v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate assets:    
Land $ 1,641,913 $ 1,750,820
Buildings and improvements 8,505,486 8,598,751
Undeveloped land and construction in progress 2,387,742 2,309,624
Total real estate assets held for investment 12,535,141 12,659,195
Accumulated depreciation and amortization (2,843,811) (2,824,616)
Total real estate assets held for investment, net 9,691,330 9,834,579
Real estate and other assets held for sale, net 115,155 0
Cash and cash equivalents 179,316 165,690
Marketable securities 30,807 27,965
Current receivables (net of allowances of $244 and $314 as of December 31, 2025 and 2024, respectively) 12,765 11,033
Deferred rent receivables, net 424,794 451,996
Deferred leasing costs and acquisition-related intangible assets, net 278,232 225,937
Right of use ground lease assets, net 128,116 129,222
Prepaid expenses and other assets, net 54,561 51,935
Total assets 10,915,076 10,898,357
Liabilities:    
Secured debt, net 592,685 598,199
Unsecured debt, net 3,996,774 3,999,566
Accounts payable, accrued expenses, and other liabilities 288,963 285,011
Ground lease liabilities 127,628 128,422
Accrued dividends and distributions 65,009 64,850
Deferred revenue and acquisition-related intangible liabilities, net 125,628 142,437
Rents received in advance and tenant security deposits 75,701 71,003
Liabilities related to real estate assets held for sale 4,945 0
Total liabilities 5,277,333 5,289,488
Commitments and contingencies (Note 17)
Stockholders’ Equity:    
Common stock, $.01 par value, 280,000,000 shares authorized, 118,372,451 and 118,046,674 shares issued and outstanding 1,184 1,181
Additional paid-in capital 5,230,747 5,209,653
Retained earnings 188,876 171,212
Total stockholders’ equity 5,420,807 5,382,046
Noncontrolling Interests:    
Common units of the Operating Partnership 51,911 52,472
Consolidated property partnerships 165,025 174,351
Total noncontrolling interests 216,936 226,823
Total equity 5,637,743 5,608,869
Total liabilities and equity $ 10,915,076 $ 10,898,357