v3.25.4
SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Operating Lease, Lease Income [Table Text Block]
The table below presents the components of Income from real estate operations for the years ended December 31, 2025, 2024 and 2023:
Years Ended December 31,
2025
2024
2023
(In thousands)
Lease income — Operating leases$543,729 477,647 424,063 
Variable lease income (1)
175,688 160,388 142,116 
Income from real estate operations$719,417 638,035 566,179 

(1)Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.
Future Minimum Rental Receipts Under Non-cancelable Leases [Table Text Block] The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2025:
Years Ending December 31,Minimum Rental Receipts
(In thousands)
2026$551,905 
2027485,183 
2028402,450 
2029317,097 
2030228,970 
Thereafter                                                  448,508 
   Total minimum receipts                                                  $2,434,113 
Projected amortization of in-place lease intangibles for the next five years
Projected amortization of lease intangibles for the next five years as of December 31, 2025 is as follows:
Years Ending December 31,In-place lease intangiblesBelow market lease intangibles
(In thousands)
2026$10,759 6,018 
20277,826 4,698 
20285,338 3,098 
20294,313 2,788 
20303,007 2,087 
Thereafter5,220 4,704 
Total projected amortization of lease intangibles$36,463 23,393 
Assets Acquired and Liabilities Assumed The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the real estate property acquisitions during the years ended December 31, 2025, 2024 and 2023.
Costs Incurred During the Years Ended December 31,
ACQUIRED ASSETS AND ASSUMED LIABILITIES202520242023
 (In thousands)
Land $31,590 41,815 44,676 
Buildings and building improvements101,505 312,911 111,082 
Tenant and other improvements6,800 27,049 4,346 
Right of use assets — Ground leases (operating) — 21,836 — 
Total real estate properties acquired139,895 403,611 160,104 
In-place lease intangibles (1)
10,331 27,102 7,242 
Above market lease intangibles (1)
207 121 — 
Below market lease intangibles (2)
(7,334)(18,987)(2,230)
Operating lease liabilities — Ground leases (3)
— (21,836)— 
Total assets acquired, net of liabilities assumed$143,099 390,011 165,116 
(1)In-place lease intangibles and above market lease intangibles are each included in Other assets, net on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.
(2)Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.  
(3)Operating lease liabilities — Ground leases are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.