Investments in Properties (Tables)

6 Months Ended

Jun. 30, 2026

Investments in Properties

Schedule of Investments in Properties

A summary of our Investments in properties, net is below (in thousands):

Property Type	As of June 30, 2026		As of December 31, 2025
Land	$	1,303,005	$	1,247,624
Acquired ground lease		94		97
Buildings and improvements		31,411,898		29,152,994
Tenant improvements		985,306		958,583
		33,700,303		31,359,298
Accumulated depreciation and amortization		(10,736,127)		(9,993,596)
Investments in operating properties, net		22,964,176		21,365,702
Construction in progress and space held for development		9,770,384		4,976,785
Land held for future development		122,841		91,130
Investments in properties, net	$	32,857,401	$	26,433,617

Schedule of aggregated costs were allocated to the individual tangible and intangible real estate assets

The following table summarizes how the aggregated costs were allocated to the individual tangible and intangible real estate assets based on their relative fair values on the acquisition date (in thousands):

Identified assets and assumed liabilities
Investments in properties, net	$	4,894,339
Cash and cash equivalents		115,425
Accounts and other receivables, net		125,084
Other assets		962
Total value of identified tangible assets		5,135,810
Customer relationship value, deferred leasing costs and other intangibles, net		585,816
Acquired below-market leases(1)		(501,044)
Total value of identified intangible assets		84,772
Total purchase price	$	5,220,582
Secured and other debt, net		(725,638)
Accounts payable and other accrued liabilities		(222,372)
Total value of assumed liabilities	$	(948,010)

(1) Acquired below-market leases are classified within Accounts payable and other accrued liabilities in the condensed consolidated balance sheets.