The following table summarizes the Company’s gross investment in real estate (excluding the Office Discontinued Operations Properties) as of December 31, 2025 and 2024:


	As of December 31,
	2025		2024
Land	$	381,824	$	341,702
Building and improvements	810,112		1,009,286
In-place lease intangible assets	109,852		141,193
Construction in progress	4,233		962
Total real estate	$	1,306,021	$	1,493,143

Depreciation expense for buildings and improvements for the years ended December 31, 2025, 2024 and 2023 was $36.3 million, $35.5 million, and $42.6 million respectively. Amortization expense for in-place lease intangible assets for the years ended December 31, 2025, 2024 and 2023 was $15.4 million, $11.0 million, and $17.3 million respectively.

During the year ended December 31, 2025, the Company acquired nine IOS properties, which were deemed to be real estate acquisitions. The following is a summary of the acquisitions during the year ended December 31, 2025:


Property Location	Date of Acquisition	Number of Properties	Usable Acres	Total Purchase Price (in thousands) (1)
Acquired Properties
Port Charlotte, Florida	July 28, 2025	1	9	$	10,590
Smyrna, Georgia	August 4, 2025	1	27	41,116
Fort Pierce, Florida	September 30, 2025	1	3	5,400
Tampa, Florida	December 12, 2025	1	5	8,320
Tampa, Florida	December 12, 2025	1	4	6,576
Stone Mountain, Georgia	December 12, 2025	1	2	4,319
Calhoun, Georgia	December 12, 2025	1	5	4,062
Chattanooga, Tennessee	December 12, 2025	1	7	8,151
Plano, Texas	December 23, 2025	1	4	7,676
Total Acquired Properties		9	66	$	96,210

(1)The total purchase price is comprised of the following items in aggregate for all acquisitions: i) the contractual purchase price of $96.2 million, ii) capitalized acquisition related costs of $1.5 million, offset by iii) certain credits and other closing adjustments of $1.5 million.

On November 4, 2024, the Company acquired a portfolio of 51 industrial outdoor storage properties (the “IOS Portfolio”) located throughout the United States, which was deemed a real estate acquisition. The IOS Portfolio comprised of i) 45 operating properties across 358 usable acres and ii) six properties designated for redevelopment or repositioning across 82 usable acres. The total purchase price of the IOS Portfolio was $500.6 million, which was comprised of a contractual purchase price of $490.0 million and capitalized acquisition related costs of $10.6 million.

The aggregate purchase price allocation for all properties acquired during the years ended December 31, 2025 and 2024 is as follows:


	December 31,
	2025		2024
Assets acquired:
Land	$	60,000	$	252,245
Building and improvements	30,566		252,046
In-place lease intangible assets	9,982		35,567
Total real estate	100,548		539,858
Above-market lease intangible assets, net	184		1,101
Total assets acquired	100,732		540,959
Liabilities acquired:
Below-market lease intangible liabilities, net	(4,522)		(35,009)
Accrued expenses and other liabilities	—		(5,400)
Assets and liabilities acquired, net	$	96,210	$	500,550


2025 Dispositions (Continuing operations)	Office Segment Dispositions	Industrial Segment Dispositions	Total Dispositions	Square Feet	Gross Sales Price		Gain (Loss)
Three Months Ended March 31, 2025	2	—	2	251,200	$	34,031	$	(479)
Three Months Ended June 30, 2025	4	—	4	655,500	127,800		245
Three Months Ended September 30, 2025	—	3	3	761,500	71,584		6,641

Total for the year ended December 31, 2025	6	3	9	1,668,200	$	233,415	$	6,407


2025 Dispositions (Office Discontinued Operations Properties)	Office Segment Dispositions	Square Feet	Gross Sales Price		Gain (Loss)

Three Months Ended June 30, 2025	3	181,000	$	30,600	$	(1,311)
Three Months Ended September 30, 2025	8	1,224,800	247,450		24,767
Three Months Ended December 31, 2025	16	3,048,200	443,865		9,015
Total for the year ended December 31, 2025	27	4,454,000	$	721,915	$	32,471


2024 Dispositions	Office Segment Dispositions	Other Segment Dispositions	Total Dispositions	Square Feet	Gross Sales Price		Gain (Loss)
Three Months Ended March 31, 2024	1	3	4	1,233,100	$	79,525	$	9,177
Three Months Ended June 30, 2024	—	1	1	56,600	8,650		(57)
Three Months Ended September 30, 2024	1	3	4	338,446	39,800		16,125
Three Months Ended December 31, 2024	—	10	10	1,878,300	189,450		13,123
Total for the year ended December 31, 2024	2	17	19	3,506,446	$	317,425	$	38,368

During the year ended December 31, 2025, the Company recorded real estate impairments from: i) continuing operations of $18.2 million related to four Office segment properties and one Industrial segment property and ii) discontinued operations of $345.5 million related to 19 Office Discontinued Operations Properties.

These impairments resulted from changes during the year related to shortened anticipated hold periods and estimated selling prices. In determining the fair value of the properties, the Company considered Level 2 and Level 3 inputs. See Note 8, Fair Value Measurements, for details.

The following table summarizes the Company’s allocation of acquired and contributed real estate asset value related to in-place leases, above- and below-market lease intangibles, and other intangibles, net of amortization (excluding the Office Discontinued Operations Properties) as of December 31, 2025 and 2024:


	December 31,
	2025		2024
In-place lease intangible assets	$	109,852	$	141,193
In-place lease intangible assets - accumulated amortization	(54,592)		(58,847)
In-place lease intangible assets, net (1)	$	55,260	$	82,346

Above-market lease intangible assets	$	4,384	$	5,845
Above-market lease intangible assets - accumulated amortization	(3,127)		(3,444)
Above-market lease intangible assets, net	1,257		2,401

Below-market lease intangible liabilities	$	(48,878)	$	(46,533)
Below-market lease intangible liabilities - accumulated amortization	14,617		6,701
Below-market lease intangible liabilities, net (1)	$	(34,261)	$	(39,832)

(1)The weighted average remaining amortization period of the Company’s in-place leases, above- and below-market lease intangibles was 6.7 years and 8.6 years as of December 31, 2025 and 2024, respectively.

The amortization of the intangible assets (excluding Office Discontinued Operations Properties) for the respective periods is as follows:


	Amortization (income) expense for the Year Ended December 31,
	2025		2024		2023
In-place lease intangible assets	$	15,374	$	11,032	$	17,334
Above and below market leases, net	$	(9,407)	$	(1,685)	$	(900)

The following table sets forth the estimated annual amortization (income) expense for in-place lease intangible assets and above- and below-market lease intangibles, net of amortization as of December 31, 2025 for the next five years:


Year	In-place lease intangible assets		Above- and (below)-market lease intangible liabilities, net
2026	$	16,746	$	(9,392)
2027	$	10,646	$	(6,800)
2028	$	7,582	$	(3,405)
2029	$	5,781	$	(2,737)
2030	$	4,796	$	(2,084)