Accounts payable, accrued expenses, and other liabilities

6 Months Ended

Jun. 30, 2026

Accounts Payable and Accrued Liabilities [Abstract]

Accounts payable, accrued expenses, and other liabilities

ACCOUNTS PAYABLE, ACCRUED EXPENSES, AND OTHER LIABILITIESThe following table summarizes the components of accounts payable, accrued expenses, and other liabilities as of June 30,

2026 and December 31, 2025 (in thousands):


	June 30, 2026	December 31, 2025
Accounts payable and accrued expenses	$394,010	$510,580
Accrued construction	270,622	314,836
Acquired below-market leases	118,000	133,033
Conditional asset retirement obligations	34,151	34,342
Deferred rent liabilities	26,073	14,659
Operating lease liability	354,905	360,543
Unearned rent and tenant security deposits	1,180,926	876,252
Other liabilities	134,839	152,828
Total	$2,513,526	$2,397,073

As of June 30, 2026 and December 31, 2025, our conditional asset retirement obligations primarily consisted of the soil and

groundwater remediation liabilities associated with certain properties. Some of our properties may contain asbestos or may be

subjected to other hazardous or toxic substances, which, under certain conditions, require remediation. We engage independent

environmental consultants to conduct Phase I or similar environmental assessments at our properties. This type of assessment

generally includes a site inspection, interviews, and a public records review; asbestos, lead-based paint, and mold surveys; subsurface

sampling; and other testing. We recognize a liability for the fair value of a conditional asset retirement obligation when the fair value of

the liability can be reasonably estimated. In addition, environmental laws and regulations subject our tenants, and potentially us, to

liability that may result from our tenants’ routine handling of hazardous substances and wastes as part of their operations at our

properties. As of June 30, 2026, we are not aware of any additional environmental liability that we believe would require additional

disclosures or recognition in our consolidated financial statements.