v3.25.4
SCHEDULE III (Details2) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest in Joint Ventures $ 1,032,000 $ 924,000 $ 774,000
Estimated aggregate cost of real estate properties for federal income tax purposes 6,346,275,000    
Estimated accumulated tax depreciation 1,179,899,000    
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]      
Balance at beginning of year [1] 6,177,916,000 5,493,195,000 4,934,421,000
Purchases of real estate properties 139,894,000 381,774,000 160,105,000
Development of real estate properties and value-add properties 321,934,000 245,033,000 388,213,000
Improvements to real estate properties 76,609,000 60,007,000 51,643,000
Right-of-use asset, net - ground leases (3,417,000) 20,397,000 (1,395,000)
Carrying amount of investments sold (3,632,000) (18,633,000) (33,022,000)
Write-off of improvements (9,316,000) (3,857,000) (6,770,000)
Balance at end of year [1] 6,699,988,000 [2],[3] 6,177,916,000 5,493,195,000
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]      
Balance at beginning of year 1,415,576,000 1,273,723,000 1,150,814,000
Depreciation expense 176,180,000 155,240,000 141,003,000
Accumulated depreciation on assets sold (252,000) (10,268,000) (11,759,000)
Other (7,972,000) (3,119,000) (6,335,000)
Balance at end of year $ 1,583,532,000 [2],[3] $ 1,415,576,000 $ 1,273,723,000
[1] Includes noncontrolling interest in joint ventures of $1,032,000, $924,000 and $774,000 at December 31, 2025, 2024 and 2023, respectively.
[2] The estimated aggregate cost of real estate properties at December 31, 2025 for federal income tax purposes was approximately $6,346,275,000 before estimated accumulated tax depreciation of $1,179,899,000.  The federal income tax return for the year ended December 31, 2025, has not been filed and accordingly, this estimate is based on preliminary data.
[3] Changes in Real Estate Properties and Development and Value-Add Properties follow:                                                          
Years Ended December 31,
202520242023
(In thousands)
Balance at beginning of year $6,177,916 5,493,195 4,934,421 
Purchases of real estate properties 139,894 381,774 160,105 
Development of real estate properties and value-add properties321,934 245,033 388,213 
Improvements to real estate properties76,609 60,007 51,643 
Right-of-use assets, net — Ground leases
(3,417)20,397 (1,395)
Carrying amount of investments sold (3,632)(18,633)(33,022)
Write-off of improvements (9,316)(3,857)(6,770)
Balance at end of year (1) 
$6,699,988 6,177,916 5,493,195 

(1) Includes noncontrolling interest in joint ventures of $1,032,000, $924,000 and $774,000 at December 31, 2025, 2024 and 2023, respectively.

Changes in the accumulated depreciation on real estate properties follow:                                                                                   
Years Ended December 31,
202520242023
(In thousands)
Balance at beginning of year $1,415,576 1,273,723 1,150,814 
Depreciation expense 176,180 155,240 141,003 
Accumulated depreciation on assets sold (252)(10,268)(11,759)
Write-off of accumulated depreciation(7,972)(3,119)(6,335)
Balance at end of year $1,583,532 1,415,576 1,273,723