v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Operating Property Acquisitions

During the years ended December 31, 2025 and 2024, we acquired the operating properties listed below from unrelated third parties:
Property
Month of Acquisition
Number of Buildings
Rentable
Square Feet
(Unaudited)
Purchase Price (in millions) (1)
2025 Acquisitions
3530 & 3550 John Hopkins Court and
3535 & 3565 General Atomics Court
(Nautilus)		December4232,166$192.0 
335-345 N. Maple Drive (Maple Plaza)September1306,366205.3 
Total 2025 Acquisitions
5538,532$397.3 
2024 Acquisitions
12707 & 12777 High Bluff Drive (One Paseo Junction)September2103,731$35.0 
Total 2024 Acquisitions2103,731$35.0 
________________________ 
(1)Excludes closing costs and purchase price credits.

The related assets, liabilities, and results of operations of the acquired properties are included in the consolidated financial statements as of the date of acquisition. The following table summarizes the estimated relative fair values of the assets acquired and liabilities assumed as of the date of acquisition, net of credits, and excluding acquisition-related costs of $0.8 million:
Total 2025 Operating
Property Acquisitions
Total 2024 Operating
Property Acquisitions
(in thousands)
Assets
Land
$50,382 $6,000 
Buildings and improvements
287,563 15,703 
Deferred leasing costs and acquisition-related intangible assets (1)
61,454 13,534 
Prepaid expenses and other assets, net— 30 
Total assets acquired$399,399 $35,267 
Liabilities
Acquisition-related intangible liabilities (2)
$2,981 $267 
Total liabilities assumed2,981 267 
Net assets and liabilities acquired$396,418 $35,000 
________________________ 
(1)For the 2025 operating property acquisitions, represents in-place leases (approximately $46.6 million with a weighted average amortization period of 4.4 years), leasing commissions (approximately $7.9 million with a weighted average amortization period of 4.7 years), and above-market leases (approximately $7.0 million with a weighted average amortization period of 4.7 years). For the 2024 operating property acquisitions, represents in-place leases (approximately $10.5 million with a weighted average amortization period of 4.7 years), leasing commissions (approximately $2.0 million with a weighted average amortization period of 4.9 years), and an above-market lease (approximately $1.0 million with a weighted average amortization period of 4.6 years).
(2)For the 2025 operating property acquisitions, represents below-market leases (approximately $3.0 million with a weighted average amortization period of 3.3 years). For the 2024 operating property acquisitions, represents below-market leases (approximately $0.3 million with a weighted average amortization period of 4.9 years).

Acquisition Costs

During the years ended December 31, 2025 and 2024, we capitalized $0.8 million and $0.2 million of closing costs, respectively.