299			4,401
Long-term debt, gross		4,430	4,430	4,430	4,430			4,537
Debt Instrument, Unamortized Discount (Premium), Net		(131)	(131)	(131)	(131)			(136)
Mortgage Loans Payable | United of Omaha Life Insurance Company
Debt Instrument [Line Items]
Long-term debt, gross		$ 4,430	$ 4,430	$ 4,430	$ 4,430			$ 4,537
Stated interest rate		3.71%	3.71%	3.71%	3.71%
Debt Instrument, Maturity Date			Oct. 01, 2039

Debt - Current Year Activity (D

Debt - Current Year Activity (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended	17 Months Ended
	Mar. 25, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 29, 2024	Mar. 13, 2024 USD ($) Rate
Debt Instrument [Line Items]
Debt Instrument, Unused Borrowing Capacity, Amount		$ 869,600		$ 869,600
Debt Instrument, Covenant Compliance				The Company was in compliance with all such applicable restrictions and financial and other covenants		The Company was in compliance with all such applicable restrictions and financial and other covenants
Net book value of properties that are collateral for debt arrangements		7,400		$ 7,400		$ 7,500
Long-term debt, gross		$ 2,806,430		$ 2,806,430		2,631,537
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Stated interest rate		5.33717%		5.33717%
Unsecured Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 1,650,000		$ 1,650,000		1,200,000
Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross		1,025,000		1,025,000		1,025,000
Interest Expense [Member]
Debt Instrument [Line Items]
Amortization of deferred financing fees		1,052	$ 972	2,036	$ 1,948
Line of Credit Facility, Commitment Fee Amount		439	$ 437	878	$ 872
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable		16,000		16,000		14,600
$200 Million Unsecured Term Loan F [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)							0.02%
Deferred Financing Accrued Extension Fee	0.00125
Accrued Extension Fee	$ 500
Debt Issuance Costs, Gross	$ 1,200
Write off of Deferred Debt Issuance Cost				$ 700
$200 Million Unsecured Term Loan F [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)				0.10%
$200 Million Unsecured Term Loan F [Member] | Unsecured Term Loans
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	0.10%
Long-term debt, gross		$ 200,000		$ 200,000		$ 200,000
$200 Million Unsecured Term Loan F [Member] | Unsecured Term Loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
$175 Million Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate | Rate								6.05%
Long-term debt, gross								$ 175,000
$125 Million Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate | Rate								6.17%
Long-term debt, gross								$ 125,000
$150 Million Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Stated interest rate | Rate								6.30%
Long-term debt, gross								$ 150,000
Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Covenant, Fixed Charge Ratio, Minimum | Rate								150%

Debt - Fair Value (Details)

Debt - Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal outstanding	$ 2,796,012	$ 2,624,046
Long-term debt, gross	2,806,430	2,631,537
Unamortized debt issuance costs	(10,287)	(7,355)
Long-term debt, fair value	2,679,900	2,504,538
Debt Instrument, Unamortized Discount (Premium), Net	(131)	(136)
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal outstanding	127,000	402,000
Long-term debt, fair value	127,000	402,000
Unsecured Notes
Debt Instrument [Line Items]
Principal outstanding	1,643,538	1,195,872
Long-term debt, gross	1,650,000	1,200,000
Unamortized debt issuance costs	(6,462)	(4,128)
Long-term debt, fair value	1,524,610	1,074,003
Mortgage Loans Payable
Debt Instrument [Line Items]
Principal outstanding	4,299	4,401
Long-term debt, gross	4,430	4,537
Long-term debt, fair value	3,290	3,535
Debt Instrument, Unamortized Discount (Premium), Net	(131)	(136)
Unsecured Term Loans
Debt Instrument [Line Items]
Principal outstanding	1,021,175	1,021,773
Long-term debt, gross	1,025,000	1,025,000
Unamortized debt issuance costs	(3,825)	(3,227)
Long-term debt, fair value	$ 1,025,000	$ 1,025,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Risk Management and Fair Value (Details) $ in Thousands	Jan. 15, 2025 Rate	Jun. 30, 2024 USD ($) interestRateSwaps	Mar. 26, 2024 USD ($) swap	Dec. 31, 2023 USD ($)
Fair value of the interest rate swaps outstanding
Derivative, Number of Instruments Held | interestRateSwaps		21
$200 Million Unsecured Term Loan F [Member]
Fair value of the interest rate swaps outstanding
Derivative, Notional Amount			$ 200,000
$200 Million Unsecured Term Loan F [Member] | Scenario, Forecast [Member]
Fair value of the interest rate swaps outstanding
Fixed Interest Rate (as a percent) | Rate	3.98%
Interest Rate Swaps
Fair value of the interest rate swaps outstanding
Derivative, Number of Instruments Held | swap			4
Notional amount assets		$ 1,025,000		$ 1,025,000
Fair value - assets		$ 54,510		$ 50,418

Derivative Financial Instrume_4

Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash Flow Hedges of Interest Rate Risk
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$ 27,372	$ 22,860	$ 52,793	$ 45,472
Interest Rate Swaps
Cash Flow Hedges of Interest Rate Risk
Additional amount reclassified from accumulated other comprehensive income (loss) as a increase (decrease) to interest expense over the next twelve months	(30,500)		(30,500)
Income recognized in accumulated other comprehensive income on interest rate swaps	6,351	24,168	22,756	15,626
Income reclassified from accumulated other comprehensive income into income as interest expense	9,318	8,347	18,647	15,817
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$ 27,372	$ 22,860	$ 52,793	$ 45,472

Derivative Financial Instrume_5

Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets (liabilities):
Interest rate swaps-gross asset	$ 54,510	$ 50,418
Level 1
Assets (liabilities):
Interest rate swaps-gross asset	0	0
Level 2
Assets (liabilities):
Interest rate swaps-gross asset	54,510	50,418
Level 3
Assets (liabilities):
Interest rate swaps-gross asset	$ 0	$ 0

Equity - Stock Summary (Details

Equity - Stock Summary (Details) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Preferred Stock, Shares Authorized	20,000,000	20,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	0	0
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01

Equity - Common Stock ATM (Deta

Equity - Common Stock ATM (Details) - USD ($) $ / shares in Units, $ in Thousands	Apr. 01, 2024	Jan. 09, 2024	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common Stock, Shares, Issued			182,105,303	181,690,867
At The Market Program 2022 $750 Million
Class of Stock [Line Items]
Common Stock Value Authorized under Stock Offering Program			$ 750,000
At The Market Program 2022 $750 Million | Common Stock
Class of Stock [Line Items]
Aggregate value of common stock available to be sold under the ATM			$ 606,831
At The Market Program | Common Stock
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Indexed Shares	227,146	567,112
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share	$ 39.1020	$ 38.8818
Forward Contract Indexed to Issuer's Equity, Settlement Alternatives, Cash, at Fair Value	$ 8,900	$ 22,100
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net	$ 38.6621	$ 38.5058

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 08, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Shares
Unvested at beginning of period (in shares)				144,032
Granted (in shares)				41,911
Vested (in shares)		0	0	(59,232)	(68,625)
Forfeited (in shares)				(4,448)
Unvested at end of period (in shares)		122,263		122,263
Fair value of restricted stock per share at grant date				$ 38.92
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				34.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				38.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 37.31		$ 37.31		$ 35.73
Stock Repurchased and Retired During Period, Shares				21,151
Unrecognized compensation costs		$ 3,400		$ 3,400
Unrecognized compensation costs, period for recognition				2 years 4 months 24 days
Vested (in shares)		0	0	(59,232)	(68,625)
Fair value of shares vested		$ 0	$ 0	$ 2,325	$ 2,217

Noncontrolling Interest - Summa

Noncontrolling Interest - Summary (Details) - shares		6 Months Ended
	Jan. 08, 2024	Jun. 30, 2024	Dec. 31, 2023
Limited Partner
Noncontrolling interest
Noncontrolling interest ownership percentage		2.10%	2.10%
LTIP Units | Share-Based Payment Arrangement, Tranche Two
Noncontrolling interest
Vesting period (in years)	4 years
LTIP Units | Independent Director | Share-based Compensation Award, Tranche One [Member]
Noncontrolling interest
Vesting period (in years)	1 year
Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)		3,829,638
Granted/Issued		381,517
Forfeited		0
Conversions from LTIP units to Other Common Units		0
Redemptions from Other Common Units to common stock		344,982
Units outstanding, balance at end of period (in units)		3,866,173
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)		2,361,920
Granted/Issued		381,517
Forfeited		0
Conversions from LTIP units to Other Common Units		344,982
Redemptions from Other Common Units to common stock		0
Units outstanding, balance at end of period (in units)		2,398,455
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)		1,467,718
Granted/Issued		0
Forfeited		0
Conversions from LTIP units to Other Common Units		344,982
Redemptions from Other Common Units to common stock		344,982
Units outstanding, balance at end of period (in units)		1,467,718

Noncontrolling Interest - LTIP

Noncontrolling Interest - LTIP FV Assumptions (Details) - LTIP Units - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jan. 08, 2024	Jun. 30, 2024
Assumptions
Expected term (years)	10 years
Expected stock price volatility	25%
Expected dividend yield	4%
Risk-free interest rate	4.11%
Fair value of LTIP units at issuance (in thousands)	$ 4,597
Granted (in shares)	124,235	381,517
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 37	$ 37

Noncontrolling Interest - LTI_2

Noncontrolling Interest - LTIP Units (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 08, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
LTIP Units
Units
Unvested at beginning of period (in shares)				176,926
Granted	124,235			381,517
Vested (in units)		(17,599)	(23,472)	(318,868)	(235,702)
Forfeited (in units)				0
Unvested at end of period (in shares)		239,575		239,575
Granted	124,235			381,517
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 35.86		$ 35.86		$ 34.25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 37			37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				36.33
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 0
Unrecognized compensation costs		$ 6,100		$ 6,100
Unrecognized compensation costs, period for recognition				2 years 7 months 6 days
Vested (in units)		17,599	23,472	318,868	235,702
Fair value of units vested		$ 635	$ 839	$ 12,255	$ 7,862
Restricted stock
Units
Unvested at beginning of period (in shares)				144,032
Granted				41,911
Vested (in units)		0	0	(59,232)	(68,625)
Forfeited (in units)				(4,448)
Unvested at end of period (in shares)		122,263		122,263
Granted				41,911
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 37.31		$ 37.31		$ 35.73
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				38.92
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				34.51
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 38.51
Unrecognized compensation costs		$ 3,400		$ 3,400
Unrecognized compensation costs, period for recognition				2 years 4 months 24 days
Vested (in units)		0	0	59,232	68,625
Fair value of units vested		$ 0	$ 0	$ 2,325	$ 2,217

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance Plan Assumptions (Details) $ in Thousands	Jan. 08, 2024 USD ($) shares
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	25%
Expected dividend yield	4%
Risk-free interest rate	4.11%
LTIP Units | Performance Units Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of vested LTIP units and shares	257,282
Stock Repurchased and Retired During Period, Shares	4,716
Common Stock | Performance Units Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of vested LTIP units and shares	49,106
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	24.50%
Expected dividend yield	4%
Risk-free interest rate	4.113%
Fair value of performance units grant (in thousands) | $	$ 6,502

Equity Incentive Plan - CY Acti

Equity Incentive Plan - CY Activity (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) shares
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased and Retired During Period, Shares | shares	21,151
Unrecognized compensation costs, period for recognition	2 years 4 months 24 days
Unrecognized compensation costs	$ 3.4
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition	2 years 7 months 6 days
Unrecognized compensation costs	$ 6.1
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs, period for recognition	2 years
Unrecognized compensation costs	$ 8.9

Equity Incentive Plan - Equity

Equity Incentive Plan - Equity Non-cash Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	$ 2,953	$ 3,293	$ 5,861	$ 6,385
Restricted stock | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	457	516	932	1,025
LTIP Units | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	923	1,414	1,822	2,742
Performance shares | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	1,399	1,235	2,756	2,354
Independent Director | General and Administrative Expenses
Equity Incentive Plan
Share-based compensation	$ 174	$ 128	$ 351	$ 264
Common Stock | Independent Director
Equity Incentive Plan
Number of days of average trailing stock price used to calculate number of shares of common stock granted		10 days	10 days

Leases - Rental Income (Details

Leases - Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Fixed lease payments	$ 144,278	$ 133,164	$ 286,389	$ 264,250
Variable lease payments	38,218	33,723	80,407	70,669
Straight-line rental income	4,811	4,495	7,616	9,607
Net increase (decrease) to rental income related to above and below market lease amortization	(840)	57	(543)	181
Rental income	$ 186,467	$ 171,439	$ 373,869	$ 344,707

Leases - Tenant Accounts Receiv

Leases - Tenant Accounts Receivable (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Lease security deposits included in tenant prepaid rent and security deposits on the Balance Sheet	$ 22.2	$ 21.8
Accrued Income Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred Rent Receivables, Net	$ 112	$ 105.9

Leases - Maturity of Fixed Leas

Leases - Maturity of Fixed Lease Payments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 294,666
2025	563,989
2025	487,155
2026	399,884
2027	328,734
Thereafter	$ 788,004

Leases - Lessee Leases (Details

Leases - Lessee Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	31 years 10 months 24 days		31 years 10 months 24 days		31 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	6.80%		6.80%		6.80%
Lease, Cost	$ 1,047	$ 1,052	$ 2,093	$ 2,107
Operating Lease, Payments			1,978	1,933
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 0	141
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	1 year 9 months 18 days		1 year 9 months 18 days
Lessee, Operating Lease, Renewal Term	10 years		10 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	46 years 2 months 12 days		46 years 2 months 12 days
Lessee, Operating Lease, Renewal Term	20 years		20 years
Operating Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 616	618	$ 1,232	1,236
General and Administrative Expenses
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 431	$ 434	$ 861	$ 871

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 1,997
2025	4,022
2025	3,014
2026	2,023
2027	2,064
Thereafter	79,898
Lessee, Operating Lease, Liability, Payments, Due	93,018
Less: Imputed interest	(60,335)
Operating lease liabilities	$ 32,683	$ 33,577

Earnings Per Share - Participat

Earnings Per Share - Participating Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Participating securities	125,389	144,032	124,492	141,699

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income attributable to common stockholders	$ 59,737	$ 51,553	$ 96,317	$ 100,966
Denominator
Weighted average common shares outstanding — basic	181,961	179,413	181,834	179,305
Shares issuable under forward sales agreements	0	7	1	3
Weighted average common shares outstanding — diluted	182,185	179,738	182,088	179,518
Net income per share attributable to common stockholders — basic	$ 0.33	$ 0.29	$ 0.53	$ 0.56
Net income per share attributable to common stockholders — diluted	$ 0.33	$ 0.29	$ 0.53	$ 0.56
Stock Compensation Plan
Denominator
Share-based compensation	224	318	253	210
Restricted stock
Denominator
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	125	144	124	142

Commitments and Contingencies -

Commitments and Contingencies - Agreements (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 3.4