| Schedule of Investments in Properties |
A summary of our Investments in properties, net is below (in thousands): | | | | | | | | Property Type | | As of June 30, 2026 | | | As of December 31, 2025 | Land | | $ | 1,303,005 | | | $ | 1,247,624 | Acquired ground lease | | | 94 | | | | 97 | Buildings and improvements | | | 31,411,898 | | | | 29,152,994 | Tenant improvements | | | 985,306 | | | | 958,583 | | | | 33,700,303 | | | | 31,359,298 | Accumulated depreciation and amortization | | | (10,736,127) | | | | (9,993,596) | Investments in operating properties, net | | | 22,964,176 | | | | 21,365,702 | Construction in progress and space held for development | | | 9,770,384 | | | | 4,976,785 | Land held for future development | | | 122,841 | | | | 91,130 | Investments in properties, net | | $ | 32,857,401 | | | $ | 26,433,617 |
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| Schedule of aggregated costs were allocated to the individual tangible and intangible real estate assets |
The following table summarizes how the aggregated costs were allocated to the individual tangible and intangible real estate assets based on their relative fair values on the acquisition date (in thousands): | | | | Identified assets and assumed liabilities | | | Investments in properties, net | | $ | 4,894,339 | Cash and cash equivalents | | | 115,425 | Accounts and other receivables, net | | | 125,084 | Other assets | | | 962 | Total value of identified tangible assets | | | 5,135,810 | | | | | Customer relationship value, deferred leasing costs and other intangibles, net | | | 585,816 | Acquired below-market leases(1) | | | (501,044) | Total value of identified intangible assets | | | 84,772 | | | | | Total purchase price | | $ | 5,220,582 | | | | | Secured and other debt, net | | | (725,638) | Accounts payable and other accrued liabilities | | | (222,372) | Total value of assumed liabilities | | $ | (948,010) |
| (1) | Acquired below-market leases are classified within Accounts payable and other accrued liabilities in the condensed consolidated balance sheets. |
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