v3.25.4
Properties, Net (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Operating Properties, Net
We depreciate our fixed assets using the straight-line method over their estimated useful lives as follows:
Estimated Useful Lives
Buildings and building improvements
10-40 years
Land improvements
10-20 years
Tenant improvements on operating propertiesShorter of remaining useful lives of assets or related lease term
Equipment and personal property
3-10 years
Operating properties, net consisted of the following (in thousands): 
December 31,
20252024
Land$519,256 $495,707 
Buildings and improvements4,663,198 4,395,063 
Less: Accumulated depreciation(1,682,367)(1,537,293)
Operating properties, net$3,500,087 $3,353,477 
Schedule of Allocation of Acquisition Costs
The table below sets forth the allocation of the purchase price and transaction costs associated with the acquisition (in thousands):
Land, operating properties$10,943 
Building and improvements9,357 
Intangible assets on real estate acquisition (1)13,344 
Total assets$33,644 
Below-market leases(767)
Total acquisition cost$32,877 
(1)Represents in-place lease value with an amortization period of 9.8 years associated with the acquisition.
The table below sets forth the allocation of the aggregate purchase price and transaction costs associated with these acquisitions (in thousands):
Land, operating properties$8,361 
Building and improvements16,635 
Intangible assets on real estate acquisitions7,248 
Total acquisition cost$32,244 
Schedule of Intangible Assets Acquired
Intangible assets recorded in connection with these acquisitions included the following (dollars in thousands):
Weighted Average Amortization Period
 (in Years)
Tenant relationship value$3,752 12.4
In-place lease value2,229 2.4
Above-market leases1,267 2.4
$7,248 7.6