| Real Estate Investments |
Real Estate Investments, Net Real estate investments, net, represent investments in rental properties and the corporate headquarters building (excluding our investments in transactions accounted for as real estate loans and investment in leases, financing receivables and investment in leases, sales-type that are described in Notes 5 and 3, respectively) and is summarized as follows: | | | | | | | | | | | | | June 30,
2026 | | December 31,
2025 | | | (in thousands) | | Land and improvements | $ | 4,027,443 | | | $ | 3,588,793 | | | Building and improvements | 7,748,205 | | | 7,353,409 | | | Construction in progress | 510,322 | | | 230,831 | | | Total real estate investments | 12,285,970 | | | 11,173,033 | | | Less accumulated depreciation | (2,727,700) | | | (2,698,772) | | | Real estate investments, net | $ | 9,558,270 | | | $ | 8,474,261 | |
The increase in land and improvements and building and improvements relates to the acquisition of the Bally's Lincoln real estate assets, in addition to the landside development projects for Bally's Marquette and the new Aurora landside casino, partially offset by the removal of the assets related to the former Aurora casino. Aurora relocated landside on June 24, 2026. Construction in progress primarily represents development funding along with related capitalized interest on the Company's development projects.
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