Real Estate (Tables)

6 Months Ended

Jun. 30, 2025

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


	June 30, 2025		December 31, 2024
Land	$	1,829,811	$	1,834,814
Buildings and improvements:
Buildings and tenant improvements	9,102,316		9,047,831
Lease intangibles(1)	504,584		526,412
	11,436,711		11,409,057
Accumulated depreciation and amortization(2)	(3,499,227)		(3,410,179)
Total	$	7,937,484	$	7,998,878

(1)As of June 30, 2025 and December 31, 2024, Lease intangibles consisted of $464.1 million and $482.7 million, respectively, of in-place leases and $40.5 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 June 30, 2025 and December 31, 2024, Accumulated depreciation and amortization included $425.8 million and $433.0 million, respectively, of accumulated amortization related to Lease intangibles.

Schedule of Expected Net Amortization Expense Associated with Intangible Assets and Liabilities

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 six months)	$	(5,654)	$	10,475
2026	(9,916)		15,502
2027	(8,646)		11,474
2028	(8,027)		8,527
2029	(7,195)		6,017