REAL ESTATE OWNED (Tables)

12 Months Ended

Dec. 31, 2025

REAL ESTATE OWNED

Summary of carrying amounts for real estate owned (at cost)

The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2025 and 2024 (dollars in thousands):

	December 31,		December 31,
	2025		2024
Land	$	2,537,747	$	2,521,363
Depreciable property — held and used:
Land improvements		277,996		271,702
Building, improvements, and furniture, fixtures and equipment		13,577,262		13,189,796
Real estate intangible assets		21,995		11,933
Under development:
Land and land improvements		13,468		—
Building, improvements, and furniture, fixtures and equipment		59,417		—
Real estate held for disposition:
Land and land improvements		—		44,645
Building, improvements, and furniture, fixtures and equipment		—		135,844
Real estate intangible assets		—		38,080
Real estate owned		16,487,885		16,213,363
Accumulated depreciation		(7,374,546)		(6,901,026)
Real estate owned, net	$	9,113,339	$	9,312,337

Schedule of future amortization

The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter (in thousands):

	Unamortized Balance as of December 31, 2025		2026		2027		2028		2029		2030		Thereafter
Real estate intangible assets, net (a)	$	13,188	$	3,124	$	3,041	$	1,935	$	1,901	$	1,749	$	1,438
In-place lease intangible assets, net (b)		8,460		4,832		594		479		434		300		1,821
Total	$	21,648	$	7,956	$	3,635	$	2,414	$	2,335	$	2,049	$	3,259

(a) Real estate intangible assets, net is recorded net of accumulated amortization of $8.8 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the years ended December 31, 2025 and 2024, $2.7 million and $4.0 million, respectively, of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations.

(b) In-place lease intangible assets, net is recorded net of accumulated amortization of $8.7 million in Other assets on the Consolidated Balance Sheets. For the years ended December 31, 2025 and 2024, $2.9 million and $8.9 million, respectively, was recorded in Depreciation and Amortization on the Consolidated Statement of Operations.