Other assets (Notes)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets

The following table summarizes the components of other assets as of December 31, 2025 and 2024 (in thousands):

	December 31,
	2025	2024
Acquired in-place leases	$204,008	$305,144
Deferred compensation plan	53,529	47,727
Deferred financing costs – unsecured senior line of credit	39,406	49,056
Deposits	28,618	21,768
Furniture, fixtures, equipment, and software	70,311	39,558
Net investment in leases	58,985	41,503
Notes receivable	258,033	120,546
Operating lease right-of-use assets	697,865	764,472
Other assets	87,036	96,690
Prepaid expenses	33,718	33,567
Property, plant, and equipment	130,263	141,275
Total	$1,661,772	$1,661,306

Notes receivable

Our notes receivable as of December 31, 2025 consisted of the following (dollars in thousands): 

	As of December 31, 2025
	Weighted-Average
Notes Receivable	Effective Interest Rate	Maturity Date	Balance	December 31, 2024
Secured by real estate assets in San Diego	9.9%	1/10/29	$240,476	$103,427
Secured by real estate assets in Greater Boston	6.6%	12/16/29	18,089	17,356
Less: provision for expected credit losses			(532)	(237)
Notes receivable			$258,033	$120,546

Our notes receivable represent held-to-maturity debt securities carried at amortized cost and are generally secured by real

estate. Under the current expected credit losses accounting standard, we are required to estimate and, if necessary, recognize a

provision for expected credit losses related to these notes. We do not have a history of losses on such securities; therefore, we utilize

available information on historical losses for the commercial real estate industry. We determine expected credit losses for our notes

receivable using historical industry losses and considering loan-specific information, including credit ratings of the borrowers, estimated

fair values of underlying real estate assets, loan-to-value ratios, the presence of guarantors, and/or other available information. During

the year ended December 31, 2025, we recorded a $295 thousand adjustment to the provision for expected credit losses related to our

notes receivable. The provision is evaluated on an ongoing basis, with any necessary adjustments recognized in the corresponding

period.