Real Estate

3 Months Ended

Mar. 31, 2025

The Company’s components of Real estate, net consisted of the following:


	March 31, 2025		December 31, 2024
Land	$	1,833,408	$	1,834,814
Buildings and improvements:
Buildings and tenant improvements	9,061,682		9,047,831
Lease intangibles(1)	515,063		526,412
	11,410,153		11,409,057
Accumulated depreciation and amortization(2)	(3,445,994)		(3,410,179)
Total	$	7,964,159	$	7,998,878

(1)As of March 31, 2025 and December 31, 2024, Lease intangibles consisted of $473.8 million and $482.7 million, respectively, of in-place leases and $41.3 million and $43.8 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.

(2)As of March 31, 2025 and December 31, 2024, Accumulated depreciation and amortization included $428.6 million and $433.0 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of March 31, 2025 and December 31, 2024, the Company had intangible liabilities relating to below-market leases of $361.8 million and $366.5 million, respectively, and accumulated accretion of $245.0 million and $246.3 million, respectively. These intangible liabilities are included in Accounts payable, accrued expenses and other liabilities on the Company’s unaudited Condensed Consolidated Balance Sheets.

Below-market lease accretion income, net of above-market lease amortization for the three months ended March 31, 2025 and 2024 was $3.3 million and $2.4 million, respectively. These amounts are included in Rental income on the Company’s unaudited Condensed Consolidated Statements of Operations. Amortization expense associated with in-place lease value for the three months ended March 31, 2025 and 2024 was $6.8 million and $3.3 million, respectively. These amounts are included in Depreciation and amortization on the Company’s unaudited Condensed Consolidated Statements of Operations. The Company’s estimated below-market lease accretion income, net of above-market lease amortization expense, and in-place lease amortization expense for the next five years are as follows:


Year ending December 31,	Below-market lease accretion (income), net of above-market lease amortization expense		In-place lease amortization expense
2025 (remaining nine months)	$	(9,058)	$	16,408
2026	(10,529)		15,991
2027	(9,260)		11,951
2028	(8,640)		9,004
2029	(7,359)		6,057