Investment in Real Estate (Tables)

3 Months Ended

Mar. 31, 2026

The table below summarizes our investment in real estate:


(In thousands)	March 31, 2026		December 31, 2025

Land	$	1,199,291	$	1,199,291
Buildings and improvements(1)(2)	10,345,996		10,343,113
Tenant improvements and lease intangibles	1,085,530		1,060,108
Property under development(1)(2)	229,218		195,535
Investment in real estate, gross	$	12,860,035	$	12,798,047

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(1) Net balances transferred from Building and improvements to Property under development for development projects was $13.9 million during 2025. No balances were transferred during the first quarter of 2026.

(2) Property under development balances transferred to Building and improvements for real estate placed into service was $0.3 million and $9.6 million during 2026 and 2025, respectively.

Schedule Of Asset Acquisitions Purchase Price Allocation

The table below summarizes the adjusted relative purchase price allocation for the initial consolidation of the JV.


(In thousands)	JV Consolidation

Land	$	4,286
Buildings and improvements	157,956
Tenant improvements and lease intangibles	7,861
Acquired lease intangible assets and liabilities, net	(602)
Interest rate contract assets	6,459
Secured note payable, net	(112,995)
Other assets and liabilities, net	23,501
Net assets and liabilities consolidated	$	86,466

The table below summarizes the relative fair values of the assets acquired and liabilities assumed.


(In thousands)	10900 Wilshire

Land	$	9,029
Buildings and improvements	$	80,865
Tenant improvements and lease intangibles	$	4,035
Acquired lease intangible assets and liabilities, net	$	1,074