STAG Industrial (STAG) 10-K 12 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 11, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	1-34907
Entity Registrant Name	STAG INDUSTRIAL, INC.
Entity Central Index Key	0001479094
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3099608
Entity Address, Address Line One	One Federal Street
Entity Address, Address Line Two	23rd Floor
Entity Address, City or Town	Boston,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02110
City Area Code	617
Local Phone Number	574-4777
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	STAG
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 6,558
Entity Common Stock, Shares Outstanding		186,564,770
Documents Incorporated by Reference [Text Block]	Portions of the registrant’s definitive Proxy Statement with respect to its 2025 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part II, Item 5 and Part III, Items 10, 11, 12, 13 and 14 hereof as noted therein.
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Boston, Massachusetts
Auditor Firm ID	238
Document Financial Statement Error Correction [Flag]	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Rental Property:
Land	$ 771,794,000	$ 698,633,000
Buildings and improvements, net of accumulated depreciation of $1,085,866 and $921,846, respectively	5,295,120,000	4,838,522,000
Deferred leasing intangibles, net of accumulated amortization of $386,627 and $360,094, respectively	428,865,000	435,722,000
Total rental property, net	6,495,779,000	5,972,877,000
Cash and cash equivalents	36,284,000	20,741,000
Restricted cash	1,109,000	1,127,000
Tenant accounts receivable	136,357,000	128,274,000
Prepaid expenses and other assets	96,189,000	80,455,000
Interest rate swaps	36,466,000	50,418,000
Operating lease right-of-use assets	31,151,000	29,566,000
Total assets	6,833,335,000	6,283,458,000
Liabilities:
Unsecured credit facility	409,000,000	402,000,000
Unsecured term loans, net	1,021,848,000	1,021,773,000
Unsecured notes, net	1,594,092,000	1,195,872,000
Mortgage note, net	4,195,000	4,401,000
Accounts payable, accrued expenses and other liabilities	126,811,000	83,152,000
Tenant prepaid rent and security deposits	56,173,000	44,238,000
Dividends and distributions payable	23,469,000	22,726,000
Deferred leasing intangibles, net of accumulated amortization of $31,368 and $26,613, respectively	33,335,000	29,908,000
Operating lease liabilities	35,304,000	33,577,000
Total liabilities	3,304,227,000	2,837,647,000
Commitments and contingencies (Note 11)
Equity:
Preferred stock, par value $0.01 per share, 20,000,000 shares authorized at December 31, 2024 and December 31, 2023; none issued or outstanding	0	0
Common stock, par value $0.01 per share, 300,000,000 shares authorized at December 31, 2024 and December 31, 2023, 186,517,523 and 181,690,867 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	1,865,000	1,817,000
Additional paid-in capital	4,449,964,000	4,272,376,000
Cumulative dividends in excess of earnings	(1,029,757,000)	(948,720,000)
Accumulated other comprehensive income	35,579,000	49,207,000
Total stockholders’ equity	3,457,651,000	3,374,680,000
Noncontrolling Interest in Operating Partnerships	69,932,000	71,131,000
Noncontrolling interest in joint ventures	1,525,000	0
Total equity	3,529,108,000	3,445,811,000
Total liabilities and equity	$ 6,833,335,000	$ 6,283,458,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue
Rental income	$ 762,892	$ 705,160	$ 654,377
Other income	4,492	2,675	2,968
Total revenue	767,384	707,835	657,345
Expenses
Property	154,828	139,596	125,701
General and administrative	49,202	47,491	46,958
Depreciation and amortization	293,077	278,447	275,040
Loss on impairment	4,967	0	1,783
Other expenses	2,332	4,693	4,363
Total expenses	504,406	470,227	453,845
Other income (expense)
Interest and other income	44	68	103
Interest expense	(113,169)	(94,575)	(78,018)
Debt extinguishment and modification expenses	(703)	0	(838)
Gain on involuntary conversion	11,843	0	0
Gain on the sales of rental property, net	32,273	54,100	57,487
Total other income (expense)	(69,712)	(40,407)	(21,266)
Net income	193,266	197,201	182,234
Less: income attributable to noncontrolling interest in operating partnership	4,046	4,356	3,908
Net income attributable to STAG Industrial, Inc.	189,220	192,845	178,326
Less: amount allocated to participating securities	182	212	237
Net income attributable to common stockholders	$ 189,038	$ 192,633	$ 178,089
Weighted average common shares outstanding — basic	182,160	180,221	178,753
Weighted average common shares outstanding — diluted	182,404	180,555	178,940
Net income per share attributable to common stockholders — basic	$ 1.04	$ 1.07	$ 1
Net income per share attributable to common stockholders — diluted	$ 1.04	$ 1.07	$ 1

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 193,266	$ 197,201	$ 182,234
Other comprehensive income (loss):
Income (loss) on interest rate swaps	(13,919)	(21,774)	84,086
Other comprehensive income (loss)	(13,919)	(21,774)	84,086
Comprehensive income	179,347	175,427	266,320
Income attributable to noncontrolling interest	(4,046)	(4,356)	(3,908)
Other comprehensive (income) loss attributable to noncontrolling interest	291	481	(1,803)
Comprehensive income attributable to STAG Industrial, Inc.	$ 175,592	$ 171,552	$ 260,609

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	Noncontrolling Interest in Joint Venture
Balance at Dec. 31, 2021	$ 3,393,587	$ 0	$ 1,777	$ 4,130,038	$ (792,332)	$ (11,783)	$ 3,327,700	$ 65,887
Balance (in shares) at Dec. 31, 2021			177,769,342
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock	54,944		$ 13	54,931			54,944
Proceeds from sales of common stock (in shares)			1,328,335
Dividends, Common Stock					261,359
Dividends							261,359
Distribution Made to Limited Partner, Cash Distributions Declared								5,832
Dividends and Distributions, Net	(267,191)
Non-cash compensation activity, net	10,521			2,832			2,053	8,468
Non-cash compensation activity (in shares)			52,809
Non-cash compensation activity (in excess of earnings)			$ (1)		(780)
Redemption of common units to common stock			$ (1)	(1,856)			(1,857)	$ (1,857)
Redemption of common units to common stock (in shares)			98,494					0
Rebalancing of noncontrolling interest				(980)			(980)	$ 980
Other comprehensive loss	84,086					(82,283)	(82,283)	(1,803)
Net income	182,234				178,326		178,326	3,908
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	69,456		$ 20	69,436			69,456
Proceeds from sales of common stock (in shares)			1,967,009
Dividends, Common Stock					265,337
Dividends							265,337
Distribution Made to Limited Partner, Cash Distributions Declared								2,672
Dividends and Distributions, Net	(268,009)
Non-cash compensation activity, net	10,756			1,748			1,666	9,090
Non-cash compensation activity (in shares)			102,704
Non-cash compensation activity (in excess of earnings)			$ (1)		(83)
Redemption of common units to common stock			$ (4)	(6,997)			(7,001)	$ (7,001)
Redemption of common units to common stock (in shares)			372,174					0
Rebalancing of noncontrolling interest				5,518			5,518	$ (5,518)
Other comprehensive loss	(21,774)					21,293	21,293	481
Net income	197,201				192,845		192,845	4,356
Balance at Dec. 31, 2023	3,445,811	0	$ 1,817	4,272,376	(948,720)	49,207	3,374,680	71,131
Balance (in shares) at Dec. 31, 2023			181,690,867
Increase (Decrease) in Stockholders' Equity
Proceeds from sales of common stock	167,219		$ 43	167,176			167,219
Proceeds from sales of common stock (in shares)			4,308,008
Dividends, Common Stock					270,021
Dividends							270,021
Distribution Made to Limited Partner, Cash Distributions Declared								(5,644)
Dividends and Distributions, Net	(275,665)
Non-cash compensation activity, net	10,871			3,724			3,489	7,382
Non-cash compensation activity (in shares)			78,098
Non-cash compensation activity (in excess of earnings)			$ (1)		(236)
Redemption of common units to common stock			$ (4)	(8,157)			(8,161)	$ (8,161)
Redemption of common units to common stock (in shares)			440,550					0
Rebalancing of noncontrolling interest				(1,469)			(1,469)	$ 1,469
Proceeds from Noncontrolling Interests	1,525								$ 1,525
Other comprehensive loss	(13,919)					(13,628)	(13,628)	(291)
Net income	193,266				189,220		189,220	4,046
Balance at Dec. 31, 2024	$ 3,529,108	$ 0	$ 1,865	$ 4,449,964	$ (1,029,757)	$ 35,579	$ 3,457,651	$ 69,932	$ 1,525
Balance (in shares) at Dec. 31, 2024			186,517,523

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 193,266	$ 197,201	$ 182,234
Adjustment to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	293,077	278,447	275,040
Loss on impairment	4,967	0	1,783
Gain on involuntary conversion	(11,843)	0	0
Non-cash portion of interest expense	4,506	3,905	3,747
Amortization of above and below market leases, net	(602)	(887)	(352)
Straight-line rent adjustments, net	(14,447)	(16,648)	(17,610)
Debt extinguishment and modification expenses	36	0	21
Gain on the sales of rental property, net	(32,273)	(54,100)	(57,487)
Non-cash compensation expense	11,740	11,486	12,068
Change in assets and liabilities:
Tenant accounts receivable	4,607	1,915	(6,438)
Prepaid expenses and other assets	(27,425)	(23,870)	(21,870)
Accounts payable, accrued expenses and other liabilities	22,748	(9,237)	13,531
Tenant prepaid rent and security deposits	11,935	2,880	3,264
Total adjustments	267,026	193,891	205,697
Net cash provided by operating activities	460,292	391,092	387,931
Cash flows from investing activities:
Additions of land and buildings and improvements	(624,722)	(303,991)	(421,784)
Acquisitions of land and buildings and improvements	(150,445)	(107,856)	(111,653)
Acquisitions of other assets	(243)	0	(2,134)
Payment to acquire operating lease right-of-use assets	(3,554)	0	(3,541)
Proceeds from sales of rental property, net	126,479	105,602	135,348
Acquisitions of tenant prepaid rent	0	511	445
Acquisition deposits, net	(450)	3,850	1,428
Acquisitions of deferred leasing intangibles	(81,677)	(18,462)	(49,174)
Acquisition of operating lease liabilities	3,554	0	3,541
Net cash used in investing activities	(731,058)	(320,346)	(447,524)
Cash flows from financing activities:
Proceeds from unsecured credit facility	1,976,000	1,167,000	1,288,000
Repayment of unsecured credit facility	(1,969,000)	(940,000)	(1,409,000)
Proceeds from unsecured term loans	0	0	375,000
Repayment of unsecured term loans	0	0	(325,000)
Proceeds from unsecured notes	450,000	0	400,000
Repayments of Unsecured Debt	(50,000)	(100,000)	0
Repayment of mortgage notes	(215)	(3,503)	(46,943)
Payment of loan fees and costs	(12,456)	(270)	(5,211)
Dividends and distributions	(274,920)	(267,567)	(266,817)
Proceeds from sales of common stock, net	167,278	69,485	54,753
Repurchase and retirement of share-based compensation	(1,047)	(812)	(1,596)
Proceeds from (Payments to) Noncontrolling Interests	651	0	0
Net cash provided by (used in) financing activities	286,291	(75,667)	63,186
Increase (decrease) in cash and cash equivalents and restricted cash	15,525	(4,921)	3,593
Cash and cash equivalents and restricted cash—beginning of period	21,868	26,789	23,196
Cash and cash equivalents and restricted cash—end of period	37,393	21,868	26,789
Supplemental disclosure:
Interest Paid, Capitalized, Investing Activities	2,268	2,600	1,456
Interest Paid, Excluding Capitalized Interest, Operating Activities	108,817	89,979	72,740
Supplemental schedule of non-cash investing and financing activities
Additions of land and buildings and improvements	0	0	2,674
Transfer of other assets to building and other capital improvements	0	0	(2,674)
Acquisitions of land and buildings and improvements	(3,330)	(66)	0
Acquisitions of deferred leasing intangibles	(357)	(6)	0
Additions to building and other capital improvements from involuntary conversion	(14,810)	0	0
Investing other receivables due to involuntary conversion of building	2,968	(2,968)	0
Change in additions of land, building, and improvements included in accounts payable, accrued expenses and other liabilities	(19,126)	2,836	(7,897)
Additions to building and other capital improvements from non-cash compensation	205	92	62
Change in loan fees, costs, and offering costs included in accounts payable, accrued expenses and other liabilities	(563)	(30)	192
Contributions from noncontrolling interest in joint ventures	(874)	0	0
Dividends and distributions accrued	23,469	22,726	22,282
Interest Paid, Capitalized, Investing Activities	2,268	2,600	1,456
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	15,525	(4,921)	3,593
Interest Paid, Capitalized, Investing Activities	2,268	2,600	1,456
Additions to building and other capital improvements from involuntary conversion	0	2,968	0
Payments for Capital Improvements	150,445	107,856	111,653
Payments to Acquire Commercial Real Estate	624,722	303,991	421,784
Noncash or Part Noncash Acquisition, Investments Acquired	$ 874	$ 0	$ 0

Statement of Financial Position

Statement of Financial Position, Classified (Parentheticals) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Building and building, accumulated amortization	$ 1,085,866,000	$ 921,846,000
Deferred leasing intangibles assets, accumulated amortization	386,627,000	360,094,000
Deferred leasing intangibles liabilities, accumulated amortization	$ 31,368,000	$ 26,613,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	300,000,000	300,000,000
Common Stock, shares issued	186,517,523	181,690,867
Common stock, shares outstanding	186,517,523	181,690,867
Preferred Stock, Value, Issued	$ 0	$ 0
Noncontrolling interest in joint ventures	$ 1,525,000	$ 0
Series C Preferred Stock [Member]
Preferred stock, liquidation preference (in dollars per share)	$ 0.01

Organization and Description of

Organization and Description of Business	12 Months Ended
	Dec. 31, 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 Code”). The Company is structured as an umbrella partnership REIT, commonly called an UPREIT, and owns all of its properties and conducts substantially all of its business through its operating partnership, STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”). As of December 31, 2024 and December 31, 2023, the Company owned 98.0% 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long-term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All majority-owned subsidiaries and joint ventures over which the Company has a controlling financial interest are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented. New Accounting Standards In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”). ASU 2023-07 was effective for the year ended December 31, 2024 and interim periods thereafter. The adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2024. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Rental Property and Deferred Leasing Intangibles Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. The Company capitalizes costs directly and indirectly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred, with depreciation commencing on the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development project ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized based on actual capital expenditures from the period when development or redevelopment commences until the asset is ready for its intended use, at the weighted average borrowing rate of the Company’s unsecured indebtedness during the period. For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets. Using information available at the time of acquisition, the Company allocates the purchase price of properties acquired based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates and exit capitalization rates, and land value per square foot, as well as available market information, and therefore involves subjective analysis and uncertainty. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The above and below market lease values are amortized into rental income over the remaining lease term. The value of in-place lease intangibles and tenant relationships are amortized over the remaining lease term (and expected renewal period of the respective lease for tenant relationships) as increases to depreciation and amortization expense. The remaining lease terms are adjusted for bargain renewal options or assumed exercises of early termination options, as applicable. If a tenant subsequently terminates its lease, any unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation and amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property, net on the accompanying Consolidated Balance Sheets, and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets under the liabilities section. In determining the fair value of the debt assumed, the Company discounts the spread between the future contractual interest payments and hypothetical future interest payments on mortgage debt based on a current market rate. The associated fair market value debt adjustment is amortized through interest expense over the life of the debt on a basis which approximates the effective interest method. The Company evaluates the carrying value of all tangible and intangible rental property assets and deferred leasing intangible liabilities (collectively, the “property”) held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the property. If such cash flows are less than the property’s carrying value, an impairment charge is recognized to the extent by which the property’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and is based in part on assumptions regarding anticipated hold period, future occupancy, rental rates, capital requirements, and exit capitalization rates that could differ from actual results. The discount rate used to present value the cash flows for determining fair value is also subjective. Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease Fully depreciated or amortized tenant improvements, deferred leasing intangible assets, or deferred leasing intangible liabilities and the associated accumulated depreciation or amortization are written-off. The Company wrote-off fully depreciated or amortized tenant improvements, deferred leasing intangible assets, and deferred leasing intangible liabilities of approximately $4.6 million, $71.1 million, $4.1 million, respectively, for the year ended December 31, 2024 and approximately $3.9 million, $63.0 million, $6.3 million, respectively, for the year ended December 31, 2023. Leases For leases in which the Company is the lessee, the Company recognizes a right-of-use asset and corresponding lease liability on the accompanying Consolidated Balance Sheets equal to the present value of the fixed lease payments. In determining the operating right-of-use asset and lease liability for the Company’s operating leases, the Company estimates an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. The Company utilizes a market-based approach to estimate the incremental borrowing rate for each individual lease. Additionally, since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as yields on outstanding public debt and other market based pricing on longer duration financing instruments. Interest in Joint Ventures The Company has equity interests in consolidated joint ventures that are primarily engaged in the development and eventual operation of industrial real estate properties. The Company evaluated the joint ventures under the variable interest entity (“VIE”) model of consolidation and determined that the joint ventures are not VIEs. Accordingly, the Company has determined to account for its investment in the joint ventures under the voting interest model of consolidation, as the Company has a majority voting interest and financial control. Control is determined using accounting standards related to the consolidation of joint ventures and VIEs. The evaluation of control includes a review of the entity’s governing documents and the Company’s rights and obligations. In determining whether the Company has a controlling financial interest in a joint venture, the Company considers various factors, including the percentage of voting interests owned, the ability to direct the activities that most significantly impact the entity’s economic performance, and the extent of the Company’s exposure to the entity’s returns. The Company also considers whether other parties hold substantive participating rights or protective rights that would preclude consolidation. The Company reevaluates its consolidation conclusions on an ongoing basis and upon occurrence of certain significant events under the accounting standards consolidation guidance. The assets and liabilities of the consolidated joint ventures are included in the accompanying Consolidated Balance Sheets, and the joint ventures’ results of operations are included in the accompanying Consolidated Statements of Operations. The joint venture partners’ share of the joint ventures is reflected as noncontrolling interest in joint ventures in the accompanying consolidated financial statements. See Note 7 for further discussion of the noncontrolling interest in joint ventures. The Company’s interest in the joint ventures is recognized under the hypothetical liquidation at book value model. Under this model, the Company’s earnings from and equity interest in the joint ventures are recorded based on its proportionate share of the joint ventures based on its ownership interest, after giving effect to incentive fees earned by the joint venture partner. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions. Restricted Cash Restricted cash may include tenant security deposits, cash held in escrow for real estate taxes and capital improvements as required by various mortgage note agreements, and cash held by the Company’s transfer agent for preferred stock dividends, if any, that are distributed subsequent to period end. Restricted cash may also include cash held by qualified intermediaries to facilitate a like-kind exchange of real estate under Section 1031 of the Code. The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) December 31, 2024 December 31, 2023 Cash and cash equivalents $ 36,284 $ 20,741 Restricted cash 1,109 1,127 Total cash and cash equivalents and restricted cash $ 37,393 $ 21,868 Deferred Costs Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are written off upon maturity of the underlying debt. Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows. Goodwill The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of approximately $4.9 million as of December 31, 2024 represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2024. Use of Derivative Financial Instruments The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in its derivative financial instruments by entering into transactions with various high-quality counterparties. The Company’s exposure to credit risk at any point is generally limited to amounts recorded as assets on the accompanying Consolidated Balance Sheets. Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. See Note 4 for the fair value of the Company’s indebtedness. See Note 5 for the fair value of the Company’s interest rate swaps. All other financial instruments noted are recorded at carrying value, which equates to their fair value. The Company adopted fair value measurement provisions for its financial instruments recorded at fair value. The guidance establishes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Offering Costs Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital on the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations. Dividends Earnings and profits, which determine the taxability of dividends to stockholders, will differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of gains on the sale of real property, revenue and expense recognition, and in the estimated useful lives and basis used to compute depreciation. In addition, the Company’s distributions may include a return of capital. To the extent that the Company makes distributions in excess of its current and accumulated earnings and profits, such distributions would generally be considered a return of capital for federal income tax purposes to the extent of the holder’s adjusted tax basis in its shares. A return of capital may not be taxable. A return of capital has the effect of reducing the holder’s adjusted tax basis in its investment, which may or may not be taxable to the holder. The following table summarizes the tax treatment of dividends per share of common stock for federal income tax purposes. Year ended December 31, 2024 2023 2022 Federal Income Tax Treatment of Dividends per Common Share Per Share % Per Share % Per Share % Ordinary income $ 1.316017 89.9 % $ 1.243518 83.7 % $ 1.172486 80.4 % Return of capital 0.103508 7.1 % — — % 0.165158 11.3 % Unrecaptured section 1250 capital gain 0.043793 3.0 % 0.089829 6.0 % 0.014248 1.0 % Other capital gain — — % 0.151665 10.3 % 0.107278 7.3 % Total (1) $ 1.463318 100.0 % $ 1.485012 100.0 % $ 1.459170 100.0 % (1) The December 2021 monthly common stock dividend of $0.120833 per share was included in the stockholder’s 2022 tax year. The December 2022 monthly common stock dividend of $0.121667 per share was included in the stockholder’s 2023 tax year. The December 2023 monthly common stock dividend of $0.1225 per share was partially included in the stockholder’s 2023 tax year in the amount of $0.015845 per share and the remainder was included in the stockholder’s 2024 tax year. The December 2024 monthly common stock dividend of $0.123333 per share will be included in the stockholder’s 2025 tax year. Revenue Recognition All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income. The Company determined that for all leases where the Company is the lessor, that the timing and pattern of transfer of the non-lease components and associated lease components are the same, and that the lease components, if accounted for separately, would be classified as an operating lease. Accordingly, the Company has made an accounting policy election to recognize the combined component in accordance with Accounting Standards Codification Topic 842 as rental income on the accompanying Consolidated Statements of Operations. Rental income recognition commences when the tenant takes possession of or controls the physical use of the leased space and the leased space is substantially complete and ready for its intended use. In order to determine whether the leased space is substantially complete and ready for its intended use, the Company determines whether the Company or the tenant own the tenant improvements. When it is determined that the Company is the owner of the tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the finished space, which is generally when the Company owned tenant improvements are completed. In instances when it is determined that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the leased space. The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. When the Company is the owner of tenant improvements or other capital items, the cost to construct the tenant improvements or other capital items, including costs paid for or reimbursed by the tenants, is recorded as capital assets. For these tenant improvements or other capital items, the costs funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as income over the shorter of the useful life of the capital asset or the term of the related lease. Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured. Gain on the Sales of Rental Property, net The timing of the derecognition of a rental property and the corresponding recognition of gain on the sales of rental property, net is measured by various criteria related to the terms of the sale transaction and if the Company has lost control of the property and the acquirer has gained control of the property after the transaction. If the derecognition criteria is met, the full gain is recognized. Incentive and Equity-Based Employee Compensation Plans The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and performance units , respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur. The Company provides supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively. Related-Party Transactions The Company did not have any related-party transactions during the years ended December 31, 2024, 2023 and 2022. Taxes Federal Income Taxes The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS recognized a net income of approximately $0, $0 and $0.1 million, for the years ended December 31, 2024, 2023 and 2022, respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of approximately $2.0 million, $2.0 million and $2.1 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2024, 2023 and 2022, there were no liabilities for uncertain tax positions. Earnings Per Shar e The Company uses the two-class method of computing earnings per common share, which is an earnings allocation formula that determines earnings per share for common stock and any participating securities according to dividends declared (whether paid or unpaid) and participation rights in undistributed earnings. Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income per common share is computed by dividing net income available to common stockholders by the sum of the weighted average number of shares of common stock outstanding and any dilutive securities for the period. Segment Reporting The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. This single segment of real estate operations derives its revenues from rental income from the tenants who occupy its buildings. Substantially all revenues, expenses, and assets are attributable to this single segment and are consistent with the amounts presented in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations. Total expenditures for additions to segment long-lived assets are consistent with the amounts presented in the accompanying Consolidated Statements of Cash Flows as additions of land and buildings and improvements. The CODM of the Company, which is its Chief Executive Officer, assesses performance of the segment and decides how to allocate resources based on net income that is reported on the accompanying Consolidated Statements of Operations. The CODM also assesses the performance of the segment based on funds from operations (“FFO”) and net operating income (“NOI”). FFO is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. NOI is defined as rental income, which includes billings for common area maintenance, real estate taxes and insurance, less property expenses, real estate tax expense and insurance expense. The CODM uses net income, FFO, and NOI in the annual budgeting and quarterly reforecasting process and considers the quarterly reforecasting results to evaluate the performance of the segment and make decisions about allocating resources back into the segment, or into other parts of the Company. Concentrations of Credit Risk Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. The Company mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by d

Rental Property

Rental Property	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Real Estate	Rental Property The following table summarizes the components of rental property, net as of December 31, 2024 and 2023. Rental Property (in thousands) December 31, 2024 December 31, 2023 Land $ 771,794 $ 698,633 Buildings, net of accumulated depreciation of $738,348 and $622,941, respectively 4,634,634 4,330,799 Tenant improvements, net of accumulated depreciation of $42,092 and $36,920, respectively 44,987 39,145 Building and land improvements, net of accumulated depreciation of $305,426 and $261,985, respectively 396,883 369,724 Construction in progress 218,616 98,854 Deferred leasing intangibles, net of accumulated amortization of $386,627 and $360,094, respectively 428,865 435,722 Total rental property, net $ 6,495,779 $ 5,972,877 Acquisitions The following tables summarize the acquisitions of the Company during the years ended December 31, 2024 and 2023. The Company accounted for all of its acquisitions as asset acquisitions. Year ended December 31, 2024 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price 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 Reno, NV (2) July 25, 2024 — — 1,896 Reno, NV (3) August 8, 2024 — — 8,959 LaGrange, GA September 9, 2024 323,368 1 34,870 Boston, MA September 12, 2024 290,471 5 78,127 Three months ended September 30, 2024 613,839 6 123,852 Minneapolis, MN October 10, 2024 360,000 1 43,288 Minneapolis, MN October 15, 2024 126,000 1 23,331 Minneapolis, MN October 30, 2024 96,096 1 13,896 Philadelphia, PA October 31, 2024 69,492 1 12,443 Phoenix, AZ November 7, 2024 80,000 1 14,707 Kansas City, MO November 12, 2024 676,000 2 55,651 Chicago, IL December 3, 2024 725,917 5 73,230 Charlotte, NC December 5, 2024 86,749 1 12,981 Salt Lake City, UT December 10, 2024 172,847 1 34,615 Charlotte, NC (3) December 13, 2024 — — 8,926 Sacramento, CA December 30, 2024 55,064 1 9,536 Three months ended December 31, 2024 2,448,165 15 302,604 Year ended December 31, 2024 5,953,188 32 $ 710,329 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel. (3) The Company acquired a vacant land parcel through a consolidated joint venture. Year ended December 31, 2023 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Central New Jersey, NJ April 24, 2023 101,381 1 $ 26,660 Greensboro, NC May 5, 2023 133,622 1 14,004 Three and Six months ended June 30, 2023 235,003 2 40,664 Portland, OR July 18, 2023 121,426 2 20,685 Allentown, PA July 24, 2023 222,042 3 34,859 Philadelphia, PA July 24, 2023 152,625 1 15,031 Sacramento, CA August 7, 2023 96,658 1 13,725 Chicago, IL August 10, 2023 400,088 1 41,348 Tampa, FL (2) August 30, 2023 — — 9,572 Indianapolis, IN September 18, 2023 258,000 1 21,306 Riverside, CA September 25, 2023 157,146 2 36,095 Dallas, TX September 29, 2023 120,900 1 21,288 Three months ended September 30, 2023 1,528,885 12 213,909 Greenville, SC (3) October 5, 2023 — — 18,735 Greenville, SC October 5, 2023 233,433 1 18,735 Reno, NV October 19, 2023 165,000 1 29,971 Three months ended December 31, 2023 398,433 2 67,441 Year ended December 31, 2023 2,162,321 16 $ 322,014 (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 vacant land parcels. (3) The Company acquired one building under development. On December 13, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of two industrial real estate properties located in Concord, North Carolina. The Company determined to account for its investment in the joint venture under the voting interest model of consolidation. See Note 2 for further discussion of this determination. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture. On August 8, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of an industrial real estate property located in Reno, Nevada. The Company determined to account for its investment in the joint venture under the voting interest model of consolidation. See Note 2 for further discussion of this determination. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture. The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2024 and 2023 for the acquired assets and liabilities in connection with the acquisitions identified in the tables above. Year ended December 31, 2024 Year ended December 31, 2023 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 84,965 N/A $ 56,055 N/A Buildings 504,551 N/A 217,420 N/A Tenant improvements 8,726 N/A 1,407 N/A Building and land improvements 26,207 N/A 12,988 N/A Construction in progress 3,603 N/A 16,187 N/A Deferred leasing intangibles - in-place leases 60,659 6.4 16,914 5.1 Deferred leasing intangibles - tenant relationships 32,784 10.1 6,870 8.9 Deferred leasing intangibles - above market leases 934 2.7 523 2.7 Other assets 243 N/A — N/A Operating lease right-of-use assets 3,554 N/A — N/A Tenant prepaid rent — N/A (511) N/A Deferred leasing intangibles - below market leases (12,343) 6.2 (5,839) 6.4 Operating lease liabilities (3,554) N/A — N/A Total purchase price $ 710,329 $ 322,014 Dispositions The following table summarizes the Company’s dispositions for the years ended December 31, 2024, 2023, and 2022. All of the dispositions were sold to third parties and were accounted for under the full accrual method. Year ended December 31, Sales of rental property, net (dollars in thousands) 2024 2023 2022 Number of buildings 10 10 8 Number of land parcels — — 1 Building square feet (in millions) $ 1.6 2.0 1.8 2024 dispositions contribution to net income (loss) (1) $ (6,183) $ 3,964 $ 3,465 2023 dispositions contribution to net income (1) $ — $ 2,354 $ 5,926 2022 dispositions contribution to net income (1) $ — $ — $ 1,008 Proceeds from sales of rental property, net $ 126,479 $ 105,602 $ 135,348 Net book value $ 94,206 $ 51,502 $ 77,861 Gain on the sales of rental property, net $ 32,273 $ 54,100 $ 57,487 (1) Exclusive of any loss on impairment, gain on involuntary conversion, and 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 years ended December 31, 2024 and 2022. The Company did not recognize a loss on impairment during the year ended December 31, 2023. Market (1) Buildings Event or Change in Circumstance Leading to Impairment Evaluation (2) Valuation technique utilized to estimate fair value Fair Value (3) Loss on Impairment (in thousands) Salt Lake City, UT 1 Change in estimated hold period (4) Discounted cash flows (5) $ 21,827 $ 4,967 Year ended December 31, 2024 $ 4,967 Hartford, CT 1 Change in estimated hold period (6) Discounted cash flows (7) $ 834 $ 1,783 Year ended December 31, 2022 $ 1,783 (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) This property was sold during the year ended December 31, 2024. (5) Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%. (6) This property was sold during the year ended December 31, 2023. (7) Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.0% and exit capitalization rate of 8.5%. Involuntary Conversion In December 2023, the Company recorded an estimated loss on involuntary conversion of approximately $3.0 million for the year ended December 31, 2023 related to a tornado that damaged one of the Company’s buildings. An insurance policy provided coverage for these losses, and accordingly the loss on involuntary conversion was fully offset for the year ended December 31, 2023. As of December 31, 2023, the receivable from the insurance coverage was estimated to be approximately $3.0 million, which was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. During the year ended December 31, 2024, the approximately $3.0 million receivable from the insurance coverage was relieved and exchanged for improvements made to the building and included as a non-cash investing activity on the accompanying Consolidated Statements of Cash Flows. During the year ended December 31, 2024, the Company recognized a gain on involuntary conversion of approximately $11.8 million. The Company did not recognize a gain or loss on involuntary conversion during the year ended December 31, 2023. Deferred Leasing Intangibles The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2024 and 2023. December 31, 2024 December 31, 2023 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 76,232 $ (39,335) $ 36,897 $ 79,946 $ (35,698) $ 44,248 Other intangible lease assets 739,260 (347,292) 391,968 715,870 (324,396) 391,474 Total deferred leasing intangible assets $ 815,492 $ (386,627) $ 428,865 $ 795,816 $ (360,094) $ 435,722 Below market leases $ 64,703 $ (31,368) $ 33,335 $ 56,521 $ (26,613) $ 29,908 Total deferred leasing intangible liabilities $ 64,703 $ (31,368) $ 33,335 $ 56,521 $ (26,613) $ 29,908 The following table summarizes the amortization expense and the net increase to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Deferred Leasing Intangibles Amortization (in thousands) 2024 2023 2022 Net increase to rental income related to above and below market lease amortization $ 579 $ 865 $ 329 Amortization expense related to other intangible lease assets $ 91,254 $ 89,036 $ 95,901 The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2024. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2025 $ 80,029 $ 2,433 2026 $ 68,191 $ 1,245 2027 $ 55,652 $ 521 2028 $ 47,572 $ 446 2029 $ 39,488 $ 131
Contingencies Disclosure	Involuntary Conversion In December 2023, the Company recorded an estimated loss on involuntary conversion of approximately $3.0 million for the year ended December 31, 2023 related to a tornado that damaged one of the Company’s buildings. An insurance policy provided coverage for these losses, and accordingly the loss on involuntary conversion was fully offset for the year ended December 31, 2023. As of December 31, 2023, the receivable from the insurance coverage was estimated to be approximately $3.0 million, which was included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets.

Debt

Debt	12 Months Ended
	Dec. 31, 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 note as of December 31, 2024 and 2023. Indebtedness (dollars in thousands) December 31, 2024 December 31, 2023 Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 409,000 $ 402,000 Term SOFR + 0.875% September 7, 2029 i Total unsecured credit facility 409,000 402,000 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 (3,152) (3,227) Total carrying value unsecured term loans, net 1,021,848 1,021,773 Unsecured notes: Series A Unsecured Notes — 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 1,600,000 1,200,000 Total unamortized deferred financing fees and debt issuance costs (5,908) (4,128) Total carrying value unsecured notes, net 1,594,092 1,195,872 Mortgage note (secured debt): United of Omaha Life Insurance Company 4,322 4,537 3.71 % October 1, 2039 ii Total mortgage note 4,322 4,537 Net unamortized fair market value discount (127) (136) Total carrying value mortgage note, net 4,195 4,401 Total / weighted average interest rate (6) $ 3,029,135 $ 2,624,046 3.98 % (1) Interest rate as of December 31, 2024. At December 31, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 4.33249 (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 December 31, 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 was 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 $10.1 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023, respectively. The initial maturity date is September 8, 2028, or such later date which may be extended pursuant to two six (5) The initial maturity date of the Unsecured Term Loan F is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts. The aggregate undrawn nominal commitment on the unsecured credit facility as of December 31, 2024 was approximately $586.8 million, including issued letters of credit. The Company’s actual borrowing capacity at any given point in time may be less or restricted to a maximum amount based on the Company’s debt covenant compliance. Total accrued interest for the Company’s indebtedness was approximately $13.7 million and $14.6 million as of December 31, 2024 and 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 years ended December 31, 2024, 2023 and 2022. Year ended December 31, Costs Included in Interest Expense (in thousands) 2024 2023 2022 Amortization of deferred financing fees and debt issuance costs and fair market value discount $ 4,506 $ 3,905 $ 3,747 Facility, unused, and other fees $ 1,765 $ 1,759 $ 1,548 2024 Debt Activity On October 1, 2024, the Company redeemed in full at maturity the $50.0 million in aggregate principal amount of the Series A Unsecured Notes with a fixed interest rate of 4.98%. On September 10, 2024, the Company entered into the second amended and restated credit agreement for the unsecured credit facility (the “2024 Credit Agreement”) to (i) extend the maturity date to September 8, 2028, or such later date which may be extended pursuant to two six-month extension options exercisable by the Company in its discretion, subject to certain conditions, including the payment of a fee, and (ii) provide that borrowings under the unsecured credit facility will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR or Adjusted Daily Simple SOFR (each as defined in the 2024 Credit Agreement), which interest rate will be increased by 0.10% for any SOFR Loan (as defined in the 2024 Credit Agreement), plus an applicable spread based on the Company’s debt rating and leverage ratio (each as defined in the 2024 Credit Agreement). Other than the increase in the borrowing commitments and the interest rate provisions described above, the material terms of the unsecured credit facility remain unchanged. In connection with the 2024 Credit Agreement, the Company incurred approximately $8.9 million in costs, which have been deferred and will amortize through the maturity date of September 8, 2028. The previous unamortized fees related to the unsecured credit facility have been extended to amortize through the new maturity date of September 8, 2028. Additionally, the Company incurred approximately $36 thousand of modification expenses, which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. On June 29, 2024, the sustainability-related interest rate reduction of 0.02% on the Company’s unsecured credit facility and each of the unsecured term loans ended in accordance with the respective loan agreements. On March 25, 2024, the Company entered into a second amended and restated term loan agreement for the Unsecured Term Loan F to (i) extend the maturity date to March 25, 2027, with two one-year extension options, subject to certain conditions (discussed below), that would extend the maturity date to March 23, 2029 if both exercised, and (ii) provide that borrowings under the Unsecured Term Loan F will, at the Company’s election, bear interest based on a Base Rate, Adjusted Term SOFR, or Adjusted Daily Simple SOFR (each as defined in the loan agreement), 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. Other than the maturity and interest rate provisions described above, the material terms remain unchanged. The Unsecured Term Loan F’s initial maturity date is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee equal to 0.125% of the outstanding amount on the effective day of each extension period. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. Upon execution of the amended loan agreement for the Unsecured Term Loan F, the Company intended to exercise both extension options. In connection with the amended loan agreement, the Company incurred approximately $1.2 million in costs, which have been deferred, including approximately $0.5 million of accrued extension fees, and will amortize through the extended maturity date of March 23, 2029. The Company also incurred approximately $0.7 million of modification expenses which were recognized in debt extinguishment and modification expenses in the accompanying Consolidated Statements of Operations. On March 13, 2024, the Company entered into a note purchase agreement (the “March 2024 NPA”) for the private placement by the Operating Partnership of $175.0 million senior unsecured notes maturing May 28, 2029, with a fixed annual interest rate of 6.05%, $125.0 million senior unsecured notes maturing May 28, 2031, with a fixed annual interest rate of 6.17%, and $150.0 million senior unsecured notes maturing May 28, 2034, with a fixed annual interest rate of 6.30%. The March 2024 NPA contains a number of financial covenants substantially similar to the financial covenants contained in the Company’s unsecured credit facility and other unsecured notes, plus a financial covenant that requires the Company to maintain a minimum interest coverage ratio of not less than 1.50:1.00. The Company and certain wholly owned subsidiaries of the Operating Partnership are guarantors of the unsecured notes. On May 28, 2024, the Operating Partnership issued all of the notes under the March 2024 NPA. 2023 Debt Activity On December 15, 2023, the mortgage note associated with Thrivent Financial for Lutherans in the amount of approximately $3.2 million was repaid in full. On January 19, 2023, the sustainability-related interest rate adjustment for the Unsecured Term Loan H and Unsecured Term Loan I went into effect in connection with the Company's 2022 public disclosure assessment score of “A” from the Global Real Estate Sustainability Benchmark. The interest rate adjustment, a 0.02% interest rate reduction for each instrument, will end on June 29, 2024, in accordance with the respective loan agreements. On January 5, 2023, the Company redeemed in full at maturity the $100.0 million in aggregate principal amount of the Series F Unsecured Notes with a fixed interest rate of 3.98%. Financial Covenant Considerations The Company’s ability to borrow under the unsecured credit facility, unsecured term loans, and unsecured notes are subject to its ongoing compliance with a number of customary financial covenants, including: • a maximum consolidated leverage ratio of not greater than 0.60:1.00; • a maximum secured leverage ratio of not greater than 0.40:1.00; • a maximum unencumbered leverage ratio of not greater than 0.60:1.00; • a minimum fixed charge ratio of not less than or equal to 1.50:1.00; • a minimum unsecured interest coverage ratio of not less than or equal to 1.75:1.00; and • with respect to the unsecured notes, a minimum interest coverage ratio of not less than 1.50:1.00. The Company was in compliance with all such applicable restrictions and financial and other covenants as of December 31, 2024 and 2023 related to its unsecured credit facility, unsecured term loans, and unsecured notes. In the event of a default under the unsecured credit facility or the unsecured term loans, the Company’s dividend distributions are limited to the minimum amount necessary for the Company to maintain its status as a REIT. The mortgage note held by the Company has a specific property and an assignment of rents and leases that are collateral for the loan. The real estate net book value of the property that is collateral for the Company’s debt arrangements was approximately $7.3 million and $7.5 million at December 31, 2024 and 2023, respectively, and is limited to senior, property-level secured debt financing arrangement. Fair Value of Debt The following table summarizes the aggregate principal amount outstanding under the Company’s debt arrangements and the corresponding estimate of fair value as of December 31, 2024 and 2023. The fair value of the Company’s debt is based on Level 3 inputs. December 31, 2024 December 31, 2023 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 409,000 $ 409,000 $ 402,000 $ 402,000 Unsecured term loans 1,025,000 1,025,000 1,025,000 1,025,000 Unsecured notes 1,600,000 1,490,667 1,200,000 1,074,003 Mortgage note 4,322 3,366 4,537 3,535 Total principal amount 3,038,322 $ 2,928,033 2,631,537 $ 2,504,538 Net unamortized fair market value discount (127) (136) Total unamortized deferred financing fees and debt issuance costs (9,060) (7,355) Total carrying value $ 3,029,135 $ 2,624,046 Future Principal Payments of Debt The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2024. Year Future Principal Payments of Debt 2025 $ 175,223 2026 430,231 2027 370,240 2028 884,249 2029 175,258 Thereafter 1,003,121 Total aggregate principal payments $ 3,038,322

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 year ended December 31, 2024, the Company entered into four interest rate swaps with an aggregate notional value of $200.0 million which fix Daily SOFR at 3.98% effective January 15, 2025 and mature on March 25, 2027, and were designated as cash flow hedges. As of December 31, 2024, the Company had 21 interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of December 31, 2024 and December 31, 2023. Balance Sheet Line Item (in thousands) Effective Notional Amount December 31, 2024 Fair Value December 31, 2024 Effective Notional Amount December 31, 2023 Fair Value December 31, 2023 Interest rate swaps-Asset $ 1,025,000 $ 36,466 $ 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. The Company uses interest rate swaps to fix the rate of its long term variable rate debt. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income and subsequently reclassified to interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives designated as qualifying cash flow hedges will be reclassified to interest expense as interest payments are made on the Company’s variable rate debt. The Company estimates that approximately $20.5 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 the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Effect of Cash Flow Hedge Accounting (in thousands) 2024 2023 2022 Income recognized in accumulated other comprehensive income on interest rate swaps $ 21,854 $ 12,333 $ 85,726 Income reclassified from accumulated other comprehensive income into income as interest expense $ 35,773 $ 34,107 $ 1,640 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 113,169 $ 94,575 $ 78,018 Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. As of December 31, 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 fair values of interest rate swaps are determined by using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by the Company or its counterparties. However, as of December 31, 2024 and 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 December 31, 2024 and 2023. Fair Value Measurements as of December 31, 2024 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2024 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 36,466 $ — $ 36,466 $ — 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	12 Months Ended
	Dec. 31, 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 December 31, 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 December 31, 2024. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of December 31, 2024 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 510,513 The following table summarizes the activity for the ATM common stock offering program during the year ended December 31, 2023 (in thousands, except share data). There was no activity for the ATM common stock offering program during the year ended December 31, 2024, except for the shares sold on a forward basis, as discussed below. Year ended December 31, 2023 ATM Common Stock Offering Program Shares Weighted Average Price Per Share Net Proceeds (in thousands) 2022 $750 million ATM (1) 249,016 $ 35.55 $ 8,765 Total/weighted average 249,016 $ 35.55 $ 8,765 (1) Excludes shares sold on a forward basis under the ATM common stock offering program during the year ended December 31, 2023, which are discussed below. The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and settled during the years ended December 31, 2024, 2023, and 2022. The Company initially does not receive any proceeds from the sales of such shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates. Forward Sale Agreements Shares Gross Sales Proceeds (in thousands) Weighted Average Gross Sales Price Per Share Weighted Average Net Sales Price Per Share Sales Commissions Per Share (1) Net Proceeds Received Per Share (2) Forward Sale Agreements Outstanding at December 31, 2021 1,200,000 $ 50,243 Forward sale agreements settled (3) (1,200,000) (50,243) $ 41.39 Forward Sale Agreements Outstanding at December 31, 2022 — — New forward sale agreements 2,817,993 103,483 $ 36.72 $ 36.36 $ 0.36 Forward sale agreements settled (3) (1,717,993) (61,683) $ 35.60 Forward Sale Agreements Outstanding at December 31, 2023 1,100,000 41,800 New forward sale agreements 3,208,008 127,150 $ 39.64 $ 39.23 $ 0.41 Forward sale agreements settled (3) (4,308,008) (168,950) $ 38.93 Forward Sale Agreements Outstanding at December 31, 2024 — $ — (1) Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price. (2) Reflects amount the Company received per share upon settlement of the forward sale. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent. (3) The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $167.7 million, $61.2 million, and $49.7 million, for the years ended December 31, 2024, 2023, and 2022, respectively. Restricted Stock-Based Compensation Pursuant to the 2011 Plan, the Company grants restricted shares of common stock to certain employees of the Company. The restricted shares of common stock are subject to time-based vesting. Restricted shares of common stock granted in 2024, 2023, and 2022, subject to the recipient’s continued employment, will vest over four years in equal installments on January 1 of each year beginning in 2025, 2024, and 2023, respectively. Holders of restricted shares of common stock have voting rights and rights to receive dividends. Restricted shares of common stock may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration of the applicable vesting period. The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2024, 2023 and 2022. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2021 185,715 $ 28.86 Granted 58,580 $ 44.19 Vested (1) (73,556) $ 28.03 Forfeited (14,036) $ 36.16 Balance at December 31, 2022 156,703 $ 34.32 Granted 55,954 $ 34.73 Vested (1) (68,625) $ 31.71 Forfeited — $ — Balance at December 31, 2023 144,032 $ 35.73 Granted 41,911 $ 38.92 Vested (1) (62,123) $ 34.65 Forfeited (5,153) $ 38.58 Balance at December 31, 2024 118,667 $ 37.30 (1) The Company repurchased and retired 22,001, 24,210, and 25,836 restricted shares of common stock that vested during the years ended December 31, 2024, 2023, and 2022, respectively. The unrecognized compensation expense associated with the Company’s restricted shares of common stock at December 31, 2024 was approximately $2.4 million and is expected to be recognized over a weighted average period of approximately 2.2 years. The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Vested Restricted Shares of Common Stock 2024 2023 2022 Vested restricted shares of common stock 62,123 68,625 73,556 Fair value of vested restricted shares of common stock (in thousands) $ 2,438 $ 2,217 $ 3,528

Noncontrolling Interest

Noncontrolling Interest	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest Noncontrolling Interest in the Operating Partnership The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the years ended December 31, 2024, 2023 and 2022. Noncontrolling Interest in the Operating Partnership LTIP Units Other Total Noncontrolling Interest Percentage Balance at December 31, 2021 1,949,124 1,570,640 3,519,764 1.9 % Granted/Issued 470,237 — 470,237 N/A Forfeited (6,791) — (6,791) N/A Conversions from LTIP units to Other Common Units (98,494) 98,494 — N/A Redemptions from Other Common Units to common stock — (98,494) (98,494) N/A Balance at December 31, 2022 2,314,076 1,570,640 3,884,716 2.1 % Granted/Issued 326,215 — 326,215 N/A Forfeited (9,119) — (9,119) N/A Conversions from LTIP units to Other Common Units (269,252) 269,252 — N/A Redemptions from Other Common Units to common stock — (372,174) (372,174) N/A Balance at December 31, 2023 2,361,920 1,467,718 3,829,638 2.1 % Granted/Issued 383,292 — 383,292 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (437,550) 437,550 — N/A Redemptions from Other Common Units to common stock — (440,550) (440,550) N/A Balance at December 31, 2024 2,307,662 1,464,718 3,772,380 2.0 % The Company adjusts the carrying value of noncontrolling interest to reflect its share of the book value of the Operating Partnership when there has been a change in the Company’s ownership of the Operating Partnership. Such adjustments are recorded to additional paid-in capital as a rebalancing of noncontrolling interest on the accompanying Consolidated Statements of Equity. LTIP Units LTIP units are granted to certain executive officers and senior employees of the Company as part of their compensation, and to independent directors for their service. LTIP units are valued by reference to the value of the Company’s common stock and are subject to such conditions and restrictions as the compensation committee of the board of directors may determine, including continued employment or service. Vested LTIP units can be converted to Other Common Units on a one-for-one basis once an equity transaction has occurred that results in the accretion of the member’s capital account to the economic equivalent of an Other Common Unit. All LTIP units, whether vested or not, will receive the same monthly per unit distributions as Other Common Units, which equal per share dividends on common stock. LTIP units granted in January 2024, 2023, and 2022 to certain senior executive officers and senior employees, subject to the recipient’s continued employment, will vest quarterly over four years, with the first vesting date having been March 31, 2024, 2023, and 2022, respectively. LTIP units granted in January 2024, 2023, and 2022 to independent directors, subject to the recipient’s continued service, will vest on January 1, 2025, 2024, and 2023, respectively. On July 1, 2024, the Company’s board of directors appointed Vicki Lundy Wilbon to serve as director of the Company. The Company granted LTIP units under the 2011 Plan to Ms. Wilbon on July 1, 2024, which, subject to Ms. Wilbon’s continued service, will vest on January 1, 2025. On March 13, 2023, the Company executed an employment agreement with Steven T. Kimball to serve as the Company's Executive Vice President of Real Estate Operations, effective March 31, 2023. On March 31, 2023, pursuant to the 2011 Plan, the Company awarded Mr. Kimball an initial LTIP unit grant equal in value to approximately $0.6 million, which equated to 19,345 LTIP units, which will vest in equal installments on a quarterly basis over four years, with the first vesting date having been March 31, 2023, subject to Mr. Kimball’s continued employment. Refer to Note 8 for a discussion of the LTIP units granted in January 2025, 2024, and 2023, pursuant to the 2022, 2021, and 2020 performance units, respectively. The fair value of the LTIP units at the date of grant was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement. The following table summarizes the assumptions used in valuing such LTIP units granted during the years ended December 31, 2024, 2023 and 2022 (excluding those LTIP units granted pursuant to the settlements of performance units; refer to Note 8 for details). LTIP Units Assumptions Grant date July 1, 2024 January 8, 2024 March 31, 2023 January 11, 2023 January 10, 2022 Expected term (years) 10 10 10 10 10 Expected stock price volatility 25.0 % 25.0 % 37.0 % 37.0 % 34.0 % Expected dividend yield 4.0 % 4.0 % 4.0 % 4.0 % 4.0 % Risk-free interest rate 4.580 % 4.110 % 3.810 % 3.900 % 1.204 % Fair value of LTIP units at issuance (in thousands) $ 60 $ 4,597 $ 628 $ 4,635 $ 4,385 LTIP units at issuance 1,775 124,235 19,345 139,026 104,241 Fair value unit price per LTIP unit at issuance $ 33.80 $ 37.00 $ 32.47 $ 33.34 $ 42.07 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group comp anies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period. The following table summarizes activity related to the Company’s unvested LTIP units during the years ended December 31, 2024, 2023 and 2022. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2021 190,108 $ 27.84 Granted 470,237 $ 42.07 Vested (513,438) $ 38.67 Forfeited (6,791) $ 34.02 Balance at December 31, 2022 140,116 $ 35.60 Granted 326,215 $ 33.29 Vested (280,286) $ 33.81 Forfeited (9,119) $ 34.11 Balance at December 31, 2023 176,926 $ 34.25 Granted 383,292 $ 36.99 Vested (377,836) $ 36.13 Forfeited — $ — Balance at December 31, 2024 182,382 $ 36.10 The unrecognized compensation expense associated with the Company’s LTIP units at December 31, 2024 was approximately $4.4 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 LTIP units that vested during years ended December 31, 2024, 2023 and 2022. Year ended December 31, Vested LTIP Units 2024 2023 2022 Vested LTIP units 377,836 280,286 513,438 Fair value of vested LTIP units (in thousands) $ 14,440 $ 9,507 $ 21,662 Noncontrolling Interest in Joint Ventures On December 13, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of industrial real estate properties located in Concord, North Carolina. At December 31, 2024, the Company held a 90% interest and the third party held the remaining 10% interest in the joint venture. The third party equity interest in the joint venture, totaling approximately $0.9 million at December 31, 2024, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets. On August 8, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of an industrial real estate property located in Reno, Nevada. At December 31, 2024, the Company held a 95% interest and the third party held the remaining 5% interest in the joint venture. The third party equity interest in the joint venture, totaling approximately $0.7 million at December 31, 2024, is included in noncontrolling interest in joint ventures on the accompanying Consolidated Balance Sheets. Other Common Units Other Common Units and shares of the Company’s common stock have essentially the same economic characteristics in that Other Common Units directly, and shares of the Company’s common stock indirectly, through the Company’s interest in the Operating Partnership, share equally in the total net income or loss distributions of the Operating Partnership. Subject to certain restrictions, investors who own Other Common Units have the right to cause the Operating Partnership to redeem any or all of their Other Common Units for cash equal to the then-current value of one share of the Company’s common stock, or, at the Company’s election, shares of common stock on a one-for-one basis. When redeeming the Other Common Unit for cash, the value of a share of common stock is calculated as the average common stock closing price on the NYSE for the 10 days immediately preceding the redemption notice date. Each Other Common Unit receives the same monthly distribution as a share of common stock.

Equity Incentive Plan

Equity Incentive Plan	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Equity Incentive Plan	Equity Incentive Plan The 2011 Plan provides for the issuance of equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on shares of the Company’s common stock, such as LTIP units in the Operating Partnership, that may be made by the Company directly to the executive officers, directors, employees, and other individuals providing bona fide services to or for the Company. Subject to certain adjustments identified within the 2011 Plan, the aggregate number of shares of the Company’s common stock that may be awarded under the 2011 Plan is 10,142,461 shares. Under the 2011 Plan, each LTIP unit awarded will be equivalent to an award of one share of common stock reserved under the 2011 Plan, thereby reducing the number of shares of common stock available for other equity awards on a one-for-one basis. The 2011 Plan may be terminated, amended, modified or suspended at any time by the board of directors, subject to stockholder approval as required by law or stock exchange rules. The 2011 Plan expires on April 24, 2033. Under the 2011 Plan, the Company grants performance units to certain key employees of the Company. The ultimate value of the performance units depends on the Company’s total stockholder return (“TSR”) over a three-year period (the “measuring period”). At the end of the measuring period, the performance units convert into shares of common stock, or, at the Company’s election and with the award recipient’s consent, LTIP units or other securities (“Award Shares”), at a rate depending on the Company’s TSR over the measuring period as compared to various benchmarks and on the absolute amount of the Company’s TSR. A recipient of performance units may receive as few as zero shares or as many as 250% of the number of target units, plus deemed dividends. For the performance units granted in 2022, at the end of the measuring period the performance units convert into common stock or LTIP units at a rate depending on the Company’s TSR over the measuring period as compared to three different benchmarks and on the absolute amount of the Company’s TSR. The target amount of the performance units is nominally allocated as: (i) 25% to the Company’s TSR compared to the TSR of an industry peer group; (ii) 25% to the Company’s TSR compared to the TSR of a size-based peer group; and (iii) 50% to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT index. For the performance units granted in 2024 and 2023, at the end of the measuring period the performance units convert into common stock or LTIP units at a rate depending on the Company’s TSR over the measuring period as compared to two different benchmarks and on the absolute amount of the Company’s TSR. The target amount of the performance units is nominally allocated as follows: (i) 50% to the Company’s TSR compared to the TSR of an industry peer group; and (ii) 50% to the Company’s TSR compared to the TSR of the companies in the MSCI US REIT Index. No dividends are paid to the recipient during the measuring period. At the end of the measuring period, if the Company’s TSR is such that the recipient earns Award Shares, the recipient will receive additional Award Shares relating to dividends deemed to have been paid and reinvested on the Award Shares. The Company, in the discretion of the compensation committee of the board of directors, may pay the cash value of the deemed dividends instead of issuing additional Award Shares. The Award Shares are immediately vested at the end of the measuring period. In January 2024, 2023, and 2022, the Company granted performance units approved by the compensation committee of the board of directors, under the 2011 Plan to certain key employees of the Company. The measuring periods commenced on January 1, 2024, 2023, and 2022, respectively, and end on December 31, 2026, 2025, and 2024, respectively. On March 31, 2023, in connection with the execution of the employment agreement discussed in Note 7, the Company granted Mr. Kimball performance units under the 2011 Plan with a target grant date fair value equal to approximately $0.6 million. The terms and measuring period of the performance units granted to Mr. Kimball are the same as the performance units granted in January 2023. The fair value of the performance units as of the grant date was determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation. The fair value of the performance units is based on Level 3 inputs and non-recurring fair value measurements. The performance unit equity compensation expense is recognized ratably from the grant date into earnings over the respective vesting periods. The following table summarizes the assumptions used in valuing the performance units granted during the years ended December 31, 2024, 2023 and 2022. Performance Units Assumptions Grant date January 8, 2024 March 31, 2023 January 11, 2023 January 10, 2022 Expected stock price volatility 24.5 % 25.4 % 37.4 % 34.1 % Expected dividend yield 4.0 % 4.0 % 4.0 % 4.0 % Risk-free interest rate 4.1130 % 3.8725 % 3.9060 % 1.1979 % Fair value of performance units grant (in thousands) $ 6,502 $ 609 $ 4,517 $ 6,289 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group companies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year time period of the performance period. During the years ended December 31, 2024, 2023, and 2022, it was determined that the Company’s total stockholder return exceeded the threshold percentage and return hurdle for each of the 2022, 2021, and 2020 performance units, respectively. The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2024, 2023, and 2022. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2022 Performance Units 2021 Performance Units 2020 Performance Units Measuring period conclusion date December 31, 2024 December 31, 2023 December 31, 2022 Issuance date January 7, 2025 January 8, 2024 January 11, 2023 Vested LTIP units 126,333 257,282 167,844 Vested shares of common stock 8,246 49,106 40,660 Shares of common stock repurchased and retired 751 4,716 875 The unrecognized compensation expense associated with the Company’s performance units at December 31, 2024 was approximately $6.0 million and is expected to be recognized over a weighted average period of approximately 1.7 years. At December 31, 2024 and 2023, the number of shares available for issuance under the 2011 Plan were 3,603,642 and 4,226,328, respectively. The number of shares available for issuance under the 2011 Plan as of December 31, 2024 do not include an allocation for the 2024 and 2023 performance units as the awards were not determinable as of December 31, 2024. The number of shares available for issuance under the 2011 Plan as of December 31, 2023 do not include an allocation for the 2023 and 2022 performance units as the awards were not determinable as of December 31, 2023. Non-cash Compensation Expense The following table summarizes the amounts recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Non-Cash Compensation Expense (in thousands) 2024 2023 2022 Restricted shares of common stock $ 1,752 $ 1,936 $ 2,103 LTIP units 3,635 4,194 3,996 Performance units 5,585 4,754 5,423 Director compensation (1) 755 583 504 Total non-cash compensation expense $ 11,727 $ 11,467 $ 12,026 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2024, 2023 and 2022. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Lessee, Operating Leases [Text Block]	Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Rental Income (in thousands) 2024 2023 2022 Fixed lease payments $ 585,611 $ 540,447 $ 500,267 Variable lease payments 162,090 146,954 135,888 Straight-line rental income 14,612 16,894 17,893 Net increase to rental income related to above and below market lease amortization 579 865 329 Total rental income $ 762,892 $ 705,160 $ 654,377 As of December 31, 2024 and December 31, 2023, the Company had accrued rental income of approximately $118.6 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of December 31, 2024 and December 31, 2023, the Company’s total liability associated with tenant lease security deposits was approximately $23.9 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 December 31, 2024. Year Maturity of Fixed Lease Payments (in thousands) 2025 $ 620,000 2026 $ 560,792 2027 $ 473,583 2028 $ 395,035 2029 $ 315,126 Thereafter $ 721,207 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 1.3 years to 57.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023. Operating Lease Term and Discount Rate December 31, 2024 December 31, 2023 Weighted average remaining lease term (years) 34.9 31.6 Weighted average discount rate 6.9 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Operating Lease Cost (in thousands) 2024 2023 2022 Operating lease cost included in property expense attributable to ground leases $ 2,516 $ 2,467 $ 2,372 Operating lease cost included in general and administrative expense attributable to corporate office leases 1,722 1,732 1,747 Total operating lease cost $ 4,238 $ 4,199 $ 4,119 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Operating Leases (in thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 4,013 $ 3,890 $ 3,784 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 December 31, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) 2025 $ 4,252 2026 3,245 2027 2,265 2028 2,306 2029 2,312 Thereafter 94,551 Total lease payments 108,931 Less: Imputed interest (73,627) Present value of operating lease liabilities $ 35,304 (1) Operating lease liabilities do not include estimates of CPI rent changes required by certain ground lease agreements. Therefore, actual payments may differ from those presented.
Lessor, Operating Leases [Text Block]	Leases Lessor Leases The Company has operating leases in which it is the lessor for its rental property. Certain leases contain variable lease payments based upon changes in the Consumer Price Index (“CPI”). Billings for real estate taxes and other expenses are also considered to be variable lease payments. Certain leases contain options to renew or terminate the lease, and options for the lessee to purchase the rental property, all of which are predominately at the sole discretion of the lessee. The following table summarizes the components of rental income included in the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Rental Income (in thousands) 2024 2023 2022 Fixed lease payments $ 585,611 $ 540,447 $ 500,267 Variable lease payments 162,090 146,954 135,888 Straight-line rental income 14,612 16,894 17,893 Net increase to rental income related to above and below market lease amortization 579 865 329 Total rental income $ 762,892 $ 705,160 $ 654,377 As of December 31, 2024 and December 31, 2023, the Company had accrued rental income of approximately $118.6 million and $105.9 million, respectively, included in tenant accounts receivable on the accompanying Consolidated Balance Sheets. As of December 31, 2024 and December 31, 2023, the Company’s total liability associated with tenant lease security deposits was approximately $23.9 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 December 31, 2024. Year Maturity of Fixed Lease Payments (in thousands) 2025 $ 620,000 2026 $ 560,792 2027 $ 473,583 2028 $ 395,035 2029 $ 315,126 Thereafter $ 721,207 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 1.3 years to 57.7 years. Certain ground leases contain options to extend the leases for ten years to 20 years, all of which are reasonably certain to be exercised, and are included in the computation of the Company’s right-of-use assets and operating lease liabilities. The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023. Operating Lease Term and Discount Rate December 31, 2024 December 31, 2023 Weighted average remaining lease term (years) 34.9 31.6 Weighted average discount rate 6.9 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Operating Lease Cost (in thousands) 2024 2023 2022 Operating lease cost included in property expense attributable to ground leases $ 2,516 $ 2,467 $ 2,372 Operating lease cost included in general and administrative expense attributable to corporate office leases 1,722 1,732 1,747 Total operating lease cost $ 4,238 $ 4,199 $ 4,119 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Operating Leases (in thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 4,013 $ 3,890 $ 3,784 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 December 31, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) 2025 $ 4,252 2026 3,245 2027 2,265 2028 2,306 2029 2,312 Thereafter 94,551 Total lease payments 108,931 Less: Imputed interest (73,627) Present value of operating lease liabilities $ 35,304 (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	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Under the two-class method of computing earnings per share, restricted shares of common stock are considered participating securities as these stock-based awards contain non-forfeitable rights to dividends, unless and until a forfeiture occurs, and these awards must be included in the computation of earnings per share pursuant to the two-class method. During the years ended December 31, 2024, 2023 and 2022, there were 122,454, 142,875 and 161,704, respectively, unvested shares of restricted stock on a weighted average basis that were considered participating securities. Participating securities are included in the computation of diluted earnings per share using the treasury stock method if the impact is more dilutive than the two-class method. Other potentially dilutive shares of common stock from the Company’s performance units and forward sales agreements are considered when calculating diluted earnings per share. The following table reconciles the numerators and denominators in the computation of basic and diluted earnings per common share for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Earnings Per Share (in thousands, except per share data) 2024 2023 2022 Numerator Net income attributable to common stockholders $ 189,038 $ 192,633 $ 178,089 Denominator Weighted average common shares outstanding — basic 182,160 180,221 178,753 Effect of dilutive securities (1) Share-based compensation 244 332 187 Shares issuable under forward sale agreements — 2 — Weighted average common shares outstanding — diluted 182,404 180,555 178,940 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 1.04 $ 1.07 $ 1.00 Net income per share attributable to common stockholders — diluted $ 1.04 $ 1.07 $ 1.00 (1)

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 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. The Company has letters of credit of approximately $4.2 million as of December 31, 2024 related to construction projects and certain other agreements.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Effective April 20, 2011, the Company adopted a 401(k) Defined Contribution Savings Plan (the “Plan”) for its employees. Under the Plan, as amended, employees, as defined, are eligible to participate in the Plan after they have completed three months of service. The Company provides a discretionary match of 50% of the employee’s contributions annually up to 6.0% of the employee’s annual compensation, subject to a cap imposed by federal tax law. The Company’s aggregate matching contribution for the years ended December 31, 2024, 2023 and 2022 was approximately $0.6 million, $0.5 million and $0.5 million, respectively. The Company’s contribution is subject to vest over three years, such that employees who have been with the Company for three years are fully vested in past and future contributions.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company identified the following events subsequent to December 31, 2024 that are not recognized in the financial statements. On January 7, 2025, the Company granted 52,352 restricted shares of common stock to certain employees of the Company pursuant to the 2011 Plan. The restricted shares of common stock granted will vest over four years in equal installments on January 1 of each year beginning January 1, 2026. The fair value of the restricted shares of common stock at the date of grant was $33.14 per share. On January 7, 2025, the Company granted 38,120 LTIP units to non-employee, independent directors and 115,881 LTIP units to certain executive officers and senior employees pursuant to the 2011 Plan. The LTIP units granted to non-employee, independent directors will vest in equal quarterly installments over one year, with the first vesting date being March 31, 2025. The LTIP units granted to certain executive officers and senior employees will vest in equal quarterly installments over four years, with the first vesting date being March 31, 2025. The aggregate fair value of the LTIP units at the date of grant was approximately $4.8 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using an expected term of 10 years, a weighted average volatility factor of 25.0%, a weighted average expected dividend yield of 4.0%, and a weighted average risk-free interest rate of 4.33%. The fair value of the LTIP units is based on Level 3 inputs and is a non-recurring fair value measurement. On January 7, 2025, the Company granted performance units to certain executive officers and senior employees pursuant to the 2011 Plan. The terms of the January 7, 2025 performance units are substantially the same as the 2024 performance units discussed in Note 8, except that the measuring period commenced on January 1, 2025 and ends on December 31, 2027. The aggregate fair value of the performance units at the date of grant was approximately $6.9 million, as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a weighted average volatility factor of 24.6%, a weighted average expected dividend yield of 4.0%, and a weighted average risk-free interest rate of 4.3294%. The fair value of the performance units is based on Level 3 inputs and is a non-recurring fair value measurement.

Schedule 3 - Real Estate and Ac

Schedule 3 - Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III - Real Estate and Accumulated Depreciation Disclosure	STAG Industrial, Inc. Schedule III—Real Estate and Accumulated Depreciation December 31, 2024 (in thousands) Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Alabama Birmingham 103 Shades Creek Circle $ — $ 6,772 $ 1,307 $ 353 $ 7,125 $ 1,307 $ 8,432 $ (949) 2020 Birmingham 2991 Shannon Oxmoor Road — 5,828 1,341 39 5,867 1,341 7,208 (739) 2020 Birmingham 101 39th Street North — 6,239 590 42 6,281 590 6,871 (516) 2022 Birmingham 101 Shades Creek Circle — 3,927 836 707 4,634 836 5,470 (554) 2020 Montgomery 4300 Alatex Road — 7,057 418 2,540 9,597 418 10,015 (2,530) 2016 Moody 2415 Highway 78 East — 31,467 2,293 262 31,729 2,293 34,022 (3,749) 2021 Phenix City 16 Downing Drive — 1,415 276 338 1,753 276 2,029 (639) 2012 Arizona Avondale 925 N. 127th Avenue — 13,163 1,674 28 13,191 1,674 14,865 (3,097) 2017 Chandler 464 E. Chilton Drive — 9,728 2,847 671 10,399 2,847 13,246 (1,367) 2020 Gilbert 335 South Hamilton Court — 5,784 2,107 271 6,055 2,107 8,162 (709) 2021 Mesa 7447 E. Ray Road — 7,930 1,277 311 8,241 1,277 9,518 (1,150) 2020 Phoenix 4455 West Magnolia Street — 11,060 1,962 — 11,060 1,962 13,022 (55) 2024 Tucson 6161 South Palo Verde Road — 7,656 996 157 7,813 996 8,809 (1,490) 2018 Arkansas Bryant 3700 Bryant Crossing Drive — 17,386 1,143 — 17,386 1,143 18,529 (2,070) 2021 Rogers 1101 Easy Street — 7,878 1,072 1,834 9,712 1,072 10,784 (3,240) 2011 California Fresno 2624 E. Edgar Avenue — 23,590 3,049 — 23,590 3,049 26,639 (1,960) 2022 Hollister 2401 Bert Drive — 26,049 2,913 621 26,670 2,913 29,583 (1,943) 2022 Lodi 1170 South Guild Avenue — 34,550 4,975 — 34,550 4,975 39,525 (4,347) 2020 Menifee 33360 Zeiders Road — 16,013 2,248 8 16,021 2,248 18,269 (638) 2023 Menifee 33380 Zeiders Road — 13,505 2,227 39 13,544 2,227 15,771 (541) 2023 McClellan 4841 Urbani Avenue — 14,582 1,048 — 14,582 1,048 15,630 (2,213) 2020 Morgan Hill 18695 Madrone Parkway — 7,608 2,562 — 7,608 2,562 10,170 (728) 2021 Morgan Hill 18255 Sutter Boulevard — 19,849 3,943 — 19,849 3,943 23,792 (2,009) 2021 Rancho Cordova 2587 Mercantile Drive — 4,346 678 70 4,416 678 5,094 (532) 2020 Rancho Cordova 2431 Mercantile Drive — 4,747 498 409 5,156 498 5,654 (784) 2020 Roseville 8825 Washington Boulevard — 11,398 2,140 — 11,398 2,140 13,538 (1,329) 2021 Sacramento 1635 Main Avenue — 8,609 845 259 8,868 845 9,713 (1,138) 2020 Sacramento 5440 Stationers Way — 21,258 2,203 225 21,483 2,203 23,686 (2,807) 2021 Sacramento 5601 Warehouse Way — 8,137 1,347 821 8,958 1,347 10,305 (932) 2021 Sacramento 8500 Carbide Court — 5,218 1,614 — 5,218 1,614 6,832 (521) 2021 Sacramento 8440 Florin Road — 12,184 3,921 — 12,184 3,921 16,105 (1,472) 2021 Sacramento 900 National Drive — 7,560 1,479 — 7,560 1,479 9,039 (776) 2021 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Sacramento 5961 Outfall Circle — 11,026 1,914 — 11,026 1,914 12,940 (557) 2023 Sacramento 7728 Wilbur Way — 9,171 857 — 9,171 857 10,028 (1,556) 2019 San Diego 2055 Dublin Drive — 14,895 2,290 3,072 17,967 2,290 20,257 (3,439) 2017 Stockton 4091 Gold River Lane — 4,124 663 475 4,599 663 5,262 (556) 2020 Stockton 3841 Metro Drive — 12,552 1,806 545 13,097 1,806 14,903 (1,582) 2021 Stockton 3843 Gold River Lane — 4,129 660 — 4,129 660 4,789 (531) 2020 West Sacramento 2975 Oates Street — 7,631 1,475 — 7,631 1,475 9,106 (23) 2024 West Sacramento 3525 Carlin Drive — 24,581 4,350 9,538 34,119 4,350 38,469 (1,704) 2021 Colorado Grand Junction 2139 Bond Street — 3,896 314 454 4,350 314 4,664 (1,048) 2015 Johnstown 4150 Ronald Reagan Boulevard — 14,964 1,133 27 14,991 1,133 16,124 (2,216) 2019 Longmont 4300 Godding Hollow Parkway — 5,322 734 1,226 6,548 734 7,282 (1,280) 2018 Loveland 4550 Byrd Drive — 16,591 3,452 2,949 19,540 3,452 22,992 (1,751) 2021 Loveland 4510 Byrd Drive — 14,134 3,047 3,191 17,325 3,047 20,372 (2,096) 2021 Connecticut East Windsor 4 Craftsman Road — 5,711 400 1,000 6,711 400 7,111 (1,614) 2016 East Windsor 24 Thompson Road — 4,571 348 1,182 5,753 348 6,101 (2,165) 2012 Milford 200 Research Drive — 13,853 1,650 1,706 15,559 1,650 17,209 (1,566) 2021 Milford 40 Pepes Farm Road — 10,040 1,264 1,179 11,219 1,264 12,483 (2,937) 2017 North Haven 300 Montowese Avenue Extension — 39,253 4,086 5,106 44,359 4,086 48,445 (12,915) 2015 Wallingford 5 Sterling Drive — 6,071 585 347 6,418 585 7,003 (1,463) 2017 Delaware New Castle 400 Lukens Drive — 17,767 2,616 198 17,965 2,616 20,581 (5,603) 2016 Florida Daytona Beach 530 Fentress Boulevard — 875 1,237 2,388 3,263 1,237 4,500 (1,835) 2007 Fort Myers 16341 Domestic Avenue — 22,005 2,729 — 22,005 2,729 24,734 (2,610) 2020 Gibsonton 6400-6280 Powell Road — — 4,143 18,495 18,495 4,143 22,638 — 2023 Gibsonton 1283 US Highway 41S — — 5,429 20,480 20,480 5,429 25,909 — 2023 Jacksonville 775 Whittaker Road — 3,391 451 415 3,806 451 4,257 (1,034) 2017 Jacksonville 9601 North Main Street — 7,803 650 2,551 10,354 650 11,004 (2,169) 2017 Jacksonville 550 Gun Club Road — 7,837 674 1,557 9,394 674 10,068 (2,479) 2017 Jacksonville 555 Zoo Parkway — 7,025 596 1,170 8,195 596 8,791 (2,089) 2017 Jacksonville 9779 Pritchard Road — 14,319 1,284 1,414 15,733 1,284 17,017 (2,774) 2019 Lake Worth 2230 4th Avenue North — 2,530 1,533 — 2,530 1,533 4,063 (357) 2020 Lake Worth 3600 23rd Avenue South — 4,729 1,502 — 4,729 1,502 6,231 (610) 2020 Lake Worth 2269 4th Avenue North — 4,751 2,254 — 4,751 2,254 7,005 (661) 2020 Lakeland 4675 Drane Field Road — 13,060 1,099 — 13,060 1,099 14,159 (1,731) 2020 Orlando 1854 Central Florida Parkway — 4,814 1,339 1,692 6,506 1,339 7,845 (1,826) 2013 Orlando 7050 Overland Road — 1,996 721 1,535 3,531 721 4,252 (859) 2012 Tampa 4330 Williams Road — 6,390 829 71 6,461 829 7,290 (1,215) 2019 West Palm Beach 4268 Westroads Drive — 6,835 2,906 600 7,435 2,906 10,341 (991) 2020 Georgia Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Atlanta 4200 SW Shirley Drive — 8,382 1,679 3,806 12,188 1,679 13,867 (939) 2022 Augusta 1816 Tobacco Road — 6,249 937 90 6,339 937 7,276 (1,457) 2018 Buford 4823 Roy Carlson Boulevard — 9,195 1,061 938 10,133 1,061 11,194 (942) 2021 Calhoun 103 Enterprise Drive — 2,743 388 820 3,563 388 3,951 (834) 2014 Dallas 351 Thomas D. Murphy Drive — 1,712 475 — 1,712 475 2,187 (700) 2012 Forest Park 5345 Old Dixie Highway — 8,189 1,715 3,683 11,872 1,715 13,587 (2,761) 2016 LaGrange 614 Pegasus Parkway — 26,546 3,021 — 26,546 3,021 29,567 (296) 2024 Lithonia 1995 Lithonia Industrial Boulevard — 18,052 943 301 18,353 943 19,296 (1,518) 2022 Norcross 4075 Blue Ridge Industrial Parkway — 2,415 1,589 2,390 4,805 1,589 6,394 (1,107) 2016 Savannah 1086 Oracal Parkway — 13,034 439 119 13,153 439 13,592 (3,829) 2014 Shannon 212 Burlington Drive — 12,922 393 1,332 14,254 393 14,647 (4,050) 2013 Smyrna 3500 Highlands Parkway — 3,092 264 1,649 4,741 264 5,005 (1,435) 2012 Statham 1965 Statham Drive — 6,130 588 2,399 8,529 588 9,117 (2,672) 2012 Stone Mountain 1635 Stone Ridge Drive — 2,548 612 780 3,328 612 3,940 (874) 2017 Idaho Idaho Falls 3900 South American Way — 2,712 356 140 2,852 356 3,208 (922) 2013 Illinois Aurora 2520 Diehl Road — 8,304 1,848 — 8,304 1,848 10,152 (24) 2024 Bartlett 1590 W. Stearns Road — 19,493 2,198 694 20,187 2,198 22,385 (2,175) 2021 Batavia 1100 North Raddant Road — 7,763 1,124 — 7,763 1,124 8,887 (990) 2020 Batavia 1862 Suncast Lane — 4,427 598 274 4,701 598 5,299 (516) 2021 Batavia 1100 Paramount Parkway — 4,238 618 677 4,915 618 5,533 (1,083) 2017 Belvidere 888 Landmark Drive — 6,824 670 78 6,902 670 7,572 (2,041) 2013 Belvidere 3905 & 3925 Morreim Drive — 4,291 668 31 4,322 668 4,990 (1,309) 2013 Belvidere 725 & 729 Logistics Drive — 3,699 866 312 4,011 866 4,877 (1,347) 2013 Belvidere 857 Landmark Drive — 8,269 1,542 1,665 9,934 1,542 11,476 (3,272) 2013 Belvidere 984 Landmark Drive — 71 216 — 71 216 287 (71) 2013 Carol Stream 494 Lies Road East — 6,536 959 — 6,536 959 7,495 (18) 2024 Cary 680 Industrial Drive — 3,312 498 85 3,397 498 3,895 (427) 2020 Crystal Lake 215 Exchange Drive — 10,737 1,790 — 10,737 1,790 12,527 (1,258) 2021 Crystal Lake 220 Exchange Drive — 8,455 1,343 90 8,545 1,343 9,888 (1,007) 2021 Crystal Lake 300 Exchange Drive — 9,742 1,568 — 9,742 1,568 11,310 (1,167) 2021 Crystal Lake 450 Congress Parkway — 8,791 1,456 112 8,903 1,456 10,359 (1,048) 2021 Elgin 1360 Madeline Lane — 19,754 1,135 131 19,885 1,135 21,020 (1,819) 2021 Elgin 1385 Madeline Lane — 15,346 1,057 439 15,785 1,057 16,842 (1,535) 2021 Elgin 1690 Cambridge Drive — 3,332 270 188 3,520 270 3,790 (337) 2021 Elgin 200-220 Corporate Drive — 7,627 1,130 28 — 7,655 1,130 8,785 (157) 2024 Elgin 300-330 Corporate Drive — 11,662 1,302 11 11,673 1,302 12,975 (229) 2024 Elgin 305-325 Corporate Drive — 30,082 2,954 165 30,247 2,954 33,201 (599) 2024 Elgin 350-370 River Ridge Drive — 13,418 1,528 85 13,503 1,528 15,031 (254) 2024 Elgin 1575-1595 Highpoint Drive — 5,470 945 187 5,657 945 6,602 (119) 2024 Elmhurst 934 North Church Road — 6,255 874 1,212 7,467 874 8,341 (586) 2022 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Gurnee 3818 Grandville Avenue & 1200 Northwestern Avenue — 11,231 1,716 1,272 12,503 1,716 14,219 (3,758) 2014 Harvard 875 West Diggins Street — 2,875 1,157 895 3,770 1,157 4,927 (1,331) 2013 Hodgkins 6600 River Road — 30,599 2,570 — 30,599 2,570 33,169 (3,678) 2020 Hodgkins 6620 River Road — 6,163 3,127 — 6,163 3,127 9,290 (727) 2021 Itasca 1251 W. Ardmore Avenue — 3,621 1,223 — 3,621 1,223 4,844 (379) 2021 Itasca 1500 Bryn Mawr Avenue — 3,871 2,073 — 3,871 2,073 5,944 (450) 2021 Itasca 1800 Bruning Drive — 12,216 2,428 1,251 13,467 2,428 15,895 (4,111) 2016 Lisle 4925 Indiana Avenue — 8,368 2,302 — 8,368 2,302 10,670 (1,605) 2019 Machesney Park 7166 Greenlee Drive — 3,525 300 43 3,568 300 3,868 (1,000) 2015 McHenry 831/833 Ridgeview Drive — 3,818 576 492 4,310 576 4,886 (905) 2018 McHenry 921 Ridgeview Drive — 4,004 448 202 4,206 448 4,654 (862) 2018 Montgomery 2001 Baseline Road — — 173 — — 173 173 — 2018 Montgomery 2001 Baseline Road — 12,373 2,190 4,730 17,103 2,190 19,293 (5,473) 2012 New Lenox 2101-2105 West Haven Avenue — 16,488 1,552 — 16,488 1,552 18,040 (42) 2024 New Lenox 2200 West Haven Avenue — 10,555 2,450 — 10,555 2,450 13,005 (34) 2024 New Lenox 2201 West Haven Avenue — 13,753 1,395 — 13,753 1,395 15,148 (34) 2024 Saint Charles 3810-3820 Stern Avenue — 7,028 1,321 606 7,634 1,321 8,955 (746) 2021 Saint Charles 3850 Ohio Avenue — 5,976 1,160 45 6,021 1,160 7,181 (500) 2022 Sauk Village 21399 Torrence Avenue — 5,405 877 676 6,081 877 6,958 (1,960) 2013 Schaumburg 710 East State Parkway — 4,086 689 181 4,267 689 4,956 (651) 2020 Vernon Hills 888 Forest Edge Drive — 9,383 2,416 938 10,321 2,416 12,737 (1,057) 2021 Waukegan 3751 Sunset Avenue — 5,030 1,004 149 5,179 1,004 6,183 (1,207) 2017 West Chicago 1300 Northwest Avenue — 2,036 768 1,077 3,113 768 3,881 (1,179) 2016 West Chicago 1400 Northwest Avenue — 668 382 330 998 382 1,380 (303) 2016 West Chicago 1450 Northwest Avenue — 768 450 325 1,093 450 1,543 (359) 2016 West Chicago 1145 & 1149 Howard — 842 369 402 1,244 369 1,613 (390) 2016 West Chicago 1270 Nuclear Drive — 892 216 1,593 2,485 216 2,701 (422) 2016 West Chicago 537 Discovery Drive — 32,618 5,961 1,237 33,855 5,961 39,816 (1,388) 2023 West Chicago 1726-1850 Blackhawk Drive — 6,135 915 1,774 7,909 915 8,824 (2,283) 2016 West Dundee 901-907 Wesemann Drive — 12,621 948 135 12,756 948 13,704 (1,303) 2021 Wood Dale 321 Forster Avenue — 4,982 1,226 823 5,805 1,226 7,031 (1,240) 2016 Indiana Elkhart 2701 Marina Drive — 210 25 143 353 25 378 (158) 2007 Elkhart 3501 E. County Road 6 — 3,519 422 1,175 4,694 422 5,116 (1,969) 2007 Fort Wayne 3424 Centennial Drive — 3,076 112 106 3,182 112 3,294 (899) 2014 Goshen 2600 College Avenue — 5,998 1,442 2,198 8,196 1,442 9,638 (2,953) 2011 Greenwood 2441 E. Main Street — 12,745 911 1,004 13,749 911 14,660 (1,620) 2021 Indianapolis 7701 West New York Street — 3,931 620 578 4,509 620 5,129 (443) 2021 Jeffersonville 101 Jacobs Way — 35,174 2,891 1,255 36,429 2,891 39,320 (2,768) 2022 Jeffersonville 250 Hilton Drive — 42,618 2,778 — 42,618 2,778 45,396 (1,217) 2024 Lafayette 1520 Kepner Drive — 2,205 295 65 2,270 295 2,565 (744) 2012 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lafayette 1540-1530 Kepner Drive — 3,405 410 372 3,777 410 4,187 (1,243) 2012 Lafayette 1521 Kepner Drive — 7,920 906 1,337 9,257 906 10,163 (2,844) 2012 Lebanon 100 Purity Drive — 21,160 1,654 — 21,160 1,654 22,814 (4,384) 2018 Lebanon 800 Edwards Drive — 36,091 2,359 — 36,091 2,359 38,450 (5,827) 2019 Lebanon 121 N. Enterprise Boulevard — 37,971 2,948 13,530 51,501 2,948 54,449 (7,550) 2019 Marion 2201 E. Loew Road — 2,934 243 818 3,752 243 3,995 (1,413) 2012 Portage 6515 Ameriplex Drive — 28,094 1,626 746 28,840 1,626 30,466 (5,421) 2019 Portage 725 George Nelson Drive — 5,416 — — 5,416 — 5,416 (1,754) 2012 South Bend 3310 William Richardson Court — 4,718 411 1,810 6,528 411 6,939 (1,793) 2012 Whitestown 4330 S 500 E — 17,621 1,525 — 17,621 1,525 19,146 (737) 2023 Yoder 2909 Pleasant Center Road — 24,504 941 665 25,169 941 26,110 (4,720) 2020 Iowa Ankeny 5910 Southeast Rio Circle — 13,709 846 159 13,868 846 14,714 (2,237) 2019 Ankeny 6150 Southeast Rio Circle — 19,104 1,421 — 19,104 1,421 20,525 (1,760) 2021 Council Bluffs 1209 31st Avenue — 4,438 414 — 4,438 414 4,852 (991) 2017 Des Moines 3915 Delaware Avenue — 9,342 1,685 1,515 10,857 1,685 12,542 (1,141) 2021 Des Moines 1900 E. 17th Street — 4,477 556 96 4,573 556 5,129 (1,024) 2018 Marion 6301 North Gateway Drive — 2,229 691 188 2,417 691 3,108 (908) 2013 Kansas Edwardsville 9601 Woodend Road — 13,007 1,360 544 13,551 1,360 14,911 (3,420) 2017 Lenexa 9700 Lackman Road — 9,614 1,759 33 9,647 1,759 11,406 (1,699) 2019 Lenexa 14000 Marshall Drive — 7,610 2,368 — 7,610 2,368 9,978 (3,162) 2014 Olathe 1202 South Lone Elm Road — 16,216 1,193 111 16,327 1,193 17,520 (2,938) 2019 Olathe 16231 South Lone Elm Road — 20,763 2,431 4,340 25,103 2,431 27,534 (8,126) 2016 Wichita 2655/2755 South Eastmoor Street — 1,815 88 10 1,825 88 1,913 (602) 2012 Wichita 2652 South Eastmoor Street — 1,839 107 183 2,022 107 2,129 (739) 2012 Wichita 2510 South Eastmoor Street — 833 76 328 1,161 76 1,237 (482) 2012 Kentucky Bardstown 300 Spencer Mattingly Lane — 2,295 379 563 2,858 379 3,237 (1,104) 2007 Danville 1355 Lebanon Road — 11,593 965 4,787 16,380 965 17,345 (5,984) 2011 Erlanger 1500-1532 Interstate Drive — 3,791 635 346 4,137 635 4,772 (1,195) 2016 Florence 9200 Brookfield Court — 7,853 863 88 7,941 863 8,804 (1,544) 2019 Florence 1100 Burlington Pike — 10,672 3,109 334 11,006 3,109 14,115 (3,138) 2018 Hebron 2151 Southpark Drive — 4,526 370 866 5,392 370 5,762 (1,671) 2014 Louisiana Baton Rouge 6565 Exchequer Drive — 5,815 1,619 666 6,481 1,619 8,100 (1,260) 2019 Baton Rouge 6735 Exchequer Drive — 6,643 2,567 537 7,180 2,567 9,747 (1,485) 2019 Baton Rouge 12100 Little Cayman Avenue — 15,402 1,962 53 15,455 1,962 17,417 (3,386) 2018 Shreveport 7540 Bert Kouns Industrial Loop — 5,572 1,804 1,522 7,094 1,804 8,898 (2,036) 2015 Maine Biddeford 1 Baker's Way — 8,164 1,369 4,849 13,013 1,369 14,382 (4,084) 2016 Gardiner 47 Market Street — 8,983 948 23 9,006 948 9,954 (2,895) 2016 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lewiston 19 Mollison Way — 5,374 173 1,064 6,438 173 6,611 (2,807) 2007 Portland 125 Industrial Way — 3,648 891 2,773 6,421 891 7,312 (1,344) 2012 Maryland Elkridge 6685 Santa Barbara Court — 8,764 2,982 113 8,877 2,982 11,859 (1,582) 2019 Hagerstown 11835 Newgate Boulevard — 55,177 6,036 — 55,177 6,036 61,213 (5,630) 2021 Hagerstown 11841 Newgate Boulevard — 55,448 6,174 231 55,679 6,174 61,853 (5,884) 2021 Hagerstown 105 Enterprise Lane — 11,213 3,472 — 11,213 3,472 14,685 (1,545) 2021 Hampstead 630 Hanover Pike — 34,933 780 2,892 37,825 780 38,605 (11,143) 2013 Hunt Valley 11100 Gilroy Road — 4,900 538 47 4,947 538 5,485 (555) 2021 White Marsh 6210 Days Cove Road — 4,601 963 3,040 7,641 963 8,604 (1,388) 2018 Massachusetts Andover 7 Connector Road — 9,744 2,238 9 9,753 2,238 11,991 (111) 2024 Hudson 4 Robert Bonazzoli Avenue — 12,628 723 414 13,042 723 13,765 (1,255) 2021 Lawrence 91 Glenn Street — 14,945 3,287 12 14,957 3,287 18,244 (158) 2024 Malden 219 Medford Street — 2,817 366 — 2,817 366 3,183 (1,269) 2007 Malden 243 Medford Street — 3,961 507 — 3,961 507 4,468 (1,783) 2007 Middleborough 16 Leona Drive — 7,243 2,397 172 7,415 2,397 9,812 (2,132) 2019 Norton 202 South Washington Street — 6,105 2,839 250 6,355 2,839 9,194 (2,253) 2011 South Easton 55 Bristol Drive — 5,826 403 2,491 8,317 403 8,720 (1,399) 2017 Sterling 15 Chocksett Road — 10,797 1,472 — 10,797 1,472 12,269 (1,132) 2021 Stoughton 100 Campanelli Parkway — 2,305 2,256 1,817 4,122 2,256 6,378 (1,526) 2015 Stoughton 12 Campanelli Parkway — 1,138 538 438 1,576 538 2,114 (531) 2015 Westborough 35 Otis Street — 5,733 661 23 5,756 661 6,417 (1,384) 2016 Wilmington 353 Middlesex Avenue — 9,424 1,158 — 9,424 1,158 10,582 (91) 2024 Woburn 180 New Boston Street — 14,836 2,123 — 14,836 2,123 16,959 (154) 2024 Woburn 41 Atlantic Avenue — 7,502 2,265 — 7,502 2,265 9,767 (85) 2024 Michigan Belleville 8200 Haggerty Road — 6,484 724 616 7,100 724 7,824 (1,682) 2017 Canton 47440 Michigan Avenue — 23,603 2,378 1,619 25,222 2,378 27,600 (3,911) 2020 Chesterfield 50501 E. Russell Schmidt — 1,099 207 177 1,276 207 1,483 (505) 2007 Chesterfield 50371 E. Russell Schmidt — 798 150 477 1,275 150 1,425 (521) 2007 Chesterfield 50271 E. Russell Schmidt — 802 151 210 1,012 151 1,163 (515) 2007 Chesterfield 50900 E. Russell Schmidt — 5,006 942 2,365 7,371 942 8,313 (3,424) 2007 Grand Rapids 5445 International Parkway — 7,039 1,241 319 7,358 1,241 8,599 (1,032) 2020 Grand Rapids 5079 33rd Street — 4,907 892 316 5,223 892 6,115 (542) 2022 Grand Rapids 5333 33rd Street — 3,455 1,052 192 3,647 1,052 4,699 (482) 2022 Grand Rapids 5050 Kendrick Street, SE — 7,332 169 1,607 8,939 169 9,108 (2,182) 2015 Holland 4757 128th Avenue — 3,273 279 228 3,501 279 3,780 (1,140) 2012 Kentwood 4660 East Paris Avenue, SE — 7,875 307 102 7,977 307 8,284 (1,409) 2019 Kentwood 4647 60th Street SE — 16,933 1,256 1,928 18,861 1,256 20,117 (2,001) 2021 Kentwood 4070 East Paris Avenue — 2,436 407 120 2,556 407 2,963 (798) 2013 Lansing 7009 West Mount Hope Highway — 7,706 501 7,357 15,063 501 15,564 (4,956) 2011 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lansing 2780 Sanders Road — 3,961 580 460 4,421 580 5,001 (1,337) 2012 Lansing 5640 Pierson Highway — 7,056 429 100 7,156 429 7,585 (2,434) 2012 Lansing 2051 South Canal Road — 5,176 907 100 5,276 907 6,183 (1,680) 2013 Livonia 38150 Plymouth Road — 7,032 1,390 1,471 8,503 1,390 9,893 (2,033) 2018 Livonia 38220 Plymouth Road — 8,918 848 1,016 9,934 848 10,782 (1,930) 2018 Marshall 1511 George Brown Drive — 1,042 199 130 1,172 199 1,371 (442) 2013 Novi 22925 Venture Drive — 3,649 252 484 4,133 252 4,385 (1,306) 2012 Novi 25250 Regency Drive — 6,035 626 23 6,058 626 6,684 (1,837) 2015 Novi 43800 Gen Mar Drive — 16,708 1,381 925 17,633 1,381 19,014 (3,304) 2018 Plymouth 14835 Pilot Drive — 4,620 365 250 4,870 365 5,235 (1,460) 2015 Redford 12100 Inkster Road — 6,114 728 870 6,984 728 7,712 (1,948) 2017 Romulus 9800 Inkster Road — 14,942 1,254 — 14,942 1,254 16,196 (3,775) 2018 Romulus 27651 Hildebrandt Road — 14,949 1,080 289 15,238 1,080 16,318 (3,696) 2017 Sterling Heights 42600 Merrill Street — 4,191 1,133 1,469 5,660 1,133 6,793 (1,914) 2012 Walker 2640 Northridge Drive — 4,593 855 1,127 5,720 855 6,575 (1,758) 2011 Warren 13301 Stephens Road — 5,820 502 206 6,026 502 6,528 (1,437) 2017 Warren 27027 Mound Road — 17,584 1,984 67 17,651 1,984 19,635 (2,813) 2020 Warren 25295 Guenther Road — 19,273 531 387 19,660 531 20,191 (2,274) 2021 Warren 7500 Tank Avenue — 14,473 1,290 1,562 16,035 1,290 17,325 (4,425) 2016 Wixom 48238 Frank Street — 14,433 293 — 14,433 293 14,726 (1,383) 2021 Zeeland 750 E. Riley Avenue — 12,100 487 — 12,100 487 12,587 (2,691) 2019 Minnesota Blaine 3705 95th Avenue NE — 16,873 2,258 46 16,919 2,258 19,177 (3,178) 2019 Bloomington 11300 Hampshire Avenue South — 8,542 1,702 23 8,565 1,702 10,267 (1,875) 2018 Brooklyn Park 6688 93rd Avenue North — 11,988 1,926 — 11,988 1,926 13,914 (3,067) 2016 Brooklyn Park 9400 Decatur Drive — 18,133 2,051 — 18,133 2,051 20,184 (143) 2024 Carlos 4750 County Road 13 NE — 4,183 960 1,438 5,621 960 6,581 (1,866) 2011 Eagan 3355 Discovery Road — 15,290 2,526 — 15,290 2,526 17,816 (3,377) 2019 Inver Grove Height 8450 Courthouse Boulevard — 6,964 2,595 — 6,964 2,595 9,559 (850) 2021 Lakeville 21601 Galway Lane — 31,841 5,405 — 31,841 5,405 37,246 (313) 2024 Maple Grove 6250 Sycamore Lane North — 6,634 969 786 7,420 969 8,389 (1,862) 2017 Maple Grove 8175 Jefferson Highway — 10,397 2,327 156 10,553 2,327 12,880 (1,808) 2020 Mendota Heights 1312 Northland Drive — 10,743 1,497 — 10,743 1,497 12,240 (90) 2024 Mendota Heights 2250 Pilot Knob Road — 3,492 1,494 1,177 4,669 1,494 6,163 (1,388) 2018 New Hope 5520 North Highway 169 — 1,902 1,919 473 2,375 1,919 4,294 (803) 2013 Newport 710 Hastings Avenue — 8,367 1,765 — 8,367 1,765 10,132 (808) 2021 Oakdale 550-590 Hale Avenue North — 6,468 647 311 6,779 647 7,426 (1,424) 2019 Oakdale 585-595 Hale Avenue — 4,984 1,396 316 5,300 1,396 6,696 (1,183) 2018 Plymouth 9800 13th Avenue North — 4,978 1,599 — 4,978 1,599 6,577 (1,252) 2018 Plymouth 6050 Nathan Lane — 5,855 1,109 61 5,916 1,109 7,025 (1,152) 2019 Plymouth 6075 Trenton Lane North — 6,919 1,569 30 6,949 1,569 8,518 (1,335) 2019 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Savage 14399 Huntington Avenue — 3,836 3,194 1,253 5,089 3,194 8,283 (1,930) 2014 Shakopee 5101/4901 Valley Industrial Boulevard — 11,596 584 13 11,609 584 12,193 (1,154) 2022 Shakopee 1451 Dean Lakes Trail — 12,496 927 61 12,557 927 13,484 (2,007) 2019 Saint Paul 1700 Wynne Avenue — 23,675 2,258 — 23,675 2,258 25,933 (2,457) 2021 South Saint Paul 411 Farwell Avenue — 14,904 2,378 498 15,402 2,378 17,780 (3,343) 2018 Mississippi Southaven 228 Access Drive — 28,566 1,000 1,275 29,841 1,000 30,841 (3,779) 2020 Missouri Berkeley 8901 Springdale Avenue — 9,850 1,423 929 10,779 1,423 12,202 (1,079) 2021 Earth City 1 American Eagle Plaza — 2,751 1,123 273 3,024 1,123 4,147 (836) 2016 Fenton 2501 & 2509 Cassens Drive — 9,358 791 294 9,652 791 10,443 (1,718) 2019 Hazelwood 7275 Hazelwood Avenue — 5,030 1,382 2,094 7,124 1,382 8,506 (2,449) 2011 Kansas City 4001 North Norfleet Road — 48,342 4,239 — 48,342 4,239 52,581 (4,880) 2022 Kansas City 10410 NW Transcon Drive — 16,651 — — 16,651 — 16,651 (88) 2024 Kansas City 9900 NW Global Drive — 33,113 — — 33,113 — 33,113 (165) 2024 O'Fallon 6705 Keaton Corporate Parkway — 3,606 1,233 606 4,212 1,233 5,445 (1,207) 2017 O'Fallon 3801 Lloyd King Drive — 2,579 1,242 1,766 4,345 1,242 5,587 (1,359) 2011 Nebraska Bellevue 10601 S 15th Street — 20,384 1,691 135 20,519 1,691 22,210 (2,785) 2021 La Vista 11720 Peel Circle — 14,679 1,232 165 14,844 1,232 16,076 (1,494) 2021 Omaha 10488 S. 136th Street — 13,736 1,602 102 13,838 1,602 15,440 (2,413) 2019 Omaha 9995 I Street — 3,202 572 641 3,843 572 4,415 (565) 2019 Omaha 10025 I Street — 2,414 579 133 2,547 579 3,126 (471) 2019 Omaha 9931 South 136th Street — 2,636 828 385 3,021 828 3,849 (404) 2021 Omaha 9950 South 134th Street — 3,398 868 6 3,404 868 4,272 (352) 2021 Nevada Fernley 190 Resource Drive — 11,401 1,034 — 11,401 1,034 12,435 (1,385) 2021 Las Vegas 730 Pilot Road — 12,390 2,615 897 13,287 2,615 15,902 (2,883) 2018 Las Vegas 3450 West Teco Avenue — 3,259 770 80 3,339 770 4,109 (740) 2017 Paradise 4565 Wynn Road — 4,514 949 — 4,514 949 5,463 (818) 2019 Paradise 6460 Arville Street — 3,415 1,465 251 3,666 1,465 5,131 (801) 2019 Reno 9025 Moya Boulevard — 3,356 1,372 832 4,188 1,372 5,560 (1,144) 2014 Sparks 325 E. Nugget Avenue — 6,328 938 1,179 7,507 938 8,445 (2,219) 2017 Sparks 655 Spice Islands Drive — 25,457 2,831 250 25,707 2,831 28,538 (936) 2023 New Hampshire Londonderry 29 Jack's Bridge Road/Clark Road — 6,449 730 339 6,788 730 7,518 (2,080) 2013 Nashua 80 Northwest Boulevard — 8,470 1,431 6,874 15,344 1,431 16,775 (2,848) 2014 New Jersey Branchburg 291 Evans Way — 10,852 2,367 149 11,001 2,367 13,368 (1,817) 2019 Burlington 8 Campus Drive — — 3,267 16,064 16,064 3,267 19,331 (1,764) 2015 Burlington 6 Campus Drive — 19,237 4,030 3,067 22,304 4,030 26,334 (5,878) 2015 Franklin Township 17 & 20 Veronica Avenue — 8,264 2,272 1,555 9,819 2,272 12,091 (2,705) 2017 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Lumberton 101 Mount Holly Bypass — 6,372 1,121 456 6,828 1,121 7,949 (1,519) 2019 Moorestown 550 Glen Avenue — 5,627 466 188 5,815 466 6,281 (1,170) 2019 Moorestown 600 Glen Court — 4,749 510 189 4,938 510 5,448 (1,175) 2019 Moorestown 11 Twosome Drive — 9,490 1,230 — 9,490 1,230 10,720 (81) 2024 Mt. Laurel 103 Central Avenue — 6,672 616 1,006 7,678 616 8,294 (1,032) 2020 Piscataway 100 New England Avenue — 17,096 7,566 144 17,240 7,566 24,806 (1,095) 2023 Swedesboro 2165 Center Square Road — 5,129 1,212 901 6,030 1,212 7,242 (1,407) 2017 Westampton 800 Highland Drive — 20,734 3,647 8,721 29,455 3,647 33,102 (2,184) 2021 New Mexico Santa Teresa 150 Earhardt Drive — 8,904 723 187 9,091 723 9,814 (661) 2022 New York Buffalo 1236-50 William Street — 2,924 146 — 2,924 146 3,070 (1,025) 2012 Cheektowaga 40-60 Industrial Parkway — 2,699 216 1,095 3,794 216 4,010 (1,525) 2011 Farmington 5786 Collett Road — 5,282 410 896 6,178 410 6,588 (2,649) 2007 Gloversville 125 Belzano Drive — 1,299 117 7 1,306 117 1,423 (465) 2012 Gloversville 122 Belzano Drive — 2,559 151 238 2,797 151 2,948 (893) 2012 Gloversville 109 Belzano Drive — 1,486 154 188 1,674 154 1,828 (568) 2012 Johnstown 123 Union Avenue — 1,592 216 33 1,625 216 1,841 (528) 2012 Johnstown 231 Enterprise Drive — 955 151 96 1,051 151 1,202 (460) 2012 Johnstown 150 Enterprise Avenue — 1,440 140 36 1,476 140 1,616 (536) 2012 Rochester 2883 Brighton Henrietta Townline Road — 6,964 619 1,034 7,998 619 8,617 (1,124) 2020 Rochester 1350 Scottsville Road — 6,702 208 109 6,811 208 7,019 (1,010) 2020 Ronkonkoma 845 South 1st Street (4,322) 6,091 1,213 144 6,235 1,213 7,448 (785) 2021 North Carolina Catawba 3389 Catawba Industrial Place — 8,166 1,692 — 8,166 1,692 9,858 (1,120) 2020 Charlotte 1401 Tar Heel Road — 3,842 515 63 3,905 515 4,420 (960) 2015 Charlotte 2027 Gateway Boulevard — 3,654 913 30 3,684 913 4,597 (798) 2018 Charlotte 3115 Beam Road — 4,839 369 179 5,018 369 5,387 (738) 2020 Charlotte 12730 Virkler Drive — 10,650 1,522 — 10,650 1,522 12,172 (39) 2024 Durham 2702 Weck Drive — 2,589 753 258 2,847 753 3,600 (810) 2015 Garner 2337 US Highway 70E — 11,790 3,420 — 11,790 3,420 15,210 (1,631) 2020 Greensboro 719 North Regional Road — 12,396 366 — 12,396 366 12,762 (596) 2023 Greensboro 415 Westcliff Road — 6,383 691 208 6,591 691 7,282 (1,417) 2018 Huntersville 13201 Reese Boulevard — 3,123 1,061 980 4,103 1,061 5,164 (1,327) 2012 Lexington 200 Woodside Drive — 3,863 232 1,397 5,260 232 5,492 (1,929) 2011 Mebane 7412 Oakwood Street — 4,570 481 552 5,122 481 5,603 (1,851) 2012 Mebane 7600 Oakwood Street — 4,148 443 — 4,148 443 4,591 (1,522) 2012 Mebane 7110 E. Washington Street — 4,981 358 1,994 6,975 358 7,333 (1,942) 2013 Mocksville 171 Enterprise Way — 5,582 1,091 616 6,198 1,091 7,289 (1,180) 2019 Mooresville 119 Super Sport Drive — 17,792 4,195 765 18,557 4,195 22,752 (4,116) 2017 Mooresville 313 Mooresville Boulevard — 6,968 701 466 7,434 701 8,135 (2,689) 2011 Mountain Home 199 N. Egerton Road — 2,359 523 324 2,683 523 3,206 (689) 2014 Initial Cost to STAG Industrial, Inc. Gross Amounts at Which Carried at December 31, 2024 State & City Address Encumbrances (1) Building & Improvements (2) Land (3) Costs Capitalized Subsequent to Acquisition and Valuation Provision Building & Improvements Land Total Accumulated Depreciation (4) Year Acquired Newton 1500 Prodelin Drive — 3,814 732 4,807 8,621 732 9,353 (2,609) 2011 Pineville 10519 Industrial Drive — 1,179 392 44 1,223 392 1,615 (372) 2012 Rural Hall 300 Forum Parkway — 5,375 439 1,007 6,382 439 6,821 (2,388) 2011 Salisbury 990 Cedar Springs Road — 5,009 1,535 3,008 8,017 1,535 9,552 (2,308) 2017 Smithfield 3250 Highway 70 Business West — 4,411 613 7,231 11,642 613 12,255 (2,604) 2011 Troutman 279 & 281 Old Murdock Road — 13,124 802 360 13,484 802 14,286 (2,985) 2018 Winston-Salem 2655 Annapolis Drive — 10,716 610 235 10,951 610 11,561 (3,366) 2014 Youngsville 200 K-Flex Way — 16,150 1,836 — 16,150 1,836 17,986 (3,335) 2018 Ohio Bedford Heights 26801 Fargo Avenue — 5,267 837 1,019 6,286 837 7,123 (1,891) 2017 Boardman 365 McClurg Road — 3,473 282 1,289 4,762 282 5,044 (2,094) 2007 Canal Winchester 6200-6250 Winchester Boulevard — 37,431 6,403 — 37,431 6,403 43,834 (3,977) 2021 Canal Winchester 6260-6300 Winchester Boulevard — 19,432 3,708 430 19,862 3,708 23,570 (2,372) 2021 Canal Winchester 6215-6275 Winchester Boulevard — 16,704 1,690 — 16,704 1,690 18,394 (315) 2024 Columbus 1605 Westbelt Drive — 5,125 337 1,114 6,239 337 6,576 (1,285) 2017 Columbus 5330 Crosswinds Drive — 45,112 3,410 1,117 46,229 3,410 49,639 (6,002) 2020 Columbus 200 McCormick Boulevard — 8,960 988 77 9,037 988 10,025 (911) 2022 Columbus 3900-3990 Business Park Drive — 2,976 489 657 3,633 489 4,122 (1,254) 2014 Dayton 2815 South Gettysburg Avenue — 5,896 331 529 6,425 331 6,756 (1,985) 2015 Etna 8591 Mink Street SW — 73,402 2,939 231 73,633 2,939 76,572 (10,008) 2020 Fairborn 1340 E Dayton Yellow Springs Road — 5,569 867 402 5,971 867 6,838 (2,035) 2015 Fairfield 4275 Thunderbird Lane — 2,788 948 1,175 3,963 948 4,911 (1,204) 2016 Fairfield 3840 Port Union Road — 5,337 1,086 407 5,744 1,086 6,830 (1,562) 2018 Gahanna 1120 Morrison Road — 3,806 1,265 3,988 7,794 1,265 9,059 (2,479) 2011 Groveport 5830 Green Pointe Drive South — 10,828 642 424 11,252 642 11,894 (2,556) 2017 Hilliard 4251 Leap Road — 7,412 550 1,498 8,910 550 9,460 (2,129) 2017 Macedonia 8295 Bavaria Drive — 10,219 1,001 107 10,326 1,001 11,327 (958) 2022 Macedonia 1261 Highland Road — 8,063 1,690 647 8,710 1,690 10,400 (2,477) 2015 Maple Heights 16645 Granite Road — 4,357 922 — 4,357 922 5,279 (559) 2021 Mason 7258 Innovation Way — 4,582 673 — 4,582 673 5,255 (1,388) 2014 North Jackson 500 South Bailey Road — 4,356 1,528 2,269 6,625 1,528 8,153 (1,693) 2013 North Jackson 382 Rosemont Road — 5,777 486 3,174 8,951 486 9,437 (2,582) 2011 Oakwood Village 26350 Broadway — 3,041 343 178 3,219 343 3,562 (986)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 189,220	$ 192,845	$ 178,326

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Introduction We recognize the importance of maintaining the trust and confidence of our tenants, business partners and employees with respect to the integrity of our IT network and related systems. We seek to address cybersecurity risks and preserve the confidentiality, security and availability of the information collected and stored on our IT networks and related systems through a comprehensive approach focused on (i) identifying, evaluating and managing our cybersecurity risks, (ii) preventing or mitigating potential threats, and (iii) responding appropriately to security breaches, cyber-attacks, IT network failures and other incidents, if and when they occur. While risk management is primarily the responsibility of our senior management team, our board of directors plays a role in overseeing our cybersecurity risk management program. Our board of directors administers this oversight function directly and with support from its audit committee, which has been delegated the responsibility to evaluate our major financial risks, including our policies and practices to govern the process by which risk assessment and management is undertaken. As of the date of this report, we are not aware of any cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially and adversely affected the Company (including our business strategy, results of operations or financial condition), nor, in our view, are such threats currently reasonably likely to materially and adversely affect the same. For additional information regarding our cybersecurity risks, see “Item 1.A. Risk Factors—Other General Risks—We face risks associated with system failures through security breaches or cyber-attacks, as well as other significant disruptions of our information technology (“IT”) networks and related systems” above. Risk Management and Strategy Our cybersecurity risk management program is focused on the key areas below: • Governance. In fulfilling its oversight responsibility, our board of directors receives regular reports from our senior management team on our cybersecurity risks and exposures, infrastructure and countermeasures, and other monitoring, testing and recovery systems. • Collaborative Approach. We use a comprehensive, cross-departmental approach for identifying, evaluating, preventing and/or mitigating cybersecurity threats and incidents, and have implemented controls and procedures that provide for the prompt escalation of significant cybersecurity incidents so that decisions regarding reporting and public disclosure of such incidents can be made in a timely manner. • Technical Safeguards. We deploy technical safeguards intended to protect our IT networks and related systems from cybersecurity threats, including firewalls, intrusion prevention, detection and isolation systems, anti-virus and malware functionality, backup functionality, and access controls. These technical safeguards are regularly evaluated and improved through vulnerability assessments, network penetration testing and threat intelligence, including by third-party consultants, who also continually monitor our information security. Any significant developments related to our technical safeguards, including any material results of any vulnerability assessments or network penetration testing, are reported to our board of directors, and we adjust our cybersecurity risk management policies and practices as necessary. • Management of Third-Party Risks . We use a risk-based approach to evaluating cybersecurity risks presented by third parties, such as vendors, service providers, and external users of our IT networks and related systems, as well as risks related to our use of third-party systems that could adversely affect our business in the event of a cybersecurity incident centered on those systems. • Education and Awareness. We provide regular, mandatory cybersecurity training for our employees to help them identify and avoid potential cybersecurity threats and understand our policies and guidelines related to our IT network and related systems. As part of this training program, we regularly test our employees for information security awareness, including through random electronic communications designed to simulate how a threat actor might attempt to compromise our IT network and related systems. • Cybersecurity Insurance . We carry comprehensive cyber liability insurance coverage that covers us against claims related to certain first-party and third-party losses, including data restoration costs and crisis management expenses, subject to the policy’s coverage conditions and limitations. Governance Our board of directors, together with the audit committee of our board of directors, oversees our cybersecurity risk management program. In addition, the audit committee is responsible for reviewing with management the effectiveness of our internal control structure and procedures for financial reporting systems, including, among other things, our internal controls designed to assess, identify, and manage material risks from cybersecurity threats. On regular basis, our board of directors receives a presentation on cybersecurity risks from our senior management team, which may, depending on relevance at the time of the report, address topics such as prevailing cybersecurity threats, vulnerability assessments and/or network integrity testing, infrastructure and practice updates, and other considerations applicable to our IT network and related systems and other third-party systems. Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management responsible for our cybersecurity risk management program include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident. We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 26 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 15 years to 30 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Risk Management and Strategy Our cybersecurity risk management program is focused on the key areas below: • Governance. In fulfilling its oversight responsibility, our board of directors receives regular reports from our senior management team on our cybersecurity risks and exposures, infrastructure and countermeasures, and other monitoring, testing and recovery systems. • Collaborative Approach. We use a comprehensive, cross-departmental approach for identifying, evaluating, preventing and/or mitigating cybersecurity threats and incidents, and have implemented controls and procedures that provide for the prompt escalation of significant cybersecurity incidents so that decisions regarding reporting and public disclosure of such incidents can be made in a timely manner. • Technical Safeguards. We deploy technical safeguards intended to protect our IT networks and related systems from cybersecurity threats, including firewalls, intrusion prevention, detection and isolation systems, anti-virus and malware functionality, backup functionality, and access controls. These technical safeguards are regularly evaluated and improved through vulnerability assessments, network penetration testing and threat intelligence, including by third-party consultants, who also continually monitor our information security. Any significant developments related to our technical safeguards, including any material results of any vulnerability assessments or network penetration testing, are reported to our board of directors, and we adjust our cybersecurity risk management policies and practices as necessary. • Management of Third-Party Risks . We use a risk-based approach to evaluating cybersecurity risks presented by third parties, such as vendors, service providers, and external users of our IT networks and related systems, as well as risks related to our use of third-party systems that could adversely affect our business in the event of a cybersecurity incident centered on those systems. • Education and Awareness. We provide regular, mandatory cybersecurity training for our employees to help them identify and avoid potential cybersecurity threats and understand our policies and guidelines related to our IT network and related systems. As part of this training program, we regularly test our employees for information security awareness, including through random electronic communications designed to simulate how a threat actor might attempt to compromise our IT network and related systems. • Cybersecurity Insurance . We carry comprehensive cyber liability insurance coverage that covers us against claims related to certain first-party and third-party losses, including data restoration costs and crisis management expenses, subject to the policy’s coverage conditions and limitations.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block]	As of the date of this report, we are not aware of any cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially and adversely affected the Company (including our business strategy, results of operations or financial condition), nor, in our view, are such threats currently reasonably likely to materially and adversely affect the same.
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Our board of directors, together with the audit committee of our board of directors, oversees our cybersecurity risk management program. In addition, the audit committee is responsible for reviewing with management the effectiveness of our internal control structure and procedures for financial reporting systems, including, among other things, our internal controls designed to assess, identify, and manage material risks from cybersecurity threats. On regular basis, our board of directors receives a presentation on cybersecurity risks from our senior management team, which may, depending on relevance at the time of the report, address topics such as prevailing cybersecurity threats, vulnerability assessments and/or network integrity testing, infrastructure and practice updates, and other considerations applicable to our IT network and related systems and other third-party systems. Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management responsible for our cybersecurity risk management program include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident. We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 26 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 15 years to 30 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our board of directors, together with the audit committee of our board of directors, oversees our cybersecurity risk management program. In addition, the audit committee is responsible for reviewing with management the effectiveness of our internal control structure and procedures for financial reporting systems, including, among other things, our internal controls designed to assess, identify, and manage material risks from cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	On regular basis, our board of directors receives a presentation on cybersecurity risks from our senior management team, which may, depending on relevance at the time of the report, address topics such as prevailing cybersecurity threats, vulnerability assessments and/or network integrity testing, infrastructure and practice updates, and other considerations applicable to our IT network and related systems and other third-party systems.
Cybersecurity Risk Role of Management [Text Block]	Members of management work collaboratively to develop and implement policies, practices and procedures to protect our IT networks and related systems from cybersecurity threats and to respond appropriately and timely to any cybersecurity incidents. The members of management responsible for our cybersecurity risk management program include our Vice President–Information Technology, our General Counsel, our Chief Accounting Officer, our Senior Vice President–Data and Technology, and our Vice President–Financial Reporting and Accounting. Through ongoing communications from employees in each of our Data, Analytics and Technology and Information Technology departments, such members of management monitor our assessment of material cybersecurity risks, our prevention and detection of cybersecurity threats, and, if a cybersecurity incident were to occur, our mitigation and remediation of such incident. We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 26 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 15 years to 30 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	We believe the members of our management team involved in assessing and managing material cybersecurity risks have the experience needed to perform their duties, including through education, certification, work experience or a combination thereof. For example, our Vice President–Information Technology has approximately 26 years of IT experience in various roles, the majority of which has been at publicly-reporting real estate companies. In addition, the other members of our management team identified above have from 15 years to 30 years of work experience managing risks or control environments, including experience at the Company and other professional businesses, or, as third-party advisors, helping businesses manage risks or control environments.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s consolidated financial statements include the accounts of the Company, the Operating Partnership, and their consolidated subsidiaries. Interests in the Operating Partnership not owned by the Company are referred to as “Noncontrolling Common Units.” These Noncontrolling Common Units are held by other limited partners in the form of common units (“Other Common Units”) and long-term incentive plan units (“LTIP units”) issued pursuant to the STAG Industrial, Inc. 2011 Equity Incentive Plan, as amended and restated (the “2011 Plan”). All majority-owned subsidiaries and joint ventures over which the Company has a controlling financial interest are included in the consolidated financial statements. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. The financial statements of the Company are presented on a consolidated basis for all periods presented.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Rental Property	Rental Property and Deferred Leasing Intangibles Rental property is carried at cost less accumulated depreciation and amortization. Expenditures for maintenance and repairs are expensed as incurred. Significant renovations and betterments that extend the economic useful lives of assets are capitalized. The Company capitalizes costs directly and indirectly related to the development, pre-development, redevelopment, or improvement of rental property. Real estate taxes, compensation costs of development personnel, insurance, interest, and other directly related costs during construction periods are capitalized as incurred, with depreciation commencing on the date the property is substantially completed. Such costs begin to be capitalized to the development projects from the point the Company is undergoing the necessary activities to get the development project ready for its intended use and cease when the development projects are substantially completed and held available for occupancy. Interest is capitalized based on actual capital
Rental Property Held for Sale	For properties classified as held for sale, the Company ceases depreciating and amortizing the rental property and values the rental property at the lower of depreciated and amortized cost or fair value less costs to dispose. The Company presents those properties classified as held for sale with any qualifying assets and liabilities associated with those properties as held for sale in the accompanying Consolidated Balance Sheets.
Business Combinations	Using information available at the time of acquisition, the Company allocates the purchase price of properties acquired based upon the fair value of the assets acquired and liabilities assumed, which generally consist of land, buildings, tenant improvements, mortgage debt assumed, and deferred leasing intangibles, which includes in-place leases, above market and below market leases, and tenant relationships. The process for determining the allocation to these components requires estimates and assumptions, including rental rates, discount rates and exit capitalization rates, and land value per square foot, as well as available market information, and therefore involves subjective analysis and uncertainty. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. The portion of the purchase price that is allocated to above and below market leases is valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease term plus the term of any bargain renewal options. The purchase price is further allocated to in-place lease values and tenant relationships based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with the respective tenant. The above and below market lease values are amortized into rental income over the remaining lease term. The value of in-place lease intangibles and tenant relationships are amortized over the remaining lease term (and expected renewal period of the respective lease for tenant relationships) as increases to depreciation and amortization expense. The remaining lease terms are adjusted for bargain renewal options or assumed exercises of early termination options, as applicable. If a tenant subsequently terminates its lease, any unamortized portion of above and below market leases is accelerated into rental income and the in-place lease value and tenant relationships are accelerated into depreciation and amortization expense over the shortened lease term. The purchase price allocated to deferred leasing intangible assets are included in rental property, net on the accompanying Consolidated Balance Sheets, and the purchase price allocated to deferred leasing intangible liabilities are included in deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets under the liabilities section.
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets	The Company evaluates the carrying value of all tangible and intangible rental property assets and deferred leasing intangible liabilities (collectively, the “property”) held for use for possible impairment when an event or change in circumstance has occurred that indicates their carrying value may not be recoverable. The evaluation includes estimating and reviewing anticipated future undiscounted cash flows to be derived from the property. If such cash flows are less than the property’s carrying value, an impairment charge is recognized to the extent by which the property’s carrying value exceeds the estimated fair value. Estimating future cash flows is highly subjective and is based in part on assumptions regarding anticipated hold period, future occupancy, rental rates, capital requirements, and exit capitalization rates that could differ from actual results. The discount rate used to present value the cash flows for determining fair value is also subjective.
Depreciation and Amortization	Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease
Lessee, Leases	Leases For leases in which the Company is the lessee, the Company recognizes a right-of-use asset and corresponding lease liability on the accompanying Consolidated Balance Sheets equal to the present value of the fixed lease payments. In determining the operating right-of-use asset and lease liability for the Company’s operating leases, the Company estimates an appropriate incremental borrowing rate on a fully-collateralized basis for the terms of the leases. The Company utilizes a market-based approach to estimate the incremental borrowing rate for each individual lease. Additionally, since the terms of the Company’s ground leases are significantly longer than the terms of borrowings available to the Company on a fully-collateralized basis, the estimate of this rate requires significant judgment, and considers factors such as yields on outstanding public debt and other market based pricing on longer duration financing instruments. Interest in Joint Ventures The Company has equity interests in consolidated joint ventures that are primarily engaged in the development and eventual operation of industrial real estate properties. The Company evaluated the joint ventures under the variable interest entity (“VIE”) model of consolidation and determined that the joint ventures are not VIEs. Accordingly, the Company has determined to account for its investment in the joint ventures under the voting interest model of consolidation, as the Company has a majority voting interest and financial control. Control is determined using accounting standards related to the consolidation of joint ventures and VIEs. The evaluation of control includes a review of the entity’s governing documents and the Company’s rights and obligations. In determining whether the Company has a controlling financial interest in a joint venture, the Company considers various factors, including the percentage of voting interests owned, the ability to direct the activities that most significantly impact the entity’s economic performance, and the extent of the Company’s exposure to the entity’s returns. The Company also considers whether other parties hold substantive participating rights or protective rights that would preclude consolidation. The Company reevaluates its consolidation conclusions on an ongoing basis and upon occurrence of certain significant events under the accounting standards consolidation guidance. The assets and liabilities of the consolidated joint ventures are included in the accompanying Consolidated Balance Sheets, and the joint ventures’ results of operations are included in the accompanying Consolidated Statements of Operations. The joint venture partners’ share of the joint ventures is reflected as noncontrolling interest in joint ventures in the accompanying consolidated financial statements. See Note 7 for further discussion of the noncontrolling interest in joint ventures.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments with original maturities of three months or less. The Company maintains cash and cash equivalents in United States banking institutions that may exceed amounts insured by the Federal Deposit Insurance Corporation. While the Company monitors the cash balances in its operating accounts, these cash balances could be impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Company has experienced no loss or lack of access to cash in its operating accounts, and mitigates this risk by using nationally recognized banking institutions.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents	Restricted Cash Restricted cash may include tenant security deposits, cash held in escrow for real estate taxes and capital improvements as required by various mortgage note agreements, and cash held by the Company’s transfer agent for preferred stock dividends, if any, that are distributed subsequent to period end. Restricted cash may also include cash held by qualified intermediaries to facilitate a like-kind exchange of real estate under Section 1031 of the Code. The following table presents a reconciliation of cash and cash equivalents and restricted cash reported on the accompanying Consolidated Balance Sheets to amounts reported on the accompanying Consolidated Statements of Cash Flows. Reconciliation of cash and cash equivalents and restricted cash (in thousands) December 31, 2024 December 31, 2023 Cash and cash equivalents $ 36,284 $ 20,741 Restricted cash 1,109 1,127 Total cash and cash equivalents and restricted cash $ 37,393 $ 21,868
Deferred Costs	Deferred Costs Deferred financing fees and debt issuance costs include costs incurred in obtaining debt that are capitalized and are presented as a direct deduction from the carrying amount of the associated debt liability that is not a line-of-credit arrangement on the accompanying Consolidated Balance Sheets. Deferred financing fees and debt issuance costs related to line-of-credit arrangements are presented as an asset in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The deferred financing fees and debt issuance costs are amortized through interest expense over the life of the respective loans on a basis which approximates the effective interest method. Any unamortized amounts upon early repayment of debt are written off in the period of repayment as a loss on extinguishment of debt. Fully amortized deferred financing fees and debt issuance costs are written off upon maturity of the underlying debt. Leasing commissions include commissions and other direct and incremental costs incurred to obtain new tenant leases as well as to renew existing tenant leases, and are presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. Leasing commissions are capitalized and amortized over the terms of the related leases (and bargain renewal terms or assumed exercise of early termination options) using the straight-line method. If a lease terminates prior to the expiration of its initial term, any unamortized costs related to the lease are accelerated into amortization expense. Changes in leasing commissions are presented in the cash flows from operating activities section of the accompanying Consolidated Statements of Cash Flows.
Goodwill	Goodwill The excess of the cost of an acquired business over the net of the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill of the Company of approximately $4.9 million as of December 31, 2024 represents amounts allocated to the assembled workforce from the acquired management company, and is presented in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets. The Company’s goodwill has an indeterminate life and is not amortized, but is tested for impairment on an annual basis at December 31, or more frequently if events or changes in circumstances indicate that the asset might be impaired. The Company takes a qualitative approach to consider whether an impairment of goodwill exists prior to quantitatively determining the fair value of the reporting unit in step one of the impairment test. The Company has recorded no impairments to goodwill through December 31, 2024.
Use of Derivative Financial Instruments	Use of Derivative Financial Instruments The Company records all derivatives on the accompanying Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a net basis by counterparty portfolio. Credit risk is the risk of failure of the counterparty to perform under the terms of the contract. The Company minimizes the credit risk in its derivative financial instruments by entering into transactions with various high-quality
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, restricted cash, tenant accounts receivable, interest rate swaps, accounts payable, accrued expenses, unsecured credit facility, unsecured term loans, unsecured notes, and mortgage note. See Note 4 for the fair value of the Company’s indebtedness. See Note 5 for the fair value of the Company’s interest rate swaps. All other financial instruments noted are recorded at carrying value, which equates to their fair value.
Commissions, Policy	Offering Costs Underwriting commissions and direct offering costs have been reflected as a reduction of additional paid-in capital on the accompanying Consolidated Balance Sheets and Consolidated Statements of Equity. Indirect costs associated with equity offerings are expensed as incurred and included in general and administrative expenses on the accompanying Consolidated Statements of Operations.
Dividends	Dividends
Revenue	Revenue Recognition All current leases are classified as operating leases and rental income is recognized on a straight-line basis over the term of the lease (and expected bargain renewal terms or assumed exercise of early termination options) when collectability is reasonably assured. Differences between rental income earned and amounts due under the lease are charged or credited, as applicable, to accrued rental income. The Company determined that for all leases where the Company is the lessor, that the timing and pattern of transfer of the non-lease components and associated lease components are the same, and that the lease components, if accounted for separately, would be classified as an operating lease. Accordingly, the Company has made an accounting policy election to recognize the combined component in accordance with Accounting Standards Codification Topic 842 as rental income on the accompanying Consolidated Statements of Operations. Rental income recognition commences when the tenant takes possession of or controls the physical use of the leased space and the leased space is substantially complete and ready for its intended use. In order to determine whether the leased space is substantially complete and ready for its intended use, the Company determines whether the Company or the tenant own the tenant improvements. When it is determined that the Company is the owner of the tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the finished space, which is generally when the Company owned tenant improvements are completed. In instances when it is determined that the tenant is the owner of tenant improvements, rental income recognition begins when the tenant takes possession of or controls the physical use of the leased space. The Company evaluates its operating leases to determine if it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term. For those that are not probable of collection, the Company converts to the cash basis of accounting. If the Company subsequently determines that it is probable it will collect substantially all of the lessee’s remaining lease payments under the lease term, the Company will reinstate the accrued rent balance adjusting for the amount related to the period when the lease was accounted for on a cash basis. When the Company is the owner of tenant improvements or other capital items, the cost to construct the tenant improvements or other capital items, including costs paid for or reimbursed by the tenants, is recorded as capital assets. For these tenant improvements or other capital items, the costs funded by or reimbursed by the tenants are recorded as deferred revenue, which is amortized on a straight-line basis as income over the shorter of the useful life of the capital asset or the term of the related lease. Early lease termination fees are recorded in rental income on a straight-line basis from the notification date of such termination to the then remaining (not the original) lease term, if any, or upon collection if collection is not reasonably assured.
Gain on Sales of Rental Property	Gain on the Sales of Rental Property, net
Incentive and Equity-Based Employee Compensation Plans	Incentive and Equity-Based Employee Compensation Plans The Company grants equity-based compensation awards to its employees and directors in the form of restricted shares of common stock, LTIP units, and performance units. See Notes 6, 7 and 8 for further discussion of restricted shares of common stock, LTIP units, and performance units , respectively. The Company measures equity-based compensation expense based on the fair value of the awards on the grant date and recognizes the expense ratably over the vesting period, and forfeitures are recognized in the period in which they occur. The Company provides supplemental retirement benefits for eligible employees. For those employees who are retirement eligible or will become retirement eligible during the applicable vesting period, the Company accelerates equity-based compensation through the employee’s six-month retirement notification period or retirement eligibility date, respectively.
Taxes	Taxes Federal Income Taxes The Company elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2011 and intends to continue to qualify as a REIT. As a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders that it derives from its REIT qualifying activities. As a REIT, the Company is required to distribute at least 90% of its REIT taxable income to its stockholders and meet the various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries (“TRS”) for federal income tax purposes, nor will it have to comply with income, assets, or ownership restrictions inside of the TRS. Certain activities that the Company undertakes must or should be conducted by a TRS, such as performing non-customary services for its tenants and holding assets that it cannot hold directly. A TRS is subject to federal and state income taxes. The Company’s TRS recognized a net income of approximately $0, $0 and $0.1 million, for the years ended December 31, 2024, 2023 and 2022, respectively, which has been included on the accompanying Consolidated Statements of Operations. State and Local Income, Excise, and Franchise Tax The Company and certain of its subsidiaries are subject to certain state and local income, excise and franchise taxes. Taxes in the amount of approximately $2.0 million, $2.0 million and $2.1 million have been recorded in other expenses on the accompanying Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022, respectively. Uncertain Tax Positions Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the tax position will be sustained based solely on its technical merits, with the taxing authority having full knowledge of all relevant information. The measurement of a tax benefit for an uncertain tax position that meets the “more likely than not” threshold is based on a cumulative probability model under which the largest amount of tax benefit recognized is the amount with a greater than 50% likelihood of being realized upon ultimate settlement with the taxing authority having full knowledge of all the relevant information. As of December 31, 2024, 2023 and 2022, there were no liabilities for uncertain tax positions.
Related-Party Transactions	Related-Party Transactions
Earnings Per Share	Earnings Per Shar e
Segment Reporting	Segment Reporting The Company manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. This single segment of real estate operations derives its revenues from rental income from the tenants who occupy its buildings. Substantially all revenues, expenses, and assets are attributable to this single segment and are consistent with the amounts presented in the accompanying Consolidated Balance Sheets and Consolidated Statements of Operations. Total expenditures for additions to segment long-lived assets are consistent with the amounts presented in the accompanying Consolidated Statements of Cash Flows as additions of land and buildings and improvements. The CODM of the Company, which is its Chief Executive Officer, assesses performance of the segment and decides how to allocate resources based on net income that is reported on the accompanying Consolidated Statements of Operations. The CODM also assesses the performance of the segment based on funds from operations (“FFO”) and net operating income (“NOI”). FFO is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts. FFO represents GAAP net income (loss), excluding gains (or losses) from sales of depreciable operating buildings, impairment write-downs of depreciable real estate, real estate related depreciation and amortization (excluding amortization of deferred financing costs and fair market value of debt adjustment) and after adjustments for unconsolidated partnerships and joint ventures. NOI is defined as rental income, which includes billings for common area maintenance, real estate taxes and insurance, less property expenses, real estate tax expense and insurance expense. The CODM uses net income, FFO, and NOI in the annual budgeting and quarterly reforecasting process and considers the quarterly reforecasting results to evaluate the performance of the segment and make decisions about allocating resources back into the segment, or into other parts of the Company.
Concentrations of Credit Risk	Concentrations of Credit Risk Concentrations of credit risk relevant to the Company may arise when a number of financing arrangements, including revolving credit facilities or derivatives, are entered into with the same lenders or counterparties, and have similar economic features that would cause their inability to meet contractual obligations. The Company mitigates the concentration of credit risk as it relates to financing arrangements by entering into loan syndications with multiple, reputable financial institutions and diversifying its debt counterparties. The Company also reduces exposure by diversifying its derivatives across multiple counterparties who meet established credit and capital guidelines.
New Accounting Pronouncements, Policy	New Accounting Standards In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires additional disclosures around significant segment expenses and disclosures to identify the title and position of the chief operating decision maker (“CODM”). ASU 2023-07 was effective for the year ended December 31, 2024 and interim periods thereafter. The adoption of ASU 2023-07 did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2024.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of estimated useful lives of PP&E	Depreciation expense is computed using the straight-line method based on the following estimated useful lives. Description Estimated Useful Life Building 40 Years Building and land improvements (maximum) 20 Years Tenant improvements Shorter of useful life or terms of related lease
Schedule of Cash, Cash Equivalents and Restricted Cash	Reconciliation of cash and cash equivalents and restricted cash (in thousands) December 31, 2024 December 31, 2023 Cash and cash equivalents $ 36,284 $ 20,741 Restricted cash 1,109 1,127 Total cash and cash equivalents and restricted cash $ 37,393 $ 21,868
Schedule of tax treatment of common dividends per share for federal income tax	The following table summarizes the tax treatment of dividends per share of common stock for federal income tax purposes. Year ended December 31, 2024 2023 2022 Federal Income Tax Treatment of Dividends per Common Share Per Share % Per Share % Per Share % Ordinary income $ 1.316017 89.9 % $ 1.243518 83.7 % $ 1.172486 80.4 % Return of capital 0.103508 7.1 % — — % 0.165158 11.3 % Unrecaptured section 1250 capital gain 0.043793 3.0 % 0.089829 6.0 % 0.014248 1.0 % Other capital gain — — % 0.151665 10.3 % 0.107278 7.3 % Total (1) $ 1.463318 100.0 % $ 1.485012 100.0 % $ 1.459170 100.0 % (1) The December 2021 monthly common stock dividend of $0.120833 per share was included in the stockholder’s 2022 tax year. The December 2022 monthly common stock dividend of $0.121667 per share was included in the stockholder’s 2023 tax year. The December 2023 monthly common stock dividend of $0.1225 per share was partially included in the stockholder’s 2023 tax year in the amount of $0.015845 per share and the remainder was included in the stockholder’s 2024 tax year. The December 2024 monthly common stock dividend of $0.123333 per share will be included in the stockholder’s 2025 tax year.

Rental Property (Tables)

Rental Property (Tables)	12 Months Ended
	Dec. 31, 2024
Real Estate [Abstract]
Schedule of Real Estate Properties	The following table summarizes the components of rental property, net as of December 31, 2024 and 2023. Rental Property (in thousands) December 31, 2024 December 31, 2023 Land $ 771,794 $ 698,633 Buildings, net of accumulated depreciation of $738,348 and $622,941, respectively 4,634,634 4,330,799 Tenant improvements, net of accumulated depreciation of $42,092 and $36,920, respectively 44,987 39,145 Building and land improvements, net of accumulated depreciation of $305,426 and $261,985, respectively 396,883 369,724 Construction in progress 218,616 98,854 Deferred leasing intangibles, net of accumulated amortization of $386,627 and $360,094, respectively 428,865 435,722 Total rental property, net $ 6,495,779 $ 5,972,877
Schedule of rental property acquired	The following tables summarize the acquisitions of the Company during the years ended December 31, 2024 and 2023. The Company accounted for all of its acquisitions as asset acquisitions. Year ended December 31, 2024 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price 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 Reno, NV (2) July 25, 2024 — — 1,896 Reno, NV (3) August 8, 2024 — — 8,959 LaGrange, GA September 9, 2024 323,368 1 34,870 Boston, MA September 12, 2024 290,471 5 78,127 Three months ended September 30, 2024 613,839 6 123,852 Minneapolis, MN October 10, 2024 360,000 1 43,288 Minneapolis, MN October 15, 2024 126,000 1 23,331 Minneapolis, MN October 30, 2024 96,096 1 13,896 Philadelphia, PA October 31, 2024 69,492 1 12,443 Phoenix, AZ November 7, 2024 80,000 1 14,707 Kansas City, MO November 12, 2024 676,000 2 55,651 Chicago, IL December 3, 2024 725,917 5 73,230 Charlotte, NC December 5, 2024 86,749 1 12,981 Salt Lake City, UT December 10, 2024 172,847 1 34,615 Charlotte, NC (3) December 13, 2024 — — 8,926 Sacramento, CA December 30, 2024 55,064 1 9,536 Three months ended December 31, 2024 2,448,165 15 302,604 Year ended December 31, 2024 5,953,188 32 $ 710,329 (1) As defined by CBRE-EA industrial market geographies. If the building is located outside of a CBRE-EA defined market, the city and state is reflected. (2) The Company acquired a vacant land parcel. (3) The Company acquired a vacant land parcel through a consolidated joint venture. Year ended December 31, 2023 Market (1) Date Acquired Square Feet Number of Buildings Purchase Price Central New Jersey, NJ April 24, 2023 101,381 1 $ 26,660 Greensboro, NC May 5, 2023 133,622 1 14,004 Three and Six months ended June 30, 2023 235,003 2 40,664 Portland, OR July 18, 2023 121,426 2 20,685 Allentown, PA July 24, 2023 222,042 3 34,859 Philadelphia, PA July 24, 2023 152,625 1 15,031 Sacramento, CA August 7, 2023 96,658 1 13,725 Chicago, IL August 10, 2023 400,088 1 41,348 Tampa, FL (2) August 30, 2023 — — 9,572 Indianapolis, IN September 18, 2023 258,000 1 21,306 Riverside, CA September 25, 2023 157,146 2 36,095 Dallas, TX September 29, 2023 120,900 1 21,288 Three months ended September 30, 2023 1,528,885 12 213,909 Greenville, SC (3) October 5, 2023 — — 18,735 Greenville, SC October 5, 2023 233,433 1 18,735 Reno, NV October 19, 2023 165,000 1 29,971 Three months ended December 31, 2023 398,433 2 67,441 Year ended December 31, 2023 2,162,321 16 $ 322,014 (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 vacant land parcels. (3) The Company acquired one building under development. On December 13, 2024, the Company formed a joint venture with a third party that is primarily engaged in the development and eventual operation of two industrial real estate properties located in Concord, North Carolina. The Company determined to account for its investment in the joint venture under the voting interest model of consolidation. See Note 2 for further discussion of this determination. See Note 7 for further discussion of the third party’s noncontrolling interest in the joint venture.
Summary of allocation of the consideration paid for the acquired assets and liabilities in connection with the acquisition of buildings at the date of acquisition	The following table summarizes the allocation of the consideration paid at the date of acquisition during the years ended December 31, 2024 and 2023 for the acquired assets and liabilities in connection with the acquisitions identified in the tables above. Year ended December 31, 2024 Year ended December 31, 2023 Acquired Assets and Liabilities Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Purchase price (in thousands) Weighted average amortization period (years) of intangibles at acquisition Land $ 84,965 N/A $ 56,055 N/A Buildings 504,551 N/A 217,420 N/A Tenant improvements 8,726 N/A 1,407 N/A Building and land improvements 26,207 N/A 12,988 N/A Construction in progress 3,603 N/A 16,187 N/A Deferred leasing intangibles - in-place leases 60,659 6.4 16,914 5.1 Deferred leasing intangibles - tenant relationships 32,784 10.1 6,870 8.9 Deferred leasing intangibles - above market leases 934 2.7 523 2.7 Other assets 243 N/A — N/A Operating lease right-of-use assets 3,554 N/A — N/A Tenant prepaid rent — N/A (511) N/A Deferred leasing intangibles - below market leases (12,343) 6.2 (5,839) 6.4 Operating lease liabilities (3,554) N/A — N/A Total purchase price $ 710,329 $ 322,014
Disposal Groups, Including Discontinued Operations	The following table summarizes the Company’s dispositions for the years ended December 31, 2024, 2023, and 2022. All of the dispositions were sold to third parties and were accounted for under the full accrual method. Year ended December 31, Sales of rental property, net (dollars in thousands) 2024 2023 2022 Number of buildings 10 10 8 Number of land parcels — — 1 Building square feet (in millions) $ 1.6 2.0 1.8 2024 dispositions contribution to net income (loss) (1) $ (6,183) $ 3,964 $ 3,465 2023 dispositions contribution to net income (1) $ — $ 2,354 $ 5,926 2022 dispositions contribution to net income (1) $ — $ — $ 1,008 Proceeds from sales of rental property, net $ 126,479 $ 105,602 $ 135,348 Net book value $ 94,206 $ 51,502 $ 77,861 Gain on the sales of rental property, net $ 32,273 $ 54,100 $ 57,487 (1) Exclusive of any loss on impairment, gain on involuntary conversion, and gain on the sales of rental property, net.
Impaired Assets to be Disposed of by Method Other than Sale [Table Text Block]	The following table summarizes the Company’s loss on impairment for assets held and used during the years ended December 31, 2024 and 2022. The Company did not recognize a loss on impairment during the year ended December 31, 2023. Market (1) Buildings Event or Change in Circumstance Leading to Impairment Evaluation (2) Valuation technique utilized to estimate fair value Fair Value (3) Loss on Impairment (in thousands) Salt Lake City, UT 1 Change in estimated hold period (4) Discounted cash flows (5) $ 21,827 $ 4,967 Year ended December 31, 2024 $ 4,967 Hartford, CT 1 Change in estimated hold period (6) Discounted cash flows (7) $ 834 $ 1,783 Year ended December 31, 2022 $ 1,783 (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) This property was sold during the year ended December 31, 2024. (5) Level 3 inputs used to determine fair value for the property impaired: discount rate of 9.3% and exit capitalization rate of 6.3%. (6) This property was sold during the year ended December 31, 2023. (7) Level 3 inputs used to determine fair value for the property impaired: discount rate of 10.0% and exit capitalization rate of 8.5%.
Schedule of Finite-Lived Intangible Assets	The following table summarizes the deferred leasing intangibles, net on the accompanying Consolidated Balance Sheets as of December 31, 2024 and 2023. December 31, 2024 December 31, 2023 Deferred Leasing Intangibles (in thousands) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Above market leases $ 76,232 $ (39,335) $ 36,897 $ 79,946 $ (35,698) $ 44,248 Other intangible lease assets 739,260 (347,292) 391,968 715,870 (324,396) 391,474 Total deferred leasing intangible assets $ 815,492 $ (386,627) $ 428,865 $ 795,816 $ (360,094) $ 435,722 Below market leases $ 64,703 $ (31,368) $ 33,335 $ 56,521 $ (26,613) $ 29,908 Total deferred leasing intangible liabilities $ 64,703 $ (31,368) $ 33,335 $ 56,521 $ (26,613) $ 29,908 The following table summarizes the amortization expense and the net increase to rental income for the amortization of deferred leasing intangibles during the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Deferred Leasing Intangibles Amortization (in thousands) 2024 2023 2022 Net increase to rental income related to above and below market lease amortization $ 579 $ 865 $ 329 Amortization expense related to other intangible lease assets $ 91,254 $ 89,036 $ 95,901
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2024. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2025 $ 80,029 $ 2,433 2026 $ 68,191 $ 1,245 2027 $ 55,652 $ 521 2028 $ 47,572 $ 446 2029 $ 39,488 $ 131
Below Market Lease, Future Amortization Income	The following table summarizes the amortization of deferred leasing intangibles over the next five calendar years as of December 31, 2024. Year Amortization Expense Related to Other Intangible Lease Assets (in thousands) Net Increase (Decrease) to Rental Income Related to Above and Below Market Lease Amortization (in thousands) 2025 $ 80,029 $ 2,433 2026 $ 68,191 $ 1,245 2027 $ 55,652 $ 521 2028 $ 47,572 $ 446 2029 $ 39,488 $ 131

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 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 note as of December 31, 2024 and 2023. Indebtedness (dollars in thousands) December 31, 2024 December 31, 2023 Interest Rate (1)(2) Maturity Date Prepayment Terms (3) Unsecured credit facility: Unsecured Credit Facility (4) $ 409,000 $ 402,000 Term SOFR + 0.875% September 7, 2029 i Total unsecured credit facility 409,000 402,000 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 (3,152) (3,227) Total carrying value unsecured term loans, net 1,021,848 1,021,773 Unsecured notes: Series A Unsecured Notes — 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 1,600,000 1,200,000 Total unamortized deferred financing fees and debt issuance costs (5,908) (4,128) Total carrying value unsecured notes, net 1,594,092 1,195,872 Mortgage note (secured debt): United of Omaha Life Insurance Company 4,322 4,537 3.71 % October 1, 2039 ii Total mortgage note 4,322 4,537 Net unamortized fair market value discount (127) (136) Total carrying value mortgage note, net 4,195 4,401 Total / weighted average interest rate (6) $ 3,029,135 $ 2,624,046 3.98 % (1) Interest rate as of December 31, 2024. At December 31, 2024, the one-month Term Secured Overnight Financing Rate (“Term SOFR”) was 4.33249 (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 December 31, 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 was 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 $10.1 million and $3.3 million are included in prepaid expenses and other assets on the accompanying Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023, respectively. The initial maturity date is September 8, 2028, or such later date which may be extended pursuant to two six (5) The initial maturity date of the Unsecured Term Loan F is March 25, 2027, or such later date which may be extended pursuant to two one-year extension options exercisable by the Company in its discretion upon advance written notice. Exercise of each one-year option is subject to the following conditions: (i) absence of a default immediately before the extension and immediately after giving effect to the extension; (ii) accuracy of representations and warranties as of the extension date (both immediately before and after the extension), as if made on the extension date; and (iii) payment of a fee. Neither extension option is subject to lender consent, assuming proper notice and satisfaction of the conditions. (6) The weighted average interest rate was calculated using the fixed interest rate swapped on the notional amount of $1,025.0 million of debt and is not adjusted to include the amortization of deferred financing fees or debt issuance costs incurred in obtaining debt or any unamortized fair market value premiums or discounts.
Interest Income and Interest Expense Disclosure [Table Text Block]	The following table summarizes the costs included in interest expense related to the Company’s debt arrangements on the accompanying Consolidated Statement of Operations for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Costs Included in Interest Expense (in thousands) 2024 2023 2022 Amortization of deferred financing fees and debt issuance costs and fair market value discount $ 4,506 $ 3,905 $ 3,747 Facility, unused, and other fees $ 1,765 $ 1,759 $ 1,548
Schedule of aggregate carrying value of the debt and the corresponding estimate of fair value	as of December 31, 2024 and 2023. The fair value of the Company’s debt is based on Level 3 inputs. December 31, 2024 December 31, 2023 Indebtedness (in thousands) Principal Outstanding Fair Value Principal Outstanding Fair Value Unsecured credit facility $ 409,000 $ 409,000 $ 402,000 $ 402,000 Unsecured term loans 1,025,000 1,025,000 1,025,000 1,025,000 Unsecured notes 1,600,000 1,490,667 1,200,000 1,074,003 Mortgage note 4,322 3,366 4,537 3,535 Total principal amount 3,038,322 $ 2,928,033 2,631,537 $ 2,504,538 Net unamortized fair market value discount (127) (136) Total unamortized deferred financing fees and debt issuance costs (9,060) (7,355) Total carrying value $ 3,029,135 $ 2,624,046
Schedule of aggregate future principal payments of debt	The following table summarizes the Company’s aggregate future principal payments of the Company’s debt at December 31, 2024. Year Future Principal Payments of Debt 2025 $ 175,223 2026 430,231 2027 370,240 2028 884,249 2029 175,258 Thereafter 1,003,121 Total aggregate principal payments $ 3,038,322

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate swaps	As of December 31, 2024, the Company had 21 interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term SOFR or Daily SOFR components, as applicable, to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships are highly effective. The following table summarizes the fair value of the interest rate swaps as of December 31, 2024 and December 31, 2023. Balance Sheet Line Item (in thousands) Effective Notional Amount December 31, 2024 Fair Value December 31, 2024 Effective Notional Amount December 31, 2023 Fair Value December 31, 2023 Interest rate swaps-Asset $ 1,025,000 $ 36,466 $ 1,025,000 $ 50,418
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)	The following table summarizes the effect of cash flow hedge accounting and the location of the amounts related to the Company’s derivatives in the consolidated financial statements for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Effect of Cash Flow Hedge Accounting (in thousands) 2024 2023 2022 Income recognized in accumulated other comprehensive income on interest rate swaps $ 21,854 $ 12,333 $ 85,726 Income reclassified from accumulated other comprehensive income into income as interest expense $ 35,773 $ 34,107 $ 1,640 Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded $ 113,169 $ 94,575 $ 78,018
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 December 31, 2024 and 2023. Fair Value Measurements as of December 31, 2024 Using Balance Sheet Line Item (in thousands) Fair Value December 31, 2024 Level 1 Level 2 Level 3 Interest rate swaps-gross asset $ 36,466 $ — $ 36,466 $ — 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)	12 Months Ended
	Dec. 31, 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 December 31, 2024. ATM Common Stock Offering Program Date Maximum Aggregate Offering Price (in thousands) Aggregate Available as of December 31, 2024 (in thousands) 2022 $750 million ATM February 17, 2022 $ 750,000 $ 510,513
Forward Equity Offering Activity	The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and settled during the years ended December 31, 2024, 2023, and 2022. The Company initially does not receive any proceeds from the sales of such shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates. Forward Sale Agreements Shares Gross Sales Proceeds (in thousands) Weighted Average Gross Sales Price Per Share Weighted Average Net Sales Price Per Share Sales Commissions Per Share (1) Net Proceeds Received Per Share (2) Forward Sale Agreements Outstanding at December 31, 2021 1,200,000 $ 50,243 Forward sale agreements settled (3) (1,200,000) (50,243) $ 41.39 Forward Sale Agreements Outstanding at December 31, 2022 — — New forward sale agreements 2,817,993 103,483 $ 36.72 $ 36.36 $ 0.36 Forward sale agreements settled (3) (1,717,993) (61,683) $ 35.60 Forward Sale Agreements Outstanding at December 31, 2023 1,100,000 41,800 New forward sale agreements 3,208,008 127,150 $ 39.64 $ 39.23 $ 0.41 Forward sale agreements settled (3) (4,308,008) (168,950) $ 38.93 Forward Sale Agreements Outstanding at December 31, 2024 — $ — (1) Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price. (2) Reflects amount the Company received per share upon settlement of the forward sale. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent. (3) The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $167.7 million, $61.2 million, and $49.7 million, for the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of activity related to unvested restricted stock awards	The following table summarizes activity related to the Company’s unvested restricted shares of common stock during the years ended December 31, 2024, 2023 and 2022. Unvested Restricted Shares of Common Stock Shares Weighted Average Grant Date Fair Value per Share Balance at December 31, 2021 185,715 $ 28.86 Granted 58,580 $ 44.19 Vested (1) (73,556) $ 28.03 Forfeited (14,036) $ 36.16 Balance at December 31, 2022 156,703 $ 34.32 Granted 55,954 $ 34.73 Vested (1) (68,625) $ 31.71 Forfeited — $ — Balance at December 31, 2023 144,032 $ 35.73 Granted 41,911 $ 38.92 Vested (1) (62,123) $ 34.65 Forfeited (5,153) $ 38.58 Balance at December 31, 2024 118,667 $ 37.30 (1) The Company repurchased and retired 22,001, 24,210, and 25,836 restricted shares of common stock that vested during the years ended December 31, 2024, 2023, and 2022, respectively.
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Vested Restricted Shares of Common Stock 2024 2023 2022 Vested restricted shares of common stock 62,123 68,625 73,556 Fair value of vested restricted shares of common stock (in thousands) $ 2,438 $ 2,217 $ 3,528 Performance Units Assumptions Grant date January 8, 2024 March 31, 2023 January 11, 2023 January 10, 2022 Expected stock price volatility 24.5 % 25.4 % 37.4 % 34.1 % Expected dividend yield 4.0 % 4.0 % 4.0 % 4.0 % Risk-free interest rate 4.1130 % 3.8725 % 3.9060 % 1.1979 % Fair value of performance units grant (in thousands) $ 6,502 $ 609 $ 4,517 $ 6,289
Schedule of Forward Contracts Indexed to Issuer's Equity	The following table summarizes the activity for shares sold on a forward basis (including under the ATM common stock offering program) and settled during the years ended December 31, 2024, 2023, and 2022. The Company initially does not receive any proceeds from the sales of such shares on a forward basis. The Company may fully physically settle the applicable forward sale agreements on one or more dates prior to the respective scheduled maturity dates, at which point the Company would receive the proceeds net of certain costs; provided, however, the Company may elect to cash settle or net share settle such forward sale agreements at any time through the respective scheduled maturity dates. Forward Sale Agreements Shares Gross Sales Proceeds (in thousands) Weighted Average Gross Sales Price Per Share Weighted Average Net Sales Price Per Share Sales Commissions Per Share (1) Net Proceeds Received Per Share (2) Forward Sale Agreements Outstanding at December 31, 2021 1,200,000 $ 50,243 Forward sale agreements settled (3) (1,200,000) (50,243) $ 41.39 Forward Sale Agreements Outstanding at December 31, 2022 — — New forward sale agreements 2,817,993 103,483 $ 36.72 $ 36.36 $ 0.36 Forward sale agreements settled (3) (1,717,993) (61,683) $ 35.60 Forward Sale Agreements Outstanding at December 31, 2023 1,100,000 41,800 New forward sale agreements 3,208,008 127,150 $ 39.64 $ 39.23 $ 0.41 Forward sale agreements settled (3) (4,308,008) (168,950) $ 38.93 Forward Sale Agreements Outstanding at December 31, 2024 — $ — (1) Upon a forward sale, the equity distribution agent typically earns a sales commission of 1% of the gross sales price. (2) Reflects amount the Company received per share upon settlement of the forward sale. From a forward sale until its settlement, the net proceeds (that is, gross sales proceeds net the sales commission) increase by an interest rate factor, a portion of which is retained by the equity distribution agent. (3) The Company physically settled outstanding forward equity sale agreements by issuing shares of common stock in exchange for net proceeds of approximately $167.7 million, $61.2 million, and $49.7 million, for the years ended December 31, 2024, 2023, and 2022, respectively.

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	12 Months Ended
	Dec. 31, 2024
Noncontrolling Interest [Abstract]
Noncontrolling interest activity	The following table summarizes the activity for noncontrolling interest in the Operating Partnership during the years ended December 31, 2024, 2023 and 2022. Noncontrolling Interest in the Operating Partnership LTIP Units Other Total Noncontrolling Interest Percentage Balance at December 31, 2021 1,949,124 1,570,640 3,519,764 1.9 % Granted/Issued 470,237 — 470,237 N/A Forfeited (6,791) — (6,791) N/A Conversions from LTIP units to Other Common Units (98,494) 98,494 — N/A Redemptions from Other Common Units to common stock — (98,494) (98,494) N/A Balance at December 31, 2022 2,314,076 1,570,640 3,884,716 2.1 % Granted/Issued 326,215 — 326,215 N/A Forfeited (9,119) — (9,119) N/A Conversions from LTIP units to Other Common Units (269,252) 269,252 — N/A Redemptions from Other Common Units to common stock — (372,174) (372,174) N/A Balance at December 31, 2023 2,361,920 1,467,718 3,829,638 2.1 % Granted/Issued 383,292 — 383,292 N/A Forfeited — — — N/A Conversions from LTIP units to Other Common Units (437,550) 437,550 — N/A Redemptions from Other Common Units to common stock — (440,550) (440,550) N/A Balance at December 31, 2024 2,307,662 1,464,718 3,772,380 2.0 %
Schedule of share-based payment award, LTIP unit awards, valuation assumptions	The following table summarizes the assumptions used in valuing such LTIP units granted during the years ended December 31, 2024, 2023 and 2022 (excluding those LTIP units granted pursuant to the settlements of performance units; refer to Note 8 for details). LTIP Units Assumptions Grant date July 1, 2024 January 8, 2024 March 31, 2023 January 11, 2023 January 10, 2022 Expected term (years) 10 10 10 10 10 Expected stock price volatility 25.0 % 25.0 % 37.0 % 37.0 % 34.0 % Expected dividend yield 4.0 % 4.0 % 4.0 % 4.0 % 4.0 % Risk-free interest rate 4.580 % 4.110 % 3.810 % 3.900 % 1.204 % Fair value of LTIP units at issuance (in thousands) $ 60 $ 4,597 $ 628 $ 4,635 $ 4,385 LTIP units at issuance 1,775 124,235 19,345 139,026 104,241 Fair value unit price per LTIP unit at issuance $ 33.80 $ 37.00 $ 32.47 $ 33.34 $ 42.07 The expected stock price volatility is based on a mix of the historical and implied volatilities of the Company and certain peer group comp anies. The expected dividend yield is based on the Company’s average historical dividend yield and the dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching a three-year time period.
Schedule of activity related to unvested LTIP unit awards	The following table summarizes activity related to the Company’s unvested LTIP units during the years ended December 31, 2024, 2023 and 2022. Unvested LTIP Units LTIP Units Weighted Average Grant Date Fair Value Per Share Balance at December 31, 2021 190,108 $ 27.84 Granted 470,237 $ 42.07 Vested (513,438) $ 38.67 Forfeited (6,791) $ 34.02 Balance at December 31, 2022 140,116 $ 35.60 Granted 326,215 $ 33.29 Vested (280,286) $ 33.81 Forfeited (9,119) $ 34.11 Balance at December 31, 2023 176,926 $ 34.25 Granted 383,292 $ 36.99 Vested (377,836) $ 36.13 Forfeited — $ — Balance at December 31, 2024 182,382 $ 36.10
Schedule of vested LTIP unit award activity	The following table summarizes the fair value at vesting for the LTIP units that vested during years ended December 31, 2024, 2023 and 2022. Year ended December 31, Vested LTIP Units 2024 2023 2022 Vested LTIP units 377,836 280,286 513,438 Fair value of vested LTIP units (in thousands) $ 14,440 $ 9,507 $ 21,662

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of fair value at vesting date for awards vesting during the period	The following table summarizes the fair value at vesting for the restricted shares of common stock that vested during the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Vested Restricted Shares of Common Stock 2024 2023 2022 Vested restricted shares of common stock 62,123 68,625 73,556 Fair value of vested restricted shares of common stock (in thousands) $ 2,438 $ 2,217 $ 3,528 Performance Units Assumptions Grant date January 8, 2024 March 31, 2023 January 11, 2023 January 10, 2022 Expected stock price volatility 24.5 % 25.4 % 37.4 % 34.1 % Expected dividend yield 4.0 % 4.0 % 4.0 % 4.0 % Risk-free interest rate 4.1130 % 3.8725 % 3.9060 % 1.1979 % Fair value of performance units grant (in thousands) $ 6,502 $ 609 $ 4,517 $ 6,289
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table summarizes the compensation committee of the board of directors approved issuances of LTIP units and shares of common stock for the conclusion of the measuring periods for performance units for the years ended December 31, 2024, 2023, and 2022. Settlement of Performance Units in LTIP Units or Shares of Common Stock 2022 Performance Units 2021 Performance Units 2020 Performance Units Measuring period conclusion date December 31, 2024 December 31, 2023 December 31, 2022 Issuance date January 7, 2025 January 8, 2024 January 11, 2023 Vested LTIP units 126,333 257,282 167,844 Vested shares of common stock 8,246 49,106 40,660 Shares of common stock repurchased and retired 751 4,716 875
Summary of Equity Compensation Expense	The following table summarizes the amounts recorded in general and administrative expenses in the accompanying Consolidated Statements of Operations for the amortization of restricted shares of common stock, LTIP units, performance units, and the Company’s director compensation for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Non-Cash Compensation Expense (in thousands) 2024 2023 2022 Restricted shares of common stock $ 1,752 $ 1,936 $ 2,103 LTIP units 3,635 4,194 3,996 Performance units 5,585 4,754 5,423 Director compensation (1) 755 583 504 Total non-cash compensation expense $ 11,727 $ 11,467 $ 12,026 (1) All of the Company’s independent directors elected to receive shares of common stock in lieu of cash for their service during the years ended December 31, 2024, 2023 and 2022. The number of shares of common stock granted was calculated based on the trailing 10 days average common stock price on the third business day preceding the grant date.

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Operating Lease, Lease Income [Table Text Block]	years ended December 31, 2024, 2023 and 2022. Year ended December 31, Rental Income (in thousands) 2024 2023 2022 Fixed lease payments $ 585,611 $ 540,447 $ 500,267 Variable lease payments 162,090 146,954 135,888 Straight-line rental income 14,612 16,894 17,893 Net increase to rental income related to above and below market lease amortization 579 865 329 Total rental income $ 762,892 $ 705,160 $ 654,377
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block]	The following table summarizes the maturity of fixed lease payments under the Company’s leases as of December 31, 2024. Year Maturity of Fixed Lease Payments (in thousands) 2025 $ 620,000 2026 $ 560,792 2027 $ 473,583 2028 $ 395,035 2029 $ 315,126 Thereafter $ 721,207
Lease, Cost [Table Text Block]	The following table summarizes supplemental information related to operating lease right-of-use assets and operating lease liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023. Operating Lease Term and Discount Rate December 31, 2024 December 31, 2023 Weighted average remaining lease term (years) 34.9 31.6 Weighted average discount rate 6.9 % 6.8 % The following table summarizes the operating lease cost included in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Operating Lease Cost (in thousands) 2024 2023 2022 Operating lease cost included in property expense attributable to ground leases $ 2,516 $ 2,467 $ 2,372 Operating lease cost included in general and administrative expense attributable to corporate office leases 1,722 1,732 1,747 Total operating lease cost $ 4,238 $ 4,199 $ 4,119 The following table summarizes supplemental cash flow information related to operating leases in the Company’s Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Operating Leases (in thousands) 2024 2023 2022 Cash paid for amounts included in the measurement of lease liabilities (operating cash flows) $ 4,013 $ 3,890 $ 3,784 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 December 31, 2024. Year Maturity of Operating Lease Liabilities (1) (in thousands) 2025 $ 4,252 2026 3,245 2027 2,265 2028 2,306 2029 2,312 Thereafter 94,551 Total lease payments 108,931 Less: Imputed interest (73,627) Present value of operating lease liabilities $ 35,304 (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)	12 Months Ended
	Dec. 31, 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 common share for the years ended December 31, 2024, 2023 and 2022. Year ended December 31, Earnings Per Share (in thousands, except per share data) 2024 2023 2022 Numerator Net income attributable to common stockholders $ 189,038 $ 192,633 $ 178,089 Denominator Weighted average common shares outstanding — basic 182,160 180,221 178,753 Effect of dilutive securities (1) Share-based compensation 244 332 187 Shares issuable under forward sale agreements — 2 — Weighted average common shares outstanding — diluted 182,404 180,555 178,940 Net income per share — basic and diluted Net income per share attributable to common stockholders — basic $ 1.04 $ 1.07 $ 1.00 Net income per share attributable to common stockholders — diluted $ 1.04 $ 1.07 $ 1.00

Organization and Description _2

Organization and Description of Business (Details) ft² in Millions	12 Months Ended
	Dec. 31, 2024 ft² building state	Dec. 31, 2023
Real Estate Properties [Line Items]
Number of properties | building	591
Number of states in which the entity owned buildings | state	41
Area (in square feet) | ft²	116.6
STAG Industrial Inc. [Member]
Real Estate Properties [Line Items]
Ownership interest in Operating Partnership (as a percent)	98%	97.90%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Rental Property and Deferred Lease Intangibles (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Rental Property and Depreciation
Write-off of fully amortized deferred leasing intangible assets	$ 71.1	$ 63
Write-off of fully amortized deferred leasing intangible liabilities	$ 4.1	6.3
Buildings, net of accumulated depreciation of $738,348 and $622,941, respectively
Rental Property and Depreciation
Useful life	40 years
Building and land improvements | Maximum
Rental Property and Depreciation
Useful life	20 years
Tenant improvements, net of accumulated depreciation of $42,092 and $36,920, respectively
Rental Property and Depreciation
Write-off of fully depreciated real estate	$ 4.6	$ 3.9

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 36,284	$ 20,741
Restricted cash	1,109	1,127
Cash and cash equivalents and restricted cash—end of period	$ 37,393	$ 21,868	$ 26,789	$ 23,196

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill [Line Items]
Goodwill impairment loss	$ 0
Prepaid Expenses and Other Assets
Goodwill [Line Items]
Goodwill	$ 4,900,000

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Dividends (Details) - $ / shares	1 Months Ended			12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Dividends, Common Stock [Abstract]
Ordinary income (in dollars per share)				$ 1.316017	$ 1.243518	$ 1.172486
Ordinary income (as a percent)				89.90%	83.70%	80.40%
Return of capital (in dollars per share)				$ 0.103508	$ 0	$ 0.165158
Return of capital (as a percent)				7.10%	0%	11.30%
Unrecaptured section 1250 capital gain (in dollars per share)				$ 0.043793	$ 0.089829	$ 0.014248
Unrecaptured section 1250 capital gain (as percent)				3%	6%	1%
Other capital gain (in dollars per share)				$ 0	$ 0.151665	$ 0.107278
Other capital gain (as percent)				0%	10.30%	7.30%
Total (in dollars per share)				$ 1.463318	$ 1.485012	$ 1.459170
Dividend declared (in dollars per share)		$ 0.1225
Tax Year 2022
Dividends, Common Stock [Abstract]
Dividend declared (in dollars per share)			$ 0.120833
Tax Year 2023
Dividends, Common Stock [Abstract]
Dividend declared (in dollars per share)		$ 0.015845				$ 0.121667
Latest Tax Year
Dividends, Common Stock [Abstract]
Dividend declared (in dollars per share)	$ 0.123333

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Related Party (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Related Party Transaction, Amounts of Transaction	$ 0	$ 0	$ 0

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net income	$ 193,266,000	$ 197,201,000	$ 182,234,000
State and local income, excise and franchise taxes	2,000,000	2,000,000	2,100,000
Liabilities for uncertain tax positions	0	0	0
Taxable Real Estate Investment Trust Subsidy [Member]
Business Acquisition [Line Items]
Net income	$ 0	$ 0	$ 100,000

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Segments (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Number of Reportable Segments	1	1	1
Number of Operating Segments	1	1	1

Rental Property - Summary (Deta

Rental Property - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Real Estate Properties [Line Items]
Land	$ 771,794	$ 698,633
Building and building, accumulated amortization	1,085,866	921,846
Buildings, net of accumulated depreciation of $738,348 and $622,941, respectively	4,634,634	4,330,799
Tenant improvements, net of accumulated depreciation of $42,092 and $36,920, respectively	44,987	39,145
Building and land improvements, net of accumulated depreciation of $305,426 and $261,985, respectively	396,883	369,724
Construction in progress	218,616	98,854
Deferred leasing intangibles assets, accumulated amortization	386,627	360,094
Deferred leasing intangibles, net of accumulated amortization of $386,627 and $360,094, respectively	428,865	435,722
Total rental property, net	6,495,779	5,972,877
Buildings, net of accumulated depreciation of $738,348 and $622,941, respectively
Real Estate Properties [Line Items]
Building and building, accumulated amortization	738,348	622,941
Tenant improvements, net of accumulated depreciation of $42,092 and $36,920, respectively
Real Estate Properties [Line Items]
Building and building, accumulated amortization	42,092	36,920
Building and land improvements, net of accumulated depreciation of $305,426 and $261,985, respectively
Real Estate Properties [Line Items]
Building and building, accumulated amortization	$ 305,426	$ 261,985

Rental Property - Acquisitions

Rental Property - Acquisitions (Details) $ in Thousands	3 Months Ended						6 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) ft² building	Sep. 30, 2024 USD ($) ft² building	Jun. 30, 2024 USD ($) ft² building	Mar. 31, 2024 USD ($) ft² building	Dec. 31, 2023 USD ($) ft² buildings building	Sep. 30, 2023 USD ($) ft² buildings building	Jun. 30, 2023 USD ($) ft² building	Dec. 31, 2024 USD ($) ft² building	Dec. 31, 2023 USD ($) ft² buildings building	Oct. 05, 2023 building
Asset Acquisition [Line Items]
Area (in square feet)	116,600,000							116,600,000
Number of properties | building	591							591
Acquisitions 2023
Asset Acquisition [Line Items]
Area (in square feet)					2,162,321				2,162,321
Number of properties | building					16				16
Asset Acquisition, Consideration Transferred | $									$ 322,014
Acquisitions Q2 2023
Asset Acquisition [Line Items]
Area (in square feet)							235,003
Number of properties | building							2
Asset Acquisition, Consideration Transferred | $							$ 40,664
Piscataway, NJ, Q2 2023
Asset Acquisition [Line Items]
Area (in square feet)							101,381
Number of properties | building							1
Asset Acquisition, Consideration Transferred | $							$ 26,660
Greensboro, NC, Q2 2023
Asset Acquisition [Line Items]
Area (in square feet)							133,622
Number of properties | building							1
Asset Acquisition, Consideration Transferred | $							$ 14,004
Acquisitions Q3 2023
Asset Acquisition [Line Items]
Area (in square feet)						1,528,885
Number of properties | building						12
Asset Acquisition, Consideration Transferred | $						$ 213,909
Portland, OR, 7-18-23
Asset Acquisition [Line Items]
Area (in square feet)						121,426
Number of properties | buildings						2
Asset Acquisition, Consideration Transferred | $						$ 20,685
Allentown, PA, 7-24-2023
Asset Acquisition [Line Items]
Area (in square feet)						222,042
Number of properties | buildings						3
Asset Acquisition, Consideration Transferred | $						$ 34,859
Philadelphia, PA, 7-24-2023
Asset Acquisition [Line Items]
Area (in square feet)						152,625
Number of properties | buildings						1
Asset Acquisition, Consideration Transferred | $						$ 15,031
Sacramento, CA, 8-07-2023
Asset Acquisition [Line Items]
Area (in square feet)						96,658
Number of properties | buildings						1
Asset Acquisition, Consideration Transferred | $						$ 13,725
Chicago, IL 8-10-2023
Asset Acquisition [Line Items]
Area (in square feet)						400,088
Number of properties | buildings						1
Asset Acquisition, Consideration Transferred | $						$ 41,348
Tampa, FL (2), 8-30-2023
Asset Acquisition [Line Items]
Area (in square feet)						0
Number of properties | buildings						0
Asset Acquisition, Consideration Transferred | $						$ 9,572
Indianapolis, IN, 9-18-2023
Asset Acquisition [Line Items]
Area (in square feet)						258,000
Number of properties | buildings						1
Asset Acquisition, Consideration Transferred | $						$ 21,306
Inland Empire (California), 9-25-2023
Asset Acquisition [Line Items]
Area (in square feet)						157,146
Number of properties | buildings						2
Asset Acquisition, Consideration Transferred | $						$ 36,095
Dallas/FT Worth, 9-29-2023
Asset Acquisition [Line Items]
Area (in square feet)						120,900
Number of properties | buildings						1
Asset Acquisition, Consideration Transferred | $						$ 21,288
Acquisitions Q4 2023
Asset Acquisition [Line Items]
Area (in square feet)					398,433				398,433
Number of properties | building					2				2
Asset Acquisition, Consideration Transferred | $					$ 67,441
Wellford, SC(3) 10-05-2023
Asset Acquisition [Line Items]
Area (in square feet)					0				0
Number of properties | buildings					0				0
Asset Acquisition, Consideration Transferred | $					$ 18,735
Wellford, SC(3) 10-05-2023 | Construction in progress
Asset Acquisition [Line Items]
Number of properties | building										1
Wellford, SC 10-05-2023
Asset Acquisition [Line Items]
Area (in square feet)					233,433				233,433
Number of properties | buildings					1				1
Asset Acquisition, Consideration Transferred | $					$ 18,735
Sparks, NV 10-19-2023
Asset Acquisition [Line Items]
Area (in square feet)					165,000				165,000
Number of properties | buildings					1				1
Asset Acquisition, Consideration Transferred | $					$ 29,971
Acquisitions Q1 2024
Asset Acquisition [Line Items]
Area (in square feet)				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)				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)			150,002
Number of properties | building			1
Asset Acquisition, Consideration Transferred | $			$ 16,062
Portland, OR 4-15-2024 (Sherwood)
Asset Acquisition [Line Items]
Area (in square feet)			99,136
Number of properties | building			1
Asset Acquisition, Consideration Transferred | $			$ 17,058
Louisville, IN 4-16-2024 (Jeffersonville)
Asset Acquisition [Line Items]
Area (in square feet)			592,800
Number of properties | building			1
Asset Acquisition, Consideration Transferred | $			$ 52,352
Portland, OR 6-06-24 (North Plains)
Asset Acquisition [Line Items]
Area (in square feet)			0
Number of properties | building			0
Asset Acquisition, Consideration Transferred | $			$ 8,178
El Paso, TX 6-10-2024 (Socorro)
Asset Acquisition [Line Items]
Area (in square feet)			254,103
Number of properties | building			1
Asset Acquisition, Consideration Transferred | $			$ 32,182
Chicago, IL 6-24-2024
Asset Acquisition [Line Items]
Area (in square feet)			947,436
Number of properties | building			5
Asset Acquisition, Consideration Transferred | $			$ 87,560
Columbus, OH 6-26-2024
Asset Acquisition [Line Items]
Area (in square feet)			150,207
Number of properties | building			1
Asset Acquisition, Consideration Transferred | $			$ 20,408
Acquisitions Q2 2024
Asset Acquisition [Line Items]
Area (in square feet)			2,193,684
Number of properties | building			10
Asset Acquisition, Consideration Transferred | $			$ 233,800
Reno, NV 7-25-24 (RENO2)
Asset Acquisition [Line Items]
Area (in square feet)		0
Number of properties | building		0
Asset Acquisition, Consideration Transferred | $		$ 1,896
Reno, NV 8-05-24 (RENO3)
Asset Acquisition [Line Items]
Area (in square feet)		0
Number of properties | building		0
Asset Acquisition, Consideration Transferred | $		$ 8,959
LeGrange, GA 9-09-24
Asset Acquisition [Line Items]
Area (in square feet)		323,368
Number of properties | building		1
Asset Acquisition, Consideration Transferred | $		$ 34,870
Boston, MA 9-12-2024
Asset Acquisition [Line Items]
Area (in square feet)		290,471
Number of properties | building		5
Asset Acquisition, Consideration Transferred | $		$ 78,127
Acquisitions Q3 2024
Asset Acquisition [Line Items]
Area (in square feet)		613,839
Number of properties | building		6
Asset Acquisition, Consideration Transferred | $		$ 123,852
Minneapolis, MN 10-10-24
Asset Acquisition [Line Items]
Area (in square feet)	360,000							360,000
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 43,288
Minneapolis, MN 10-15-24
Asset Acquisition [Line Items]
Area (in square feet)	126,000							126,000
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 23,331
Minneapolis, MN 10-30-24
Asset Acquisition [Line Items]
Area (in square feet)	96,096							96,096
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 13,896
Philadelphia, PA 10-31-24
Asset Acquisition [Line Items]
Area (in square feet)	69,492							69,492
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 12,443
Phoenix, AZ 11-07-24
Asset Acquisition [Line Items]
Area (in square feet)	80,000							80,000
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 14,707
Kansas City, MO 11-12-24
Asset Acquisition [Line Items]
Area (in square feet)	676,000							676,000
Number of properties | building	2							2
Asset Acquisition, Consideration Transferred | $	$ 55,651
Chicago, IL 12-03-24
Asset Acquisition [Line Items]
Area (in square feet)	725,917							725,917
Number of properties | building	5							5
Asset Acquisition, Consideration Transferred | $	$ 73,230
Chicago, IL 12-05-24
Asset Acquisition [Line Items]
Area (in square feet)	86,749							86,749
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 12,981
Salt Lake City, UT 12-10-24
Asset Acquisition [Line Items]
Area (in square feet)	172,847							172,847
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 34,615
Charlotte, NV (JV) 12-13-24
Asset Acquisition [Line Items]
Area (in square feet)	0							0
Number of properties | building	0							0
Asset Acquisition, Consideration Transferred | $	$ 8,926
Sacramento, CA 12-30-24
Asset Acquisition [Line Items]
Area (in square feet)	55,064							55,064
Number of properties | building	1							1
Asset Acquisition, Consideration Transferred | $	$ 9,536
Acquisitions Q4 2024
Asset Acquisition [Line Items]
Area (in square feet)	2,448,165							2,448,165
Number of properties | building	15							15
Asset Acquisition, Consideration Transferred | $	$ 302,604
Acquisitions 2024
Asset Acquisition [Line Items]
Area (in square feet)	5,953,188							5,953,188
Number of properties | building	32							32
Asset Acquisition, Consideration Transferred | $								$ 710,329

Rental Property - Acquisition_2

Rental Property - Acquisitions - Allocation of Consideration (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Allocation of the consideration paid for the acquired assets and liabilities
Land	$ 84,965	$ 56,055
Buildings	504,551	217,420
Tenant improvements	8,726	1,407
Building and land improvements	26,207	12,988
Construction in progress	3,603	16,187
Other assets	243	0
Operating lease right-of-use assets	31,151	29,566
Operating Lease, Liability	(35,304)	(33,577)
Tenant prepaid rent	0	(511)
Total purchase price	710,329	322,014
Acquisitions 2023
Allocation of the consideration paid for the acquired assets and liabilities
Operating lease right-of-use assets		0
Operating Lease, Liability		0
Acquisitions 2024
Allocation of the consideration paid for the acquired assets and liabilities
Operating lease right-of-use assets	3,554
Operating Lease, Liability	(3,554)
In-place leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ (60,659)	$ (16,914)
Weighted average amortization period of lease intangibles	6 years 4 months 24 days	5 years 1 month 6 days
Tenant relationships
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ (32,784)	$ (6,870)
Weighted average amortization period of lease intangibles	10 years 1 month 6 days	8 years 10 months 24 days
Above market leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ (934)	$ (523)
Weighted average amortization period of lease intangibles	2 years 8 months 12 days	2 years 8 months 12 days
Below market leases
Allocation of the consideration paid for the acquired assets and liabilities
Deferred leasing intangibles	$ 12,343	$ 5,839
Weighted average amortization period of lease intangibles	6 years 2 months 12 days	6 years 4 months 24 days

Rental Property - Disposals (De

Rental Property - Disposals (Details) $ in Thousands, ft² in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) ft² building	Dec. 31, 2023 USD ($) ft² building	Dec. 31, 2022 USD ($) ft² building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | building	591
Area (in square feet) | ft²	116.6
Total rental property, net	$ 6,495,779	$ 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 properties | building	10	10	8
Area (in square feet) | ft²	1.6	2	1.8
Total rental property, net	$ 94,206	$ 51,502	$ 77,861
Net proceeds from sales of rental property	126,479	105,602	135,348
Gain (Loss) on Sale	$ 32,273	$ 54,100	$ 57,487
Land [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | building	0	0	1
2022 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contribution to net income (loss)	$ 0	$ 0	$ 1,008
2023 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contribution to net income (loss)	0	2,354	5,926
2024 Disposals | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contribution to net income (loss)	$ (6,183)	$ 3,964	$ 3,465

Rental Property - Involuntary C

Rental Property - Involuntary Conversion (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) building	Dec. 31, 2022 USD ($)
Real Estate [Abstract]
Estimated Insurance Recoveries	$ 3,000	$ 3,000
Number of damaged buildings | building		1
Loss Contingency, Loss in Period		$ 3,000
Gain on involuntary conversion	$ 11,843	$ 0	$ 0

Rental Property - Loss on Impai

Rental Property - Loss on Impairments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) building	Dec. 31, 2022 USD ($) building	Dec. 31, 2023 building
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Number of Buildings Impaired	1	1
Number of properties	591
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Number of properties	10	8	10
Fair Value, Nonrecurring [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Impaired Real Estate Assets, Fair Value Disclosure | $	$ 21,827	$ 834
Fair Value, Nonrecurring [Member] | Measurement Input, Discount Rate
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Real Estate Property, Measurement Input	0.093	0.100
Fair Value, Nonrecurring [Member] | Measurement Input, Cap Rate
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Real Estate Property, Measurement Input	0.063	0.085
Operating Income (Loss) [Member]
Impaired Assets to be Disposed of by Method Other than Sale [Line Items]
Loss on impairment | $	$ 4,967	$ 1,783

Rental Property - Deferred Leas

Rental Property - Deferred Leasing Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	$ 815,492	$ 795,816
Deferred leasing intangibles assets, accumulated amortization	(386,627)	(360,094)
Deferred leasing intangibles, net	428,865	435,722
Below market lease, gross	64,703	56,521
Below market lease, accumulated amortization	(31,368)	(26,613)
Below market lease, net	33,335	29,908
Net increase to rental income related to above and below market lease amortization	579	865	$ 329
Below Market Lease, Net, Amortization Income, Fiscal Year Maturity [Abstract]
2025	2,433
2026	1,245
2027	521
2028	446
2029	131
Other intangible lease assets
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	739,260	715,870
Deferred leasing intangibles assets, accumulated amortization	(347,292)	(324,396)
Deferred leasing intangibles, net	391,968	391,474
Amortization expense related to other intangible lease assets	91,254	89,036	$ 95,901
Estimated Net Amortization of In-Place Leases, Leasing Commissions and Tenant Relationships
2025	80,029
2026	68,191
2027	55,652
2028	47,572
2029	39,488
Above market leases
Finite-Lived Intangible Assets [Line Items]
Deferred leasing intangibles, gross	76,232	79,946
Deferred leasing intangibles assets, accumulated amortization	(39,335)	(35,698)
Deferred leasing intangibles, net	$ 36,897	$ 44,248

Debt - Summary (Details)

Debt - Summary (Details) $ in Thousands		12 Months Ended			17 Months Ended
	Sep. 01, 2022	Dec. 31, 2024 USD ($) extention Rate	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 29, 2024	Jan. 15, 2025 Rate
Debt Instrument [Line Items]
Principal outstanding		$ 3,029,135	$ 2,624,046
Long-Term Debt, Gross		3,038,322	2,631,537
Debt Issuance Costs, Net		$ 9,060	7,355
Weighted average interest rate | Rate		3.98%
Remaining borrowing capacity		$ 586,800
Amortization of deferred financing fees and debt issuance costs and fair market value discount				$ 3,747
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR)
Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.10%
Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.30%
Interest Rate Swaps
Debt Instrument [Line Items]
Notional amount fixed and used to calculate interest		$ 1,025,000
Interest Expense [Member]
Debt Instrument [Line Items]
Amortization of deferred financing fees and debt issuance costs and fair market value discount		4,506	3,905
Facility, unused, and other fees		1,765	1,759	$ 1,548
Accounts Payable and Accrued Liabilities [Member]
Debt Instrument [Line Items]
Interest payable		13,700	14,600
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal outstanding		$ 409,000	402,000
Debt Instrument, Maturity Date		Sep. 07, 2029
Debt Instrument, Interest Rate, Increase (Decrease)		(0.10%)
Unsecured Term Loan A
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Mar. 15, 2027
Unsecured Term Loan F(5)
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Mar. 23, 2029
Unsecured Term Loan F(5) | Forecast [Member]
Debt Instrument [Line Items]
Fixed Interest Rate (as a percent) | Rate						3.98%
Unsecured Term Loan F(5) | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)		(0.10%)
Series A Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Oct. 01, 2024
Series D Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Feb. 20, 2025
Series G Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Jun. 13, 2025
Series B Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Jul. 01, 2026
Series C Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Dec. 30, 2026
Series E Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Feb. 20, 2027
Series H Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Jun. 13, 2028
$175 Million Series L Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		May 28, 2029
$125 Million Series M Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		May 28, 2031
$275 Million Series I Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Sep. 29, 2031
$400 Million Series K Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Jun. 28, 2032
$50 Million Series J Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Sep. 28, 2033
$150 Million Series N Unsecured Notes
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		May 28, 2034
United of Omaha Life Insurance Company
Debt Instrument [Line Items]
Debt Instrument, Maturity Date		Oct. 01, 2039
Term Loans A,F,G | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (as a percent) | Rate		0.85%
Term Loans H, I
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)					0.02%
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal outstanding		$ 409,000	402,000
Maximum borrowing capacity		$ 1,000,000
Number Of Extensions | extention		2
Extension Period		6 months
Unsecured Credit Facility | Prepaid Expenses and Other Assets
Debt Instrument [Line Items]
Debt Issuance Costs, Net		$ 10,100	3,300
Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin (as a percent)		0.775%
Unsecured Term Loans
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 1,025,000	1,025,000
Debt Issuance Costs, Net		3,152	3,227
Unsecured Term Loans | Term Loan [Member]
Debt Instrument [Line Items]
Principal outstanding		1,021,848	1,021,773
Unsecured Term Loans | Unsecured Term Loan G
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 300,000	300,000
Stated interest rate | Rate		1.80%
Debt Instrument, Maturity Date		Feb. 05, 2026
Fixed Interest Rate (as a percent) | Rate		0.95%
Unsecured Term Loans | Unsecured Term Loan A
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 150,000	150,000
Stated interest rate | Rate		2.16%
Fixed Interest Rate (as a percent) | Rate		1.31%
Unsecured Term Loans | Unsecured Term Loan H
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 187,500	187,500
Stated interest rate | Rate		3.35%
Debt Instrument, Maturity Date		Jan. 25, 2028
Fixed Interest Rate (as a percent)		2.50%
Unsecured Term Loans | Unsecured Term Loan I
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 187,500	187,500
Stated interest rate | Rate		3.51%
Debt Instrument, Maturity Date		Jan. 25, 2028
Fixed Interest Rate (as a percent)		2.66%
Unsecured Term Loans | Unsecured Term Loan F(5)
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 200,000	200,000
Stated interest rate | Rate		2.96%
Fixed Interest Rate (as a percent) | Rate		2.11%
Unsecured Term Loans | Unsecured Term Loan F(5) | Forecast [Member]
Debt Instrument [Line Items]
Fixed Interest Rate (as a percent)						3.98%
Unsecured Term Loans | Term Loans A,F,G
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	(0.10%)
Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 1,600,000	1,200,000
Debt Issuance Costs, Net		5,908	4,128
Unsecured Notes | Unsecured Notes [Member]
Debt Instrument [Line Items]
Principal outstanding		1,594,092	1,195,872
Unsecured Notes | Series A Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 0	50,000
Stated interest rate | Rate		4.98%
Unsecured Notes | Series D Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 100,000	100,000
Stated interest rate | Rate		4.32%
Unsecured Notes | Series G Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 75,000	75,000
Stated interest rate | Rate		4.10%
Unsecured Notes | Series B Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 50,000	50,000
Stated interest rate | Rate		4.98%
Unsecured Notes | Series C Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 80,000	80,000
Stated interest rate | Rate		4.42%
Unsecured Notes | Series E Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 20,000	20,000
Stated interest rate | Rate		4.42%
Unsecured Notes | Series H Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 100,000	100,000
Stated interest rate | Rate		4.27%
Unsecured Notes | $175 Million Series L Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 175,000	0
Stated interest rate | Rate		6.05%
Unsecured Notes | $125 Million Series M Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 125,000	0
Stated interest rate | Rate		6.17%
Unsecured Notes | $275 Million Series I Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 275,000	275,000
Stated interest rate | Rate		2.80%
Unsecured Notes | $400 Million Series K Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 400,000	400,000
Stated interest rate | Rate		4.12%
Unsecured Notes | $50 Million Series J Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 50,000	50,000
Stated interest rate | Rate		2.95%
Unsecured Notes | $150 Million Series N Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 150,000	0
Stated interest rate | Rate		6.30%
Mortgage Loans Payable
Debt Instrument [Line Items]
Principal outstanding		$ 4,195	4,401
Long-Term Debt, Gross		4,322	4,537
Debt Instrument, Unamortized Discount (Premium), Net		(127)	(136)
Mortgage Loans Payable | United of Omaha Life Insurance Company
Debt Instrument [Line Items]
Long-Term Debt, Gross		$ 4,322	$ 4,537
Stated interest rate | Rate		3.71%

Debt - CY Activity (Details)

Debt - CY Activity (Details) $ in Thousands			12 Months Ended			17 Months Ended
	Oct. 01, 2024 USD ($)	Jun. 29, 2024	Dec. 31, 2024 USD ($) Rate	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 29, 2024	Sep. 10, 2024 USD ($)	Mar. 25, 2024 USD ($)	Mar. 13, 2024 USD ($) Rate
Debt Instrument [Line Items]
Repayment of unsecured term loans			$ 0	$ 0	$ 325,000
Long-Term Debt, Gross			3,038,322	2,631,537
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-Term Debt, Gross			4,322	4,537
Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross			1,600,000	1,200,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Debt Issuance Costs, Gross							$ 8,900
Series A Unsecured Notes
Debt Instrument [Line Items]
Repayment of unsecured term loans	$ 50,000
Series A Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross			$ 0	50,000
Stated interest rate | Rate			4.98%
Term Loans H, I
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)						0.02%
$125 Million Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross									$ 125,000
Stated interest rate | Rate									6.17%
$150 Million Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross									$ 150,000
Stated interest rate | Rate									6.30%
Unsecured Term Loan F(5)
Debt Instrument [Line Items]
Debt Issuance Costs, Gross								$ 1,200
Accrued Extension Fee								$ 500
Deferred Financing Accrued Extension Fee								0.00125
Deferred Debt Issuance Cost, Writeoff			$ 700
$175 Million Unsecured Notes | Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross									$ 175,000
Stated interest rate | Rate									6.05%
Unsecured Term Loans
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)		0.02%
Long-Term Debt, Gross			$ 1,025,000	$ 1,025,000

Debt - PY Activity (Details)

Debt - PY Activity (Details) - USD ($) $ in Thousands				12 Months Ended			17 Months Ended
	Dec. 15, 2023	Jan. 05, 2023	Sep. 01, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 29, 2024	Apr. 28, 2022
Debt Instrument [Line Items]
Long-Term Debt, Gross				$ 3,038,322	$ 2,631,537
Gain (Loss) on Extinguishment of Debt				703	0	$ 838
Repayment of unsecured term loans				0	0	$ 325,000
Unsecured Term Loans
Debt Instrument [Line Items]
Long-Term Debt, Gross				1,025,000	1,025,000
Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				1,000,000
Gain (Loss) on Extinguishment of Debt				(36)
Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross				$ 1,600,000	1,200,000
Unsecured Notes | Credit Facility, Term Loans & Notes
Debt Instrument [Line Items]
Fixed charge ratio				150%				150%
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-Term Debt, Gross				$ 4,322	4,537
Unsecured Term Loan I | Unsecured Term Loans
Debt Instrument [Line Items]
Long-Term Debt, Gross				$ 187,500	187,500
Stated interest rate				3.51%
Term Loans A,F,G | Unsecured Term Loans
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)			(0.10%)
Unsecured Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)				(0.10%)
Unsecured Term Loan H | Unsecured Term Loans
Debt Instrument [Line Items]
Long-Term Debt, Gross				$ 187,500	$ 187,500
Stated interest rate				3.35%
Term Loans H, I
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)							0.02%
$100 Million Series F Unsecured Notes [Member]
Debt Instrument [Line Items]
Repayment of unsecured term loans		$ 100,000
Thrivent Financial for Lutherans Due December 15, 2023 [Member] | Mortgage Loans Payable
Debt Instrument [Line Items]
Repayments of Notes Payable	$ 3,200

Debt - Financial Covenants (Det

Debt - Financial Covenants (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Apr. 28, 2022
Debt Instrument [Line Items]
Debt Instrument, Covenant Compliance	The Company was in compliance with all such applicable restrictions and financial and other covenants	The Company was in compliance with all such applicable restrictions and financial and other covenants
Covenant and other disclosures
Net book value of properties that are collateral for debt arrangements	$ 7.3	$ 7.5
Unsecured Debt
Covenant and other disclosures
Interest coverage ratio	150%
Credit Facility, Term Loans & Notes | Unsecured Debt
Covenant and other disclosures
Consolidated leverage ratio	60%
Secured leverage ratio	40%
Unencumbered leverage ratio	60%
Fixed charge ratio	150%		150%
Unsecured interest ratio	175%

Debt - Fair Value (Details)

Debt - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal outstanding	$ 3,029,135	$ 2,624,046
Long-Term Debt, Gross	3,038,322	2,631,537
Debt Issuance Costs, Net	9,060	7,355
Long-term Debt, Fair Value	2,928,033	2,504,538
Unsecured Credit Facility
Debt Instrument [Line Items]
Principal outstanding	409,000	402,000
Long-term Debt, Fair Value	409,000	402,000
Unsecured Term Loans
Debt Instrument [Line Items]
Long-Term Debt, Gross	1,025,000	1,025,000
Long-term Debt, Fair Value	1,025,000	1,025,000
Unsecured Notes
Debt Instrument [Line Items]
Long-Term Debt, Gross	1,600,000	1,200,000
Long-term Debt, Fair Value	1,490,667	1,074,003
Mortgage Loans Payable
Debt Instrument [Line Items]
Long-Term Debt, Gross	4,322	4,537
Debt Instrument, Unamortized Discount (Premium), Net	(127)	(136)
Long-term Debt, Fair Value	$ 3,366	$ 3,535

Debt - Future Principal Payment

Debt - Future Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Aggregate future principal payments of mortgage notes payable, Unsecured credit facility
2025	$ 175,223
2026	430,231
2027	370,240
2028	884,249
2029	175,258
Thereafter	1,003,121
Long-Term Debt, Gross	$ 3,038,322	$ 2,631,537

Derivative Financial Instrume_3

Derivative Financial Instruments - Risk Management and Unsecured Loan Swaps (Details) $ in Thousands	Dec. 31, 2024 USD ($) building	Mar. 26, 2024 USD ($) swap	Dec. 31, 2023 USD ($)
Risk Management Objective of Using Derivatives
Derivative, Number of Instruments Held | building	21
Unsecured Term Loan F(5)
Risk Management Objective of Using Derivatives
Derivative, Notional Amount		$ 200,000
Interest Rate Swaps
Risk Management Objective of Using Derivatives
Derivative, Number of Instruments Held | swap		4
Notional amount assets	$ 1,025,000		$ 1,025,000
Interest Rate Swaps - Asset	$ 36,466		$ 50,418

Derivative Financial Instrume_4

Derivative Financial Instruments - FV of Interest Rate Swaps (Details) - Interest Rate Swaps - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair value of the interest rate swaps outstanding
Notional amount assets	$ 1,025,000	$ 1,025,000
Fair value - assets	$ 36,466	$ 50,418

Derivative Financial Instrume_5

Derivative Financial Instruments - Cash Flow Hedges and Contingent Features (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$ 113,169	$ 94,575	$ 78,018
Interest Rate Swaps
Derivative [Line Items]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	(20,500)
Income recognized in accumulated other comprehensive income on interest rate swaps	21,854	12,333	85,726
Income reclassified from accumulated other comprehensive income into income as interest expense	35,773	34,107	1,640
Total interest expense presented in the Consolidated Statements of Operations in which the effects of cash flow hedges are recorded	$ 113,169	$ 94,575	$ 78,018

Derivative Financial Instrume_6

Derivative Financial Instruments - FV on Recurring Basis (Details) - Interest Rate Swaps - Fair value on recurring basis - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets (liabilities):
Interest Rate Swaps - Asset	$ 36,466	$ 50,418
Level 1
Assets (liabilities):
Interest Rate Swaps - Asset	0	0
Level 2
Assets (liabilities):
Interest Rate Swaps - Asset	36,466	50,418
Level 3 Inputs
Assets (liabilities):
Interest Rate Swaps - Asset	$ 0	$ 0

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, liquidation preference (in dollars per share)	$ 0.01

Equity - Common Stock ATM (Deta

Equity - Common Stock ATM (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 29, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common stock, shares authorized		300,000,000	300,000,000
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common Stock, shares issued		186,517,523	181,690,867
Common Stock
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction	$ 49,700	$ 167,700	$ 61,200
Forward Sale Agreements Settled, Value
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction		168,950	61,683	$ 50,243
Forward Sale Agreements Outstanding Value
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction		$ 0	$ 41,800	$ 0	$ 50,243
Forward Sale Agreements Outstanding Shares
Class of Stock [Line Items]
Common Stock, shares issued		0	1,100,000	0
New Forward Sale Agreements Value
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction		$ 127,150	$ 103,483
Common Stock, shares issued		3,208,008	2,817,993
Forward Sale Agreements Settled, Shares
Class of Stock [Line Items]
Common Stock, shares issued		4,308,008	1,717,993	1,200,000
At The Market Program 2019 $600 Million [Member] | Common Stock
Class of Stock [Line Items]
Number of shares sold			249,016
Sale of Stock, Consideration Received on Transaction			$ 8,765
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		$ 510,513
New Forward Sale Agreements Price Per Share | Common Stock
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share		$ 39.64	$ 36.72
New Forward Sale Agreements Net Price Per Share | Common Stock
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net		39.23	36.36
Settled Forward Sale Agreements Net Price Per Share | Common Stock
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net		38.93	35.60	$ 41.39
New Forward Sale Agreements Sales Commissions | Common Stock
Class of Stock [Line Items]
Payments of Stock Issuance Costs, Agents' Fees		$ 0.41	0.36
Weighted Average [Member] | At The Market Program 2019 $600 Million [Member] | Common Stock
Class of Stock [Line Items]
Sale of Stock, Price Per Share			$ 35.55

Equity - Public Common Stock Of

Equity - Public Common Stock Offerings (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Mar. 29, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Common Stock, shares issued		(186,517,523)	(181,690,867)
Common Stock
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction	$ (49,700)	$ (167,700)	$ (61,200)
Common Stock | Forward Sale Agreements Outstanding Shares
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Indexed Shares					1,200,000
Common Stock | New Forward Sale Agreements Price Per Share
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share		$ 39.64	$ 36.72
Common Stock | New Forward Sale Agreements Net Price Per Share
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net		39.23	36.36
Common Stock | Settled Forward Sale Agreements Net Price Per Share
Class of Stock [Line Items]
Forward Contract Indexed to Issuer's Equity, Forward Rate Per Share, Net		$ 38.93	$ 35.60	$ 41.39
Forward Sale Agreements Outstanding Shares
Class of Stock [Line Items]
Common Stock, shares issued		0	(1,100,000)	0
Forward Sale Agreements Settled, Shares
Class of Stock [Line Items]
Common Stock, shares issued		(4,308,008)	(1,717,993)	(1,200,000)
Forward Sale Agreements Outstanding Value
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction		$ 0	$ (41,800)	$ 0	$ (50,243)
Forward Sale Agreements Settled, Value
Class of Stock [Line Items]
Sale of Stock, Consideration Received on Transaction		$ (168,950)	$ (61,683)	$ (50,243)
New Forward Sale Agreements Value
Class of Stock [Line Items]
Common Stock, shares issued		(3,208,008)	(2,817,993)
Sale of Stock, Consideration Received on Transaction		$ (127,150)	$ (103,483)

Equity - Restricted Stock (Deta

Equity - Restricted Stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Jan. 11, 2023	Jan. 10, 2022	Jan. 07, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years	4 years	4 years
Shares
Unvested at beginning of period (in shares)				144,032	156,703	185,715
Granted (in shares)				41,911	55,954	58,580
Vested (in shares)				(62,123)	(68,625)	(73,556)
Forfeited (in shares)				(5,153)	0	(14,036)
Unvested at end of period (in shares)				118,667	144,032	156,703
Fair value unit price per LTIP unit at issuance				$ 38.92	$ 34.73	$ 44.19
Stock Repurchased and Retired During Period, Shares				22,001	24,210	25,836
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value				$ 37.30	$ 35.73	$ 34.32	$ 28.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value				34.65	31.71	28.03
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value				$ 38.58	$ 0	$ 36.16
Unrecognized compensation costs				$ 2,400
Unrecognized compensation costs, period for recognition				2 years 2 months 12 days
Vested (in shares)				(62,123)	(68,625)	(73,556)
Fair value of shares vested				$ 2,438	$ 2,217	$ 3,528

Noncontrolling Interest - Summa

Noncontrolling Interest - Summary (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Limited Partner - Noncontrolling Interest
Noncontrolling interest
Noncontrolling interest ownership percentage	2%	2.10%	2.10%	1.90%
Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)	3,829,638	3,884,716	3,519,764
Granted/Issued	383,292	326,215	470,237
Forfeited	0	(9,119)	(6,791)
Redemption of common units to common stock (in shares)	0	0	0
Redemptions from Other Common Units to common stock	(440,550)	(372,174)	(98,494)
Units outstanding, balance at end of period (in units)	3,772,380	3,829,638	3,884,716
LTIP Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)	2,361,920	2,314,076	1,949,124
Granted/Issued	383,292	326,215	470,237
Forfeited	0	(9,119)	(6,791)
Redemption of common units to common stock (in shares)	437,550	269,252	98,494
Redemptions from Other Common Units to common stock	0	0	0
Units outstanding, balance at end of period (in units)	2,307,662	2,361,920	2,314,076
Other Common Units | Noncontrolling Interest - Unit holders in Operating Partnership
Noncontrolling interest
Units outstanding, balance at beginning of period (in units)	1,467,718	1,570,640	1,570,640
Granted/Issued	0	0	0
Forfeited	0	0	0
Redemption of common units to common stock (in shares)	437,550	269,252	98,494
Redemptions from Other Common Units to common stock	(440,550)	(372,174)	(98,494)
Units outstanding, balance at end of period (in units)	1,464,718	1,467,718	1,570,640

Noncontrolling Interest - LTIP

Noncontrolling Interest - LTIP Units Narrative (Details) - LTIP Units $ in Millions							12 Months Ended
	Jul. 01, 2024 shares	Jan. 08, 2024 shares	Mar. 31, 2023 USD ($) shares	Jan. 11, 2023 shares	Jan. 10, 2022 shares	Jan. 07, 2021	Dec. 31, 2024 shares	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit conversion ratio							1
Granted (in shares)	1,775	124,235	19,345	139,026	104,241		383,292	326,215	470,237
Executive Vice President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Accelerated Cost | $			$ 0.6
Granted (in shares)			19,345
Award vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years	4 years	4 years	4 years
Award vesting period | Executive Vice President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Award vesting period | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year		1 year	1 year

Noncontrolling Interest - FV As

Noncontrolling Interest - FV Assumptions (Details) - LTIP Units - USD ($) $ / shares in Units, $ in Thousands						6 Months Ended	12 Months Ended
	Jul. 01, 2024	Jan. 08, 2024	Mar. 31, 2023	Jan. 11, 2023	Jan. 10, 2022	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assumptions
Expected term (years)	10 years	10 years	10 years	10 years	10 years
Expected stock price volatility	25%	25%	37%	37%	34%
Expected dividend yield	4%	4%	4%	4%	4%
Risk-free interest rate	4.58%	4.11%	3.81%	3.90%	1.204%
Fair value of LTIP units at issuance (in thousands)	$ 60	$ 4,597	$ 628	$ 4,635	$ 4,385
Granted	1,775	124,235	19,345	139,026	104,241		383,292	326,215	470,237
Fair value unit price per LTIP unit at issuance	$ 33.80	$ 37	$ 32.47	$ 33.34	$ 42.07	$ 36.99		$ 33.29	$ 42.07

Noncontrolling Interest - LTI_2

Noncontrolling Interest - LTIP Units Vested and Unvested (Details) - LTIP Units - USD ($) $ / shares in Units, $ in Thousands						6 Months Ended	12 Months Ended
	Jul. 01, 2024	Jan. 08, 2024	Mar. 31, 2023	Jan. 11, 2023	Jan. 10, 2022	Jun. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number							182,382	176,926	140,116	190,108
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value							$ 36.10	$ 34.25	$ 35.60	$ 27.84
Granted (in shares)	1,775	124,235	19,345	139,026	104,241		383,292	326,215	470,237
Fair value unit price per LTIP unit at issuance	$ 33.80	$ 37	$ 32.47	$ 33.34	$ 42.07	$ 36.99		$ 33.29	$ 42.07
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period							(377,836)	(280,286)	(513,438)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value						36.13		$ 33.81	$ 38.67
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period							0	(9,119)	(6,791)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value						$ 0		$ 34.11	$ 34.02
Unrecognized compensation costs, period for recognition							2 years 4 months 24 days
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options							$ 4,400
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value							$ 14,440	$ 9,507	$ 21,662

Noncontrolling Interest - Other

Noncontrolling Interest - Other Common Units (Details)	12 Months Ended
	Dec. 31, 2024 shares
Noncontrolling Interest [Line Items]
Average common stock closing price	10 days
Other Common Units
Noncontrolling Interest [Line Items]
Redemption right of investor to cause the Operating Partnership to redeem its units equivalent to current market value of number of shares of entity's common stock (in shares)	1
Unit conversion ratio	1

Noncontrolling Interest - Joint

Noncontrolling Interest - Joint Venture (Details)	Dec. 13, 2024	Aug. 08, 2024
STAG Industrial, Inc Venture
Noncontrolling Interest [Line Items]
Subsidiary, Ownership Percentage, Parent	90%	95%
Joint Venture Partner
Noncontrolling Interest [Line Items]
Noncontrolling interest ownership percentage	10%	5%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary (Details) $ in Thousands					12 Months Ended
	Jan. 08, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jan. 11, 2023 USD ($)	Jan. 10, 2022 USD ($)	Dec. 31, 2024 benchmark shares
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of common stock that can be awarded | shares					10,142,461
Ratio by which number of shares available for grant is reduced for each LTIP unit awarded					1
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	3 years		3 years	3 years
Fair value of performance units grant (in thousands) | $	$ 6,502	$ 609	$ 4,517	$ 6,289
Performance Shares [Member] | Executive Vice President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of performance units grant (in thousands) | $		$ 600
Performance Shares [Member] | 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Benchmarks | benchmark					3
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group					25%
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Size-Based Peer Group					25%
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index					50%
Performance Shares [Member] | 2011 Equity Incentive Plan | Vest on 1st anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 day		1 day	1 day
Performance Shares Grated in 2023 | 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Industry Peer Group					50%
Share-based Compensation Arrangement by Share-based Payment Award, Allocation for Total Stockholder Return Compared to Index					50%
LTIP Units | 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock equivalent to each LTIP unit (in shares) | shares					1
Minimum | Performance Shares [Member] | 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded					0%
Maximum | Performance Shares [Member] | 2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Percent of Target Units Awarded					250%

Equity Incentive Plan - Perform

Equity Incentive Plan - Performance Plan Assumptions (Details) - Performance Shares [Member] - USD ($) $ in Thousands	Jan. 08, 2024	Mar. 31, 2023	Jan. 11, 2023	Jan. 10, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected stock price volatility	24.50%	25.40%	37.40%	34.10%
Expected dividend yield	4%	4%	4%	4%
Risk-free interest rate	4.113%	3.8725%	3.906%	1.1979%
Fair value of performance units grant (in thousands)	$ 6,502	$ 609	$ 4,517	$ 6,289

Equity Incentive Plan - Settlem

Equity Incentive Plan - Settlement of PUs (Details) - USD ($) $ in Millions				12 Months Ended
	Jan. 07, 2025	Jan. 08, 2024	Jan. 11, 2023	Dec. 31, 2024	Dec. 31, 2023
2011 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				3,603,642	4,226,328
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options				$ 4.4
Unrecognized compensation costs, period for recognition				2 years 4 months 24 days
LTIP Units | Performance Units Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross		257,282
Stock Repurchased and Retired During Period, Shares		4,716
LTIP Units | Performance Units Granted in 2021 | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross	126,333
Stock Repurchased and Retired During Period, Shares	751
LTIP Units | Performance Units Granted in 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross			167,844
Stock Repurchased and Retired During Period, Shares			875
Common Stock | Performance Units Granted in 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross		49,106
Common Stock | Performance Units Granted in 2021 | Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross	8,246
Common Stock | Performance Units Granted in 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Gross			40,660
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options				$ 6
Unrecognized compensation costs, period for recognition				1 year 8 months 12 days

Equity Incentive Plan - Non-cas

Equity Incentive Plan - Non-cash Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 11,727	$ 11,467	$ 12,026
Restricted stock | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	1,752	1,936	2,103
LTIP Units | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	3,635	4,194	3,996
Performance Shares [Member] | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	5,585	4,754	5,423
Director [Member] | General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Allocated Share-based Compensation Expense	$ 755	$ 583	$ 504
Common Stock | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based Compensation Arrangement by Share-baed Payment Award, Equity Instruments Other Than Options, Trailing Average Common Stock Price, Period	10 days	10 days	10 days

Leases - Rental Income (Details

Leases - Rental Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Fixed lease payments	$ 585,611	$ 540,447	$ 500,267
Variable lease payments	162,090	146,954	135,888
Straight-line rental income	(14,612)	(16,894)	(17,893)
Net increase to rental income related to above and below market lease amortization	579	865	329
Rental income	$ 762,892	$ 705,160	$ 654,377

Leases - Tenant Accounts Receiv

Leases - Tenant Accounts Receivable (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Security Deposit Liability	$ 23.9	$ 21.8
Accrued Income Receivable [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Deferred Rent Receivables, Net	$ 118.6	$ 105.9

Leases - Maturity of Fixed Leas

Leases - Maturity of Fixed Lease Payments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Leases [Abstract]
2025	$ 620,000
2026	560,792
2027	473,583
2028	395,035
2029	315,126
Thereafter	$ 721,207

Leases - Lessee Leases (Details

Leases - Lessee Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating Lease, Weighted Average Remaining Lease Term	34 years 10 months 24 days	31 years 7 months 6 days
Operating Lease, Weighted Average Discount Rate, Percent	6.90%	6.80%
Lease, Cost	$ 4,238	$ 4,199	$ 4,119
Operating Lease, Payments	4,013	3,890	3,784
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 0	141	0
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	1 year 3 months 18 days
Lessee, Operating Lease, Renewal Term	10 years
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Term of Contract	57 years 8 months 12 days
Lessee, Operating Lease, Renewal Term	20 years
Operating Expense [Member]
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 2,516	2,467	2,372
General and Administrative Expenses
Lessee, Lease, Description [Line Items]
Lease, Cost	$ 1,722	$ 1,732	$ 1,747

Leases - Maturity of Operating

Leases - Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2025	$ 4,252
2026	3,245
2027	2,265
2028	2,306
2029	2,312
Thereafter	94,551
Total lease payments	108,931
Less: Imputed interest	73,627
Operating lease liabilities	$ 35,304	$ 33,577

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Participating securities	122,454	142,875	161,704

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation of Numerator and Denominator (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net income attributable to common stockholders	$ 189,038	$ 192,633	$ 178,089
Denominator
Weighted average common shares outstanding — basic	182,160	180,221	178,753
Shares issuable under forward sale agreements	0	2	0
Weighted average common shares outstanding — diluted	182,404	180,555	178,940
Net income per share attributable to common stockholders — basic	$ 1.04	$ 1.07	$ 1
Net income per share attributable to common stockholders — diluted	$ 1.04	$ 1.07	$ 1
Stock Compensation Plan [Member]
Denominator
Share-based compensation	244	332	187
Restricted stock
Denominator
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	122	143	162

Commitments and Contingencies -

Commitments and Contingencies - Agreements (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Letters of Credit Outstanding, Amount	$ 4.2

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Period of service for employees to be eligible to participate in the defined contribution plan	3 months
Discretionary match (as a percent)	50%
Maximum percentage of employee's annual salary that the entity can contribute	6%
Aggregate matching contribution	$ 0.6	$ 0.5	$ 0.5
Vesting period	3 years

Subsequent Events - Restricted

Subsequent Events - Restricted Stock (Details) - Restricted stock - $ / shares					12 Months Ended
	Jan. 07, 2025	Jan. 11, 2023	Jan. 10, 2022	Jan. 07, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Granted (in shares)					41,911	55,954	58,580
Vesting period		4 years	4 years	4 years
Non-recognized Subsequent Event
Subsequent Event [Line Items]
Granted (in shares)	52,352
Vesting period	4 years
Grant date fair value (in dollars per share)	$ 33.14

Subsequent Events - LTIP (Detai

Subsequent Events - LTIP (Details) - LTIP Units - USD ($) $ in Thousands							12 Months Ended
	Jan. 07, 2025	Jul. 01, 2024	Jan. 08, 2024	Mar. 31, 2023	Jan. 11, 2023	Jan. 10, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Granted		1,775	124,235	19,345	139,026	104,241	383,292	326,215	470,237
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value		$ 60	$ 4,597	$ 628	$ 4,635	$ 4,385
Expected term (years)		10 years	10 years	10 years	10 years	10 years
Expected stock price volatility		25%	25%	37%	37%	34%
Expected dividend yield		4%	4%	4%	4%	4%
Risk-free interest rate		4.58%	4.11%	3.81%	3.90%	1.204%
Non-recognized Subsequent Event
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value	$ 4,800
Expected stock price volatility	25%
Expected dividend yield	4%
Risk-free interest rate	4.33%
Director [Member] | Non-recognized Subsequent Event
Subsequent Event [Line Items]
Granted	38,120
Vesting period	1 year
Expected term (years)	10 years
Executive officers | Non-recognized Subsequent Event
Subsequent Event [Line Items]
Granted	115,881
Vesting period	4 years

Subsequent Events - Performance

Subsequent Events - Performance Units (Details) - USD ($) $ in Thousands	Jan. 07, 2025	Jul. 01, 2024	Jan. 08, 2024	Mar. 31, 2023	Jan. 11, 2023	Jan. 10, 2022
Performance Shares [Member]
Subsequent Event [Line Items]
Fair value of performance units grant (in thousands)			$ 6,502	$ 609	$ 4,517	$ 6,289
Expected stock price volatility			24.50%	25.40%	37.40%	34.10%
Expected dividend yield			4%	4%	4%	4%
Risk-free interest rate			4.113%	3.8725%	3.906%	1.1979%
Vesting period (in years)			3 years		3 years	3 years
Performance Shares [Member] | Non-recognized Subsequent Event
Subsequent Event [Line Items]
Fair value of performance units grant (in thousands)	$ 6,900
Expected stock price volatility	24.60%
Expected dividend yield	4%
Risk-free interest rate	4.3294%
Vesting period (in years)	3 years
LTIP Units
Subsequent Event [Line Items]
Expected stock price volatility		25%	25%	37%	37%	34%
Expected dividend yield		4%	4%	4%	4%	4%
Risk-free interest rate		4.58%	4.11%	3.81%	3.90%	1.204%
LTIP Units | Non-recognized Subsequent Event
Subsequent Event [Line Items]
Expected stock price volatility	25%
Expected dividend yield	4%
Risk-free interest rate	4.33%

Schedule 3 - Real Estate and _2

Schedule 3 - Real Estate and Accumulated Depreciation - Properties (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation
Encumbrances	$ (4,322)
Building and Tenant Improvements (initial cost)	5,709,918
Land	771,794
Building & Improvements	6,380,986
Land	771,794
Total	7,152,780	$ 6,459,001	$ 6,123,295	$ 5,664,907
Accumulated Depreciation	(1,085,866)	(921,846)	$ (764,809)	$ (611,867)
Debt Issuance Costs, Net	(9,060)	$ (7,355)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	671,068
Montgomery, AL, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,057
Land	418
Building & Improvements	9,597
Land	418
Total	10,015
Accumulated Depreciation	(2,530)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	2,540
Phenix City, AL, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,415
Land	276
Building & Improvements	1,753
Land	276
Total	2,029
Accumulated Depreciation	(639)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	338
Rogers, AR, Q4 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,878
Land	1,072
Building & Improvements	9,712
Land	1,072
Total	10,784
Accumulated Depreciation	(3,240)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,834
Avondale, AZ, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,163
Land	1,674
Building & Improvements	13,191
Land	1,674
Total	14,865
Accumulated Depreciation	(3,097)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	28
Tucson, AZ 12/13/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,656
Land	996
Building & Improvements	7,813
Land	996
Total	8,809
Accumulated Depreciation	(1,490)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	157
Sacramento, CA, 12-30-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,171
Land	857
Building & Improvements	9,171
Land	857
Total	10,028
Accumulated Depreciation	(1,556)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
San Diego, CA, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,895
Land	2,290
Building & Improvements	17,967
Land	2,290
Total	20,257
Accumulated Depreciation	(3,439)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	3,072
Grand Junction, CO, Q3 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,896
Land	314
Building & Improvements	4,350
Land	314
Total	4,664
Accumulated Depreciation	(1,048)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	454
Johnstown, CO, 12-18-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,964
Land	1,133
Building & Improvements	14,991
Land	1,133
Total	16,124
Accumulated Depreciation	(2,216)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	27
Longmont, CO , Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,322
Land	734
Building & Improvements	6,548
Land	734
Total	7,282
Accumulated Depreciation	(1,280)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,226
East Windsor, Q4, 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,711
Land	400
Building & Improvements	6,711
Land	400
Total	7,111
Accumulated Depreciation	(1,614)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,000
East Windsor, CT, Q1 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,571
Land	348
Building & Improvements	5,753
Land	348
Total	6,101
Accumulated Depreciation	(2,165)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,182
Milford, CT, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,040
Land	1,264
Building & Improvements	11,219
Land	1,264
Total	12,483
Accumulated Depreciation	(2,937)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,179
North Haven, CT, Q1 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	39,253
Land	4,086
Building & Improvements	44,359
Land	4,086
Total	48,445
Accumulated Depreciation	(12,915)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	5,106
Wallingford, CT, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,071
Land	585
Building & Improvements	6,418
Land	585
Total	7,003
Accumulated Depreciation	(1,463)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	347
New Castle, DE, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	17,767
Land	2,616
Building & Improvements	17,965
Land	2,616
Total	20,581
Accumulated Depreciation	(5,603)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	198
Daytona Beach, FL, Q1 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	875
Land	1,237
Building & Improvements	3,263
Land	1,237
Total	4,500
Accumulated Depreciation	(1,835)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	2,388
Jacksonville 1, FL, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,391
Land	451
Building & Improvements	3,806
Land	451
Total	4,257
Accumulated Depreciation	(1,034)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	415
Jacksonville 2, FL, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,803
Land	650
Building & Improvements	10,354
Land	650
Total	11,004
Accumulated Depreciation	(2,169)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	2,551
Jacksonville 3, FL, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,837
Land	674
Building & Improvements	9,394
Land	674
Total	10,068
Accumulated Depreciation	(2,479)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,557
Jacksonville 4, FL, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,025
Land	596
Building & Improvements	8,195
Land	596
Total	8,791
Accumulated Depreciation	(2,089)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,170
Jacksonville, FL, 10-15-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,319
Land	1,284
Building & Improvements	15,733
Land	1,284
Total	17,017
Accumulated Depreciation	(2,774)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,414
Orlando, FL, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,814
Land	1,339
Building & Improvements	6,506
Land	1,339
Total	7,845
Accumulated Depreciation	(1,826)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,692
Orlando, FL, Q2 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,996
Land	721
Building & Improvements	3,531
Land	721
Total	4,252
Accumulated Depreciation	(859)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,535
Tampa, FL, 8-5-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,390
Land	829
Building & Improvements	6,461
Land	829
Total	7,290
Accumulated Depreciation	(1,215)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	71
Augusta/Richmond County, GA, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,249
Land	937
Building & Improvements	6,339
Land	937
Total	7,276
Accumulated Depreciation	(1,457)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	90
Calhoun, GA, Q2 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,743
Land	388
Costs Capitalized Subsequent to Acquisition and Valuation Provision	820
Building & Improvements	3,563
Land	388
Total	3,951
Accumulated Depreciation	(834)
Dallas, GA, Q3 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,712
Land	475
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	1,712
Land	475
Total	2,187
Accumulated Depreciation	(700)
Forest Park2, GA, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,189
Land	1,715
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,683
Building & Improvements	11,872
Land	1,715
Total	13,587
Accumulated Depreciation	(2,761)
Norcross, GA, Q2 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,415
Land	1,589
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,390
Building & Improvements	4,805
Land	1,589
Total	6,394
Accumulated Depreciation	(1,107)
Savannah, GA Q2 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,034
Land	439
Costs Capitalized Subsequent to Acquisition and Valuation Provision	119
Building & Improvements	13,153
Land	439
Total	13,592
Accumulated Depreciation	(3,829)
Shannon, GA, Q4, 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,922
Land	393
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,332
Building & Improvements	14,254
Land	393
Total	14,647
Accumulated Depreciation	(4,050)
Smyrna, GA, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,092
Land	264
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,649
Building & Improvements	4,741
Land	264
Total	5,005
Accumulated Depreciation	(1,435)
Statham, GA, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,130
Land	588
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,399
Building & Improvements	8,529
Land	588
Total	9,117
Accumulated Depreciation	(2,672)
Stone Mountain, GA, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,548
Land	612
Costs Capitalized Subsequent to Acquisition and Valuation Provision	780
Building & Improvements	3,328
Land	612
Total	3,940
Accumulated Depreciation	(874)
Idaho Falls, ID, Q2 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,712
Land	356
Costs Capitalized Subsequent to Acquisition and Valuation Provision	140
Building & Improvements	2,852
Land	356
Total	3,208
Accumulated Depreciation	(922)
Batavia, IL, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,238
Land	618
Costs Capitalized Subsequent to Acquisition and Valuation Provision	677
Building & Improvements	4,915
Land	618
Total	5,533
Accumulated Depreciation	(1,083)
Belvidere, IL, Q2 2013, Four [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,824
Land	670
Costs Capitalized Subsequent to Acquisition and Valuation Provision	78
Building & Improvements	6,902
Land	670
Total	7,572
Accumulated Depreciation	(2,041)
Belvidere, IL, Q2 2013, Five [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,291
Land	668
Costs Capitalized Subsequent to Acquisition and Valuation Provision	31
Building & Improvements	4,322
Land	668
Total	4,990
Accumulated Depreciation	(1,309)
Belvidere, IL, Q2 2013, Six [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,699
Land	866
Costs Capitalized Subsequent to Acquisition and Valuation Provision	312
Building & Improvements	4,011
Land	866
Total	4,877
Accumulated Depreciation	(1,347)
Belvidere, IL, Q2 2013, Eight [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,269
Land	1,542
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,665
Building & Improvements	9,934
Land	1,542
Total	11,476
Accumulated Depreciation	(3,272)
Belvidere, IL, Q2 2013, Nine [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	71
Land	216
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	71
Land	216
Total	287
Accumulated Depreciation	(71)
Gurnee, IL, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,231
Land	1,716
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,272
Building & Improvements	12,503
Land	1,716
Total	14,219
Accumulated Depreciation	(3,758)
Harvard, IL, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,875
Land	1,157
Costs Capitalized Subsequent to Acquisition and Valuation Provision	895
Building & Improvements	3,770
Land	1,157
Total	4,927
Accumulated Depreciation	(1,331)
Itasca, IL, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,216
Land	2,428
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,251
Building & Improvements	13,467
Land	2,428
Total	15,895
Accumulated Depreciation	(4,111)
Lisle, IL, 10-10-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,368
Land	2,302
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	8,368
Land	2,302
Total	10,670
Accumulated Depreciation	(1,605)
Machesney Park, IL, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,525
Land	300
Costs Capitalized Subsequent to Acquisition and Valuation Provision	43
Building & Improvements	3,568
Land	300
Total	3,868
Accumulated Depreciation	(1,000)
McHenry, IL, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,818
Land	576
Costs Capitalized Subsequent to Acquisition and Valuation Provision	492
Building & Improvements	4,310
Land	576
Total	4,886
Accumulated Depreciation	(905)
McHenry, IL, 2, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,004
Land	448
Costs Capitalized Subsequent to Acquisition and Valuation Provision	202
Building & Improvements	4,206
Land	448
Total	4,654
Accumulated Depreciation	(862)
Chicago, IL, Q3 2018 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	173
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	0
Land	173
Total	173
Accumulated Depreciation	0
Montgomery, IL, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,373
Land	2,190
Costs Capitalized Subsequent to Acquisition and Valuation Provision	4,730
Building & Improvements	17,103
Land	2,190
Total	19,293
Accumulated Depreciation	(5,473)
Sauk Village, IL, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,405
Land	877
Costs Capitalized Subsequent to Acquisition and Valuation Provision	676
Building & Improvements	6,081
Land	877
Total	6,958
Accumulated Depreciation	(1,960)
Waukegan 1, IL, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,030
Land	1,004
Costs Capitalized Subsequent to Acquisition and Valuation Provision	149
Building & Improvements	5,179
Land	1,004
Total	6,183
Accumulated Depreciation	(1,207)
West Chicago1, IL, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,036
Land	768
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,077
Building & Improvements	3,113
Land	768
Total	3,881
Accumulated Depreciation	(1,179)
West Chicago2, IL, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	668
Land	382
Costs Capitalized Subsequent to Acquisition and Valuation Provision	330
Building & Improvements	998
Land	382
Total	1,380
Accumulated Depreciation	(303)
West Chicago3, IL, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	768
Land	450
Costs Capitalized Subsequent to Acquisition and Valuation Provision	325
Building & Improvements	1,093
Land	450
Total	1,543
Accumulated Depreciation	(359)
West Chicago4, IL, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	842
Land	369
Costs Capitalized Subsequent to Acquisition and Valuation Provision	402
Building & Improvements	1,244
Land	369
Total	1,613
Accumulated Depreciation	(390)
West Chicago5, IL, Q4 2016 [Member] [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	892
Land	216
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,593
Building & Improvements	2,485
Land	216
Total	2,701
Accumulated Depreciation	(422)
West Chicago, IL, Q2 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,135
Land	915
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,774
Building & Improvements	7,909
Land	915
Total	8,824
Accumulated Depreciation	(2,283)
Wood Dale, IL, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,982
Land	1,226
Costs Capitalized Subsequent to Acquisition and Valuation Provision	823
Building & Improvements	5,805
Land	1,226
Total	7,031
Accumulated Depreciation	(1,240)
Elkhart, IN, Q3, 2007, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	210
Land	25
Costs Capitalized Subsequent to Acquisition and Valuation Provision	143
Building & Improvements	353
Land	25
Total	378
Accumulated Depreciation	(158)
Elkhart, IN, Q3 2007, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,519
Land	422
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,175
Building & Improvements	4,694
Land	422
Total	5,116
Accumulated Depreciation	(1,969)
Fort Wayne, IN, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,076
Land	112
Costs Capitalized Subsequent to Acquisition and Valuation Provision	106
Building & Improvements	3,182
Land	112
Total	3,294
Accumulated Depreciation	(899)
Goshen, IN, Q3 2010 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,998
Land	1,442
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,198
Building & Improvements	8,196
Land	1,442
Total	9,638
Accumulated Depreciation	(2,953)
Lafayette, IN, Q4 2012, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,205
Land	295
Costs Capitalized Subsequent to Acquisition and Valuation Provision	65
Building & Improvements	2,270
Land	295
Total	2,565
Accumulated Depreciation	(744)
Lafayette, IN, Q4 2012, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,405
Land	410
Costs Capitalized Subsequent to Acquisition and Valuation Provision	372
Building & Improvements	3,777
Land	410
Total	4,187
Accumulated Depreciation	(1,243)
Lafayette, IN, Q4 2012, Three [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,920
Land	906
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,337
Building & Improvements	9,257
Land	906
Total	10,163
Accumulated Depreciation	(2,844)
Indianapolis, IN, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	21,160
Land	1,654
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	21,160
Land	1,654
Total	22,814
Accumulated Depreciation	(4,384)
Lebanon, IN, 12-19-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	36,091
Land	2,359
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	36,091
Land	2,359
Total	38,450
Accumulated Depreciation	(5,827)
Lebanon, IN, 10-18-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	37,971
Land	2,948
Costs Capitalized Subsequent to Acquisition and Valuation Provision	13,530
Building & Improvements	51,501
Land	2,948
Total	54,449
Accumulated Depreciation	(7,550)
Marion, IN, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,934
Land	243
Costs Capitalized Subsequent to Acquisition and Valuation Provision	818
Building & Improvements	3,752
Land	243
Total	3,995
Accumulated Depreciation	(1,413)
Portage, IN, 11-7-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	28,094
Land	1,626
Costs Capitalized Subsequent to Acquisition and Valuation Provision	746
Building & Improvements	28,840
Land	1,626
Total	30,466
Accumulated Depreciation	(5,421)
Portage, IN, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,416
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	5,416
Land	0
Total	5,416
Accumulated Depreciation	(1,754)
South Bend, IN, Q1 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,718
Land	411
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,810
Building & Improvements	6,528
Land	411
Total	6,939
Accumulated Depreciation	(1,793)
Ankeny, IA, 12-19-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,709
Land	846
Costs Capitalized Subsequent to Acquisition and Valuation Provision	159
Building & Improvements	13,868
Land	846
Total	14,714
Accumulated Depreciation	(2,237)
Council Bluffs, IA, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,438
Land	414
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	4,438
Land	414
Total	4,852
Accumulated Depreciation	(991)
Des Moines, IA, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,477
Land	556
Costs Capitalized Subsequent to Acquisition and Valuation Provision	96
Building & Improvements	4,573
Land	556
Total	5,129
Accumulated Depreciation	(1,024)
Marion, IA, Q1 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,229
Land	691
Costs Capitalized Subsequent to Acquisition and Valuation Provision	188
Building & Improvements	2,417
Land	691
Total	3,108
Accumulated Depreciation	(908)
Edwardsville, KS, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,007
Land	1,360
Costs Capitalized Subsequent to Acquisition and Valuation Provision	544
Building & Improvements	13,551
Land	1,360
Total	14,911
Accumulated Depreciation	(3,420)
Lenexa, KS, 7-10-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,614
Land	1,759
Costs Capitalized Subsequent to Acquisition and Valuation Provision	33
Building & Improvements	9,647
Land	1,759
Total	11,406
Accumulated Depreciation	(1,699)
Lenexa, KS, Q3 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,610
Land	2,368
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	7,610
Land	2,368
Total	9,978
Accumulated Depreciation	(3,162)
Olathe, KS, 12-31-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,216
Land	1,193
Costs Capitalized Subsequent to Acquisition and Valuation Provision	111
Building & Improvements	16,327
Land	1,193
Total	17,520
Accumulated Depreciation	(2,938)
Olathe, KS, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	20,763
Land	2,431
Costs Capitalized Subsequent to Acquisition and Valuation Provision	4,340
Building & Improvements	25,103
Land	2,431
Total	27,534
Accumulated Depreciation	(8,126)
Wichita, KS, Q4 2012, 1 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,815
Land	88
Costs Capitalized Subsequent to Acquisition and Valuation Provision	10
Building & Improvements	1,825
Land	88
Total	1,913
Accumulated Depreciation	(602)
Wichita, KS, Q4 2012, 2 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,839
Land	107
Costs Capitalized Subsequent to Acquisition and Valuation Provision	183
Building & Improvements	2,022
Land	107
Total	2,129
Accumulated Depreciation	(739)
Wichita, KS, Q4 2012, 4 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	833
Land	76
Costs Capitalized Subsequent to Acquisition and Valuation Provision	328
Building & Improvements	1,161
Land	76
Total	1,237
Accumulated Depreciation	(482)
Bardstown, KY, Q2 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,295
Land	379
Costs Capitalized Subsequent to Acquisition and Valuation Provision	563
Building & Improvements	2,858
Land	379
Total	3,237
Accumulated Depreciation	(1,104)
Danville, KY, Q4 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,593
Land	965
Costs Capitalized Subsequent to Acquisition and Valuation Provision	4,787
Building & Improvements	16,380
Land	965
Total	17,345
Accumulated Depreciation	(5,984)
Erlanger, KY, Q1 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,791
Land	635
Costs Capitalized Subsequent to Acquisition and Valuation Provision	346
Building & Improvements	4,137
Land	635
Total	4,772
Accumulated Depreciation	(1,195)
Florence, KY, 1-24-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,853
Land	863
Costs Capitalized Subsequent to Acquisition and Valuation Provision	88
Building & Improvements	7,941
Land	863
Total	8,804
Accumulated Depreciation	(1,544)
Florence, KY , Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,672
Land	3,109
Costs Capitalized Subsequent to Acquisition and Valuation Provision	334
Building & Improvements	11,006
Land	3,109
Total	14,115
Accumulated Depreciation	(3,138)
Hebron, KY, Q2 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,526
Land	370
Costs Capitalized Subsequent to Acquisition and Valuation Provision	866
Building & Improvements	5,392
Land	370
Total	5,762
Accumulated Depreciation	(1,671)
Baton Rouge, LA, 6-18-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,815
Land	1,619
Costs Capitalized Subsequent to Acquisition and Valuation Provision	666
Building & Improvements	6,481
Land	1,619
Total	8,100
Accumulated Depreciation	(1,260)
Baton Rouge, LA, 6-18-19 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,643
Land	2,567
Costs Capitalized Subsequent to Acquisition and Valuation Provision	537
Building & Improvements	7,180
Land	2,567
Total	9,747
Accumulated Depreciation	(1,485)
Baton Rouge, LA , Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,402
Land	1,962
Costs Capitalized Subsequent to Acquisition and Valuation Provision	53
Building & Improvements	15,455
Land	1,962
Total	17,417
Accumulated Depreciation	(3,386)
Shreveport, LA, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,572
Land	1,804
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,522
Building & Improvements	7,094
Land	1,804
Total	8,898
Accumulated Depreciation	(2,036)
Biddeford, ME, Q1 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,164
Land	1,369
Costs Capitalized Subsequent to Acquisition and Valuation Provision	4,849
Building & Improvements	13,013
Land	1,369
Total	14,382
Accumulated Depreciation	(4,084)
Gardiner, ME, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,983
Land	948
Costs Capitalized Subsequent to Acquisition and Valuation Provision	23
Building & Improvements	9,006
Land	948
Total	9,954
Accumulated Depreciation	(2,895)
Lewiston, ME, Q4 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,374
Land	173
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,064
Building & Improvements	6,438
Land	173
Total	6,611
Accumulated Depreciation	(2,807)
Portland, ME, Q1 2012, 2 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,648
Land	891
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,773
Building & Improvements	6,421
Land	891
Total	7,312
Accumulated Depreciation	(1,344)
Elkridge, MD, 3-28-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,764
Land	2,982
Costs Capitalized Subsequent to Acquisition and Valuation Provision	113
Building & Improvements	8,877
Land	2,982
Total	11,859
Accumulated Depreciation	(1,582)
Hampstead, MD, Q3 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	34,933
Land	780
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,892
Building & Improvements	37,825
Land	780
Total	38,605
Accumulated Depreciation	(11,143)
Baltimore, MD 10/23/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,601
Land	963
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,040
Building & Improvements	7,641
Land	963
Total	8,604
Accumulated Depreciation	(1,388)
Malden, MA, Q2 2007, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,817
Land	366
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	2,817
Land	366
Total	3,183
Accumulated Depreciation	(1,269)
Malden, MA, Q2 2007, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,961
Land	507
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	3,961
Land	507
Total	4,468
Accumulated Depreciation	(1,783)
Middleborough, MA, 8-22-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,243
Land	2,397
Costs Capitalized Subsequent to Acquisition and Valuation Provision	172
Building & Improvements	7,415
Land	2,397
Total	9,812
Accumulated Depreciation	(2,132)
Norton, MA, Q3 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,105
Land	2,839
Costs Capitalized Subsequent to Acquisition and Valuation Provision	250
Building & Improvements	6,355
Land	2,839
Total	9,194
Accumulated Depreciation	(2,253)
South Easton, MA, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,826
Land	403
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,491
Building & Improvements	8,317
Land	403
Total	8,720
Accumulated Depreciation	(1,399)
Stoughton, MA, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,305
Land	2,256
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,817
Building & Improvements	4,122
Land	2,256
Total	6,378
Accumulated Depreciation	(1,526)
Stoughton, MA, Q2 2015, 2 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,138
Land	538
Costs Capitalized Subsequent to Acquisition and Valuation Provision	438
Building & Improvements	1,576
Land	538
Total	2,114
Accumulated Depreciation	(531)
Westborough, MA, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,733
Land	661
Costs Capitalized Subsequent to Acquisition and Valuation Provision	23
Building & Improvements	5,756
Land	661
Total	6,417
Accumulated Depreciation	(1,384)
Belleville, MI, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,484
Land	724
Costs Capitalized Subsequent to Acquisition and Valuation Provision	616
Building & Improvements	7,100
Land	724
Total	7,824
Accumulated Depreciation	(1,682)
Chesterfield, MI, Q2 2007, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,099
Land	207
Costs Capitalized Subsequent to Acquisition and Valuation Provision	177
Building & Improvements	1,276
Land	207
Total	1,483
Accumulated Depreciation	(505)
Chesterfield, MI, Q2 2007, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	798
Land	150
Costs Capitalized Subsequent to Acquisition and Valuation Provision	477
Building & Improvements	1,275
Land	150
Total	1,425
Accumulated Depreciation	(521)
Chesterfield, MI, Q2 2007, Three [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	802
Land	151
Costs Capitalized Subsequent to Acquisition and Valuation Provision	210
Building & Improvements	1,012
Land	151
Total	1,163
Accumulated Depreciation	(515)
Chesterfield, MI, Q2 2007, Four [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,006
Land	942
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,365
Building & Improvements	7,371
Land	942
Total	8,313
Accumulated Depreciation	(3,424)
Grand Rapids, MI, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,332
Land	169
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,607
Building & Improvements	8,939
Land	169
Total	9,108
Accumulated Depreciation	(2,182)
Holland, MI, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,273
Land	279
Costs Capitalized Subsequent to Acquisition and Valuation Provision	228
Building & Improvements	3,501
Land	279
Total	3,780
Accumulated Depreciation	(1,140)
Kentwood, MI, 8-19-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,875
Land	307
Costs Capitalized Subsequent to Acquisition and Valuation Provision	102
Building & Improvements	7,977
Land	307
Total	8,284
Accumulated Depreciation	(1,409)
Kentwood, MI, Q2 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,436
Land	407
Costs Capitalized Subsequent to Acquisition and Valuation Provision	120
Building & Improvements	2,556
Land	407
Total	2,963
Accumulated Depreciation	(798)
Lansing, MI, Q2 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,706
Land	501
Costs Capitalized Subsequent to Acquisition and Valuation Provision	7,357
Building & Improvements	15,063
Land	501
Total	15,564
Accumulated Depreciation	(4,956)
Lansing, MI, Q1 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,961
Land	580
Costs Capitalized Subsequent to Acquisition and Valuation Provision	460
Building & Improvements	4,421
Land	580
Total	5,001
Accumulated Depreciation	(1,337)
Lansing, MI, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,056
Land	429
Costs Capitalized Subsequent to Acquisition and Valuation Provision	100
Building & Improvements	7,156
Land	429
Total	7,585
Accumulated Depreciation	(2,434)
Lansing, MI, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,176
Land	907
Costs Capitalized Subsequent to Acquisition and Valuation Provision	100
Building & Improvements	5,276
Land	907
Total	6,183
Accumulated Depreciation	(1,680)
Detroit, MI, 12/14/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,032
Land	1,390
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,471
Building & Improvements	8,503
Land	1,390
Total	9,893
Accumulated Depreciation	(2,033)
Detroit, MI, 2, 12/14/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,918
Land	848
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,016
Building & Improvements	9,934
Land	848
Total	10,782
Accumulated Depreciation	(1,930)
Marshall, MI, Q2 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,042
Land	199
Costs Capitalized Subsequent to Acquisition and Valuation Provision	130
Building & Improvements	1,172
Land	199
Total	1,371
Accumulated Depreciation	(442)
Novi, MI, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,649
Land	252
Costs Capitalized Subsequent to Acquisition and Valuation Provision	484
Building & Improvements	4,133
Land	252
Total	4,385
Accumulated Depreciation	(1,306)
Novi, MI, Q3 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,035
Land	626
Costs Capitalized Subsequent to Acquisition and Valuation Provision	23
Building & Improvements	6,058
Land	626
Total	6,684
Accumulated Depreciation	(1,837)
Detroit, MI, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,708
Land	1,381
Costs Capitalized Subsequent to Acquisition and Valuation Provision	925
Building & Improvements	17,633
Land	1,381
Total	19,014
Accumulated Depreciation	(3,304)
Plymouth, MI, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,620
Land	365
Costs Capitalized Subsequent to Acquisition and Valuation Provision	250
Building & Improvements	4,870
Land	365
Total	5,235
Accumulated Depreciation	(1,460)
Redford, MI, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,114
Land	728
Costs Capitalized Subsequent to Acquisition and Valuation Provision	870
Building & Improvements	6,984
Land	728
Total	7,712
Accumulated Depreciation	(1,948)
Romulus, MI, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,942
Land	1,254
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	14,942
Land	1,254
Total	16,196
Accumulated Depreciation	(3,775)
Romulus, MI, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,949
Land	1,080
Costs Capitalized Subsequent to Acquisition and Valuation Provision	289
Building & Improvements	15,238
Land	1,080
Total	16,318
Accumulated Depreciation	(3,696)
Sterling Heights, MI, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,191
Land	1,133
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,469
Building & Improvements	5,660
Land	1,133
Total	6,793
Accumulated Depreciation	(1,914)
Walker, MI, Q4 2010 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,593
Land	855
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,127
Building & Improvements	5,720
Land	855
Total	6,575
Accumulated Depreciation	(1,758)
Warren, MI, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,820
Land	502
Costs Capitalized Subsequent to Acquisition and Valuation Provision	206
Building & Improvements	6,026
Land	502
Total	6,528
Accumulated Depreciation	(1,437)
Warren, MI, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,473
Land	1,290
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,562
Building & Improvements	16,035
Land	1,290
Total	17,325
Accumulated Depreciation	(4,425)
Zeeland, MI, 4-8-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,100
Land	487
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	12,100
Land	487
Total	12,587
Accumulated Depreciation	(2,691)
Blaine, MN, 2-28-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,873
Land	2,258
Costs Capitalized Subsequent to Acquisition and Valuation Provision	46
Building & Improvements	16,919
Land	2,258
Total	19,177
Accumulated Depreciation	(3,178)
Bloomington, MN, Q1 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,542
Land	1,702
Costs Capitalized Subsequent to Acquisition and Valuation Provision	23
Building & Improvements	8,565
Land	1,702
Total	10,267
Accumulated Depreciation	(1,875)
Brooklyn Park, MN, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,988
Land	1,926
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	11,988
Land	1,926
Total	13,914
Accumulated Depreciation	(3,067)
Alexandria, MN, Q1 2008 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,183
Land	960
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,438
Building & Improvements	5,621
Land	960
Total	6,581
Accumulated Depreciation	(1,866)
Eagan, MN, 11-4-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,290
Land	2,526
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	15,290
Land	2,526
Total	17,816
Accumulated Depreciation	(3,377)
Maple Grove, MN, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,634
Land	969
Costs Capitalized Subsequent to Acquisition and Valuation Provision	786
Building & Improvements	7,420
Land	969
Total	8,389
Accumulated Depreciation	(1,862)
Mendota Heights, MN, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,492
Land	1,494
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,177
Building & Improvements	4,669
Land	1,494
Total	6,163
Accumulated Depreciation	(1,388)
New Hope, MN, Q3 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,902
Land	1,919
Costs Capitalized Subsequent to Acquisition and Valuation Provision	473
Building & Improvements	2,375
Land	1,919
Total	4,294
Accumulated Depreciation	(803)
Oakdale, MN, 4-2-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,468
Land	647
Costs Capitalized Subsequent to Acquisition and Valuation Provision	311
Building & Improvements	6,779
Land	647
Total	7,426
Accumulated Depreciation	(1,424)
Minneapolis/St Paul, MN 10/22/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,984
Land	1,396
Costs Capitalized Subsequent to Acquisition and Valuation Provision	316
Building & Improvements	5,300
Land	1,396
Total	6,696
Accumulated Depreciation	(1,183)
Minneapolis/St Paul, MN, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,978
Land	1,599
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	4,978
Land	1,599
Total	6,577
Accumulated Depreciation	(1,252)
Plymouth, MN, 10-29-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,855
Land	1,109
Costs Capitalized Subsequent to Acquisition and Valuation Provision	61
Building & Improvements	5,916
Land	1,109
Total	7,025
Accumulated Depreciation	(1,152)
Plymouth, MN, 10-29-19 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,919
Land	1,569
Costs Capitalized Subsequent to Acquisition and Valuation Provision	30
Building & Improvements	6,949
Land	1,569
Total	8,518
Accumulated Depreciation	(1,335)
Savage, MN, Q3 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,836
Land	3,194
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,253
Building & Improvements	5,089
Land	3,194
Total	8,283
Accumulated Depreciation	(1,930)
Shakopee, MN, 11-5-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,496
Land	927
Costs Capitalized Subsequent to Acquisition and Valuation Provision	61
Building & Improvements	12,557
Land	927
Total	13,484
Accumulated Depreciation	(2,007)
South Saint Paul, MA, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,904
Land	2,378
Costs Capitalized Subsequent to Acquisition and Valuation Provision	498
Building & Improvements	15,402
Land	2,378
Total	17,780
Accumulated Depreciation	(3,343)
Earth City, MO, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,751
Land	1,123
Costs Capitalized Subsequent to Acquisition and Valuation Provision	273
Building & Improvements	3,024
Land	1,123
Total	4,147
Accumulated Depreciation	(836)
Fenton, MO, 10-21-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,358
Land	791
Costs Capitalized Subsequent to Acquisition and Valuation Provision	294
Building & Improvements	9,652
Land	791
Total	10,443
Accumulated Depreciation	(1,718)
Hazelwood, MO, Q3 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,030
Land	1,382
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,094
Building & Improvements	7,124
Land	1,382
Total	8,506
Accumulated Depreciation	(2,449)
O'Fallon, MO, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,606
Land	1,233
Costs Capitalized Subsequent to Acquisition and Valuation Provision	606
Building & Improvements	4,212
Land	1,233
Total	5,445
Accumulated Depreciation	(1,207)
O'fallen, MO, Q3 2010 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,579
Land	1,242
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,766
Building & Improvements	4,345
Land	1,242
Total	5,587
Accumulated Depreciation	(1,359)
Omaha, NE, 3-11-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,736
Land	1,602
Costs Capitalized Subsequent to Acquisition and Valuation Provision	102
Building & Improvements	13,838
Land	1,602
Total	15,440
Accumulated Depreciation	(2,413)
Omaha, NE, 9-11-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,202
Land	572
Costs Capitalized Subsequent to Acquisition and Valuation Provision	641
Building & Improvements	3,843
Land	572
Total	4,415
Accumulated Depreciation	(565)
Omaha, NE, 9-11-19 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,414
Land	579
Costs Capitalized Subsequent to Acquisition and Valuation Provision	133
Building & Improvements	2,547
Land	579
Total	3,126
Accumulated Depreciation	(471)
Las Vegas, NV , Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,390
Land	2,615
Costs Capitalized Subsequent to Acquisition and Valuation Provision	897
Building & Improvements	13,287
Land	2,615
Total	15,902
Accumulated Depreciation	(2,883)
Las Vegas, NV, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,259
Land	770
Costs Capitalized Subsequent to Acquisition and Valuation Provision	80
Building & Improvements	3,339
Land	770
Total	4,109
Accumulated Depreciation	(740)
Paradise, NV, 8-27-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,514
Land	949
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	4,514
Land	949
Total	5,463
Accumulated Depreciation	(818)
Paradise, NV, 8-27-19 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,415
Land	1,465
Costs Capitalized Subsequent to Acquisition and Valuation Provision	251
Building & Improvements	3,666
Land	1,465
Total	5,131
Accumulated Depreciation	(801)
Reno, NV, Q3 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,356
Land	1,372
Costs Capitalized Subsequent to Acquisition and Valuation Provision	832
Building & Improvements	4,188
Land	1,372
Total	5,560
Accumulated Depreciation	(1,144)
Sparks, NV, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,328
Land	938
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,179
Building & Improvements	7,507
Land	938
Total	8,445
Accumulated Depreciation	(2,219)
Londonderry, NH, Q1 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,449
Land	730
Costs Capitalized Subsequent to Acquisition and Valuation Provision	339
Building & Improvements	6,788
Land	730
Total	7,518
Accumulated Depreciation	(2,080)
Nashua, NH, Q1 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,470
Land	1,431
Costs Capitalized Subsequent to Acquisition and Valuation Provision	6,874
Building & Improvements	15,344
Land	1,431
Total	16,775
Accumulated Depreciation	(2,848)
Branchburg, NJ, 12-23-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,852
Land	2,367
Costs Capitalized Subsequent to Acquisition and Valuation Provision	149
Building & Improvements	11,001
Land	2,367
Total	13,368
Accumulated Depreciation	(1,817)
Burlington, NJ, Q1 2015 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	3,267
Costs Capitalized Subsequent to Acquisition and Valuation Provision	16,064
Building & Improvements	16,064
Land	3,267
Total	19,331
Accumulated Depreciation	(1,764)
Burlington, NJ, Q1 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,237
Land	4,030
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,067
Building & Improvements	22,304
Land	4,030
Total	26,334
Accumulated Depreciation	(5,878)
Franklin Township, NJ, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,264
Land	2,272
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,555
Building & Improvements	9,819
Land	2,272
Total	12,091
Accumulated Depreciation	(2,705)
Lumberton, NJ, 8-6-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,372
Land	1,121
Costs Capitalized Subsequent to Acquisition and Valuation Provision	456
Building & Improvements	6,828
Land	1,121
Total	7,949
Accumulated Depreciation	(1,519)
Moorestown, NJ, 6-19-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,627
Land	466
Costs Capitalized Subsequent to Acquisition and Valuation Provision	188
Building & Improvements	5,815
Land	466
Total	6,281
Accumulated Depreciation	(1,170)
Moorestown, NJ, 6-19-19 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,749
Land	510
Costs Capitalized Subsequent to Acquisition and Valuation Provision	189
Building & Improvements	4,938
Land	510
Total	5,448
Accumulated Depreciation	(1,175)
Swedesboro, NJ, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,129
Land	1,212
Costs Capitalized Subsequent to Acquisition and Valuation Provision	901
Building & Improvements	6,030
Land	1,212
Total	7,242
Accumulated Depreciation	(1,407)
Buffalo, NY, Q2 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,924
Land	146
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	2,924
Land	146
Total	3,070
Accumulated Depreciation	(1,025)
Cheektowaga, NY, Q3 2008 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,699
Land	216
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,095
Building & Improvements	3,794
Land	216
Total	4,010
Accumulated Depreciation	(1,525)
Farmington, NY, Q3 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,282
Land	410
Costs Capitalized Subsequent to Acquisition and Valuation Provision	896
Building & Improvements	6,178
Land	410
Total	6,588
Accumulated Depreciation	(2,649)
Gloversville, NY, Q4 2012, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,299
Land	117
Costs Capitalized Subsequent to Acquisition and Valuation Provision	7
Building & Improvements	1,306
Land	117
Total	1,423
Accumulated Depreciation	(465)
Gloversville, NY, Q4 2012, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,559
Land	151
Costs Capitalized Subsequent to Acquisition and Valuation Provision	238
Building & Improvements	2,797
Land	151
Total	2,948
Accumulated Depreciation	(893)
Gloversville, NY, Q4 2012, Four [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,486
Land	154
Costs Capitalized Subsequent to Acquisition and Valuation Provision	188
Building & Improvements	1,674
Land	154
Total	1,828
Accumulated Depreciation	(568)
Johnstown, NY, Q4 2012, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,592
Land	216
Costs Capitalized Subsequent to Acquisition and Valuation Provision	33
Building & Improvements	1,625
Land	216
Total	1,841
Accumulated Depreciation	(528)
Johnstown, NY, Q4 2012, Three [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	955
Land	151
Costs Capitalized Subsequent to Acquisition and Valuation Provision	96
Building & Improvements	1,051
Land	151
Total	1,202
Accumulated Depreciation	(460)
Johnstown, NY, Q4 2012, Four [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,440
Land	140
Costs Capitalized Subsequent to Acquisition and Valuation Provision	36
Building & Improvements	1,476
Land	140
Total	1,616
Accumulated Depreciation	(536)
Charlotte, NC, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,842
Land	515
Costs Capitalized Subsequent to Acquisition and Valuation Provision	63
Building & Improvements	3,905
Land	515
Total	4,420
Accumulated Depreciation	(960)
Charlotte, NC , Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,654
Land	913
Costs Capitalized Subsequent to Acquisition and Valuation Provision	30
Building & Improvements	3,684
Land	913
Total	4,597
Accumulated Depreciation	(798)
Durham, NC, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,589
Land	753
Costs Capitalized Subsequent to Acquisition and Valuation Provision	258
Building & Improvements	2,847
Land	753
Total	3,600
Accumulated Depreciation	(810)
Greensboro/Winston-Salem, NC 10/22/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,383
Land	691
Costs Capitalized Subsequent to Acquisition and Valuation Provision	208
Building & Improvements	6,591
Land	691
Total	7,282
Accumulated Depreciation	(1,417)
Huntersville, NC, Q3 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,123
Land	1,061
Costs Capitalized Subsequent to Acquisition and Valuation Provision	980
Building & Improvements	4,103
Land	1,061
Total	5,164
Accumulated Depreciation	(1,327)
Lexington, NC, Q1 2008 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,863
Land	232
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,397
Building & Improvements	5,260
Land	232
Total	5,492
Accumulated Depreciation	(1,929)
Mebane, NC, Q3 2012, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,570
Land	481
Costs Capitalized Subsequent to Acquisition and Valuation Provision	552
Building & Improvements	5,122
Land	481
Total	5,603
Accumulated Depreciation	(1,851)
Mebane, NC, Q3 2014, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,148
Land	443
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	4,148
Land	443
Total	4,591
Accumulated Depreciation	(1,522)
Mebane, NC, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,981
Land	358
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,994
Building & Improvements	6,975
Land	358
Total	7,333
Accumulated Depreciation	(1,942)
Mocksville, NC, 4-12-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,582
Land	1,091
Costs Capitalized Subsequent to Acquisition and Valuation Provision	616
Building & Improvements	6,198
Land	1,091
Total	7,289
Accumulated Depreciation	(1,180)
Mooresville, NC, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	17,792
Land	4,195
Costs Capitalized Subsequent to Acquisition and Valuation Provision	765
Building & Improvements	18,557
Land	4,195
Total	22,752
Accumulated Depreciation	(4,116)
Mooresville, NC, Q1 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,968
Land	701
Costs Capitalized Subsequent to Acquisition and Valuation Provision	466
Building & Improvements	7,434
Land	701
Total	8,135
Accumulated Depreciation	(2,689)
Mountain Home, NC, Q3 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,359
Land	523
Costs Capitalized Subsequent to Acquisition and Valuation Provision	324
Building & Improvements	2,683
Land	523
Total	3,206
Accumulated Depreciation	(689)
Newton, NC, Q2 2010 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,814
Land	732
Costs Capitalized Subsequent to Acquisition and Valuation Provision	4,807
Building & Improvements	8,621
Land	732
Total	9,353
Accumulated Depreciation	(2,609)
Pineville, NC, Q2, 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,179
Land	392
Costs Capitalized Subsequent to Acquisition and Valuation Provision	44
Building & Improvements	1,223
Land	392
Total	1,615
Accumulated Depreciation	(372)
Rural Hall, NC, Q3 2008 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,375
Land	439
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,007
Building & Improvements	6,382
Land	439
Total	6,821
Accumulated Depreciation	(2,388)
Salisbury, NC, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,009
Land	1,535
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,008
Building & Improvements	8,017
Land	1,535
Total	9,552
Accumulated Depreciation	(2,308)
Smithfield, NC, Q4 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,411
Land	613
Costs Capitalized Subsequent to Acquisition and Valuation Provision	7,231
Building & Improvements	11,642
Land	613
Total	12,255
Accumulated Depreciation	(2,604)
Charlotte, NC, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,124
Land	802
Costs Capitalized Subsequent to Acquisition and Valuation Provision	360
Building & Improvements	13,484
Land	802
Total	14,286
Accumulated Depreciation	(2,985)
Winston-Salem, NC, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,716
Land	610
Costs Capitalized Subsequent to Acquisition and Valuation Provision	235
Building & Improvements	10,951
Land	610
Total	11,561
Accumulated Depreciation	(3,366)
Raleigh/Durham, NC, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,150
Land	1,836
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	16,150
Land	1,836
Total	17,986
Accumulated Depreciation	(3,335)
Bedford Heights, OH, Q1 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,267
Land	837
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,019
Building & Improvements	6,286
Land	837
Total	7,123
Accumulated Depreciation	(1,891)
Boardman, OH, Q4 2007, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,473
Land	282
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,289
Building & Improvements	4,762
Land	282
Total	5,044
Accumulated Depreciation	(2,094)
Columbus, OH, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,125
Land	337
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,114
Building & Improvements	6,239
Land	337
Total	6,576
Accumulated Depreciation	(1,285)
Columbus, OH, Q1 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,976
Land	489
Costs Capitalized Subsequent to Acquisition and Valuation Provision	657
Building & Improvements	3,633
Land	489
Total	4,122
Accumulated Depreciation	(1,254)
Dayton, OH, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,896
Land	331
Costs Capitalized Subsequent to Acquisition and Valuation Provision	529
Building & Improvements	6,425
Land	331
Total	6,756
Accumulated Depreciation	(1,985)
Fairborn, OH, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,569
Land	867
Costs Capitalized Subsequent to Acquisition and Valuation Provision	402
Building & Improvements	5,971
Land	867
Total	6,838
Accumulated Depreciation	(2,035)
Fairfield, OH, Q1 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,788
Land	948
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,175
Building & Improvements	3,963
Land	948
Total	4,911
Accumulated Depreciation	(1,204)
Fairfield, OH, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,337
Land	1,086
Costs Capitalized Subsequent to Acquisition and Valuation Provision	407
Building & Improvements	5,744
Land	1,086
Total	6,830
Accumulated Depreciation	(1,562)
Gahanna, OH, Q4 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,806
Land	1,265
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,988
Building & Improvements	7,794
Land	1,265
Total	9,059
Accumulated Depreciation	(2,479)
Groveport, OH, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,828
Land	642
Costs Capitalized Subsequent to Acquisition and Valuation Provision	424
Building & Improvements	11,252
Land	642
Total	11,894
Accumulated Depreciation	(2,556)
Hilliard, OH, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,412
Land	550
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,498
Building & Improvements	8,910
Land	550
Total	9,460
Accumulated Depreciation	(2,129)
Macedonia, OH, Q3 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,063
Land	1,690
Costs Capitalized Subsequent to Acquisition and Valuation Provision	647
Building & Improvements	8,710
Land	1,690
Total	10,400
Accumulated Depreciation	(2,477)
Mason, OH, Q3 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,582
Land	673
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	4,582
Land	673
Total	5,255
Accumulated Depreciation	(1,388)
North Jackson, OH, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,356
Land	1,528
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,269
Building & Improvements	6,625
Land	1,528
Total	8,153
Accumulated Depreciation	(1,693)
North Jackson, OH, Q4 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,777
Land	486
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,174
Building & Improvements	8,951
Land	486
Total	9,437
Accumulated Depreciation	(2,582)
Oakwood Village, OH, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,041
Land	343
Costs Capitalized Subsequent to Acquisition and Valuation Provision	178
Building & Improvements	3,219
Land	343
Total	3,562
Accumulated Depreciation	(986)
Salem, OH, Q3 2006 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,849
Land	858
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,297
Building & Improvements	9,146
Land	858
Total	10,004
Accumulated Depreciation	(3,842)
Streetsboro, OH, Q4 2010 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,909
Land	2,161
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,157
Building & Improvements	6,066
Land	2,161
Total	8,227
Accumulated Depreciation	(2,037)
Strongsville, OH, Q1 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,750
Land	491
Costs Capitalized Subsequent to Acquisition and Valuation Provision	963
Building & Improvements	6,713
Land	491
Total	7,204
Accumulated Depreciation	(2,102)
Toledo, OH, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,487
Land	213
Costs Capitalized Subsequent to Acquisition and Valuation Provision	250
Building & Improvements	6,737
Land	213
Total	6,950
Accumulated Depreciation	(2,319)
Twinsburg, OH, Q4 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,497
Land	590
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,486
Building & Improvements	9,983
Land	590
Total	10,573
Accumulated Depreciation	(3,247)
West Chester, OH, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,580
Land	936
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	8,580
Land	936
Total	9,516
Accumulated Depreciation	(2,051)
West Jefferson, OH, 6-28-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	70,213
Land	2,015
Costs Capitalized Subsequent to Acquisition and Valuation Provision	75
Building & Improvements	70,288
Land	2,015
Total	72,303
Accumulated Depreciation	(13,218)
Oklahoma City, OK, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,211
Land	746
Costs Capitalized Subsequent to Acquisition and Valuation Provision	124
Building & Improvements	2,335
Land	746
Total	3,081
Accumulated Depreciation	(896)
Oklahoma City, OK, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,199
Land	1,614
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,466
Building & Improvements	10,665
Land	1,614
Total	12,279
Accumulated Depreciation	(3,173)
Tulsa, OK, Q3 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,242
Land	966
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	8,242
Land	966
Total	9,208
Accumulated Depreciation	(2,691)
Salem, OR, Q4 2010, 1 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,039
Land	599
Costs Capitalized Subsequent to Acquisition and Valuation Provision	916
Building & Improvements	3,955
Land	599
Total	4,554
Accumulated Depreciation	(1,391)
Salem, OR, Q4 2010, 2 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,372
Land	266
Costs Capitalized Subsequent to Acquisition and Valuation Provision	562
Building & Improvements	1,934
Land	266
Total	2,200
Accumulated Depreciation	(728)
Allentown, PA, Q1 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,199
Land	1,962
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,130
Building & Improvements	9,329
Land	1,962
Total	11,291
Accumulated Depreciation	(3,080)
Burgettstown, PA, 2-21-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	23,416
Land	1,248
Costs Capitalized Subsequent to Acquisition and Valuation Provision	598
Building & Improvements	24,014
Land	1,248
Total	25,262
Accumulated Depreciation	(4,668)
Pittsburgh, PA 12/11/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,539
Land	935
Costs Capitalized Subsequent to Acquisition and Valuation Provision	136
Building & Improvements	10,675
Land	935
Total	11,610
Accumulated Depreciation	(2,229)
Clinton, PA, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,144
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	25
Building & Improvements	19,169
Land	0
Total	19,169
Accumulated Depreciation	(4,536)
Clinton, PA, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,390
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	12,390
Land	0
Total	12,390
Accumulated Depreciation	(2,440)
Pittsburgh, PA, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,840
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,920
Building & Improvements	19,760
Land	0
Total	19,760
Accumulated Depreciation	(3,396)
Philadelphia, PA 11/19/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,628
Land	829
Costs Capitalized Subsequent to Acquisition and Valuation Provision	4,115
Building & Improvements	8,743
Land	829
Total	9,572
Accumulated Depreciation	(912)
Elizabethtown, PA, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,315
Land	1,000
Costs Capitalized Subsequent to Acquisition and Valuation Provision	804
Building & Improvements	6,119
Land	1,000
Total	7,119
Accumulated Depreciation	(1,847)
Export, PA, 9-6-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,604
Land	667
Costs Capitalized Subsequent to Acquisition and Valuation Provision	196
Building & Improvements	5,800
Land	667
Total	6,467
Accumulated Depreciation	(1,138)
Imperial, PA, 9-16-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	22,025
Land	1,762
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	22,025
Land	1,762
Total	23,787
Accumulated Depreciation	(3,532)
Lancaster, PA, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,134
Land	1,520
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,687
Building & Improvements	6,821
Land	1,520
Total	8,341
Accumulated Depreciation	(2,351)
Langhorne1, PA, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,771
Land	1,370
Costs Capitalized Subsequent to Acquisition and Valuation Provision	287
Building & Improvements	4,058
Land	1,370
Total	5,428
Accumulated Depreciation	(1,009)
Langhorne2, PA, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,018
Land	1,308
Costs Capitalized Subsequent to Acquisition and Valuation Provision	528
Building & Improvements	3,546
Land	1,308
Total	4,854
Accumulated Depreciation	(1,149)
Langhorne, PA, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,327
Land	1,884
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,198
Building & Improvements	7,525
Land	1,884
Total	9,409
Accumulated Depreciation	(2,056)
Lebanon, PA, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,083
Land	1,380
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,048
Building & Improvements	6,131
Land	1,380
Total	7,511
Accumulated Depreciation	(2,128)
Mechanicsburg, PA, Q3 2014, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,079
Land	1,482
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,684
Building & Improvements	7,763
Land	1,482
Total	9,245
Accumulated Depreciation	(2,016)
Mechanicsburg, PA, Q3 2014, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,042
Land	1,800
Costs Capitalized Subsequent to Acquisition and Valuation Provision	989
Building & Improvements	8,031
Land	1,800
Total	9,831
Accumulated Depreciation	(2,354)
Mechanicsburg, PA, Q3 2014, Three [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,977
Land	1,452
Costs Capitalized Subsequent to Acquisition and Valuation Provision	905
Building & Improvements	8,882
Land	1,452
Total	10,334
Accumulated Depreciation	(2,616)
Muhlenberg TWP, PA, Q2 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,784
Land	843
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,153
Building & Improvements	16,937
Land	843
Total	17,780
Accumulated Depreciation	(5,290)
New Galilee, PA, 8-21-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	25,553
Land	1,127
Costs Capitalized Subsequent to Acquisition and Valuation Provision	354
Building & Improvements	25,907
Land	1,127
Total	27,034
Accumulated Depreciation	(4,334)
New Kingston, PA, Q3 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,625
Land	2,041
Costs Capitalized Subsequent to Acquisition and Valuation Provision	619
Building & Improvements	9,244
Land	2,041
Total	11,285
Accumulated Depreciation	(2,874)
Pittsburgh, PA2, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,145
Land	177
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	9,145
Land	177
Total	9,322
Accumulated Depreciation	(1,716)
O'hara, PA, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	18,612
Land	1,435
Costs Capitalized Subsequent to Acquisition and Valuation Provision	8,291
Building & Improvements	26,903
Land	1,435
Total	28,338
Accumulated Depreciation	(9,862)
Pittston, PA, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,603
Land	677
Costs Capitalized Subsequent to Acquisition and Valuation Provision	263
Building & Improvements	19,866
Land	677
Total	20,543
Accumulated Depreciation	(4,290)
Reading, PA, Q2 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,294
Land	1,708
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,554
Building & Improvements	6,848
Land	1,708
Total	8,556
Accumulated Depreciation	(1,571)
Pittsburgh, PA 12/20/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,057
Land	1,853
Costs Capitalized Subsequent to Acquisition and Valuation Provision	786
Building & Improvements	12,843
Land	1,853
Total	14,696
Accumulated Depreciation	(2,485)
York, PA, Q3 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,209
Land	2,152
Costs Capitalized Subsequent to Acquisition and Valuation Provision	381
Building & Improvements	14,590
Land	2,152
Total	16,742
Accumulated Depreciation	(3,050)
York, PA, Q1 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,832
Land	966
Costs Capitalized Subsequent to Acquisition and Valuation Provision	28
Building & Improvements	14,860
Land	966
Total	15,826
Accumulated Depreciation	(2,818)
York, PA, 3-7-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,863
Land	869
Costs Capitalized Subsequent to Acquisition and Valuation Provision	47
Building & Improvements	7,910
Land	869
Total	8,779
Accumulated Depreciation	(1,694)
Columbia, SC, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,171
Land	783
Costs Capitalized Subsequent to Acquisition and Valuation Provision	287
Building & Improvements	5,458
Land	783
Total	6,241
Accumulated Depreciation	(1,603)
Duncan, SC, Q3 2012, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,981
Land	1,002
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,455
Building & Improvements	14,436
Land	1,002
Total	15,438
Accumulated Depreciation	(4,677)
Duncan, SC, Q3 2012, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,739
Land	709
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,586
Building & Improvements	8,325
Land	709
Total	9,034
Accumulated Depreciation	(2,941)
Edgefield, SC, Q2 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	938
Land	220
Costs Capitalized Subsequent to Acquisition and Valuation Provision	887
Building & Improvements	1,825
Land	220
Total	2,045
Accumulated Depreciation	(847)
Fountain Inn, SC, Q1 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,308
Land	766
Costs Capitalized Subsequent to Acquisition and Valuation Provision	577
Building & Improvements	8,885
Land	766
Total	9,651
Accumulated Depreciation	(1,989)
Fountain Inn, SC, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,511
Land	1,878
Costs Capitalized Subsequent to Acquisition and Valuation Provision	9,027
Building & Improvements	22,538
Land	1,878
Total	24,416
Accumulated Depreciation	(3,802)
Fountain Inn, SC, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,260
Land	719
Costs Capitalized Subsequent to Acquisition and Valuation Provision	95
Building & Improvements	4,355
Land	719
Total	5,074
Accumulated Depreciation	(1,324)
Gaffney, SC, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,383
Land	1,233
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,505
Building & Improvements	6,888
Land	1,233
Total	8,121
Accumulated Depreciation	(1,692)
Goose Creek, SC, 4-29-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	29,360
Land	4,459
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	29,360
Land	4,459
Total	33,819
Accumulated Depreciation	(5,203)
Greenwood, SC, Q4 2012, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,824
Land	166
Costs Capitalized Subsequent to Acquisition and Valuation Provision	641
Building & Improvements	2,465
Land	166
Total	2,631
Accumulated Depreciation	(748)
Greenwood, SC, Q4 2012, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,168
Land	169
Costs Capitalized Subsequent to Acquisition and Valuation Provision	848
Building & Improvements	2,016
Land	169
Total	2,185
Accumulated Depreciation	(643)
Greer, SC , Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,939
Land	681
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,478
Building & Improvements	8,417
Land	681
Total	9,098
Accumulated Depreciation	(2,197)
Greer, SC Q3 2015, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,434
Land	129
Costs Capitalized Subsequent to Acquisition and Valuation Provision	392
Building & Improvements	1,826
Land	129
Total	1,955
Accumulated Depreciation	(561)
Greer, SC Q3 2015, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,731
Land	128
Costs Capitalized Subsequent to Acquisition and Valuation Provision	558
Building & Improvements	2,289
Land	128
Total	2,417
Accumulated Depreciation	(644)
Greer, SC Q3 2015, Three [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	460
Land	153
Costs Capitalized Subsequent to Acquisition and Valuation Provision	155
Building & Improvements	615
Land	153
Total	768
Accumulated Depreciation	(230)
Greer, SC Q3 2015, Four [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,963
Land	306
Costs Capitalized Subsequent to Acquisition and Valuation Provision	941
Building & Improvements	3,904
Land	306
Total	4,210
Accumulated Depreciation	(1,199)
Laurens, SC, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,033
Land	151
Costs Capitalized Subsequent to Acquisition and Valuation Provision	52
Building & Improvements	4,085
Land	151
Total	4,236
Accumulated Depreciation	(1,070)
Piedmont, SC, Q3 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,093
Land	231
Costs Capitalized Subsequent to Acquisition and Valuation Provision	588
Building & Improvements	4,681
Land	231
Total	4,912
Accumulated Depreciation	(1,271)
Piedmont, SC, Q3 2015, 2 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,092
Land	158
Costs Capitalized Subsequent to Acquisition and Valuation Provision	45
Building & Improvements	2,137
Land	158
Total	2,295
Accumulated Depreciation	(587)
Piedmont, SC, Q3 2015, 3 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,166
Land	204
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	2,166
Land	204
Total	2,370
Accumulated Depreciation	(718)
Greenville/Spartanburg, SC 11/7/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,260
Land	797
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,022
Building & Improvements	11,282
Land	797
Total	12,079
Accumulated Depreciation	(2,152)
Piedmont, SC, 3-7-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	18,734
Land	1,971
Costs Capitalized Subsequent to Acquisition and Valuation Provision	63
Building & Improvements	18,797
Land	1,971
Total	20,768
Accumulated Depreciation	(4,664)
Rock Hill, SC, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,146
Land	1,411
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,496
Building & Improvements	7,642
Land	1,411
Total	9,053
Accumulated Depreciation	(1,972)
Rock HIll, SC, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,333
Land	1,095
Costs Capitalized Subsequent to Acquisition and Valuation Provision	984
Building & Improvements	5,317
Land	1,095
Total	6,412
Accumulated Depreciation	(1,376)
Simpsonville, SC, Q3 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,960
Land	957
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,659
Building & Improvements	6,619
Land	957
Total	7,576
Accumulated Depreciation	(2,156)
Simpsonville, SC, Q3 2012, 2 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,364
Land	470
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,112
Building & Improvements	4,476
Land	470
Total	4,946
Accumulated Depreciation	(1,541)
Greenville/Spartanburg, SC 12/17/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	24,200
Land	1,454
Costs Capitalized Subsequent to Acquisition and Valuation Provision	3,426
Building & Improvements	27,626
Land	1,454
Total	29,080
Accumulated Depreciation	(5,664)
Spartanburg, SC, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,791
Land	1,867
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,791
Building & Improvements	16,582
Land	1,867
Total	18,449
Accumulated Depreciation	(4,496)
Spartanburg, SC, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,564
Land	342
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,084
Building & Improvements	5,648
Land	342
Total	5,990
Accumulated Depreciation	(1,599)
Spartanburg, SC, 4-25-19 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,509
Land	663
Costs Capitalized Subsequent to Acquisition and Valuation Provision	161
Building & Improvements	7,670
Land	663
Total	8,333
Accumulated Depreciation	(1,403)
Spartanburg, SC, 4-25-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,275
Land	530
Costs Capitalized Subsequent to Acquisition and Valuation Provision	143
Building & Improvements	4,418
Land	530
Total	4,948
Accumulated Depreciation	(779)
Spartanburg, SC, 12-4-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,535
Land	895
Costs Capitalized Subsequent to Acquisition and Valuation Provision	745
Building & Improvements	17,280
Land	895
Total	18,175
Accumulated Depreciation	(3,342)
Spartanburg, SC, Q2 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,797
Land	493
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,151
Building & Improvements	7,948
Land	493
Total	8,441
Accumulated Depreciation	(2,316)
Summerville, SC, 7-22-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,710
Land	1,157
Costs Capitalized Subsequent to Acquisition and Valuation Provision	591
Building & Improvements	5,301
Land	1,157
Total	6,458
Accumulated Depreciation	(899)
West Columbia, SC, Q1 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,946
Land	715
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,355
Building & Improvements	9,301
Land	715
Total	10,016
Accumulated Depreciation	(2,992)
West Columbia1, SC, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,488
Land	488
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	9,488
Land	488
Total	9,976
Accumulated Depreciation	(2,185)
West Columbia, SC, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,151
Land	240
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,008
Building & Improvements	10,159
Land	240
Total	10,399
Accumulated Depreciation	(2,339)
West Columbia, SC, 8-30-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,881
Land	564
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,881
Land	564
Total	11,445
Accumulated Depreciation	(1,974)
West Columbia, SC, 11-21-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	26,023
Land	1,422
Costs Capitalized Subsequent to Acquisition and Valuation Provision	5
Building & Improvements	26,028
Land	1,422
Total	27,450
Accumulated Depreciation	(5,606)
West Columbia2, SC, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,646
Land	551
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,301
Building & Improvements	6,947
Land	551
Total	7,498
Accumulated Depreciation	(2,660)
Chattanooga, TN, Q3 2015, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,181
Land	187
Costs Capitalized Subsequent to Acquisition and Valuation Provision	127
Building & Improvements	2,308
Land	187
Total	2,495
Accumulated Depreciation	(593)
Chattanooga, TN, Q3 2015, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,448
Land	380
Costs Capitalized Subsequent to Acquisition and Valuation Provision	84
Building & Improvements	4,532
Land	380
Total	4,912
Accumulated Depreciation	(1,233)
Chattanooga, TN, Q3 2015, Three [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,959
Land	424
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,546
Building & Improvements	10,505
Land	424
Total	10,929
Accumulated Depreciation	(2,751)
Cleveland, TN, Q2 2011 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,161
Land	554
Costs Capitalized Subsequent to Acquisition and Valuation Provision	84
Building & Improvements	3,245
Land	554
Total	3,799
Accumulated Depreciation	(1,299)
Clinton, TN, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,101
Land	403
Costs Capitalized Subsequent to Acquisition and Valuation Provision	241
Building & Improvements	3,342
Land	403
Total	3,745
Accumulated Depreciation	(1,021)
Jackson, TN, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,374
Land	230
Costs Capitalized Subsequent to Acquisition and Valuation Provision	772
Building & Improvements	3,146
Land	230
Total	3,376
Accumulated Depreciation	(1,199)
Knoxville, TN, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,104
Land	447
Costs Capitalized Subsequent to Acquisition and Valuation Provision	541
Building & Improvements	3,645
Land	447
Total	4,092
Accumulated Depreciation	(1,008)
Knoxville, TN, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,919
Land	472
Costs Capitalized Subsequent to Acquisition and Valuation Provision	728
Building & Improvements	5,647
Land	472
Total	6,119
Accumulated Depreciation	(1,049)
Knoxville, TN, 11-21-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,812
Land	1,117
Costs Capitalized Subsequent to Acquisition and Valuation Provision	811
Building & Improvements	8,623
Land	1,117
Total	9,740
Accumulated Depreciation	(1,987)
Lebanon, TN, 8-29-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,890
Land	468
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,432
Building & Improvements	17,322
Land	468
Total	17,790
Accumulated Depreciation	(4,036)
Loudon, TN, Q4 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,686
Land	170
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,137
Building & Improvements	5,823
Land	170
Total	5,993
Accumulated Depreciation	(1,473)
Madison, TN, Q4 2010 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,790
Land	1,655
Costs Capitalized Subsequent to Acquisition and Valuation Provision	16,713
Building & Improvements	19,503
Land	1,655
Total	21,158
Accumulated Depreciation	(2,874)
Mascot, TN, Q1 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,179
Land	284
Costs Capitalized Subsequent to Acquisition and Valuation Provision	75
Building & Improvements	3,254
Land	284
Total	3,538
Accumulated Depreciation	(1,001)
Mascot, TN, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,409
Land	385
Costs Capitalized Subsequent to Acquisition and Valuation Provision	8,294
Building & Improvements	11,703
Land	385
Total	12,088
Accumulated Depreciation	(1,592)
Memphis, TN, 9-26-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	40,956
Land	2,501
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,826
Building & Improvements	42,782
Land	2,501
Total	45,283
Accumulated Depreciation	(7,779)
Murfreesboro, TN, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,799
Land	722
Costs Capitalized Subsequent to Acquisition and Valuation Provision	151
Building & Improvements	2,950
Land	722
Total	3,672
Accumulated Depreciation	(1,081)
Nashville, TN, Q3 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,455
Land	547
Costs Capitalized Subsequent to Acquisition and Valuation Provision	276
Building & Improvements	3,731
Land	547
Total	4,278
Accumulated Depreciation	(1,092)
Vonore, TN, Q4 2010 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,821
Land	2,355
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,479
Building & Improvements	9,300
Land	2,355
Total	11,655
Accumulated Depreciation	(2,760)
Arlington, TX, Q2 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,374
Land	413
Costs Capitalized Subsequent to Acquisition and Valuation Provision	385
Building & Improvements	2,759
Land	413
Total	3,172
Accumulated Depreciation	(1,205)
Arlington, TX, Q2 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,767
Land	1,246
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,445
Building & Improvements	7,212
Land	1,246
Total	8,458
Accumulated Depreciation	(2,320)
Cedar Hill, TX, Q3 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,870
Land	4,066
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,298
Building & Improvements	14,168
Land	4,066
Total	18,234
Accumulated Depreciation	(4,550)
Conroe, TX , Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	20,995
Land	1,853
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,631
Building & Improvements	22,626
Land	1,853
Total	24,479
Accumulated Depreciation	(4,274)
El Paso 1, TX, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,532
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	264
Building & Improvements	3,796
Land	0
Total	3,796
Accumulated Depreciation	(929)
El Paso 2, TX, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,250
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,255
Building & Improvements	11,505
Land	0
Total	11,505
Accumulated Depreciation	(2,746)
El Paso, TX, Q3 2014, One [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,052
Land	1,248
Costs Capitalized Subsequent to Acquisition and Valuation Provision	899
Building & Improvements	9,951
Land	1,248
Total	11,199
Accumulated Depreciation	(3,046)
El Paso, TX, Q3 2014, Two [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,518
Land	1,124
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,242
Building & Improvements	8,760
Land	1,124
Total	9,884
Accumulated Depreciation	(2,517)
El Paso, TX, Q3 2014, Three [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,011
Land	1,854
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,433
Building & Improvements	16,444
Land	1,854
Total	18,298
Accumulated Depreciation	(5,047)
El Paso, TX, Q3 2014, Four [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,897
Land	1,581
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,031
Building & Improvements	11,928
Land	1,581
Total	13,509
Accumulated Depreciation	(3,422)
El Paso, TX, Q2 2015 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,893
Land	1,136
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	5,893
Land	1,136
Total	7,029
Accumulated Depreciation	(2,027)
El Paso, TX, Q4, 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,000
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,831
Building & Improvements	4,831
Land	0
Total	4,831
Accumulated Depreciation	(1,890)
Garland, TX, Q2 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,166
Land	1,344
Building & Improvements	8,812
Land	1,344
Total	10,156
Accumulated Depreciation	(2,382)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	3,646
Houston, TX, 3-28-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,744
Land	1,505
Building & Improvements	8,744
Land	1,505
Total	10,249
Accumulated Depreciation	(2,019)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Houston, TX, 4-29-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,879
Land	1,236
Building & Improvements	9,189
Land	1,236
Total	10,425
Accumulated Depreciation	(1,498)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	310
Houston, TX, 12-17-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,586
Land	1,747
Building & Improvements	16,586
Land	1,747
Total	18,333
Accumulated Depreciation	(2,386)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Houston, TX, Q2 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,610
Land	2,255
Building & Improvements	8,188
Land	2,255
Total	10,443
Accumulated Depreciation	(2,797)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	578
Houston, TX, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,336
Land	2,546
Building & Improvements	15,139
Land	2,546
Total	17,685
Accumulated Depreciation	(3,072)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	6,803
Houston 1, TX, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,989
Land	1,502
Building & Improvements	4,989
Land	1,502
Total	6,491
Accumulated Depreciation	(1,615)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Houston 2, TX, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,508
Land	953
Building & Improvements	5,508
Land	953
Total	6,461
Accumulated Depreciation	(1,589)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Houston 3, TX, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,052
Land	927
Building & Improvements	7,164
Land	927
Total	8,091
Accumulated Depreciation	(1,647)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	112
Houston, TX, Q1 2018 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,283
Land	809
Building & Improvements	9,858
Land	809
Total	10,667
Accumulated Depreciation	(1,720)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	575
West Houston, TX, 12-5-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,456
Land	1,108
Building & Improvements	9,861
Land	1,108
Total	10,969
Accumulated Depreciation	(1,573)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	405
Humble, TX, 3-28-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,493
Land	2,255
Building & Improvements	21,451
Land	2,255
Total	23,706
Accumulated Depreciation	(3,554)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	9,958
Katy, TX, 7-22-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,571
Land	2,192
Building & Improvements	7,571
Land	2,192
Total	9,763
Accumulated Depreciation	(1,576)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Katy, TX, 8-19-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,412
Land	1,655
Building & Improvements	3,412
Land	1,655
Total	5,067
Accumulated Depreciation	(625)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Laredo, TX, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,847
Land	2,538
Building & Improvements	13,847
Land	2,538
Total	16,385
Accumulated Depreciation	(2,729)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Laredo, TX, 6-6-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,195
Land	1,535
Building & Improvements	12,430
Land	1,535
Total	13,965
Accumulated Depreciation	(3,204)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	2,235
McAllen/Edinburg/Pharr, TX, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,623
Land	1,882
Building & Improvements	13,286
Land	1,882
Total	15,168
Accumulated Depreciation	(2,829)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	663
Rockwall, TX, Q2 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,066
Land	2,683
Building & Improvements	16,066
Land	2,683
Total	18,749
Accumulated Depreciation	(4,440)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Stafford, TX, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,570
Land	339
Building & Improvements	6,611
Land	339
Total	6,950
Accumulated Depreciation	(1,460)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	41
Waco, TX, Q2 2008 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,394
Land	0
Building & Improvements	2,316
Land	0
Total	2,316
Accumulated Depreciation	(981)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	922
Chester, VA, Q3 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,276
Land	775
Building & Improvements	3,276
Land	775
Total	4,051
Accumulated Depreciation	(1,133)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Harrisonburg, VA, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,057
Land	1,455
Building & Improvements	13,145
Land	1,455
Total	14,600
Accumulated Depreciation	(3,976)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	2,088
Independence, VA, Q4 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,061
Land	226
Building & Improvements	2,061
Land	226
Total	2,287
Accumulated Depreciation	(678)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
N. Chesterfield, VA, 5-16-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,174
Land	1,599
Building & Improvements	7,116
Land	1,599
Total	8,715
Accumulated Depreciation	(1,360)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	942
Ridgefield, WA, 10-10-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,711
Land	2,307
Building & Improvements	10,491
Land	2,307
Total	12,798
Accumulated Depreciation	(2,055)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	780
Caledonia, WI, Q2 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,339
Land	225
Building & Improvements	3,339
Land	225
Total	3,564
Accumulated Depreciation	(767)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Deforest, WI, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,298
Land	1,131
Building & Improvements	6,057
Land	1,131
Total	7,188
Accumulated Depreciation	(1,464)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	759
Delavan, WI, 8-16-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,032
Land	127
Building & Improvements	2,264
Land	127
Total	2,391
Accumulated Depreciation	(451)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	232
Delavan, WI, 8-16-19 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,676
Land	241
Building & Improvements	4,765
Land	241
Total	5,006
Accumulated Depreciation	(863)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	89
De Pere, WI, Q3 2012 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,042
Land	525
Building & Improvements	6,143
Land	525
Total	6,668
Accumulated Depreciation	(2,172)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	101
East Troy, WI, Q2 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,936
Land	304
Building & Improvements	5,013
Land	304
Total	5,317
Accumulated Depreciation	(1,416)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	77
Elkhorn, WI, 8-16-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,621
Land	210
Building & Improvements	3,621
Land	210
Total	3,831
Accumulated Depreciation	(769)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Milwaukee/Madison, WI, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,956
Land	442
Building & Improvements	5,956
Land	442
Total	6,398
Accumulated Depreciation	(1,089)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Milwaukee/Madison, WI, Q3 2018 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,269
Land	359
Building & Improvements	3,615
Land	359
Total	3,974
Accumulated Depreciation	(732)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	346
Milwaukee/Madison, WI 12/3/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,908
Land	1,175
Building & Improvements	10,908
Land	1,175
Total	12,083
Accumulated Depreciation	(2,283)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Germantown, WI, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,977
Land	1,186
Building & Improvements	5,999
Land	1,186
Total	7,185
Accumulated Depreciation	(2,079)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	22
Hartland, WI, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,634
Land	1,526
Building & Improvements	4,634
Land	1,526
Total	6,160
Accumulated Depreciation	(1,281)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Janesville, WI, Q4 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	17,379
Land	828
Building & Improvements	18,576
Land	828
Total	19,404
Accumulated Depreciation	(5,967)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,197
Kenosha, WI, Q4 2016 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,968
Land	797
Building & Improvements	4,731
Land	797
Total	5,528
Accumulated Depreciation	(1,386)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	763
Madison 1, WI, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,296
Land	609
Building & Improvements	6,827
Land	609
Total	7,436
Accumulated Depreciation	(1,429)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	531
Madison 2, WI, Q4 2017 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,489
Land	444
Building & Improvements	4,528
Land	444
Total	4,972
Accumulated Depreciation	(946)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	39
Mayville, WI, Q3 2007 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,118
Land	547
Building & Improvements	4,741
Land	547
Total	5,288
Accumulated Depreciation	(2,259)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	623
New Berliin, WI, 12-16-19 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,917
Land	277
Building & Improvements	15,917
Land	277
Total	16,194
Accumulated Depreciation	(2,421)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
New Berlin, WI, Q3 2013 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,409
Land	1,068
Building & Improvements	6,491
Land	1,068
Total	7,559
Accumulated Depreciation	(2,007)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	82
Milwaukee/Madison, WI 12/19/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,249
Land	526
Building & Improvements	4,349
Land	526
Total	4,875
Accumulated Depreciation	(891)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	100
Milwaukee/Madison, WI2, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,125
Land	805
Building & Improvements	6,480
Land	805
Total	7,285
Accumulated Depreciation	(1,473)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	355
Milwaukee/Madison, WI 12/18/18 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,624
Land	841
Building & Improvements	7,625
Land	841
Total	8,466
Accumulated Depreciation	(2,024)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,001
Milwaukee/Madison, WI 12/18/18 (2) [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,516
Land	439
Building & Improvements	4,568
Land	439
Total	5,007
Accumulated Depreciation	(1,106)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	52
Chicago, IL, Q3 2018 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,899
Land	523
Building & Improvements	5,612
Land	523
Total	6,135
Accumulated Depreciation	(1,148)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	713
Sun Prairie, WI, Q3 2008 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,809
Land	2,360
Building & Improvements	10,349
Land	2,360
Total	12,709
Accumulated Depreciation	(3,356)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	4,540
West Allis, WI, Q4 2015, 1 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,757
Land	462
Building & Improvements	4,095
Land	462
Total	4,557
Accumulated Depreciation	(1,122)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	2,338
West Allis, WI, Q4 2015, 2 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,848
Land	444
Building & Improvements	3,584
Land	444
Total	4,028
Accumulated Depreciation	(960)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,736
West Allis, WI, Q4 2015, 3 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	846
Land	252
Building & Improvements	1,897
Land	252
Total	2,149
Accumulated Depreciation	(557)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,051
West Allis, WI, Q4 2015, 4 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	956
Land	251
Building & Improvements	1,794
Land	251
Total	2,045
Accumulated Depreciation	(455)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	838
Yorkville, WI, Q4 2014 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,886
Land	416
Building & Improvements	5,209
Land	416
Total	5,625
Accumulated Depreciation	(1,437)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	323
McClellan, CA, 2-6-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,582
Land	1,048
Building & Improvements	14,582
Land	1,048
Total	15,630
Accumulated Depreciation	(2,213)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Rancho Cordova, CA, 6-11-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,747
Land	498
Building & Improvements	5,156
Land	498
Total	5,654
Accumulated Depreciation	(784)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	409
Canton, MI, 1-10-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	23,603
Land	2,378
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,619
Building & Improvements	25,222
Land	2,378
Total	27,600
Accumulated Depreciation	(3,911)
Warren, MI, 2-11-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	17,584
Land	1,984
Costs Capitalized Subsequent to Acquisition and Valuation Provision	67
Building & Improvements	17,651
Land	1,984
Total	19,635
Accumulated Depreciation	(2,813)
Rochester, NY, 1-10-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,702
Land	208
Costs Capitalized Subsequent to Acquisition and Valuation Provision	109
Building & Improvements	6,811
Land	208
Total	7,019
Accumulated Depreciation	(1,010)
Tulsa, OK, 3-9-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,167
Land	644
Costs Capitalized Subsequent to Acquisition and Valuation Provision	125
Building & Improvements	7,292
Land	644
Total	7,936
Accumulated Depreciation	(1,199)
Langhorne, PA, 3-9-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,203
Land	1,155
Costs Capitalized Subsequent to Acquisition and Valuation Provision	83
Building & Improvements	4,286
Land	1,155
Total	5,441
Accumulated Depreciation	(972)
Richmond, VA, 2-6-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,801
Land	819
Building & Improvements	5,037
Land	819
Total	5,856
Accumulated Depreciation	(1,143)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,236
Hudson, WI, 2-6-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,982
Land	683
Building & Improvements	7,988
Land	683
Total	8,671
Accumulated Depreciation	(1,330)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	6
Muskego, WI, 2-7-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,469
Land	393
Building & Improvements	5,623
Land	393
Total	6,016
Accumulated Depreciation	(1,070)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	154
Lodi, CA, 10-23-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	34,550
Land	4,975
Building & Improvements	34,550
Land	4,975
Total	39,525
Accumulated Depreciation	(4,347)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Sacramento, CA, 10-29-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,609
Land	845
Building & Improvements	8,868
Land	845
Total	9,713
Accumulated Depreciation	(1,138)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	259
Stockton, CA, 11-23-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,124
Land	663
Building & Improvements	4,599
Land	663
Total	5,262
Accumulated Depreciation	(556)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	475
Stockton, CA, 11-23-20 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,129
Land	660
Building & Improvements	4,129
Land	660
Total	4,789
Accumulated Depreciation	(531)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Yoder, IN, 10-28-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	24,504
Land	941
Costs Capitalized Subsequent to Acquisition and Valuation Provision	665
Building & Improvements	25,169
Land	941
Total	26,110
Accumulated Depreciation	(4,720)
Grand Rapids, MI, 10-20-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,039
Land	1,241
Costs Capitalized Subsequent to Acquisition and Valuation Provision	319
Building & Improvements	7,358
Land	1,241
Total	8,599
Accumulated Depreciation	(1,032)
Maple Grove, MN, 12-1-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,397
Land	2,327
Costs Capitalized Subsequent to Acquisition and Valuation Provision	156
Building & Improvements	10,553
Land	2,327
Total	12,880
Accumulated Depreciation	(1,808)
Southaven, MS, 10-19-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	28,566
Land	1,000
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,275
Building & Improvements	29,841
Land	1,000
Total	30,841
Accumulated Depreciation	(3,779)
Mount Laurel, NJ - 8-31-20 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,672
Land	616
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,006
Building & Improvements	7,678
Land	616
Total	8,294
Accumulated Depreciation	(1,032)
Catawba, NC, 10-27-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,166
Land	1,692
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	8,166
Land	1,692
Total	9,858
Accumulated Depreciation	(1,120)
Charlotte, NC - 9-28-20 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,839
Land	369
Costs Capitalized Subsequent to Acquisition and Valuation Provision	179
Building & Improvements	5,018
Land	369
Total	5,387
Accumulated Depreciation	(738)
Etna, OH, 10-22-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	73,402
Land	2,939
Costs Capitalized Subsequent to Acquisition and Valuation Provision	231
Building & Improvements	73,633
Land	2,939
Total	76,572
Accumulated Depreciation	(10,008)
Twinsburg, OH - 9-29-20 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,772
Land	3,855
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	19,772
Land	3,855
Total	23,627
Accumulated Depreciation	(2,658)
Clinton, PA - 9-3-20 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,524
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,524
Land	0
Total	10,524
Accumulated Depreciation	(1,477)
Clinton, PA - 9-24-20 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,668
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	5,668
Land	0
Total	5,668
Accumulated Depreciation	(810)
Clinton, PA, 10-1-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	18,152
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	18,152
Land	0
Total	18,152
Accumulated Depreciation	(2,470)
Rock Hill, SC, 11-12-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,903
Land	1,118
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,903
Land	1,118
Total	12,021
Accumulated Depreciation	(1,614)
Cudahy, WI, 10-9-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,751
Land	1,427
Building & Improvements	4,751
Land	1,427
Total	6,178
Accumulated Depreciation	(879)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Birmingham, AL, 12-28-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,772
Land	1,307
Building & Improvements	7,125
Land	1,307
Total	8,432
Accumulated Depreciation	(949)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	353
Birmingham, AL, 12-28-20 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,828
Land	1,341
Building & Improvements	5,867
Land	1,341
Total	7,208
Accumulated Depreciation	(739)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	39
Birmingham, AL, 12-28-20 (3)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,927
Land	836
Building & Improvements	4,634
Land	836
Total	5,470
Accumulated Depreciation	(554)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	707
Chandler, AZ, 12-15-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,728
Land	2,847
Building & Improvements	10,399
Land	2,847
Total	13,246
Accumulated Depreciation	(1,367)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	671
Mesa, AZ, 12-30-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,930
Land	1,277
Building & Improvements	8,241
Land	1,277
Total	9,518
Accumulated Depreciation	(1,150)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	311
Rancho Cordova, CA, 12-30-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,346
Land	678
Building & Improvements	4,416
Land	678
Total	5,094
Accumulated Depreciation	(532)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	70
McAllen, TX, 12-29-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,549
Land	818
Building & Improvements	15,161
Land	818
Total	15,979
Accumulated Depreciation	(1,945)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,612
Garner, NC, 12-17-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,790
Land	3,420
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	11,790
Land	3,420
Total	15,210
Accumulated Depreciation	(1,631)
Columbus, OH, 12-22-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	45,112
Land	3,410
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,117
Building & Improvements	46,229
Land	3,410
Total	49,639
Accumulated Depreciation	(6,002)
Rochester, NY, 12-28-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,964
Land	619
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,034
Building & Improvements	7,998
Land	619
Total	8,617
Accumulated Depreciation	(1,124)
Lake Worth, FL, 12-30-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,530
Land	1,533
Building & Improvements	2,530
Land	1,533
Total	4,063
Accumulated Depreciation	(357)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Lake Worth, FL, 12-30-20 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,729
Land	1,502
Building & Improvements	4,729
Land	1,502
Total	6,231
Accumulated Depreciation	(610)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Lake Worth, FL, 12-30-20 (3)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,751
Land	2,254
Building & Improvements	4,751
Land	2,254
Total	7,005
Accumulated Depreciation	(661)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Lakeland, FL, 12-30-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,060
Land	1,099
Building & Improvements	13,060
Land	1,099
Total	14,159
Accumulated Depreciation	(1,731)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Fort Myers, FL, 12-30-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	22,005
Land	2,729
Building & Improvements	22,005
Land	2,729
Total	24,734
Accumulated Depreciation	(2,610)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
West Plam Beach, FL, 12-30-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,835
Land	2,906
Building & Improvements	7,435
Land	2,906
Total	10,341
Accumulated Depreciation	(991)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	600
Batavia, IL, 12-22-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,763
Land	1,124
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	7,763
Land	1,124
Total	8,887
Accumulated Depreciation	(990)
Cary, IL, 12-22-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,312
Land	498
Costs Capitalized Subsequent to Acquisition and Valuation Provision	85
Building & Improvements	3,397
Land	498
Total	3,895
Accumulated Depreciation	(427)
Hodgkins, IL, 12-28-20
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	30,599
Land	2,570
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	30,599
Land	2,570
Total	33,169
Accumulated Depreciation	(3,678)
Schaumburg, IL, 6-29-20 [Member]
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,086
Land	689
Costs Capitalized Subsequent to Acquisition and Valuation Provision	181
Building & Improvements	4,267
Land	689
Total	4,956
Accumulated Depreciation	(651)
Bryant, AR - 3-1-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	17,386
Land	1,143
Building & Improvements	17,386
Land	1,143
Total	18,529
Accumulated Depreciation	(2,070)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Sacramento, CA - 2-25-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	21,258
Land	2,203
Building & Improvements	21,483
Land	2,203
Total	23,686
Accumulated Depreciation	(2,807)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	225
Inver Grove Heigh, MN - 2-24-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,964
Land	2,595
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	6,964
Land	2,595
Total	9,559
Accumulated Depreciation	(850)
Bellevue, NE - 1-21-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	20,384
Land	1,691
Costs Capitalized Subsequent to Acquisition and Valuation Provision	135
Building & Improvements	20,519
Land	1,691
Total	22,210
Accumulated Depreciation	(2,785)
Ronkonkoma, NY - 2-25-21
Real Estate and Accumulated Depreciation
Encumbrances	(4,322)
Building and Tenant Improvements (initial cost)	6,091
Land	1,213
Costs Capitalized Subsequent to Acquisition and Valuation Provision	144
Building & Improvements	6,235
Land	1,213
Total	7,448
Accumulated Depreciation	(785)
Maple Heights, OH - 3-18-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,357
Land	922
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	4,357
Land	922
Total	5,279
Accumulated Depreciation	(559)
Moody, AL, 8-26-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	31,467
Land	2,293
Building & Improvements	31,729
Land	2,293
Total	34,022
Accumulated Depreciation	(3,749)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	262
Gilbert, AZ, 03-01-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,784
Land	2,107
Building & Improvements	6,055
Land	2,107
Total	8,162
Accumulated Depreciation	(709)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	271
Batavia, CA 10-13-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,427
Land	598
Costs Capitalized Subsequent to Acquisition and Valuation Provision	274
Building & Improvements	4,701
Land	598
Total	5,299
Accumulated Depreciation	(516)
Morgan Hill, CA, 10-12-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,608
Land	2,562
Building & Improvements	7,608
Land	2,562
Total	10,170
Accumulated Depreciation	(728)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Morgan Hill, CA, 08-09-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,849
Land	3,943
Building & Improvements	19,849
Land	3,943
Total	23,792
Accumulated Depreciation	(2,009)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Roseville, CA, 08-30-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,398
Land	2,140
Building & Improvements	11,398
Land	2,140
Total	13,538
Accumulated Depreciation	(1,329)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Stockton, CA, 05-17-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,552
Land	1,806
Building & Improvements	13,097
Land	1,806
Total	14,903
Accumulated Depreciation	(1,582)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	545
Loveland, CO , 9-24-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,591
Land	3,452
Building & Improvements	19,540
Land	3,452
Total	22,992
Accumulated Depreciation	(1,751)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	2,949
Loveland, CO , 06-14-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,134
Land	3,047
Building & Improvements	17,325
Land	3,047
Total	20,372
Accumulated Depreciation	(2,096)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	3,191
Bartlett, IL, 07-20-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,493
Land	2,198
Costs Capitalized Subsequent to Acquisition and Valuation Provision	694
Building & Improvements	20,187
Land	2,198
Total	22,385
Accumulated Depreciation	(2,175)
Crystal Lake, IL, 09-16-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,455
Land	1,343
Costs Capitalized Subsequent to Acquisition and Valuation Provision	90
Building & Improvements	8,545
Land	1,343
Total	9,888
Accumulated Depreciation	(1,007)
Crystal Lake, IL, 07-19-2021 300 Exc. Drive
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,742
Land	1,568
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	9,742
Land	1,568
Total	11,310
Accumulated Depreciation	(1,167)
Crystal Lake, IL, 07-20-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,791
Land	1,456
Costs Capitalized Subsequent to Acquisition and Valuation Provision	112
Building & Improvements	8,903
Land	1,456
Total	10,359
Accumulated Depreciation	(1,048)
Crystal Lake, IL, 07-27-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,737
Land	1,790
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,737
Land	1,790
Total	12,527
Accumulated Depreciation	(1,258)
Hodgkins, IL, 09-29-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,163
Land	3,127
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	6,163
Land	3,127
Total	9,290
Accumulated Depreciation	(727)
Itasca, IL, 07-19-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,621
Land	1,223
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	3,621
Land	1,223
Total	4,844
Accumulated Depreciation	(379)
Itasca, IL, 06-30-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,871
Land	2,073
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	3,871
Land	2,073
Total	5,944
Accumulated Depreciation	(450)
Vernon Hills, IL, 09-02-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,383
Land	2,416
Costs Capitalized Subsequent to Acquisition and Valuation Provision	938
Building & Improvements	10,321
Land	2,416
Total	12,737
Accumulated Depreciation	(1,057)
Greenwood, IN 08-19-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,745
Land	911
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,004
Building & Improvements	13,749
Land	911
Total	14,660
Accumulated Depreciation	(1,620)
Indianapolis, IN 08-26-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,931
Land	620
Costs Capitalized Subsequent to Acquisition and Valuation Provision	578
Building & Improvements	4,509
Land	620
Total	5,129
Accumulated Depreciation	(443)
Hagerstown, MD, 06-30-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,213
Land	3,472
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	11,213
Land	3,472
Total	14,685
Accumulated Depreciation	(1,545)
Hunt Valley, MD, 08-26-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,900
Land	538
Costs Capitalized Subsequent to Acquisition and Valuation Provision	47
Building & Improvements	4,947
Land	538
Total	5,485
Accumulated Depreciation	(555)
Hudson, MA, 09-29-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,628
Land	723
Costs Capitalized Subsequent to Acquisition and Valuation Provision	414
Building & Improvements	13,042
Land	723
Total	13,765
Accumulated Depreciation	(1,255)
Sterling, MA, 08-23-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,797
Land	1,472
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,797
Land	1,472
Total	12,269
Accumulated Depreciation	(1,132)
Warren, MI, 09-02-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,273
Land	531
Costs Capitalized Subsequent to Acquisition and Valuation Provision	387
Building & Improvements	19,660
Land	531
Total	20,191
Accumulated Depreciation	(2,274)
Wixom, MN, 11-01-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,433
Land	293
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	14,433
Land	293
Total	14,726
Accumulated Depreciation	(1,383)
Berkeley, MO 10-12-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,850
Land	1,423
Costs Capitalized Subsequent to Acquisition and Valuation Provision	929
Building & Improvements	10,779
Land	1,423
Total	12,202
Accumulated Depreciation	(1,079)
Omaha, NE, 10-06-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	2,636
Land	828
Costs Capitalized Subsequent to Acquisition and Valuation Provision	385
Building & Improvements	3,021
Land	828
Total	3,849
Accumulated Depreciation	(404)
Duncan, SC, 8-23-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,390
Land	936
Costs Capitalized Subsequent to Acquisition and Valuation Provision	89
Building & Improvements	12,479
Land	936
Total	13,415
Accumulated Depreciation	(1,321)
York, PA, 11-03-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	21,154
Land	1,478
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,394
Building & Improvements	22,548
Land	1,478
Total	24,026
Accumulated Depreciation	(2,366)
West Columbia, SC, 07-27-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,723
Land	1,217
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,749
Building & Improvements	14,472
Land	1,217
Total	15,689
Accumulated Depreciation	(1,775)
El Paso, TX, 10-06-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	22,548
Land	1,725
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	22,548
Land	1,725
Total	24,273
Accumulated Depreciation	(2,208)
Appleton, WI, 10-08-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,757
Land	261
Building & Improvements	5,976
Land	261
Total	6,237
Accumulated Depreciation	(687)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	219
Franklin, WI, 9-28-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,193
Land	1,551
Building & Improvements	8,193
Land	1,551
Total	9,744
Accumulated Depreciation	(1,026)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Mukwonago, WI, 9-16-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,791
Land	1,478
Building & Improvements	11,010
Land	1,478
Total	12,488
Accumulated Depreciation	(1,195)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	219
Omaha, NE, 10-06-2021 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,398
Land	868
Costs Capitalized Subsequent to Acquisition and Valuation Provision	6
Building & Improvements	3,404
Land	868
Total	4,272
Accumulated Depreciation	(352)
Fernley, NV, 6-30-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,401
Land	1,034
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	11,401
Land	1,034
Total	12,435
Accumulated Depreciation	(1,385)
Canal Winchester, OH, 8-19-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,432
Land	3,708
Costs Capitalized Subsequent to Acquisition and Valuation Provision	430
Building & Improvements	19,862
Land	3,708
Total	23,570
Accumulated Depreciation	(2,372)
Canal Winchester, OH, 8-19-2021 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	37,431
Land	6,403
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	37,431
Land	6,403
Total	43,834
Accumulated Depreciation	(3,977)
Strongsville, OH, 6-17-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,487
Land	1,315
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	16,487
Land	1,315
Total	17,802
Accumulated Depreciation	(1,791)
Kentwood, MI, 11-09-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,933
Land	1,256
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,928
Building & Improvements	18,861
Land	1,256
Total	20,117
Accumulated Depreciation	(2,001)
St. Paul, MN, 11-10-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	23,675
Land	2,258
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	23,675
Land	2,258
Total	25,933
Accumulated Depreciation	(2,457)
York, PA, 11-09-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,754
Land	1,139
Costs Capitalized Subsequent to Acquisition and Valuation Provision	237
Building & Improvements	5,991
Land	1,139
Total	7,130
Accumulated Depreciation	(731)
Elgin, IL, 11-12-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,754
Land	1,135
Costs Capitalized Subsequent to Acquisition and Valuation Provision	131
Building & Improvements	19,885
Land	1,135
Total	21,020
Accumulated Depreciation	(1,819)
Elgin, IL, 11-12-2021 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,346
Land	1,057
Costs Capitalized Subsequent to Acquisition and Valuation Provision	439
Building & Improvements	15,785
Land	1,057
Total	16,842
Accumulated Depreciation	(1,535)
Elgin, IL, 11-12-2021 (3)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,332
Land	270
Costs Capitalized Subsequent to Acquisition and Valuation Provision	188
Building & Improvements	3,520
Land	270
Total	3,790
Accumulated Depreciation	(337)
West Dundee, IL, 11-12-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,621
Land	948
Costs Capitalized Subsequent to Acquisition and Valuation Provision	135
Building & Improvements	12,756
Land	948
Total	13,704
Accumulated Depreciation	(1,303)
Westampton, NJ, 11-12-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	20,734
Land	3,647
Costs Capitalized Subsequent to Acquisition and Valuation Provision	8,721
Building & Improvements	29,455
Land	3,647
Total	33,102
Accumulated Depreciation	(2,184)
Sacramento, CA 10-25-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,137
Land	1,347
Building & Improvements	8,958
Land	1,347
Total	10,305
Accumulated Depreciation	(932)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	821
West Sacramento, CA 12-22-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	24,581
Land	4,350
Building & Improvements	34,119
Land	4,350
Total	38,469
Accumulated Depreciation	(1,704)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	9,538
Sacramento, CA 12-01-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,218
Land	1,614
Building & Improvements	5,218
Land	1,614
Total	6,832
Accumulated Depreciation	(521)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Sacramento, CA 12-21-2021 (6)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,184
Land	3,921
Building & Improvements	12,184
Land	3,921
Total	16,105
Accumulated Depreciation	(1,472)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Sacramento, CA 12-21-2021 (7)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,560
Land	1,479
Building & Improvements	7,560
Land	1,479
Total	9,039
Accumulated Depreciation	(776)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Milford, CT, 12-23-2021 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,853
Land	1,650
Building & Improvements	15,559
Land	1,650
Total	17,209
Accumulated Depreciation	(1,566)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	1,706
Buford, GA , 12-31-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,195
Land	1,061
Building & Improvements	10,133
Land	1,061
Total	11,194
Accumulated Depreciation	(942)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	938
Saint Charles, IL, 12-29-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,028
Land	1,321
Costs Capitalized Subsequent to Acquisition and Valuation Provision	606
Building & Improvements	7,634
Land	1,321
Total	8,955
Accumulated Depreciation	(746)
Ankeny, IA, 12-09-2021 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	19,104
Land	1,421
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	19,104
Land	1,421
Total	20,525
Accumulated Depreciation	(1,760)
Des Moines, IA 12-23-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,342
Land	1,685
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,515
Building & Improvements	10,857
Land	1,685
Total	12,542
Accumulated Depreciation	(1,141)
Hagerstown, MD - 12-28-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	55,177
Land	6,036
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	55,177
Land	6,036
Total	61,213
Accumulated Depreciation	(5,630)
Hagerstown, MD - 12-28-21 (3)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	55,448
Land	6,174
Costs Capitalized Subsequent to Acquisition and Valuation Provision	231
Building & Improvements	55,679
Land	6,174
Total	61,853
Accumulated Depreciation	(5,884)
Newport, MN, 12-28-21
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,367
Land	1,765
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	8,367
Land	1,765
Total	10,132
Accumulated Depreciation	(808)
La Vista, NE, 12-30-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,679
Land	1,232
Costs Capitalized Subsequent to Acquisition and Valuation Provision	165
Building & Improvements	14,844
Land	1,232
Total	16,076
Accumulated Depreciation	(1,494)
Hazleton, PA, 12-23-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	43,571
Land	4,995
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,179
Building & Improvements	44,750
Land	4,995
Total	49,745
Accumulated Depreciation	(5,030)
Greer, SC, 12-17-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	25,631
Land	849
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	25,631
Land	849
Total	26,480
Accumulated Depreciation	(2,163)
Lebanon, TN, 12-23-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,891
Land	519
Costs Capitalized Subsequent to Acquisition and Valuation Provision	211
Building & Improvements	6,102
Land	519
Total	6,621
Accumulated Depreciation	(582)
Grapevine, TX, 10-13-2021 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,522
Land	0
Building & Improvements	9,661
Land	0
Total	9,661
Accumulated Depreciation	(1,042)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	139
Grapevine, TX, 10-13-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,029
Land	0
Building & Improvements	15,330
Land	0
Total	15,330
Accumulated Depreciation	(1,635)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	301
New Berlin, WI, 12-17-2021
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	20,176
Land	955
Building & Improvements	20,176
Land	955
Total	21,131
Accumulated Depreciation	(1,866)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Birmingham, AL, 5-5-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,239
Land	590
Building & Improvements	6,281
Land	590
Total	6,871
Accumulated Depreciation	(516)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	42
Fresno, CA, 7-25-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	23,590
Land	3,049
Building & Improvements	23,590
Land	3,049
Total	26,639
Accumulated Depreciation	(1,960)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Hollister, CA, 6-7-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	26,049
Land	2,913
Building & Improvements	26,670
Land	2,913
Total	29,583
Accumulated Depreciation	(1,943)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	621
Atlanta, GA, 7-15-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,382
Land	1,679
Building & Improvements	12,188
Land	1,679
Total	13,867
Accumulated Depreciation	(939)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	3,806
Lithonia, GA, 4-1-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	18,052
Land	943
Costs Capitalized Subsequent to Acquisition and Valuation Provision	301
Building & Improvements	18,353
Land	943
Total	19,296
Accumulated Depreciation	(1,518)
Elmhurst, IL, 1-31-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,255
Land	874
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,212
Building & Improvements	7,467
Land	874
Total	8,341
Accumulated Depreciation	(586)
Grand Rapids, MI, 4-14-2022 (1)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,907
Land	892
Costs Capitalized Subsequent to Acquisition and Valuation Provision	316
Building & Improvements	5,223
Land	892
Total	6,115
Accumulated Depreciation	(542)
Grand Rapids, MI, 4-14-2022 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	3,455
Land	1,052
Costs Capitalized Subsequent to Acquisition and Valuation Provision	192
Building & Improvements	3,647
Land	1,052
Total	4,699
Accumulated Depreciation	(482)
Shakopee, MN, 4-4-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,596
Land	584
Costs Capitalized Subsequent to Acquisition and Valuation Provision	13
Building & Improvements	11,609
Land	584
Total	12,193
Accumulated Depreciation	(1,154)
Kansas City, MO, 1-06-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	48,342
Land	4,239
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	48,342
Land	4,239
Total	52,581
Accumulated Depreciation	(4,880)
Santa Teresa, NM, 7-26-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,904
Land	723
Costs Capitalized Subsequent to Acquisition and Valuation Provision	187
Building & Improvements	9,091
Land	723
Total	9,814
Accumulated Depreciation	(661)
Columbus, OH, 2-08-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,960
Land	988
Costs Capitalized Subsequent to Acquisition and Valuation Provision	77
Building & Improvements	9,037
Land	988
Total	10,025
Accumulated Depreciation	(911)
Macedonia, OH, 2-08-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,219
Land	1,001
Costs Capitalized Subsequent to Acquisition and Valuation Provision	107
Building & Improvements	10,326
Land	1,001
Total	11,327
Accumulated Depreciation	(958)
Clinton, PA, 4-19-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	40,282
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	510
Building & Improvements	40,792
Land	0
Total	40,792
Accumulated Depreciation	(4,045)
Greenville/ Spartanburg, SC, 4-22-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	3,674
Costs Capitalized Subsequent to Acquisition and Valuation Provision	45,728
Building & Improvements	45,728
Land	3,674
Total	49,402
Accumulated Depreciation	0
Piedmont, SC, 3-10-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	25,151
Land	569
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,001
Building & Improvements	26,152
Land	569
Total	26,721
Accumulated Depreciation	(2,267)
Piedmont, SC, 3-18-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,912
Land	331
Costs Capitalized Subsequent to Acquisition and Valuation Provision	62
Building & Improvements	13,974
Land	331
Total	14,305
Accumulated Depreciation	(1,241)
Murfreesboro, TN, 3-10-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,617
Land	2,206
Costs Capitalized Subsequent to Acquisition and Valuation Provision	6
Building & Improvements	9,623
Land	2,206
Total	11,829
Accumulated Depreciation	(881)
Memphis, TN, 3-18-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,463
Land	539
Costs Capitalized Subsequent to Acquisition and Valuation Provision	29
Building & Improvements	13,492
Land	539
Total	14,031
Accumulated Depreciation	(1,286)
El Paso, TX, 7-26-2022 (8)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,382
Land	1,101
Costs Capitalized Subsequent to Acquisition and Valuation Provision	150
Building & Improvements	9,532
Land	1,101
Total	10,633
Accumulated Depreciation	(724)
El Paso, TX, 7-26-2022 (9)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,666
Land	626
Costs Capitalized Subsequent to Acquisition and Valuation Provision	146
Building & Improvements	4,812
Land	626
Total	5,438
Accumulated Depreciation	(454)
El Paso, TX, 7-26-2022 (10)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,551
Land	701
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	8,551
Land	701
Total	9,252
Accumulated Depreciation	(666)
Fredericksburg, VA, 6-29-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,235
Land	2,182
Building & Improvements	15,235
Land	2,182
Total	17,417
Accumulated Depreciation	(1,188)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Norfolk, VA, 6-29-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,990
Land	1,259
Building & Improvements	7,990
Land	1,259
Total	9,249
Accumulated Depreciation	(622)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Saint Charles, IL, 12-28-22
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,976
Land	1,160
Costs Capitalized Subsequent to Acquisition and Valuation Provision	45
Building & Improvements	6,021
Land	1,160
Total	7,181
Accumulated Depreciation	(500)
Jeffersonville, IN 9-21-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	35,174
Land	2,891
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,255
Building & Improvements	36,429
Land	2,891
Total	39,320
Accumulated Depreciation	(2,768)
Wilsonville, OR 9-12-2022
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,142
Land	696
Costs Capitalized Subsequent to Acquisition and Valuation Provision	243
Building & Improvements	10,385
Land	696
Total	11,081
Accumulated Depreciation	(714)
Greenville/ Spartanburg, SC, 4-22-2022 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	1,885
Costs Capitalized Subsequent to Acquisition and Valuation Provision	23,544
Building & Improvements	23,544
Land	1,885
Total	25,429
Accumulated Depreciation	0
Menifee, CA, 9-25-23
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,013
Land	2,248
Building & Improvements	16,021
Land	2,248
Total	18,269
Accumulated Depreciation	(638)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	8
Menifee, CA, 9-25-23 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,505
Land	2,227
Building & Improvements	13,544
Land	2,227
Total	15,771
Accumulated Depreciation	(541)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	39
Sacramento, CA, 8-07-23
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,026
Land	1,914
Building & Improvements	11,026
Land	1,914
Total	12,940
Accumulated Depreciation	(557)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
Gibsonton, FL, 8-30-23
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	4,143
Building & Improvements	18,495
Land	4,143
Total	22,638
Accumulated Depreciation	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	18,495
Gibsonton, FL, 8-30-23 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	5,429
Building & Improvements	20,480
Land	5,429
Total	25,909
Accumulated Depreciation	0
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	20,480
West Chicago, IL, 8-10-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	32,618
Land	5,961
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,237
Building & Improvements	33,855
Land	5,961
Total	39,816
Accumulated Depreciation	(1,388)
Whitestown, IN, 9-18-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	17,621
Land	1,525
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	17,621
Land	1,525
Total	19,146
Accumulated Depreciation	(737)
Sparks, NV 10-19-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	25,457
Land	2,831
Costs Capitalized Subsequent to Acquisition and Valuation Provision	250
Building & Improvements	25,707
Land	2,831
Total	28,538
Accumulated Depreciation	(936)
Beaverton, OR, 7-18-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,602
Land	2,463
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,602
Land	2,463
Total	13,065
Accumulated Depreciation	(486)
Beaverton, OR, 7-18-2023 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	4,936
Land	1,237
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	4,936
Land	1,237
Total	6,173
Accumulated Depreciation	(231)
Allentown, PA, 7-24-2023 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,937
Land	1,237
Costs Capitalized Subsequent to Acquisition and Valuation Provision	378
Building & Improvements	10,315
Land	1,237
Total	11,552
Accumulated Depreciation	(426)
Allentown, PA, 7-24-2023 (3)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,721
Land	1,535
Costs Capitalized Subsequent to Acquisition and Valuation Provision	66
Building & Improvements	11,787
Land	1,535
Total	13,322
Accumulated Depreciation	(495)
Kulpsville, PA, 7-24-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,390
Land	3,171
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,390
Land	3,171
Total	13,561
Accumulated Depreciation	(588)
Wellford, SC, 10-05-2023 (2)
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,147
Land	2,588
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,155
Building & Improvements	17,302
Land	2,588
Total	19,890
Accumulated Depreciation	(712)
Wellford, SC 10-05-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,187
Land	2,548
Costs Capitalized Subsequent to Acquisition and Valuation Provision	2,732
Building & Improvements	18,919
Land	2,548
Total	21,467
Accumulated Depreciation	0
Irving, TX, 9-29-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	15,312
Land	5,976
Building & Improvements	15,449
Land	5,976
Total	21,425
Accumulated Depreciation	(575)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	137
Greensboro, NC, 5-05-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	12,396
Land	366
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	12,396
Land	366
Total	12,762
Accumulated Depreciation	(596)
Piscataway, NJ, 4-24-2023
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	17,096
Land	7,566
Costs Capitalized Subsequent to Acquisition and Valuation Provision	144
Building & Improvements	17,240
Land	7,566
Total	24,806
Accumulated Depreciation	(1,095)
Lebanon, TN, 8-29-2019
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	549
Costs Capitalized Subsequent to Acquisition and Valuation Provision	18,014
Building & Improvements	18,014
Land	549
Total	18,563
Accumulated Depreciation	0
Phoenix, AZ, 11-7-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,060
Land	1,962
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	11,060
Land	1,962
Total	13,022
Accumulated Depreciation	(55)
West Sacramento, CA, 12-30-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,631
Land	1,475
Building & Improvements	7,631
Land	1,475
Total	9,106
Accumulated Depreciation	(23)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	0
LaGrange, GA 9-9-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	26,546
Land	3,021
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	26,546
Land	3,021
Total	29,567
Accumulated Depreciation	(296)
Aurora, IL 12-3-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	8,304
Land	1,848
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	8,304
Land	1,848
Total	10,152
Accumulated Depreciation	(24)
Carol Stream, IL 12-3-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	6,536
Land	959
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	6,536
Land	959
Total	7,495
Accumulated Depreciation	(18)
Salt Lake City, UT 12-10-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	26,292
Land	3,939
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	26,292
Land	3,939
Total	30,231
Accumulated Depreciation	(64)
Socorro, TX 6-10-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	27,752
Land	4,430
Building & Improvements	27,838
Land	4,430
Total	32,268
Accumulated Depreciation	(505)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	86
Sussex, WI 4-8-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,026
Land	1,212
Building & Improvements	13,041
Land	1,212
Total	14,253
Accumulated Depreciation	(331)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation, Cost Capitalized Subsequent to Acquisition, Cost	15
Sherwood, OR 4-15-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,014
Land	1,315
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	14,014
Land	1,315
Total	15,329
Accumulated Depreciation	(325)
North Plains, OR 6-6-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	1,888
Land	4,778
Costs Capitalized Subsequent to Acquisition and Valuation Provision	14,116
Building & Improvements	16,004
Land	4,778
Total	20,782
Accumulated Depreciation	0
West Chester, OH 3-18-2024 WCHES3
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	42,704
Land	1,565
Costs Capitalized Subsequent to Acquisition and Valuation Provision	109
Building & Improvements	42,813
Land	1,565
Total	44,378
Accumulated Depreciation	(1,154)
Canal Winchester, OH 6-26-2024 CANWN3
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,704
Land	1,690
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	16,704
Land	1,690
Total	18,394
Accumulated Depreciation	(315)
Charlotte, NC 12-5-2024 CHAR11
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,650
Land	1,522
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,650
Land	1,522
Total	12,172
Accumulated Depreciation	(39)
Concord, NC 12-13-2024 CONCO2
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	910
Land	3,553
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,329
Building & Improvements	2,239
Land	3,553
Total	5,792
Accumulated Depreciation	0
Concord, NC 12-13-2024 CONCOR
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	910
Land	3,553
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,330
Building & Improvements	2,240
Land	3,553
Total	5,793
Accumulated Depreciation	0
Moorestown, NJ 10-31-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,490
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	1,230
Building & Improvements	9,490
Land	1,230
Total	10,720
Accumulated Depreciation	(81)
Reno, NV 7-25-2024 RENO2
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	1,896
Costs Capitalized Subsequent to Acquisition and Valuation Provision	4,912
Building & Improvements	4,912
Land	1,896
Total	6,808
Accumulated Depreciation	0
Reno, NV 8-8-2024 RENO3
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	0
Land	8,959
Costs Capitalized Subsequent to Acquisition and Valuation Provision	6,224
Building & Improvements	6,224
Land	8,959
Total	15,183
Accumulated Depreciation	0
Kansas City, MO 11-12-2024 KANSA4
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,651
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	16,651
Land	0
Total	16,651
Accumulated Depreciation	(88)
Kansas City, MO 11-12-2024 KANSA5
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	33,113
Land	0
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	33,113
Land	0
Total	33,113
Accumulated Depreciation	(165)
Mendota Heights, MN 10-30-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,743
Land	1,497
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,743
Land	1,497
Total	12,240
Accumulated Depreciation	(90)
Lakeville, MN 10-10-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	31,841
Land	5,405
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	31,841
Land	5,405
Total	37,246
Accumulated Depreciation	(313)
Brooklyn Park, MN 10-15-2024 BROOKP
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	18,133
Land	2,051
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	18,133
Land	2,051
Total	20,184
Accumulated Depreciation	(143)
Wilmington, MA 9-12-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,424
Land	1,158
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	9,424
Land	1,158
Total	10,582
Accumulated Depreciation	(91)
Woburn, MA 9-12-2024 WOBUR2
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,836
Land	2,123
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	14,836
Land	2,123
Total	16,959
Accumulated Depreciation	(154)
Woburn, MA 9-12-2024 WOBURN
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,502
Land	2,265
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	7,502
Land	2,265
Total	9,767
Accumulated Depreciation	(85)
Lawrence, MA 9-12-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	14,945
Land	3,287
Costs Capitalized Subsequent to Acquisition and Valuation Provision	12
Building & Improvements	14,957
Land	3,287
Total	18,244
Accumulated Depreciation	(158)
Andover, MA 9-12-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	9,744
Land	2,238
Costs Capitalized Subsequent to Acquisition and Valuation Provision	9
Building & Improvements	9,753
Land	2,238
Total	11,991
Accumulated Depreciation	(111)
Jeffersonville, IN 4-16-2024 JEFSV2
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	42,618
Land	2,778
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	42,618
Land	2,778
Total	45,396
Accumulated Depreciation	(1,217)
New Lenox, IL 12-3-2024
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	16,488
Land	1,552
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	16,488
Land	1,552
Total	18,040
Accumulated Depreciation	(42)
New Lenox, IL 12-3-2024 NEWLE3
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	10,555
Land	2,450
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	10,555
Land	2,450
Total	13,005
Accumulated Depreciation	(34)
New Lenox, IL 12-3-2024 NEWLE2
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,753
Land	1,395
Costs Capitalized Subsequent to Acquisition and Valuation Provision	0
Building & Improvements	13,753
Land	1,395
Total	15,148
Accumulated Depreciation	(34)
Elgin, IL, 6-24-2024 ELGN5
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	7,627
Land	1,130
Costs Capitalized Subsequent to Acquisition and Valuation Provision	28
Building & Improvements	7,655
Land	1,130
Total	8,785
Accumulated Depreciation	(157)
Elgin, IL 6-24-2024 ELGN4
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	11,662
Land	1,302
Costs Capitalized Subsequent to Acquisition and Valuation Provision	11
Building & Improvements	11,673
Land	1,302
Total	12,975
Accumulated Depreciation	(229)
Elgin, IL 6-24-2024 ELGN7
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	30,082
Land	2,954
Costs Capitalized Subsequent to Acquisition and Valuation Provision	165
Building & Improvements	30,247
Land	2,954
Total	33,201
Accumulated Depreciation	(599)
Elgin, IL 6-24-2024 ELGN8
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	13,418
Land	1,528
Costs Capitalized Subsequent to Acquisition and Valuation Provision	85
Building & Improvements	13,503
Land	1,528
Total	15,031
Accumulated Depreciation	(254)
Elgin, IL 6-24-2024 ELGN6
Real Estate and Accumulated Depreciation
Encumbrances	0
Building and Tenant Improvements (initial cost)	5,470
Land	945
Costs Capitalized Subsequent to Acquisition and Valuation Provision	187
Building & Improvements	5,657
Land	945
Total	6,602
Accumulated Depreciation	$ (119)

Schedule 3 - Real Estate and _3

Schedule 3 - Real Estate and Accumulated Depreciation - Useful Lives (Details)	Dec. 31, 2024
Buildings, net of accumulated depreciation of $738,348 and $622,941, respectively
Real Estate and Accumulated Depreciation
Useful life	40 years
Building and land improvements | Maximum
Real Estate and Accumulated Depreciation
Useful life	20 years

Schedule 3 - Real Estate and _4

Schedule 3 - Real Estate and Accumulated Depreciation - Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis	$ 8,000,000
Real Estate:
Balance at beginning of period	6,459,001	$ 6,123,295	$ 5,664,907
Additions during period
Acquisitions	628,052	304,057	423,918
Improvements, etc.	184,586	105,112	120,151
Other additions	0	0	0
Deductions during period
Cost of real estate sold	(109,313)	(66,565)	(80,470)
Write-off of tenant improvements	(4,579)	(3,930)	(3,428)
Asset impairments and involuntary conversion	(4,967)	(2,968)	(1,783)
Balance at the end of the period including assets held for sale	7,152,780	6,459,001	6,123,295
Assets held for sale	0	0	(6,324)
Balance at the end of the period excluding assets held for sale	7,152,780	6,459,001	6,116,971
Accumulated Depreciation:
Balance at beginning of period	921,846	764,809	611,867
Additions during period
Depreciation and amortization expense	185,711	177,358	170,088
Other additions	0	0	0
Deductions during period
Disposals	(21,691)	(20,321)	(17,146)
Balance at the end of the period including assets held for sale	1,085,866	921,846	764,809
Assets held for sale	0	0	(1,681)
Balance at the end of the period excluding assets held for sale	$ 1,085,866	$ 921,846	$ 763,128