Real Estate

3 Months Ended

Mar. 31, 2026

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


	March 31, 2026		December 31, 2025
Land	$	1,837,739	$	1,849,779
Buildings and improvements:
Buildings and tenant improvements	9,368,638		9,388,978
Lease intangibles(1)	538,888		548,740
	11,745,265		11,787,497
Accumulated depreciation and amortization(2)	(3,636,118)		(3,588,646)
Total	$	8,109,147	$	8,198,851

(1)As of March 31, 2026 and December 31, 2025, Lease intangibles consisted of $498.9 million and $508.2 million, respectively, of in-place leases and $39.9 million and $40.6 million, respectively, of above-market leases. These intangible assets are amortized over the term of each related lease.

(2)As of March 31, 2026 and December 31, 2025, Accumulated depreciation and amortization included $426.7 million and $426.6 million, respectively, of accumulated amortization related to Lease intangibles.

In addition, as of March 31, 2026 and December 31, 2025, the Company had intangible liabilities relating to below-market leases of $383.2 million and $389.1 million, respectively, and accumulated accretion of $243.4 million and $244.3 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, 2026 and 2025 was $4.6 million and $3.3 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, 2026 and 2025 was $9.6 million and $6.8 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
2026 (remaining nine months)	$	(10,603)	$	23,940
2027	(11,464)		23,445
2028	(10,407)		16,384
2029	(9,376)		11,297
2030	(8,807)		6,884
2031	(8,390)		5,872