Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2025

Real Estate and Accumulated Depreciation

Real Estate and Accumulated Depreciation

Schedule III: Real Estate and Accumulated Depreciation

(in thousands)



									Initial Cost to						Costs			Gross Amount at Which Carried
									the Company						Capitalized			As of December 31, 2025
						Encumbrances at			Land and			Buildings and			Subsequent to			Land and			Buildings and						Accumulated			Year		Year
		City		State		December 31, 2025			Improvements			Improvements⁽¹⁾			Acquisition⁽²⁾			Improvements			Improvements			Total⁽³⁾			Depreciation⁽⁴⁾			Constructed⁽⁵⁾		Acquired⁽⁶⁾
AL7216		Birmingham		AL		$	—		$	6,193		$	32,146		$	11,006		$	6,755		$	42,590		$	49,345		$	(11,625)		1991		2020
FL7217		Bradenton		FL			—			5,216			88,090			47,873			6,116			135,063			141,179			(32,469)		1985		2020
FL7209		Clearwater		FL			62,286			6,680			132,521			33,242			7,589			164,854			172,443			(31,781)		1991		2020
FL7210		Jacksonville		FL			—			19,660			167,860			33,463			21,459			199,524			220,983			(46,342)		1989		2020
FL7208		Leesburg		FL			—			8,941			65,698			32,223			9,867			96,995			106,862			(23,095)		1990		2020
FL7207		Port Charlotte		FL			—			5,344			159,612			25,638			7,171			183,423			190,594			(36,337)		1987		2020
FL7211		Seminole		FL			40,402			14,080			77,485			21,066			15,052			97,579			112,631			(18,068)		1990		2020
FL7212		Seminole		FL			—			13,038			116,819			24,472			13,902			140,427			154,329			(30,835)		1982		2020
FL7202		Sun City Center		FL			—			25,254			175,535			36,428			26,990			210,227			237,217			(55,052)		1992		2020
FL7218		The Villages		FL			—			6,311			113,061			21,813			7,095			134,090			141,185			(31,191)		2009		2020
MA5349		Cambridge		MA			—			6,841			—			—			6,841			—			6,841			—		—		2021
MI7201		Holland		MI			—			1,572			88,960			16,153			2,149			104,536			106,685			(22,859)		1991		2020
PA7215		Coatesville		PA			—			12,949			126,243			26,200			13,833			151,559			165,392			(32,032)		1998		2020
PA7205		Haverford		PA			—			16,461			108,816			41,037			16,461			149,853			166,314			(63,317)		1989		2006
TX7213		Spring		TX			—			3,210			30,085			15,534			3,601			45,228			48,829			(9,687)		2008		2020
VA7206		Fort Belvoir		VA			—			11,594			99,528			27,010			11,594			126,538			138,132			(60,607)		1990		2006
						$	102,688		$	163,344		$	1,582,459		$	413,158		$	176,475		$	1,982,486		$	2,158,961		$	(505,297)

(1)	Assets with no initial buildings and improvements costs represent land held for development.

(2)	Includes adjustments for impairments, disposals, casualty events, and costs capitalized subsequent to acquisition.

(3)	As of December 31, 2025, the aggregate gross cost of property included above for federal income tax purposes was approximately $2.4 billion.

(4)	Buildings and improvements are depreciated over useful lives ranging from five to 40 years.

(5)	Year of original construction.

(6)	Year acquired from a third-party or year the Company acquired a controlling interest.

A summary of activity for real estate and accumulated depreciation is as follows (in thousands):



		Year Ended December 31,
		2025			2024
Real estate:
Balances at beginning of year		$	2,034,552		$	2,036,649
Acquisition of real estate and development and improvements			124,679			71,710
Dispositions of real estate			—			(30,331)
Casualty impairments			—			(41,756)
Other⁽¹⁾			(270)			(1,720)
Balances at end of year		$	2,158,961		$	2,034,552
Accumulated depreciation:
Balances at beginning of year		$	429,905		$	356,263
Depreciation expense			78,065			84,126
Dispositions of real estate			—			(4,060)
Casualty impairments			—			(5,602)
Other⁽¹⁾			(2,673)			(822)
Balances at end of year		$	505,297		$	429,905

(1)	Primarily represents real estate and accumulated depreciation related to fully depreciated assets.